The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1875-07-29
The Duncan & Sherman Failure.

NEW lohh, July co.
The rumors as to the cause of the failure
of Duncan, Sherman & Co., are SO numer-
GUS that ii is impossible to form any idea
in regard to it. A reporter called at the
residence of VIM. Butler Duncan on Staten
Island last evening. In answer to the
question If it was true that he went to Erl-
rope two or three months ago to secure aid
of Alexander Duncan to negotiate new
loans and extend the credit of the firm, an
ticipating then what happened yesterday,
he answered that it was not true. He
stated that there was no truth in the report
that lie had applied to Barring Brothers,
Brown Brothers and other European bank
ing houses for assistance, and that such as
sstance was denied. Speaking of the re-
port published to the effect that the Union
banking company of London had sustained
heavy losses on account of the suspension,
he said that company was not involved
even to the amount of a farthing. In an
swer to the question as to Americans now
abroad who have their letters of
credit, he said: Assure all friends of such
parties that every arrangement has already
been made to prevent them from exper-
fencing any trouble. They are all right
Neither they nor their friends have any
occasion to borrow trouble. They are in
such situation that they can move hither
and thither precisely the same as If nothing
| had happened to us. Mr.. Duncan was
also asked if he could gave any idea of the
| extent of his liabilities and assets, but he
replied that he was at present utterly
| unable to do 30, but thata statement would
shortly be made public. s. L. NJ. Barlow,
counsel for the suspended firm says the
| rumors that the failure will affect the
| Union bank of London are entirely un.
founded, as the bank is fully protected, as
is also Baring's. Sgnor Navarro, the
Mexican consul. is a depositor with
Dunan, Sherman & Co. to the full
amount of his private fortune $50, 900 TO
| $40, 900 and all the moneys belonging to the
consulate, but does not seem afraid of loss.
Drexel, Morgan & Co. say Duncan & Sher-
man have been largely engaged in cotton
transactions, their London agent being Mr..
Kitchen of Collie d Co. Within fouI
weeks cotton has fallen three cents pei
pound. Surprising they had $4,000 bales
in transit, their loss would be about $780,
900, not enough to send them under, but
we hear they were largely interested in
Mobile and Ohio, Atlantic and Great West
ern, and slightly in Erie. The president OF
the Shoe and Leather Bank says there il
no fear of the crash having any effect or
the business of this city. 1t would aifec
Connecticut and Rhode Island, especially
as he believed the paper of the house large
ly circulated in those states. In the West
ern states also many houses would more OF
less suffer- The agents of the Union Banl
of London, the Bank of New York, say
there is no ground for the rumor of it
suspension, the only ground for the repor
being the fact that the cables announce it
refusal to honor drafts of Duncan, Sher
man & Co.
A PRELIMINARY TRANSFER.
On Monday last Mrs. Sarah NJ. G. Sher
man, widow. and VIM. Butler Duncan, o
the firm of Duncan, Sherman & Co., mad
transfers of real estate in this city amount
ing to 1850
PAYING DRAFTS.
Drafts on Hickok 81 Spear of San Fran
cisco, on Duncan, Sherman & Co., will b
paid by Laidlow Il Co., No. 33 Pine street
NO EVIL EFFEoT IN LONDON.
LONDON, July 2S.
The suspension of Duncan, Sherman 4
Co of New York has no appreciabe effec
, on the market here.
IN LIVERPOOL.
LIVERPOOL, July 2S.
Duncan, Sherman Il Co.'S failure has bu
I little effect here. 1t is reported that thei
shipments OF cotton will be well protected