The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-07-30
THU LATE FAILURES.
The Exchanges Quiet--Gold
and Stocks Steady.
LETTERS OF CREDIT.
Duncan, Sherman & Co.'S Transfers Of
Real Estate Explained.
OF CREDIT.
FEELING ON THE STREET.


price OF gold would give the earliest indication
peace or further trouble.
All day long the instruments told a plain story
Gold remained steady, the fluctuations not reach
ing half per cent either way. On the floor Of
the Gold Exchange the operators were quiet, and
talked more about the races at Saratoga than the
chances OF further failures on the street.
AT THE BANKING HOUSE.
Ex-Judge Shipman was early at his post in
Duncan, sherman & Co.'s ONCE, calmly directing
the clerks in their WORK OF closing up the books of
their several departments, answering the numer-
GUS inquiries made by friends OF depositors and
travellers aud receiving the prominent bankers
who called to express their sympathy with the
members or the frm.
The Rntleman In charge OF the credit depart
ment was besieged throughout the day by the
resident correspondents oil travellers TO answer
questions or what would be done with letters OF
credit and bills OF exchange. One man asked
whether a bill of exchange bought two weeks ago
for f7oo on the Bank or Australia would be paid
| on presentation, the house having stopped before
| the bill could be pre- sented.
CLERK do not think the bill will be paid All
correspondents OF the firm have stopped payment
| on our bills, even while they have
MONEY ENOUGH TO MEET THEM.
MERCHANT-Can withdraw the securities lodged
here TO guarantee any letters OF credit that you
have issued3
CLERK-lf you can show what amount has been
drawn on the letters OF credit there will be no
difficulty In obtaining the unexpended balance.
MERCHANT-l am willing to guarantee the full
amount of the letters If you Will give the secu-
rites, so that can place them with some other
house and relieve my friends from any annoyance;
but do not know where my friends are. They left
Paris three weeks ago.
CLERK-It would be better for you to leave the
securities here at present, for they are held as
SPECIAL deposits and Will not, cannot, be used
for any other purpose than meeting the drafts
made on such letters. Go 10 some other house
and give your guarantee for the letters, and
when we or you learn what amount was drawn
against them before we failed the balance OF The
securities will be promptly gwen to you, II you
have authority to receive them.
ANOTHER MERCHANT-Have your correspondents
ON the other side stopped payment on all bills OF
exchangeS
ULERK-Yes sir, they have, although there Is
money enough IN their hands to meet them. Just
SO in the case OF the Bank OF the State OF New
YORK. 1t threw out our checks ut the Clearing
House when there was enough money In the State
Bank vaults to pay every dollar
The number oil visitors at the banking house
was much smaller than ON the previous day, and
no excitement was manifested by any one. Judge
Snipman's cneeriul face was seen by eaca caller,
and his prompt and business like replies showed
that ne mad already mastered the situation. In
conversation ne said. energetlcaly, 81 have read
all the papers have to say about the deeds OF
property, ana you need have no fear that viii
not lully investigate all the business OF the
firm"
THROUGH THR STREET.
careful survey OF the situation on the
'sstreetr revealed the fact that the principal
operators In god, stocks and produce felt
anxiety for the immediate future. Ar the Cotton
Exchange failures had reported since
that OF d. Peterachi OF No. 80 Beaver street, al
nouncsd three days since. and no further trouble
Az the Produce Exchange analrs had been re-
markaby quiet. not single bid having been
gave no intimation OF change In charters
freights ana In the oflces oil bankers and brokers
settling hour at the Gold and Stock Exchanges
passed without the least excitement, aud the old
est dnanclers gave their opinion that all the
trouble was over, unless ga squeezer was made
on the market on saturday afternoon. Ia
CONVERSATION WITH MR.. WILLIAM BUTLER DUNCAN
the lowing facts were aacertaIned in reference
to the Transfers Of real estate. There has been
considerable comment on the tact OF GER
tain transfers OF real estate by the members
of the firm having been registered within The past
few days Dy the parties holding the deeds, but 1t
appears that the transactions were or a purely
legitimate character and completely warranted.
There has been, as lar as Can be learned,s after
careful inquiry, no desire evlnced on the part OF
Mr. Duncan or any other member OF tAe firm to
evade any responsibility or TO make away with
any OF cir properly or assets to tue detriment OF
creators. In lact 1t appears that the properly III
question was disposed OF and decided away from
one to eleven years ago but as Is often the case,
Mr.. Duncan stated yesterday that all the trans
actions of winch there had been mention were
OF nature that every business man would readily
comprehend. The properly No. Ii Pine street
was sold TO Mr.. Alexander Duncan Tor $5S,824
subject to a mortgage OF $4,000, May &C. 1874 the
consideration being cash, which was paid at that
time. fhe bank building. he SAID. was also sold
TO bis father as far DacK as June, 1854, WAC paid
100000 for It, subject TO mortgage OF $200, 900.
Otner deeds, including those Of me Fourteenth
continued Mr.. Duncan, were long time ago
lodged with Mr.. Fay, the agent OF Alexan der
SECURITY FOR CERTAIN CREDITS
granted to Duncan, sherman co. by different
parties IN London, which credits mad been
guaranteed by Alexander Duncan. The under
standing was that in the event OF the credIts in
question not being used the agent was to return
these deeds to duncan, sherman Il co. Certain
amounts under this credit, however, nave been
used and the agent only exercised ordinary pre-
caution In recording tine deeds In onlormity with
the law and In accordance with the Instructions
he received from Mr.. Alexander Duncan. me re-
naming Geeds a list OF which has been made pub
lie, we're made by members oil firm years since,
and cover old and bygone transactions In real
estate. These have, however, said Mr.. Duncan,
no connection Whatever with the stoppage OF the
firm.
these deeds, but ne SAID he had not yet inquired
into the matter ana knew nothing OF the details.
He was OF opinion that the transactions would be
found perfectly regular and straightforward. He
could not say when the statement OF the assets
and liabilities would be ready for publication, but
he thought an approximate statement would be
arrived at early next week
THE DEED OF TRUST.
The following Is the formal deed OF assignment
by the members OF the firm OF Duncan, Sherman
& Co.. both a firm and individually, OF all their
Joint and several estates and assets TO william ID.
Shpman Ior the benefit OF their credit ors, and the
acceptance by aim OF the trust, which was regis
tered yesterday afternoon at tne Registers once
Ia TINS city:-
This lndeAture made the 9th day Of July In the year
\ 1873, between william Butler Duncan william Watts
Sherman, Of the city, county aud state OF New York.
ana Francis H. Grain, Of Fairfield county In the state
of Come cticut, copartners, composing the Arm OF
duncan, Sherman a Co., and under that name and
style carrying the business bankers in the said
city OF New York parties OF the first part and william
D. shipman counscor-at-law In the said city Of New
! York, party OF the second part witnesseth that
whereas the said pa ties VI the first part owing to
losses and misortunes in business unable to pay
their debts and liabilities in full, and DESTROYS Of
appropratlng according TO Jaw, all their property and
tue proceeds thereof well that which they own
Jointly as that which they own severally, according
| 70 law, to the payment Of their JOINT and
! OF their several debts and liabilities Now
therefore in consideration OF the premises and Of tue
sum OF 81 TO them In hand paid by the said party of the
second part the receipt whereof IL hereby acKnowl-
edged the said parties Of the first part do by these