The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-01-16
MODERATION MEETING AT MEraopolITAH HOTEL

-Great Excitement Among Callfornians-
Immense surplus. ,.8tf
meeting held last night, at the Metropolitan
Hotel by the friends of Page Bacon Co., Of California
to take into consideration the position OF the house. and
for the purpose of ascertainns whether they able
TO sustain themselves both in California and through
out the United States and England There at least
hundred gentlemen present. and the deepest interest
was manifested in the proceedings The meeting
organized by calling Mr.. G. w. Garrison, ex-Mayor of
San Francisco, to the chair.
Mr.. GARRISON remarked, after opening the meeting,
that when in San Francisco, in October last he had
made examination into the condition o the affairs of
the house, when he found that they had 81 ESQ., 900
above what was nece TO cover liabilities and that
they had also absolute balance In coin bullion of
over $500 900 above necessary pay all their
deposits. This examination was made without any pre-
on the part of the hou So mme
diaey after the arrival OF the mails bringing
rumor that the St. Louis house too deeply engaged
in railroads. and that the bills presented ths New
York had been protested. Mr. Garrison then pro-
ceedcd to state, from private memorandum which
he held in his hand and which had been received by
Mr. Bacon BY the steamer OF this morning that the
23d OF last month the cash balance hand amounted
to 5000 4O5 o3 that the deposits amounted to ST.
5l65SS So aud the assets of the house above ali liza
bties 81 0S5 49, that he could youch for the
accuracy oil this statement as 1T was ids TO the part
of the firm here from the partner N San Fraocsco
for whose veracity he was willing TO pledge himself to
any extent. Mr. Garrison, in conclusion, called upon
Mr. Aspinwall to relate the arrangements which had
been made for the projection OF the drafts OF the san
Francisco house.
Mr. AspIYwALL said he had been requested by Me-.
Bacon short time before the meeting, TO be present
and relate what hal occurred since evening of the
10th, he under the care OF physc,aa aud was
unable to leave his bed 1t was on tue 10TH said NJ
A. that received the first intimat ton from him that he
had given security to his bankers for past transactions
blamed him for having done without distinct ar
done SO in con oence of the opportunities Of Mr.
Sherman. and with certainty that under no crcum.
could it impair his ability to meet every claim
against him. But now he ADDED he calls for money
In consequence OF what further passed between US,
went to Mr.. sherman on that afternooa, and had a
general conversation with him, which led to
apprehensions my part that Mr. Sherman
intended diehouor HIM. 1t is true Mr.. = told he
thought it very hard upon Duncan sherman Co., to
make these advances they OF exceedingly in
DEFINITE character agreed with him that matters OF
such importance should be reduced to absolute certainty
both in reg ard to amounts and to the manner of pro-
viding them. We parted after this conversation, aul
the morning, while at breakfast, received note
from him. asking whether knew II our friend Bacon
had made arrange it ssary he sho aid
know before ten that day This alsrmed me, and i'm
medateiy went TO MT Bacons room, waere Iound Mt
sherman. We bad conversation, but our views dif-
Tered considerably The result OF 1t was that 1t Mr. B
would undertake to say what sum was necessary in
anticipation of the remttances he xpectet from Cali
forna would furnish it in equal proportions Ia re-
ply to Mr.. shermans inquiry to the sum Mr. Bacon
named 800 600 his opinion sufficient the Bel,her
alarm in st Louis being over We Immediately agreed
to furnish it, terms which intended to that
defni ;euess which Mr. Sherman so m ch desired. As
soon as practicable, addressed him letter, forming
part OF the correspondence which az Mr. Ba ons re-
quest have placed in the hands Of Mr. Tiffany
his behalf. The correspondence, remarked Mr. Aspin
wall in conclusion, speaks for ITSELF la relation to the
made since tine protest. the sole OBJECT has
been to protect the drafts of the San Francisco oase
not only from protest, but from any delay in their i'm
mediate payment To accomplish this the service OF
the Hon Charlrs OC0nor Daniel Lord ADD ii. Barrow
had been engaged afford the best arautee that the
end would be accomplished The result e todsys opera
tions proved their efficiency.
Mr. O'CoYoR next addressed the meeting but we re-
greet that the lateness of the hour will permit to
give report of his remarks fney to the effect
however that the affairs of Page, Bacon Il Co.
such q condition that apprehensons whatever need
be felt as TO their solvency
Mr. TIFFANY followed, and made full explanations OF
all that had occurred showing that the drafts ADVISED
after the 5th inst hose up that date having been ad
vised letters received by Duncan sherman prior to
the 18th inst had not amounted to the sum guaran-
teed of $780, O0 he also complained that ouly
they protested but also drafts advised and before the
9th, and that Mr. Bacon only ioformea that he
would be protested few before three o'clock
After this explanation Mr. Tiffany read the following
letters
New YORK. Jan. IL, 1855.
DEAR sIR-To avoid all misunderstanding hereafter,
beg leave to record ~hat understand to be the result
Of interview Of this morning at Mr. Bacons rooo
1st That the overdrafts OF Page Bacon, as advised
up to last event be considered temporary loan,
and be represented by their note, demand with the
undo rsandng that it shall be held ms n permanent loan
for the per Cd OF six months il Page Bacon there
BY benefited, and need no further aid than what Is
stipulated herein.
OF Page Bacon they appear to the extent OF one
hundred thousand dollars (Sl00 o0o) under his
from California.
Sd, That in of failure in those rcmmittances, and
of the failure of Mr. Bacon from other TO rsm
burse the said further drafts tue deficiency shall be
made good BY you and me, in equal shares
And hereby agree to assume share Of said respon.
sbilty, aud to pay you before the 10th of April
next the sum oil fifty thousand dollars. or any part
thereof which may be due from under this agree.
'A'' ' ''f' '' 1M II, AspINwALL
NEW YORK, Jan H. 1854
WIN. II AsPIywALL, ESQ.,
DEAR SIR have your favor Of this date, containing
your understanding of conversation OF ths morn
ing, which, IL the main, corresponds with mine beg,
however to say that rs you are reducing II to writing
it must also be understood that to the first proposition
be adced the following, viz -
AND provided also, that the account Of Page Bacon
Co of san Francisco ccntiaues 70 remain in satsfac
tory shape by not being overdrawn, aud that Page
Bacon, OF st. Louis, do not exceed the hundred
thousand dollars in their future drafts.
To the second proposition to be understood as added
after the figures 100000, tn. following, w: to be
drawn in the ordinary course of their business and
California; the following, viz: within forty days from
thus date.
substitute the following, viz :-lnat for any advances
made by Duncan, Sherman Co., will be responsible
to them for the amount of one half Of su;h advances,
not exceeding the principal OF liability my part OF
fifty thousand dollars to be covered by my note paya
BILE the 10th day OF April next to be given soon as
II shall appear that such advances have not been
covered by remttances from California to the credit OF
Page Bacon, in the books OF Duncan, Sherman Co.,
or from Page Bacon themselves
II you In these notifications you will please
address to that effect make yours Of this morn
ing eren referred toy to conform Trsy yeRWAy
omitted to say that the word "beneftted" Is in.
definite lin the first cause) yon add so IL read as FOL
lows-"Bs neftted continue their business with
out interruption. W. 5.
NEW York, jan IL, 1855.
WATTS SHERMAN, ESQ
DEAR siR-To avod all Misunderstanding hereafter,
beg leave to recaptu e the result Of interview OF
this morning at Mr.. Bacon's room.
1st That the overdrats Of Page Bacon, as advised
up last evening" be considered temporary loan,
and be represented by their note demand with the
that IL shall be held permanent loan
for the period OF six months Page Bacon there
by benefited rs to continue their business wthHnt
interruptions and provided, Also that the account OF
Page, Bacon n Co., Of san Francisco, continues in
satisfactory shape, by not being overdswa and that
Page Bacon OF 81 Louis do not exceed the hundred
thousand dollars 10 their future overdrafts