The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-11-09
The business of the Sub Treasury was as follow.

Receipts .,. $500 900 IS
ro Toas, ''...'.......'.. Ssnoo ~
PAYMENTS includng redeemed per Ct notes 4oo54 "a
naioo' 1882, 659 30
The exchanges at the Bank Clearing House this
morning were SIS 1891 ,s26 26, and the balances
$780,, 429 60.
The pennsylvania Railroad Company has effected
lease TO the East Brandywine and Waynesburg
Railroad for five years. This road runs from Down.
ingtown to Waynesbnrg, in Chester county, seven
teen and half miles. 1t traverses thicky settled
region. The lease secures the application of the
whole OF the net earnings to the payment of the in
terest on the $4,000 oft per cent mortgage bonds
issued by the Brandywine Company, first, and the
balance, if any, to the stockholders
The Chicago Tribune Of Wednesday notices the
exchange market there "a follows:-
The Indiana branches sell exchange To cusomcrs al /.
per cent premium, while most OF the other houses charge
* = per cent Tho market Is lrmer and nness beef
and pork transactions afford relief the ruling price cannot
remain below = per cent premium many days, That is
the price now with several Of the leading houses The
! buying price Is u -
The Indiana branches sell gold at Y. The range is T.
| x per cent for retail parcels from the brokers
| The Cincinnati Gazette of the same day re.
| marks:-
Thcweek has been comparatively quiet one in lhe
money market and FOR good paper there has been a do
how
over, remain irm al 10 IL pcr cent and there Is no ie
sire the part Of capitalists make concessions or 10
lower tho standard, which still high ono though not
SO severe as II was two months ago Currency il in good
supply.
Exchange, which was a week ago is now oy)nr
TO heavy government disbursements plenty, and the
market IS easy a. par buying and = premium selling
The Offerings at tho banking houses are in excess of ina
demand. Gold is not much inquired for
We read in the Hartford Press of November =
The supreme Court Of this State has inst decided case
growing ont Of the Schuyler fraud witch ia the rs on
Of The kind that has come before our courts Numerous
cases have been before the courts or New York rcccv;n
IN the course 81 their passage from the to the higher
courts, varsity Of decisions Tho present oase IN
vowed sev~ points Of much interest The l,ridreport
Bank the plaintiff n the case, ls4o took from sehy
Ter two ceruanAts 81 stock OF the New York and New
Haven Railroad Company. for ftyand the o,ho- far
forty shares collateral security for an account which
Schuyler had with tho bank The bank e,d lheso crtt
cates without taking transfer Of the stock uni ,ehi
when the Schuyler fraud discovered muodatclv
upon which the cashier Of the bank presented e crd
Gates and demanded the transfer Of ho stock Tho rai
road company rescd to allow the transfer HAVING coa,d
r transfer office mmc Lately upon tho dscovery f he
fraud The bnk some tiine after made ano demand
which was again refused, and this suit was bro glt
for damages for tho refusal to allow the transfer
IN ls49, when the certificates were issued by SCHUYLER
and delivered to the bank he the owner az on INN
ded and sixty shares genuine stock Al tbo t,o If
the demand upon the company 1854 an immense uun
Der q spurious shares hal been issued by him ipon some
of which the whole oi hi4 genuine stock In boon franz
ferred, 50 that at that time there was no anunc stock
s.nnng N ~, name on the books which could be trans.
BY the rules Of the railroad company no shares cu ~,
transferred unless tho ccri ates held for thom wars
surrendered to The transfer the time The cert
ats held by the bank assigned in blank bv Scb,v
ar on delivery to the bank and wero acc nnanea by
blank power Of Attorney siied and sealed by SCHUYLER
for the transfer Of the stock the books % the
Tho certificates thus issued by SCHUYLER were IN ,mnsi
all cases held collateral security by The n,rtcs n
whom thy were assigned, who retained them oris, Far
several years without taking transfers regarding Them
rs secure since no transfer could be made without nre
sentaton e the certificates The Brtpsport Ean IN ,hs
cas- held the certificates in this confidence
The pHittfs CLAIMED that under the established c,s
tom oil negotiating such certificates taken in connection
win inc rues OF the company which the stock
from transfer while the certificates were oustandnr ie
certificates were to DO regarded negotiable or Quasi
cgnahcso that the ho2.1 Gde holder yas
against any defence which could have boon SET M in The
first instance against Schuyler himself or which might
grew Qua Of transactions occurring after the certificate
was negotiated.
The counsel for the defendants denied tbs ors con
tand"d tht as the plaintiffs had not taken transfer Of
tpst ma other parties with equally goo cert ncates
AAd eo IN and surrendered their certificates and taken
TRANSFER of tho stock the plaintiffs had lost their rght
to it, precisely on the principle that whore nerson ses
personal property and does not deliver IT, md Afterwards
81 II Ia second bod de purchaser who gs poescs
sion Of it the latter holds IL and the former has s, 4
the party losing h.ving no remedy except aim on
the vendor for damages.
This the important point in the case md thu Co,r,
held TINT the railroad company having by its rules .and
the form of tts certificates stipulated that the stock 70
presented by the certificates should be transferred
until tho certificate was presented could not set M Tho
act that the stock had been Transferred to other parties
cspecals the transfer the fraudulent act Of their
own agent VINO was acting within the scope OF his official
authority. and therefore made his own KNOWLEDGE mud
fraud the knowledge and fraud OF tho company
1hc 'oift aih mol express nm opinion to what would
nave been the result the stock in question had been
genuine stock The decision the eiore does conflict
vi tie dc ;sions In New York cases where the stock in
Question was conicssedy spurious, and does perhaps
Contribute very mach to The settlement Of the PRINCIPAL
questions growing out o. the Schuyler fraud.