New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-08-07
CLAIMS ON DUNCAN, SHERMAN & co.

LETTERS OF CREDIT TO BE PAID THROUGH J. s.
MORGAN 4 CO.-sUITs OF CREDITORS
The firm of Duncan, Sherman & Co. and their
friends succeeded yesterday in closing their negotiations
with the London clearinghouse OF j. s. Morgan q Co.,
by which the circular notes and letters of credit Of the
suspended firm held by persons travelling abroad are to
be protected The delay Il is stated has been occasioned
partly By absence OF the senior member OF the London
house partly because the first proposition of Alexan
der Duncan simply TO deposit securities TO the
amount of 100000 $3.50 oool, while j. s. Morgan Co.
were unwilling the yment of the obligations
until Mr. Duncan should agree 10 make good whatever
sum the letters Of credit might represent This he has
now DONE and the following circular was issued yoster-
day afternoon: o--
Having at the request OF Mes,is Dune tan, sherman
Co.. and Alexander Duncan, esq made arrangements ior
issued by former the Union Bank OF London III the
hands Of travellers abroad we hereby announce ihat
travelling credits and circular notes accompanied 10y let
ter indication issued by duncan, sherman Co on
new credits on presentation at the Office of Messs j. s.
prior TO Nov i, 1879. DRkAEI, MORGAN q 20
william Butler Duncan stated yesterday that his
fathers action has without any guaranty that
the amount will be replaced Alexander duncan
simply takes the letters of credit and comes in at the
nal settlement Of the firm accounts along with other
creditors. sharing equally with them
Judge Shipman said yesterday that o preliminary
statement the condition Of the firm at the time he TOOK
charge OF its affairs would be filed in the Supreme Court
next week-before the expiration Of the 20 days pre-
scribcd by law for the filing OF such statement but how
early In the week would be ready he could not yet
state.
liz the case Of Juan n Navarro ConsuGcnera of Mex
eco at this port against duncan, Sherman d Co., ana
Judge shipman their assignee which was reported in
TIE TRIBUNE yesterday Judge Blatchford of the United
etates Circuit Court granted yesterday order requiring
exJudge shpman to show why he should not be
restrained by injunction from dspOsing OF any gold com
In his possession which he received from Duncan sher
man a Co.. except such amount may b. in excess or
kl7sl7 55 and from making any payments OUT ol, or
dispositn Of the assets OF Duncan, Sherman Co. In
MS unless he shall reserve and pay INTO court
sufficient sum all other Gains liens TO sat
isfy the plaintiff claim. The order, which is feturhaie
on Aug ~ also requires cause tot shown why the PLAIN
lin should have such other order as ia the preui
tsee may he just" -
Copsl-C,enega Navarro. like Senior Ignacio Mariscal.
EexcOs Minister 20 the United States, claims mat undtf
the comfy of nations the money deposited ny INN Win
Duncan sherman Co Is not subject 10 The stat" law gov
erning the distribution of insOlvens estaeS, ana tha
therefore he is entitled to the entire amount which he
deposited With that nrm
Messls. Wines 4 kecler, attorneys, on Thursday on
taincd from Judge WestbroOk, at the supreme Court
Chambers injunction restraining Judge shpnlall as
Assignee and the former partners IN The house OF Dun
can sherman Co., from including IN the general fulds
thc proceeds OF certain drafts collected by the house for
Pcoubet, Pelton Co. OF No Sal Broadway The drafts
in question drawn by plaintiffs ON the Erin OF Bar
nett Samuel son Of London and delivered 10 Duncan
Sherman & CO. collection. portion Of the proceeds
ceiyed the day before aud portion the uy atr
the failure The plaintiffs claim mat they are entitled 10
amount realized intact, af"F deduction OF conins
Judge Sh.pman on the other band, asserts that
the proceeds of drafts should pass into the general
fund in his hands as assignee and the PuntHs De re-
mitted 10 their dividend rs other CREDITORS.