Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1875-07-29
The DUncan-Sherman Failure.
Over a Million Lost on Cotton.
Effects Elsewhere of the Failure.
Duncan Taking Time by the
FOrelOck.
The Mexican COnsul's Fortune
Involved.
Suspensions in the Grocery Trade
The Commercial Warehouse
Company $1,5OO,OOO
Behind.
Suspensions in the Grocery Trad,
Delegates to the Cincinnati Hard
Money Convention.


NEW YORK, July 2S The He@id pub
fishes an interview with VIM. Butler Dun
can, who says their is no truth in the re-
ports that he vent to Europe to consult
Alex. Duncan for the purpose Of securing
| his aid to negotiate new loans; that he ap-
! piled TO Barring Bros. and other European
| firms for assistance, and that it was denied,
and that the Union Banking Company is
not loser by the firm TO the amount of a
farthing. Mr.. Duncan says every arrange
ment has been made to prevent Americans
abroad, with their letters Of credit, ex-
periencing any trouble.
NJ. Barlow, counsel for the suspended
firm, says the rumOrs that the failure will
affect the Union Bank of London are en-
tirely unfounded, as the bank is fully pro-
tected, as are also the Barings.
His Whole Fortune Involved.
Don Navarro, Mexican Consul, is a de-
pOsitor with Duncan, Sherman * Co. To
the full amount of his private fortune,
sixty or seventy thousand dollars, and all
the moneys belonging TO the consulate, but
does not seem afraid Of loss.
Cause Of the Failure.
Drexel, Morgan & Co. say Duncan,
Sherman & Co have been largely engaged
i'll cotton transactions, their London agent
being Mr.. Kitchen, Of Callie & Co. Within
four weeks cotton has fallen three cents per
pound; suppOsiDg they had $4,000 bales in
transit, their loss will be about $4,000,
not enough to send them under, but we
hear they were largely interested in Mobile
and Ohio, Atlantic and Great Western, and
slightly in Erie.
The Effect Elsewhere.
The President of the Shoe and Leather
Bank says there are no fears 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 was largely circulated
in those States. In the Western States,
also, many houses would more or less suf-
fer. AGENTS of the Union Bank of Lon
don, say there is no truth in the rumOr .Of
its suspension.
Other Suspensions.
Worth Watson, 1S3 Duane street, and
Martin q. Bum * Co., Jay and Greenwich
streets, wholesale groceTs, suspended. Ii
abilities of the former sixty thousand dol
lars; the latter small.
1t is reported that the Commercial Ware
house Company has failed; cause, heavy
advances on the Cuban crops, which early
rains have destroyed. The house also ad-
vanced largely on railroad securities, which
deprecated. The Commercial Warehouse
Company begun business in May, 1867,
with a capital Of S2,0O0,0U0. Paul G.
Armour is President, and Jose T. Navarro
Vice President. The stock is owned
mostly in Cuba. The officers Of the COM
pany say its suspension was fastened By
political disturbances il Cuba, although
directly caused by advances on sugar, and
that the company had no connection Orrela-
tiOns with Duncan, Sherman n Co. It has no
European correspondents nor any agencies
in this country. The Secretary Of the
company stated to-day that t. probable
liabilities Of the company are one million
five hundred thousand dollars, and assets,
which are not available, perhaps fOur mil
lion dollars. A full and complete state
ment Of its affairs will be ready in about
two weeks. The company has been in a
shaky condition some time, and lately
asked creditors for an extension Of four
months with 20 per cent. interest as an
offset, which was refused. The company
does a large business, in making advances
on goods stored in their sixteen large ware
houses, and these goods were left on their
hands. II 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 in
Cuban bonds.
A Bad Cotton Speculation.
The Post says the losses of Duncan,
Sherman * Co. en- cotton exceeds a million
dollars. The Union Bank of London and
Barring, Bros q Co. have both been guaran-
teed by Alex. Duncan.
New York Banks but Slightly Ar
fected.
Mr.. Fisk, of Fisk x Hatch, to-day said
careful enquiry had been made among the
banks, vino reported not more than 100000
at the outside Of the FIRMS paper held in
the city. Mr.. Duer,, President Of the bank Of
the STATE Of New York, said his bank held
some $500. 600 or 100000 securities Of the
firm, all Of which was available stock.
Judge Shipman, assignee Of Duncan,
Sherman * Co., has been busy all day to-
day with clerks, making an examination of
the books. A financial statement will not
be ready for some time.
COunterfeit Trade Dollar.
Officers of The secret service arrested four
cOunterfeiters for making and passing trade
dollars, gold five dollar pieces, and silver
half dollars.
Featherins Their Own Nest.