The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-01-27

Iron the New Haven Palladium, Jan %
II viii be remembered that last month decision NJ
rendered In the New York Court Of Errors In the famous
Omnibus suir'-a case IN which the New York and
New Haven Railroad Company called into court The
holders OF both the genuine and spurious stock Il
the Shuylcr FOR the purpose OF testing the validity 81
the latter or rather OF distinguishing the one from she
other That decision In effect set aside tine schGyisS
stock worthless and relieved tho rsroad company
from the responsibility Of assuming the stock SO fraudi
eDtly issued; but also found the company liable IN dana
ages 10 the holders OF such spurious stock 10 hr extent
OF the pcounisy loss actually suffered by them through
the purchase thereof In Consequence OF this decision
the directors OF the company met last Monday To make -
ngcments to meet such liabilities They voted 10 increess
Legislature having heretofore granted that privilege
and stock Of course TO be Issued TO tile amount q
! 90 900 600 The presen, stockholders entitled =
subscribe for such leE stock Pro raa, rcevlns oSs
SNARE OF now siok for every sal one half sA<ee
that they hold Of tho old stock The drs'.ass hays ~
DECLARED stock dividend Of ten per cent % that me
stock will only the present stcokhoders sevsn
ylve dollars per shareor In other words such hoidsgS
stock on every two and one half shares thy now hold
There is little doubt that the stock viii be readily
taken. The road Is doing an immense busness-nsvcg
50 large ~ nj present and the Permanent value OF thc
stock is sufficiently guaranteed
The schuyler fraud" has long boon drag upon the
prosperity Of the Company, but with al traces Of thas
removed see reason Why their stock rhosld soS
be as valuable as that OF any railroad comissy in The
Since writing The above VIC have received the folow,ss
circular, settling forth the plan adopted by the Board q
To rHK STOCKHOLDERS Ngw YoRK AVID Ngw HA,
WA RAILROAD CpnrASr:-
The Court II Appeals having affirmed the decision q
the Supreme Court 10 the matter Of tho Now YORK asl
New Haven Railroad Company va Robcrt SCHUYLER ~
others, whereby this company IL called upon 10 psy
Judgments 10 largo amount therefore il was az mso
ing VI tho Board this day,
Resolved That In order TO paw these Judgments ths
caIiiai Of this company be increased 70 dive mihca
dollars alo,ing 10 each stockhoder forty per cent h
stock, IN ADDITION to tho amount standing hts mans
on The books OF The company on saturday, January ~
inst BY the payment 70 the company OF seveny.n ave
dollars on each share 20 allotted
solved That not &C b. given 10 The stockholders
tho action OF this Board requesting them 10 notify ths
company Of Their acceptance OF the additional s.och
or before the Goth day " February.
Resolved, That seventy live dollars W cash DO paid -
rnary when on such payment, certificates VI full pssl
stock VIII be Issued therefor discount e. The rate -
Elk per cent per amman will be allowed 20 parties ayne
IN ads ance Of the above date and that the books b
coscd after January "a until February n.
Resolved That the COMMITTEES OF Adjustment. rAise1
December 10 be requested 10 carry out the above cso
lutons.
II IL believed by the Boari that the shows plan -
best thnscan adopted for the Interests Of the sock
holders increases tho stock IN place % ncrcafn4
the bonds and consequently tbs mortgage upon "
property While the Board disappointed Al the -
suit and feel that great injustice has been done 70 ns
original ssockhohrs YET they cannot but ccnsr"os.s
them upon the prospect u getting nd OF Wgsaon
board have no complaint, having tested We duesonss
issue in the highest court from WHENCE tbere y no
peal The loss u heavy yc, We caunot eut nops ~
the stockholders will be remunerated and ENJOY IN peaoe
that which has been threatened, DAY br day " be Hken
from them The properly Of She company ,s Naaao,1
and IN the opinion % persons capapv ~ Ja1ghs, coaa
ing VIII n this ARRANGEMENT small have b. c1tnplctsd
namely, nve millions OF capital s,a ,wo millions q
honda q 81 tAkHAkr
WILSON g. HUNT
Jas . ZOO EvETT.
H. G SCRANTUN
Committee Of the Board % Directors Of tie New YcrS
and New Haven Railroad CompaBy.
Nsv ycrx. yan y, lses