The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-09-26
THE LATEST RAILROAD swINDLE.
JOHN s.. MOTIONS cnIME- SEARCHING OUT
THE EXTENT OF THE LOSSES.

JOHN s. MoRToN's cBIME-- SEARCHING OUT
THE EXTENT OF THE LOSSES.
PHILADELPHIA, Sept 20, 1871.
The statement that some OF the fraudulent stock
of the Market Railroad Company Is mold Now
York and Boston, whcro II was hypothecacd by Mr..
Morton, Is untrue. Mr. Morton statos that IL was all
placed in this city. The rcpcntant official has given
10 tho directors OF the road tull list of the number
and amount OF tho ovcrssucd shares with the names
of the persons who held them, SO Tar as no knows.
This list shows IA fraudulent OF twelve thou
kand sbares and this Dellcssd ~ DO Tho cxtont
OF the fraud In tho stock, although $lSlOO0 IN bank
alter the declaration OF the last dividend w tho com
pnny also MISSING Bcsides this there Will also DO
losses some the company, hici have becu
Insappl,ed The directors Of. the company nro very
retIcent pending the invcstigations which arc bong
made ny expert accountants
Ono OF HE interesting questions In connection
with the robbery is tho IegitimatIzng Of the bogus
stock. II Is generally conceded that Tho Company Will
be compelled 10 recognize the ovcrissuc, as stated In
the HEKALp Yesterday. Whie tho corporation
thor,zed 10 ISSUE hall million Of STOCK tue OUTPUT az
grcgacd but $500 000 equivalent To 200 shares THIS
cptnl oil $500 900 now, II Tho rond ~ compelled 10 AS
sumo inc icg ally issued paper ara all the rulings
point taat way, instead OF representing 5000 shares
will represent 20 600 shares aud the par value OF cach
instead OF bcing $50, Will pc something like $40 II
argued by sone addition, that with tho ackp0wi-
eagmcnt ny the COMPANY Of this unlocked for stock
Indebtedness oil 900 900 the shares should still DO
worth In tho market at least 500
rNcERrAiN
The amount OF actual loss to tho stockholders can
not bc stated until the entire amount OF tho over.
issue has oecn ascertnined, with tho amount hypo-
thtca upon IT,
Nayie l. Co, with wnom HUM in partnership,
have come to greet
Yesterday afternoon Common Pioss Csnrt No.
directed sheriff to wits Of ner iacIas against
tho estate OF Maggie Co, IN execution. OF TWO judg.
meut notes which they mad gwen the Wost Pniiadcl.
phia Railway Company. Whcreupon tho SHERIFF.
Execution Clerk docKctcd tho matter thus:-
West Phia- Pass. X. W. Co.
judgment Motto,
John X Magic and $55,442 -.
Samuel 4. Hum.
Do. do. va Do do. IN ", n W.
The FIRST note was dated juno /, 1871 IN which
Mcssrs. John X Naglc and Samuel L. HUM, trading
n Maggie Co., bound themselves on demand, TO pay
$780, 900 to the West Philadelphia Passenger Railway
Company lone day after date. or submit to an exec
cution Tho witnesses TO the note were W. y. Wood
and II. Hargreave, and upon II a writ was Issued
against their personal effects
Tho second note WAS dated september i, 1873, IN
when the same parties pound themselves In the sum
Of $55 AL A. suffer execution, and on the back
OF tins note, written In liant pencil marks, WAS this
memorandum -
"IEcKMBER "a, 1874.
"John X. Magic 4 Co. paid the company 900 on
account OF this note. j. - NJ"
The attach nent tbis motto against the properly Of
Messrs. Naglc K Co. was also made upon the Seventh
National Bank, us garnishee, and the moneys do
posted In II the firm thus covered Md cannot
be disturbed The wits In both cases issued
the instance Of John g. johnson, representing the
Market Street Railway Company, ana wcro placed
The hands OF Deputy sheriff A. A. Laws to served.
This was this morning