The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1875-08-13
BY TELEGRAPH
TO THE
WHEELING REGISTER.
Associated Press Report. by Western
Union Line, office Northwest cor
of Main and 18th SITS.
DUNCAN, sHAMAN & co.
Sharpest Kind of Sharp Prac-
tice Charged.

New YORK, August IA discovery
has been made that n large amount OF
the Indebtedness of Duncan, Sherman ~
Co., is accommodation paper III the form
of drafts drawn on them by confidence
clerks in their office. accepted by them'
and sold to various banks through note
brokers. Ofthis species OF paper, therc
are probably not less than 5000, 900 now
held in Providence where the family OF
Mr.. Duncan hus.been long and tavorabiy
known, and the agent met with little
difficulty in disposing of it. One Dahk
here holds fifty thousand dollars
of these acceptances and another S3O,OOO
and still another $4,000, besides small
amounts in rhe hands of numerous per-
sons. One banker CharactcrlzeS TINS Is
suance of accommodation paper as the
sharpest kind of sharp game. Inc
impression of the acceptor being that II
was drawn against merchandise and
secured, but Mr.. Duncan says that the
proceeding was entirely straight and no
more or less than the practice OF the
houses for twenty years. The announce
ment is made that letters of credit for
which the father of Mr.. Duncan has
become responsible will not be over S3O,-
OOO
A correspondent writing from Paris
says: Not half hour passes that l do
not hear Of cries of
Distress Arising from This Failure.
Probably the majority of the losers are
persons to whom the loss will be real
hardship, as they have no reserve fund
upon which to rely. A widow who came
to Europe few months ago to reside
here and educate her children, deposited
all her money with Duncan, Sherman u
Co.. and took their letter Of credit. She
has not ten dollars in her possession now,
and there are rent and school bills due.
Her excitement and alarm are 50 great,
that her friends apprehend insanity.
There are many teachers, students and
Others in tine same condition, and they
are not only in Paris but all over the
continent. At least four o: the Ameri-
cans who heard of the failure before the
news reached the Rothchilds Agency, Sc
cured their money and have retired from
Paris. To avoid trouble. One CT the four
was visited by the cashier of the agency,
who demanded the return of the money,
which WAS refused. a policeman subsc-
qucntly escorted him to the American
Embassy, when the cashier WAS told he
could not make the arrest THAI he could
ONLY seize his baggage, and | advise you
not to do that. The cashier concluded
he would wait, apologized, and departed.
The Erening Post has called on Dun
can, Sherman X Co., in regard TO their
accommodation paper, about which much
was said this morning. a member OF
the firm informed reporter that the
bills were placed in the market in man
ner which appeared perfectly Legitimate
to the firm, according to Il practice
that prevails to-day with houses of good
and extensive credit. The total
amount of acceptauccs issued
We estimated to be about
one million two hundred and fifty thou
sand dollars. Ofthis, $550,000 were held
in Rhode Island, and considerable part
of the remainder in other parts Of New
England. In regard to the letters Of
credit for which Alex. Duncan had be-
come responsible, reported in the morn
ing journals to be but $4,000. 1t was
said the aggregate Indebtedness OF the
firm would reach about $4,000, for
which Alex. Duncan had deposited
about 100000.