The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-07-29

DUNCAN, SHERMAN co.'s CORRESPONDENTS.
Sumter Smith, Hot Springs, ARK.
First National Gold Bank, San Francisco.
Aickox Il Spear, San Francisco.
Benjamin W. Robson, Coyington, Ga.
Josiah Little Ampoy, Ill.
Barber q Trumbauer, Polo. III.
John s. Williams Co., Lafayette, Ind.
Stone & Co., Lexington, KY.
National Bank. Morganhed, Union county, KY.
Cartnell Higgenson Co., Union Town, KY.
McKim q Co., Baltimore.
Bank OF Deposit, Boston.
John Senter, Eagle River Mich.
Wlemsster O. hearn, Howell, Mich.
E. L. Mason & Co., L'Anse Mich.
Bovine, Coombs & Co., Vaudeville. Mich.
First National Bank, Port Huron, Mich
Gregory q HYDE Clarke. Jersey City. N. J.
Freese & Brother, Trenton. N. j.
G. d. Mercer, Geneseo, N. Y.
Hubbard Savings Bank, Hubbard, Ohio.
Dunn Brothers, Philadelphia.
T. Wheian, Philadelphia.
CASTOR & Thomas, Dallas, Texas.
Stowe Wilmerdin0, Galveston, Texas
Oliver Griggs, Mexia, Texas
Isaac JalmcK IL Co., Rockdale, Texas.
Aollerd. Ball Roach, Wetherlord, Texas.
Bank OF Depere, Depere, Wis.
Cramer Co., Milwaukee, Mich.
THE UNION BANK OF LONDON.
London cables yesterday denied the failure Of
the Union Bank OF Londoo, which was hardly nec-
essary, as that institution il OF the best man.
aged OF the JOINT stock banks in London, and fur.
Their, IL is unlimited-that Is, that the stock
holders can be held for the full amount OF its
debts In the last arrived London Economist It's
half-yearly statement appears. Its capital Is
81, 100000; reserve fund. $4,000 deposits.
Ella ooo, and cash on hand, 25 OO0 Its dtvi-
dends are at the rate Of fifteen per cent per an.
mum and Its stock the par OF which is ESQ., and on
which els 10s Is paid up sell at ABOUT iory-one or
about $50 for cash paid in.
PANAMA RAILROAD.
1t was generally supposed In the "streetn that
the Panama Railroad Company would be heavy
losers by this unexpected financial disaster. AS
Messrs. Duncan, sherman Co. were the fnan-
cial agents of that road there was considerable
nervousness manifested by the holders OF the
bonds. TO elicit the facts our representative
called at that ONCE.
The principal officers OF the road had gone to
Bennington, VT, but were reached by telegraph.
Mr.. Trainor w. Park, President or the road,
happened TO be In town and kept his clerks sharp
at work in making up balances. Mr.. Park very
frankly gave q statement OF the status OF the
affars OF the company saying that until the 10Th
OF July the Dalance Of the Panama Railroad COM
pany on deposit in the hands OF Messrs. Dun
can, Sherman & Co. was 5000, 900. Al that
time the Panama Railroad Company declared
dividend amounting to $4,000 In order TO
meet that dividend the company overdrew their
deposits in the bank OF Duncan, Sherman & Co.
to the extent OF $4,000. 1t then became abso.
lutely necessary to make the overdraft good, ana
Mr.. Park notified the London agent OF the TACT
The London agent promptly placed 1000 to the
credit OF the road and balanced the account with
Duncan, Sherman Il Co.
REPoRTER-Well, Mr.. Park, does not Mr.. Duncan
hold several hundred shares OF the stock OF your
company in his own name
Mr. PARK-He does. He purchased 4, 800 shares
OF the Panama Railroad Company's stock some
time ago at prices below par, but under such an
arrangement that none OF the said shares can be
placed upon the market until the 10Th OF Novem-
Der next. Whenever that stock or any portion OF
1t Is offered for sale upon tue market this CON-
pany Is ready 10 buy It in.
REPoRTER-So far as the failure OF Messrs. Dun
can, Sherman & co. is concerned has your CON-
pany or Senator Jones lost any money!
Mr. PARK-No, sir; We have not lost cent
neither has Senator Jones. All OF our claims have
been promptly met and we are safe. You may
rely upon that. The 1890 shares which Mr.. Dun
can owns have been, so lar as have learned. de.
posted in the Bank of the state OF New YORK az
collateral securities. They wore bought at 81 ana
ale now quoted to-day at 127. That looks safe,
doesn'tIt
WHAT THE LAWYERS SAY.
Early yesterday morning Judge W. I. Shipman
the assignee entered the banking house and pro.
ceedcd with his duties. To all inquiries as TO
when he would be able to give a statement OF the
AFFAIRS OF the firm he returned the same reply III
cannot tell you at present." Mr.. S. L. M. Barlow,
partner OF Judge Shipman, was called upon but
he declined to say much about the matter. SO
far As he knew ana was willing TO say, the eubar-
rassment Of the firm had grown out OF losses in
cotton shipment and futures, together with ad.
vances to various railroad enterprises In MS
opinion the liabilities OF the firm would not exceed
S.. 900 600, and the assets, although unknown to
him at present would not make the failure a very
bad one he honored the members OF the firm for
the bold stand they had taken In refusing TO as
sumo further responsibilities, even when they
could have borrowed, without any question, from
S.. 900 TO 900 within two hours
Mr.. w. W. MacFarland d, OF the same firm. was
asked in what manner Judge shlpman could be
approached, In order to learn from him when the
full statement OF the afiairs OF the nrm would be
ready for publication.
Mr.. MAcFARLAND--I will tell you frankly. and
you may publish what will now say to ron.
Judge Snipman has taken charge Of the affairs OF
that house and he will devote every hour of mis-
time, almost exclusively, to the settle ment OF It's
business; but suddenly 10 take charge or the
affairs OF a large banking kcuoe such as that of
Duncan, Sherman h Co., with so many business
transactions moving toward completion but still
In action, Is task that is sufficient to engage all
the energies Of the best business man in the COM
munity. While Judge Snipman VIII 90 his best.
assisted voluntarily by all she members OF the
firm, IL will be impossible, In my opinion for MIN
to prepare full statement OF the assets and
liabilities OF that irm under two or three weeksr
REPoRTER-Do you think, sir, that he will be
able to give any approximate statement before
the full statement is ready9
Mr.. MAcFARLAND--I think that possible, and he
will probably make such statement during the
next week.
INTERVIEW WITH Mr.. F.. ". .. HURST.
1t having been reported about the city yester-