New-York tribune., 1875-08-13
FINANCIAL AFFAIRS.

ryorc.N SHERMAN g. CO.'S STATEMENT.
,,.nu,T,rs AND ASSETS ESTIMATED APPROXIMATELY
THE FORMER $4,s72, 1913 65, THE LATTER
&o112. 74O 61-rURrHER COMMENTS ON THE
FIRMS PRACTICE IN PREPARING ACCo@MoDA-
TON PArER."
The statements which were published in HE
TRre,NE yesterday in regard to the manner In wmch ~
srm of Duncan, Sherman Co. had manufacturer az
ccmmodation paper" which was afterwaid neeo'iae.
through brokers, created sensation Oh w''',.
IN the morning. While bankers were k'nuts
.,no..a ,oward the frm, and objected 10
,ve their op,nons for publication with their names,
they characterized toe transactions as irreeu'l
generally stated that they would not n"'o p ,. .
paper which they knew had been prepared I'D 'hs "".
prominent nOtebroker remarked tna' nc .ons ''"'"
ne months AGO that the frm was issuing accep''noee
q, ,ha manner described in THE TRIBUNE ana NC
a, once declined TO have anything more to 90 WIN 'he
naner An old and successful banker stated 'ha. "e ~
rosed he should not have hesitated TO accept su
tics from Duncan Sherman Co. even II ne hao Ano"n
how the paper was made, ms ne had a"a's n"u. .,
confidence in the frm When asked II he approVcu VI
.,s courso adopted by this firm, he replied; W by no
ro.a,s The statement correct that such accepahees
are understood to represent transactions in'oN'"e '
sale OF merchandise, or some other Vaiuaoie eq"''"
The President of prominent bank said ne was ho' III 'e
habit of dealing the kind OF securities meoheo' "
n the firm of Duncan, Sherman Co had been Issuing
such acceptances for several years past az MI p"o'
haa stated he could not understand how shrewd pus
ness men could continue handling them without dscoV
erng that the drawer was repeatedly the same Peso'
which could not fail to lead TO inquiry there were any
doubts in regard the security in the minds OF tne pun"
chasers- A.
IL was stated by gentleman connected Win 'ne hi,
tho, the statements published in THE TRIBUNE had
eansed great rush the banking house by deposi'os
and others make inquiry in regard TO the matter. MI
Duncan repeated his statement OF the day before 'h"'
had been practice with his house Tor years past
t ssne obligations in the form Of drafts made by clerk
in the house, which were then accepted py
the firm and sold by brokers. The hin
never sold it's own paper directly, but
brokers often came TO the firm soliciting Its paper
10 ne gotiate when asked there was any pecuila''
IN the manner Of making the drafts, by which those
drawn by the clerk here could he disting shed from
,hose representing actual mercantile transactions, Mr.
Duncan replied that there was not but he Thought was
NOT the business of the firm look after such matters
If the purchaser had any doubts, 1t was his place 10 Ill
vestgate the character of the paper he was buying
THE FIRMS STATEMENT
The following statement of the affairs OF duncan ohci
man 4 Co. has been prepared for the pubhc;
LIABILITIES: q, .7o NJ
Les estimated value Of security oooc,,,
held against same 'N'~Oi so7 9lO &c
Pills payable unsecured. d'zi3'99SSa 9S
ine ine to to iersisn correspcn tents sub
icct 10 adjustment SO ~ 20
heeui'u NY p'euEe vi io ~ - 774, 1887 90
Cashiers ana ce'u"oo '"''N' '"' ~ W 36,724 50
Que 10 p aeposi,",s nn,s on "'o ... 1878 90
r,., ro,ni,,.s ..... 81, ,S72,l2s %
...,, ,o, han, oo,o and curreSrY nssri' - s562sG 80
1Nafs which II Is estimated VIII DC 90 e-o 90
Bus iece Vaoie' vi "Hi' ~ - .. lS9,4O7 90
Bills aise1un'ed Oh "in'n IL II ' ssl03 10
oIenn accounts OF ""ioh ' ..... to2664 10
Stocks and bonds estimated AZ ~ 55647O 90
Real estate in New.York City and elsewhere,
estimated az market vai"e' .. over -A 37l 1857 07
every ,I mouin ""''--'- G,54l G7
,1 Sent1e "a ra 1897 81
w. Butter Dun
cans house and furniture, and
sundry personal and real prop
20 Se worth S'u ...........'-... =" 1921 900 90
Grains house and TUT
and sundry personal anu
tsS re- ys0e pl0s1. 10 he y Worth h... 1880 90
". SheImans house anu
furniture, ami sundil personal