New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1855-12-05
,x,oar OF spscis IRON lRw-roAk.


sp.eie and merehsndse MINIMUM. 79%|%
Tbis decrease of specie export is only apparent, as
a,ge oorticn OF our shit have gone from stoo.
The segregste ex ors Of specie and sndse have
been:
..'.'...'''.''tSs ~ 81.
1854 ..................- ...-....' - SsVW
The decrease OF exports is entirely IN specie.
The Marlborough Bank has 10, failed.
Mr.. Krgman, late cashier of the Grocers Bank,
Bostor states st the money borrowed on the over
issued bills was for the benefit Of the bank AID it
also stated that be hes assigned his persOna property
! to pIo,ec; tie batk from loss. The one statement,
howe, er appears to be contradictory of the other.
special meeting of the stockholders will be neld the
10Th inst. Meantime counsel will appear before the
Supreme Court for the purpose OF postponing action
in regard to perpetual ip JUNCTION, and we under-tand
that this win net be opposed by the Bank Commits
| sioners.
an a. ioulped meeting of the stockholders OF the
New-York and NexHsveo Ralload was held yester-
DAY at Brews,ers Hall in New-Hsven-tis President
Of The Road j. K. Buckley, In the chair. ABOUT one
hundred ard fifty stockholders we're present. The
p esidert called Mr.. Noyes the Company ettor-
ney, 20 give sccount of the suits pending against
! tn Company.
VIM. Curtis Noyes proceeded to state that in May
last here pending against the Company sui's OF
s13 coo: of c. Vanderbilt for upward Of s2OO,0O0 of
Augus Belmont for 500 900; various minor suits, be-
side two csses of the Mechanics Bank for soout
$40 COO. 1hese casee were all DOW ready TO be tried
except ore Of those Of the Mech BANK IN which
iudgn emf bad been rendered sgeinst tae
Company. -Four OF the Judges agreed IN
this Judgment, while Judge Campbell gave
contrary opinion. This case had been rent 70 tne
Court of Appeals. He gave history of its progress
| in that Court, and his failure to &c, it argued in
October. The Company had also commenced suit
against all the bolders Of spurious stock. de1u rer
was put in, on the ground that 1t was not proper 10
bring suit agsinft 30 many cefeDdanis which Judge
Cow Is sustained. Al appeal had been taken from
said decision, snd IL would b. argued before Judge
Cowles with two Others, on the 18th OF December
Seven additional suits had snce then been instituted
bv. Sbuchsrdt g. Gebbhsrdt Chas. Tllias, Chas. Il.
Anderson. G. Il L. Rollins, Abjah Fi.her, Geo.
Carpenter and VIM. G. Lathrop. He had IN
consequence removed s many OF them "a
he could 10 the United States Court: The
csse OF Mr.. Lathrop could not be re-
moved, as be wss citizen of New-Jersey. He should
propose 10 have the case of the Mechanics Bank
nos Ieudipg in the Court of Appeals heard at the next
tenn 10 January II the other side would consent 1t
could be srsued the first week in January; if no., it
could not be got in less than nine months or year.
Mr. Wood and bimsef we're both resdy to argue 1t on
the 9th Of October last, when ii cams up and was
postponed at the request OF the Other slde and they
would be ready to argue it at any time on two days
notice.
The Secretary read the act of the Connecticut Legs
ature empowering the Company to compromise or
adjust sny claims which might be brought against
them in con sequepce of the defacation CT Schuyler
and in order thai they might do 80, empowering the
directors TO increase the capital $4,000 000 issue
bonds at their election, and all parties holding for
themselves or in trust any Of the bogus stock TO ac
cete 20 ano be bound by any agreement for the cancel
of their claims. The act provid5s that to 90 INTO
effect it must be accepted by the stockholders within
ear and that it shall not be construed as giviag
vslidi to any of the fraudulent stock.
MI Vermilye of New.York, moved the acceptance
| Of the act. -,
He held large number OF proxies from Boston and
| vicinity besides being unfortunately a large stock
| holder himself II excited no surprise in him to see
the holders of spurious stock anxious to effect
| promise, but 1t would excite his surprise to see
| that compromise ratified by the stockholders. II
would have been supposed that after fraud had
tran pired, equal in extent to that perperated 6y
Robert Schuyler cling of tue stockholders would
| have been calico immed ately in New-Haven. Bate
preliminary Getting was held in New York, and It VAS
announced in morning paper that there would be
fight the occasiop Upon inquiry he learned thst
ereat any brokers in Wall street who bed made pur-
cbases OF stock for others Dad been told hst they must
consider themselves liable for the lcss in DOT securing
genuine stock. From that time to this these
men have been the principal actors g. their
meetings. He wished the stockbo deIs to nader
stand that if they recognized the spurious shares
| they did it at the mitigation OF these brokers
principally. He did not think that many Of the stock
holders would relish this in the part Of the county
from which he csme the feeing was stronger against
ii than before. They were now acting in accord
snce with the advice of the Board of Dire tors woch
| appointed Schuyler Transfer Agent What would be
the consequences of accepting this act to-day! Sup
pose the directors TO be change. The holders of the
genuine shares na hit expect that the power would go
into the hanos of holders of spurious stock Tbs gen.
temsn explained the process but in such misty way
that il was extremely difficult 10 understand it The
only way in which the matter could be settled,
he said, was by an appeal to the law. By
the law only. could they compel such a dis
oIos nf tbao mat,
fraud rested The power which they were authorized
to give was stupeDdous He was no: willing to
give to any board Of directors the power 10 assume
liabilities to the amount of g, 100000. He believed
the whole country was looking to the settlement and
he wsned II settled should be. Suppose th this
wi oe matter had been referred TO number of mer-
chants as referees, they would have had to en-
ploy legal counsel ard then when they made their re-
port nobody would have accepted it, and they would
have had to go into the law after all. The
objection brought against going to law WAS
that it would impoverish the road. Blu. rail-
road was compelled to be always IN the law;
one could not be started without multiplicity of law.
suits. He believed that the question OF liability had
been settled in their favor in England and be thought
it had in III country; but however this might De he
was in favor OF proceeding as they had commenced
he moved that the resolution accepting the act be
postponed.
Nj Belts of New. Haven said that the gentleman
seemed to suppose that this act Of the Legislature
necessitafed, in its acceptance, a compromise with
bocers of spurious stock. But this supposton could
be entertained by no man Of common sense. The act
bad been paced to place it in tie power of the Com
paDy to do justice. He would state an actual case in
Illustration. wealthy widow married man
who possessed her entire confidence, and who
invested a large portion of her properly in
sto of this railroad. He did, and che though:
i. e1peoient TO have this ttock changed to her
own name So she sent her certif cate TO the Office,
with request that be Transferred to be-. Robert
Sch Ter sod that certificate TO another person and
trsDs'erred spurious stock to the widow. When they
m suph thinOs a these the