IIEPORT

OF   THK

BOARD OF DirtECTOES,

TO   THE   STOCKHOI.DERS   OF   TDK

NEW YORK ASI) XEW 11A\'EX IIAIEROAI) COMl'AXY,
 

AT    THEIR
 

Annual  Meetlny In the  City of New Haven, on Thursday,
May  }2th, 1869.
 

The Directore respectfully submit the following
Report of the past year's business, and the condition
of the Company's affairs, for the year ending on March
31st, 1859.

During tlie year, important progress has been made,
towards diminishing the litigation in which this Cor¬
poration has been so long engaged, growing out of the
frauds of Robert Schuyler. At the date of our last
Report, the bill in equity, instituted by this Company
against the holders of spurious or fraudulent certifi¬
cates, had been argued, at Albany, before the Court
of Apjjeals ; subsequent to which, a decision has been
had, in favor of the Corporation, thereby enabling
the Company, in one suit, to ascertain the rights and
duties of all the parties in interest, respectively, as
well as, to avoid the greatly increased cost of litiga¬
tion which  would necessarily result from separate