New York and Harlem Rail Road Co. signed by Robert Schuyler - 1840's dated Autograph Railway Stock Certificate

Robert Schuyler signed stock certificate. 

Robert Schuyler or Robert Livingston Schuyler (September 16, 1798 – November 15, 1855), was a financier, steamboat operator, and railroad president who acted as the de facto head of the prominent Schuyler family during his adulthood. Schuyler was called "America's first railroad king." He experienced a dramatic rise and fall in American finance. In the early 1850s, he was celebrated as 'America's first railroad king' but later became notorious for orchestrating the first significant stock fraud in the country. By 1853, Schuyler had presided over five railroads—the Illinois Central, New York and Harlem, New York and New Haven, Rensselaer and Saratoga, and Sangamon and Morgan—often simultaneously. He played a crucial role in the construction of the Vermont Valley and Washington and Saratoga railroads, as well as in the promotion and management of the Housatonic, Naugatuck, New Haven and Northampton, and Saratoga and Whitehall lines. Coming from a prestigious New York family with ties to Alexander Hamilton, he was once held in high regard. However, it was his extensive engagements that ultimately led to his downfall. As the transfer agent for the New York and New Haven, he began issuing approximately $2 million in unauthorized stock in October 1853, misappropriating the funds for other railroad projects he was managing. Previously, he had managed to conceal similar over-issues on a smaller scale by repurchasing and retiring the excess shares. This time, however, the situation spiraled beyond his control; the discrepancies became public knowledge in July 1854, prompting Schuyler to flee to Canada to escape arrest, and later to Europe, where he passed away in disgrace in November 1855. His financial misconduct was truly shocking, sending ripples through the financial and social elite; one contemporary remarked that the 'Schuyler fraud fell like a thousand bombshells, or hissed like a million fiery flying serpents in Wall Street,' while a newspaper editorial stated, 'if Robert Schuyler is capable of such a wrong, then no one is to be trusted.' Ultimately, the New York and New Haven railroad incurred nearly $1.8 million in losses redeeming the fraudulent stock. The societal backlash was so severe that the Schuyler name was nearly erased from history.

The New York and Harlem Railroad, which is now part of the Metro-North Railroad's Harlem Line, was among the earliest railroads established in the United States and holds the distinction of being the first street railway in the world. Designed by John Stephenson, it commenced operations in phases from 1832 to 1852, extending from Lower Manhattan to areas beyond Harlem. Initially, horse-drawn carriages were utilized, which were later replaced by steam locomotives, and subsequently by battery-operated Julien electric traction vehicles. In 1907, the line's leaseholders, New York City Railway, a streetcar company, entered receivership. 

After another receivership in 1932, the New York Railways Corporation transitioned the line to bus services. Currently, the Murray Hill Tunnel accommodates road traffic but does not serve buses. The line became integrated into the New York Central Railroad system, with trackage rights granted to the New York, New Haven and Hartford Railroad into Manhattan. It is now incorporated into the Metro-North Railroad system, representing the sole Manhattan trackage of that network. As of 2017, Metro-North provides commuter passenger services from Grand Central Terminal, through Southeast (where there is a change from electric to diesel power), to Wassaic. The right-of-way from Wassaic to Chatham, which is devoid of tracks, is being transformed into the Harlem Valley Rail Trail.

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