The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1875-07-29
THE FAILURE.
No Apprehension Felt.
What People have to Say.

NEW YORK. July 2S.-The Herald publishes
an interview with William Butler Duncan, who
says there is no truth in the reprots that he
went to Europe to consult Alexander Duncan
for the purpose of securing his aid to negotiate
new loans; that he applied to the Earrings,
Browns and other European firms for assist
ance, which was denied; and that the Union
Banking Company is a loser by the firm to
even the amount Of farthing. Mr.. Duncan
says every arrangement is made TO prevent
Americans abroad with their letters of credit
from experiencing any trouble. Neither they
nor their friends have occasion to borrow trou
BILE.
S. L. M. Barlow. counsel for the suspended
firm, says that the rumors that the failure will
affect the Union Bank OF London are entirely
unfounded, as the bank is fully protected, as
are also the Earrings.
How it is Explained.
Drexell Morgan & Co., say that Dun can,
Sherman & Co., have been largely engaged in
cotton transactions, their London agent being
Mr.. Kitchen, of the firm of Collie & Co.
Within four weeks cotton has fallen three cents
pound. Surprising they had $4,000 bales in
transit, their loss is about $685., 900, not enough
to send them under. But we hear that they
were largely interested in the Mobile and Ohio,
Atlantic and Great Western and slightly in the
Erie road.
The president of the Shoe and Leather Bank
says there is no fear of the crash having any
effect on the business of the city. 1t would af.
feet Connecticut and Rhode Island, especially
as he believed the paper of the house circulated
largely in those states. In western states also
many houses would more or less suffer.
The agents of the Union Bank of London,
The Bank of New York, say the only ground
for the rumor of its suspension is the fact that
cables announced that it refused to honor
drafts of Duncan, Sherman & Co.
The Anxiety at an End.
There are no signs of further trouble from
har 81 To 20 fai lura
On Monday last Mrs Sarah M. G. Sher man,
widow, and William Butler Duncan, of the
firm of Duncan, Sherman & Co. made trans
fer of real estate within the city to A. Duncan,
amounting to $3S5000.
Mr.. Fisk, of Fisk & Hatch, in conversation
to-day, said a careful inquiry has been made
among the banks, who reported that not more
than 100000 at the outside of Duncan, Sher-
man & Co.'S. bills were held in the city.
Mr.. Deer. president Of the bank where the
suspended firm kept their account, said his
bank, held some $500, 900 or 100000 in securities
of the firm. all of which we're available stock.
Judge Shipman, assignee of Duncan, Sher-
man q Co., has been busy all day to-day with
a corps of clerks, making an examination of
the books and financial statement will not
be ready for some time.
Another Suspension.
The secretary of the Commercial Warehouse
Company, which suspended this morning, stat.
ed to-day that the probable liabilities of the
company were $1,50O0O0 and their assets,
which are not available, perhaps about 81, O00,-
900. A full and complete statement of the az.
fairs of the company would be ready, he prom
ised, in about two weeks. The company has
been in shaky condition for some time, and
lately asked for an extension Of four months,
with twenty per cent. interest as the offset,
which was refused. The company besides did
large business in making advances on goods
stored in their sixteen large warehouses, and
these goods are now left gu their hands. 1t IS
also stated that advances were made on Cuban
sugar plantations destroyed in the civil war,
and that the company were dabbling in Cuban
bonds.
AT Philadelphia.
PHILADELPHIA. July 28.-John Mason &
Co., sugar dealers, suspended to-day. L;abil-
tiles about 5000 900.