The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1875-08-13
Duncan, Sherman n CO.-.-TheiF
Accommodation pnDer,

New York, August l9.-ThG discovery
has been made that large amount Of
the Indebtedness Of Duncan, Sherman &
Co. Is accommodation paper in the form
Of drafts drawn on them by confidential
clerks in their Office, accepted by them
and sold to the various banks through
the note brokers. OF this species Of pa
pcr probably not less than 100000 il
now held in Providence, where the family
Of Mr.. Duncan has been long aud favor.
ably known, and the agent met with little
difficulty in disposing Of it. One Of the
banks there holds $4,000 Of these ac-
ceptanccs and another S3S, 1000, and still
another $4,000. besides smaller amounts
in the hands Of numerous persons. One
banker charaCteri2cs this issuance Of &C.
COmmohatiOn paper as the sharpest kind
Of sharp game, the impression Of the
accrptor being that il was drawn against
merchandise and secured. But Mr., Dun.
can says the proceeding was entirely
straight and more or less the practice Of
the house for 90 years. The announce
mcnt Is made that the letters Of credit for
which the father Of Mr.. Duncan has be.
come responsible will not be over $4,000.
A correspondent writing from Paris
says. Not a half hour passes that do
not hear Of some
DISTRESS ARISING FROM THIS FAILURE.
Probably the majority Of the losers are
persons TO whom the event will be real
hardship as they have no reserve fund
upon which to rely. a widow who came
to Europe few months ago to reside here
and educate her children, deposited all
her money with Duncan, Sherman 4 Co.
and took their letters Of credit. She has
not ten dollars in her possession and there
are rent and school bills due by her. The
excitement ssogreAt thather friends are
AprREnESsIvEO OF INSANITY.
There are many teachers and others in
the same condition, and they are not only
in Paris, but all over the Continent. At
least four Americans who heard Of the
failure before the news reached the Roth.
schild's agency secured their money and
have retired from Paris to avoid trouble.
One Of the four was visited by the cashier
Of the agency, who
DEMANDED THE RETURN OF THE MONEY,
which was refused. A policeman subsc.
qucntly escorted him to the American
Embassy, when the cashier was told he
could not make the arrest. lie can only
seize his baggage and advise you not to
do that. The cashier concluded he would
wait, apologizcd and departed.
A New York Ercniny Post reporter
called on Duncan, Sherman & Co. in re-
gard 10 their accommodation paper, about
which so much has been said, this morn.
ing. A member Of the firm informed the
reporter that the bills were placed in the
market in manner which appeared per.
fectly legitimate to the firm. According
To n practice that prevails to-day with
houses Of good and extensive credit the
total amount OF nCceptnncrs, II is said,
was estimated 10 he about one million
two hundred Thousand lollnrs, Of this
$500, 600 were held in Rhode Island and
Il considerable part Of the remainder In
other parts Of New England IN regard
tu the letters Of credit for which Alex.
Duncan had become responsible, il re-
ported in the morning journals TO he but
$4,000. Is was said that the aggregate
indchtncss Of the firm would reach $780,
600 for which Alex. Duncan had tlcpos-
iled about $2OO,0OO.
The Etcning Idd also furnishes the
following Four men have been arrested
for participating in the forgcrics Of the
California 4 Oregon Railroad bonds.
Most Of the money advanced on the bonds
has been recovered.