Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1875-07-30
NEW YORK.

WV 1850
New York, July SO.-Mr, Duncan
stated yesterday that at least FIVE sixths
Of the letters Of credit held against the
firm were secured by special deposits or
by a note drawn for this special purpose
and properly secured, in which the
maker agrees to pay such amount as he
may draw against it and in all such
cases these letters formed no part Of the
assets Of the firm. A director of the
Mobile and Ohio railroad says that the
road was financially in a very low condi-
ton when Mr.. Duncan was elected pres
ident. When the interest on the second
mortgage bonds became due, about April
last, the company was not in a condition
Il meet it and an arrangement was made
by which the bonds were taken up by
Duncan, Sherman & Co., but he did not
think the money was advanced by the
firm, but by Alexander Duncan, who was
in Scotland, About this time Mr.. Dun
can was appointed receiver of the road.
The whole bonded debt Of the road
amounts to a little over $l2, OOO, 900 and
he thinks Mr.. Duncan holds a large
amount of these bonds which he origin
ally took as security. This alone, how.
ever, could not cause a failure, as the
bonds could not cost on an average over
twenty per cent. on their face value. In
his opinion q very large amount was
sunk in the New York and Montreal
railroad scheme.
1t is asserted that Theo Moss had
100000 with the firm, Messrs. Hender-
son & Colville $500 0 and VIM. Wheatly
a very large sum. j. L. Tolle holds
their paper which he bought a fortnight
ago to the extent of $50, 1000. H. j..
Montague deposited with the firm his
earnings, and John Brougham had
almost his entire fortune in the house.
John T. Raymond and Wm Florence
both hold letters of credit from the firm,
as well as many Of their professional
associates abroad.
AT a meeting of Roman Catholic pas
tors last evening an address to the Pope
expressive Of the sense Of dignity con
ferred on the diocese by the elevation Of
its Archbishop to the Cardinalate was
adopted. A committee was appointed
to present the address to Mons. Roncetti,
of the papal legation, who will be es.
corted down the bay tomorrow on his
departure for Europe.
The bondholders Of the Northern Pa
eifc railroad yesterday confirmed the
appointmentof Charlemagne Towers as
trustee of said road. The purchasing
committee still hold daily meetings to
make arrangements for purchasing the
road for the bondholders on Monday
next.
On the first Of September Mr.. Cleve-
land will become publisher of the Chris
tian Union, with Horatio G. King, the
present business manager and publisher
of the Christian Union. as. assistant.
~
The Office Of Mr.. S~ilYerburgh, dealer
in gold watches, chains and plated goods,
46 Broadway was seized by the Sheriff
in consequence of an alleged discovery
Of the firm being engaged in %swindlinE
operations, by which various merchants
have suffered to the extent of $4,000.
1t is stated that Silverburgh is stationed
in Mexico, whore he sold the goods
shipped by his agent here.
A Havana letter says that an immense
convoy vas captured by the rebels be.
tween Puerto Principe and Guamaro,
half Of its escort being placed hors du
combat, and that neal Remidos the Gu.
bans drove a Spanish column back to
their entrenchments after capturing theil
baggage aud military supplies. The
Spanish lost in the former engagement
$50 killed, including the commander and
$4,000 in gold.
1t is reported that the Spanish Banh
refuses to loan the government another
two millions gold, giving as a reason the
nou-payment Of previous loans, and es
pecially the last loan Of two millions
gold, only five hundred thousand o
Which has been returned to the bank.
A serious insult to the British flag wal
perpetrated by the Spanish officials a
Porto Rico. The English mail steam
ship Elder was brought to at that por
and the captain compelled to deliver W
a passenger who was accused by them o
having violated certain Spanish laws.