The New York herald., 1875-08-18
DUNCAN, sHlTRMAN & co.
MR. DUNCAN OFFERS THEIR CREDITORS A LIB
ERAI, cOEFpROAUGA

| - - AN SfAlNt L
MIR. DUNCAN OFFERS THEIR CREDITORS LIB
ERAL coSPRoAnsA
circular, ofwhch a copy given b. low, was sent
yesterday by Mr. William Butler Duncan 10 the creditors
of Duncan Sherman Co. This document Ahows that
the assets Of the firm amount according TO the best es
innate Of their value, fortyhree per cent of the
liabilities. This is Of course subject to vexatious> de-
lays and large deductions for expenses Of settlement
and collection To obvate these evils Mr. Duncan makes
the liberal offer II the members Of the firm shall be
discharged from their obligations pay TO the several
creditors by his notes. amply secured third Of the
amount due them, and If any remains after the
closing up of the collections pay all thereof 10 the
creditors pro rata in addition the third secured
Under the circumstances of the this is without
doubt far better than the creditors have right
expect if the shall be left in the hands of the
assignee be settled by slow legal process with costly
suits and measureless postponements For many rea-
1t is to be hoped that their creditors will unani
mousy accept this proposition
MR.. DUScANs CIRCULAR.
NEW YORK August 16 1875
To THE CREDITORS OF DUNCAN SHERMAN l. Co. =
By the schedule Of liabilities and assets filed by the
Hon. W. D. Shpman, assignee of the firm and OF the
individual members of the same there appear TO boz:
Liabilities amounting to .......... s. 49l00lS SO
showing proportion OF assets liabilities of say
forty three per
These Liabilities may be changed by the adjustment Of
certain accounts which only be accomplished when
all accounts from distant points are at hand while the
assets may also be changed the statement Of their
value is based upon best Judgment and may bring
more and others less than the stated valuation.
II is the desire and intention of myself and my part
ners to the fullest extent the obligation
have assumed In assigning all assets whether indi-
vidual or hrm, for the benefit Of our creditors and Il
our assignee is not now in such possession, we will
| promptly remedy any lapse part
| With this statement have to make the following
proposition TO our creditors without distinction in
my judgment yielding to them the best results from
assets at the earliest possible moment and with the
least loss TO all concerned both in the method of rea-
cation and in the expenses attending the same.
IN consideration OF our being discharged from our
present obligations propose to pay therefor thirty
| three and one-thrd per cent, folows:-
8 l-3 per cent in nay note dated July p, payable
or before Novembcr27 81 1875 per cent in my note dated
July 81 payable before May 81, 1876; per
in my note dated July 27, payable or before Novem-
Der 81 1876 per cent in my note dated July 27 paya
BILE on or before May 81 1877 10 per cent in my note
dated July 81 payable on or before November 81 1877
with interest at per cent per annum until paid, or as
much sooner as the assets shall realized divided
AS security for the prompt funlment of this agree
ment the assets hereafter in the hands OF the
assignee to be held and administered by him under the
advice of the committee named below.
The above dates have been fixed by me as giving am
pie time for realization without needless sacrifice, while
no effort will be spared TO hasten such realization, and,
accomplished, the results will be Immediately divided
by the assignee and applied by the committee upon my
notes in the order of their maturity.
The holders of the several obligations Of Duncan,
Sherman Co. shall deposit the same with such COM
mittee TO be kept alive solely for the purposes herein
after referred to- viz With full power of attorney to
represent the in all legal proceedings and TO col
ect all dividends declared by the assignee efectuay
could the original holder and 10 apply such dividends
collected upon my to be given in settlement
II is also understood that until all parties interested
in the estate of Duncan Sherman & Co shall have as
sented this agreement the 33 13 per be fully
paid, the assets must remain in tho hands of tho
assignee who will, as now, represent all the creditors
of Duncan, Sherman h Co., dividends in the meantime
| To be applied by the committee on my new notes.
Should this arrangement be perfected the manage
of the assets to be placed in my hands, as far as
possible for the benefit Of all concerned under the con-
| troll and supervision of Mr. Robert Lenox Kennedy,
President of the National Bank Of Commerce, and Mr..
George W. Duer President of the National Bank of the
State of New York, who have consented to act In the
| premises
make this suggestion at this early date and even
before it can be clearly what these assets will
amount whether or less than the SO 1S per cent
offered because | foresee in the intricate
pications which may arise in closing up widespread
business that there Is great danger of expensive
litigation resulting ultimately perhaps after general
chaosl in proceedings in bankruptcy all of which
but be at the expense Of the estate with inevitable de-
probation of assets, while in this proposition every
thing that will be realized and If the assets are
earlier converted into cash than the due dates OF the
composition notes. such realization as divided by the
assignee will be at once appropriated. And further,
Notwithstanding this legal discharge, should the reaiza
ton from the assets exceed the sum which now pro-
pose by way of composition undertake to that the
shall be distributed TO creditors pro rata and no
exertion shall be wanting my part to accomplish
this result my intention being that our creditors shall
have all that be made out OF the assets under the
best and least expensive administration OF them.
The effect of the acceptance of this proposition will
be give depositors and shers, in negotiable shape,
the approximate amount which the assets expected
to realize giving time also for their effective real
Zaton and securing TO the assignee The valuable advice
and to the advice and control Of gentlemen Of ex-
perence in the community, which II Is hoped will pre-
vent much If all litigation; and, moreover, should
il be deemed essential to the just and equal distribution
of the assets that the estate should be for any cause al
any time forced into bankruptcy, puts IL in the power
of the committee proceed in the most prompt and
effective manner selecting their assignee and
sequent administration under the provisions OF the law
though need scarcely add that such will,
trust be avoided, as believe IL will be wholly unneces-
sary.
Ihave the honor to remain your obedient servant,
A. BUTLER DUNCAN.
If this proposition meet with your approval, please
signify to in writing, stating the amount and
ture of your claim whereupon the committee will at
have the necessary papers prepared for your and
my signatures
In the published statement of the affairs Of Messrs
Duncan Sherman & Co. the item Of ST. 529 Ii against
Messrs wetmore, Cryder l. Co.. should not have been
marked doubtful, II relates to current business
pending at this time and is perfectly good asset Mr.,
william Butler Duncan says.
THE FAILURE IN HoBoKEN.
Considerable uneasiness was felt In Hoboken yester
day when the intelligence published that x-Mayol
Hazen Kimbal, President of tho Hoboken Insurance
Company, was among the sufferers by the failure o.
Duncan Sherman Co., his deposits with them footing
up SOL, 965 73. 1t was rumored that this money be-
longed to said insurance company, but this soon
aterward denied sy Some Of tho officers Of that nsttu
ton, who aver that Mr. Kmball is heavily engaged in
he apple and potato business end that he has no use
for cash until the fall Except two individuals
Kmball Is the heaviest loser by the failure Tho ex-
ctemcnt was not diminished by the announcement OF
the failure Of Washington street hardware dealer,
named Hammerschag, to the tune Of $4,000