The New York herald., 1866-03-07
ALLEGED ABSTRACTION or SECURITIES.

| The Foreign Clerk OF Duncan, Sherman N
~ Co. Under Arrcst-He ts Charged
with misRppropriating Forty Thou
| sand Dollars and sqanndcring IL I'm
| pecuiations-Argument Before Judae
| CardoIo Yesterday, sc.
COURT or COMMON PLEAs-sPEcIAL TERM.
Before Judge CardoEo
Another interesting case Involving alleged msappro-
priation Of funds entrusted 70 a person in nduoIarv
character turned up the OF Common Ples yes.
torday, at Chambers before Judge Cardozo The matter
had been kept quite secret up yesterday but neoesa
ry leaked out at last owing 10 discussion on tho sub-
ject In open a motion 10 discharge the pary
implicated from arrest Tho latter whose name is
Louis A. Colin, was, II appears for some time for
egn clerk % tho banking house Of Duncan, shcr-
man CO.. Of this city, and In such capacity
had charge Of the box containing large OF
rifles deposited with the above nrn by parties travelling
abroad and desiring TO obtain letters of credit In tho
complaint Is charged that Colin absacted from this
box amouu Of United States bonds and railroad
rites valued q, forty thousand dolla and that hc do
posted them with brokers margins for private stock
spcculationa OF his The entire amount swal-
lowed mp In Collins unfortunate operations and tho
natural result Of his ~ luck discovery became inevitable,
80 say the plaintiffs In November 1895, tho absent
curties wrc missed, and Il is alleged that Mr. Colin
made a clean breast OF hs msdocds 10 Mr. Mcintosh .
member OF the nrm OF Duncan, sherman A Go.
ON the other hand tho defendant claims that he
Tossed tho deficiency voluntarily aud that his offence
was oondoned by his employer who subsequently,
settled with him, on payment of 81 900 In cash, and
tho understanding that he would refund the balance In
yearly instalments further that Tho palpus Afterwards
redeemed the securities hypohccaed by Colin and paid
some S24 600 for that purpose The action brought
against Colin TO his 40 paid for redeem
Ing the securities and tho defendant arrested Last
November civil process Issued by Judge Of the Hu
prcme Court The Judge demanded ball il tho sum OF
&25 600 Ia default Of which Mr. Colin committed 10
the county jail whore be has remained ever since
motion was made yesterday by Judge Dlen nhofer,
behalf Of the defendant for hit discharge from fur
ther imprisonment on tho ground that ho had prop
erty out OF which the Judgment could be aaianod.
Mr. Larooqne, the counsel for Duncan, Sherman Co,
opposed tho prisoners discharge, asserting that he had
horees aud carriages aud tho or a farm and
other prop ,,y situated ia the Stats q. New Jerfey
Judge Dittanhonr replied 10 this statement and In.
sisted that his client had lost his farm honcs carriages
and everything else by HIS unfortunate stock specuia-
tons The counsel contendcd that thore cvl-
dence before the court that the defendant poesd any
property whatever; that tho papers contained true
statement of the Affairs OF NJ. Colin and that
the debt which he had been arrested tort
and contract and that these proceedings only APP
piled TO contract Tho PRISONER had a risbt 10
regard tho debt contract Duncan sher,
Co had waived tort nrt by settling with Mr.
with which 10 replace the stocks and securities absrsolsd
II would be monsrouS 10 compel insolvent " ADOPT
the language allegations OF fame OF complaint mado
by pninIs. because pltDtif could at all umes frame
his caus" Of action 10 make OF tort, and tbore
by could prevent defendant from taking advantage Of
these proceedings by Insisting that i one of tort
At the conclusion Of this Argument tho Judge took the
papers and reserved his decision.