New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-07-28

credit, and the deposits the banking house here The
firm cleared through the Bank Of the State OF Newiork
What the liabilities IN the respective classes Oh
letters Of credit, bills OF exchange, ana deposits
amount to cannot be ascertained Tor some Iio "
come The Bank OF the State OF NewYork Is amply &C.
cured against loss as Ia also the Union BANK Oh ouo"'
whose agents Duncan, Sherman Co were In this coun-
tyy Most of the bills Of exchange and letters OF credit
were drawn on Barring Brothers II understood that
latter firm will not lose serOusly by tho failure re-
porter OF THE TRIBUNE called on b. G ana u Z. "aro'
agents the Barring Brothers, but was unable 10 ODD
tain any information to the state OF the accounts DC
tween the two firms George C.. Ward stated that oil
the drafts accepted had been duly authorized but that
the Barring Brothers would be unwilling TO have their
business matters published In the newspapers lie wod
Obliged the ;efore to decline giving any statement W
Duncan. sherman & Co.'s transactions with hs hIn'
The holders of letters Of credit will probably be put
10 serious inconvenience these In most instances
Ia presumed will not be hOnorcd by The persons OF nfs
on whom they drawn. To those travellers who are
in distant parts of Europe and have 10 other funds I'M
mediateIy available the failure will carsc great deal
OF trouble.
The amount OF deposits with the firm is not given, but
II is known that they have been drawn upon GOOD deal
Of late and this probably FASTENED the failure Among
the deposits closed out some time ago was that OF the
Erie Railway Company. Nearly ak months ago the r
was asked TO advance considerable loan to tho railway
and declined and after that time the account was
transferred TO another banking institution the gentle
man who gave information could not say when
the assignee might be able 10 give clear statement of
the and liabilities of the rm but Thought 1t could
not be done in les than two or three months.
Judge shipman himself could give no information either
in regard to the assets or liabilities OF the frm lie re-
maiued at his Office in Willamst. until about O'Clock,
answering the questions Of numerous callers and ppar
ing to take charge of the affairs OF the clearinghouse
He stated that Duncan sherman Co.'s bank opened as
Inf ,.a fan he
ness pending the progress II negotiations with persons
In England for relief and when IT was learned that theso
had fallen through AT the eose OF business FOR the Gay III
England, IL at once decided 10 close TIE nahh' Ia
reply 10 the questions Of gentleman Who had called 10
see about some letters Of credit issued by the bank 10
friends now travelling in Europe Judge Shipman fad
that he could tell just what would be DONE bat that
in "A word he could that every possible effort will he
made at 10 secure for, isn travellers
BANKS AND INDIVIDUALS INVOLVED.
MR.. DUNCiN A LARGE HOLDER OF PANAMA SIOCk-
OFFICERS OF THE BANK OF TIE STATE OF NEW
YORK EXPECT 20 LOSE NOTIUNG-THE MEXICAN
CONSUL A HfANY LOSER TRANSACTIONS OF
Won HOFFMAN 4 co. WITH TIE BANKEt pr FIRM.
1t was one of the current TlImors that VIM.
Butler Duncan had united With Senator Jones of Nevada
md others 10 gain control Of the Panama Railroad and
taat to do they had been compelled to bny the stock
NJ hic gnfes. The Secretary and Treasurer OF The rail-
road when applied 10, stated that his knowledge Of the
road ONLY extended back for six months. Mr.. Duncan
was considerable holder Of stock; how much he held
the Treasurer could not say "a that moment Mr.. Dun
can was also member II the Executive Committee, but
had not been at the meetings He succeeded Senator
ZONES The Secretary thought II woud have serou,
effect Oh the road.
Western Union Telegraph was one OF the stocks most
affected by the failure, and partial panic ensued I'm
the Stock Exchange VicePresdcnt A. Is. Cornell siiI
that the failure would in no wise a1cct the Telegraph
Company further than the fluctuations IL would cause on
the ock Exchange The 6rm was in dbt TO the Com
pany foy one months elcTaphng, but he supposed the
Company would ne paid ultimately.
The Bank OF the state OF New-York vas known 10 he
the clearing bank Of the firm and IL .Irased That
was large creditor The President Of the hank declined
to give the account of Duncan Sherman Co.. hu he de-
clared thai he believed that hs INSTITUTION Would not Nse
a dollar by the failure.
senor Juan y. Navarro, the Mexican Consul, de-
positor Of very large amount and IL WIS reported that
funds longing 70 the Mexican Government were also
ntrsted 10 the firm for safe keeping. nor Nevarro
stated TRIBUNE reporter last evening that very
considerable portion Of his private fortune had been
deposit without interest, and its loss would he severe
blow to him. but that the funds OF his Government were
safe. The Government had account with The firm.
and wonld not suffer any lose lie WAS moi willing 10
state the amount of his deposit, ana hoped
That an encouraging statement would he made
after examination Of the books ana assets
The house of La Won Hoffman ~ Co. during the closing
hours OF business yesterday referred 10 frequently
az a heavy creditor of the firm of Duncan. sherman d
Co. Mr.. Won Hoffman, the senior partner, was at Sara
toga and Mr. Mertens the member in charge OF the az
fairs of the house. left the Office at the usual hour IL Is
stated that Won Hoffman CO. have about al5OOc (stef-
ng) OF the suspended firms bills on England Dut thal
this amount will In the least affect the standing OF the
house, which is very wealthy II il known that Won
Hoffman & Co. have engaged 5000 900 in gold coin for
shipment Thursdays steamer. The mercantile opera
tons heretofore transacted by thfs house were aban-
doned over a year ago, and entire attention Is now
given to II purely banking business.