Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1875-07-29
FAILURES.
Additional Particulars Of the Duncan.
sherman Failure-The amount and
Persons InVOlYed-Assess-
ments hRde,
Failure Of the Commercial Warehouse
COmpaBy-PrOPOsed Suspension Of
Beeeher's Publishers -Suspen.
slOns st Other Points.

Butler Duncan, who sGyS there : 10
truth in the reports that he went TO Eu-
rope TO consult Alexander Duncan for
the purpose Of securing his aid to neg0-
tate new lOan5; that he applied TO
BsIing Brothers, aud other European
firms, for assistance; and II was denied
that the Union huking company is
loser hy the firm, even 10 the amount
OF q farthiDg. Duncan says every ar
rangement will be made 10 prevent
americans abroad with their letters OF
credit from experiencing any trouble.
;. l.. b. Barlow, counsel for the sus-
pended firm, says the TumOrs that the
failure will sfTsct the UGion bank, If
London, is entirely unfoupded, as that
bank is fully protected, as are also the
Earrings.
Signor Navarro, the Mexican consul,
is a deDositOr with Duncan, Sherman d
Co. to the full amount Of his private for
tune-sixty or seventy thousand dollars
and all the moneys belonging TO the
consulate, but does not seem afraid Of
loss.
Drexel, Morgan & Co. say that Dun
can, Sherman & Co. have been largely
engaged in cotton transactions, their
London agent being Mr.. Kitchen, Of
Callie 81 Co. Within four weeks cotton
has fallen three cents per pound, and
suppOsing they had twenty-five thou
sand bales in transit, their loss would be
about three hundred and seventy-fve
thousand dollars-nOt enough to send
them under; but we hear they were
largely interested in Mobile and Ohio,
Atlantic and Great Western, and slight
ly 10 Erie.
The president Of the Shoe and Leather
bank says there is no fear OF the crash
having any effect on the business Of the
city. 1t would affect Connecticut and
Rhode Island especially, as he believed
the paper of the house largely circulated
in those States, In the western States,
also, many houses will more or less
suffer.
Agents of the Union bank, OF London,
say there is no truth in the rumOr of its
suspension, the only ground therefor be.
ing the fact that the cable announced its
refusal to honor the drafts OF Duncan,
Sherman & Co.
The Post says the losses of Duncan,
Sherman & Co. on cotton exceed one
million of dollars. The Union bank, of
London, and Barring Bros. d Co. have
both been guaranteed by Alexander
Duncan.
Worth & Wauon, l63 Duane street,
and Martin G. Bum q Co., corner CT
Jay and Greenwich streets, wholesale
grOcers, have suspended. Liabilities Of
the former, sixty thousand dollars; lat
ter, small.
On Monday last Mrs. Sarah NJ. G.
Sherman, widow, and VIM. Butler Dun
can, of the firm OF Duncan, Sherman &
Co, made transfers Of real estate in this
city to A. Duncan, amounting to three
hundred and eighty-fiye thousand dol
lars.
Mr.. Fisk, of Fisk & Hatch, to-day
said that a careful Inquiry had been
made among the banks, who reported
not more than one hundred thousand
! dollars of the firms bills, az the outside,
! ident of the bank OF the State Of New
York, said the suspended firm kept Their
| account there, and that his bank had
some three or four hundred thousand dol.
| lars in securities o; the finn, all OF which
was available stock.
Judge Shipman, assignee Of Duncan,
Sherman q Co., was busy all day with
| the clerks making an examination OF
the books. The financial statement will
not be ready for sOme time.
] ANOTHER HEAVY tAlLUhEs
The Commercial Warehouse company
began business in May, 1867, with cap
ital Of two million dollars. Paul J. Ar
mour is president, and jose f. Navarro
vice-president. The officers say their
suspension was fastened by the political
disturbances in Cuba, although directly
caused by advances on sugar, and that
the company had 10 connections with
Duncan, Sherman & Co. 1t has no Eu'
ropean correspondents, nor any agen.
cies in this country"
The secretary of the Commercial
| Warehouse stated to-day that the prob
able liabilities of the company are one
million five hundred thousand dollars
! and the assets, which are not available,
perhaps four million dollars, A full
! and complete statement of the affairs OF
| the company will be ready in about two
weeks. The company hes been in a
| shAky condition for some time, and
| lately asked the creditors for an eXten.
sion of four months, with twenty pei
/ cent. interest as an Offset, which was
refused. The company does large bust.
! ness in making advances on goods store q
| in their sixteen large warehouses, and
| these goods were left on their hands
! 1t is also stated that advances were
! made on Cuban sugar plantations, which
! have been destroyed in the civil war
and that the firm had been dabbling 10
! Cuban bonds.
At other Points.
LONDON.
LONDON, July 2S.-The suspension o.
| Duncan, Sherman & Co. has no spprC'
ciable effect on the general market mere
PHILADELPHIA.
PHILADELPHIA, July 2S.-Johr
| Mason d Co sugar dealers, suspended
to-day. Liabilities about two hundred
thousand dollars.
LIVERPOOL.
LIVERPOOL, July % Duncan, Sher.
| man & Co.'s failure has but little effec
( here. 1t is reported that their shipment!
Of cotton will be protected.
LOUISVILLE.
LOUISVILLE, July 2S.-The Tobacco
! Exchange banking company, Of thi!
/ city, closed its doors yesterday. The
/ institution has been regarded for some
/ time IN q prec6riOus condition, and il
/ suspension has no connection with tht
/ New York failure. AS far rs can bt
learned, no bank or person in Louisville
has been effected by Duncan, Sherman
& Co.'S failure.
BROOKLYN.
BROOKLYN, July 2S.-The Argus say!
J. B. Ford d Co. have asked the advics
and assistance OF the creditors Of thei
publishing house, who are requested t
: meet tomorrow morning. The circula
issued by the firm says: "This circum
stance is not to be COMPOUNDED with tn
affairs Of the Christian Union PUBLISHING
company, which is a separate OTgAniza
ton and good for all it owes" 1t
stated that n. w. Sage and II. w
Cleveland, who are associated with Mr.
Beecher in the Christian Union, are il
no way connected with the publication
of booss. Mr.. Ford's partners are sam
uei WIkerson, John X Howard an,
Edward L. Ford.
The trial Of Alexander and William
Callie, Of the late firm OF Alexande
CalIie & Co, on the charge OF Obtainin
money under false pretenses, began a
Guild hall, London, yesterday morning
but upon the conclusion Ofthat days pre-
/ ceedings was adjourned one week.
Rev. Mr.. Hudson, Presbyterian mil
lister from Williamsporr, with his sisteI
iu-lsw, Miss BrysOn, was thrown frOI
a carriage in WstsOntown, Pennsylvi