Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1875-08-04
TELEGRAPHIC.
NEW YORK.

New York, July 27-The Herald
publishes an interview with William
Butler Duncan who says there is no
truth in the reports that he went to
Europe to consult Alexander Duncan
for tho purpose of securing his aid to
negotiate loans. He applied to Bar
ings Bros. and other European firms
for assistance and that il was denied,
and that the Union Banking Co. is not
. loser by the firm to even the amount
OF farthing. Duncan says every ar
rangement was made to prevent
Americans abroad with their letters
of credit experiencing any trouble.
8. L. NJ. Barlow, counsel for the
suspended firm, says that the rnmors
that the failure will effect the Union
Bank, Of London, are entirely un.
founded, as tho bank Is fully projected
~ also are tho Barings. eass
Signor Nevarro, the Mexican Con.
sul, is depositor with Duncan, Sher.
man & Co. to the full extent of his pri.
vate fortune, some 10000 or $40, 600,
and al the moneys Of the Consulate,
but does not seem afraid of loss.
Drexel, Morgan & Co. say Duncan,
Sherman & TO. have been largely en-.
gagged In cotton transactions, their
London agent being Mr.. Kitchen, OF
Collier & Co. Within four weeks cot.
ton has fallen three cents per pound,
and supposing they had 81, 600 bales in
transit, their loss would be about
$375, 600, not enough to send them nm.
der, but we hear that they were large
ly interested in Mobile u Ohio, At.
lantic & Great Western, and slightly
In Erie stocks.
The President of the Shoe and
Leather Bank says there is no fear OF
the crash having any effect ON the busi-
ness of tho city, but that It would ef-
feet Connecticut and Rhode Island CO.
pscially, 90 he believed the paper OF
the house was largely circulated in
those, States, and In tho Western
States also that many houses would
more or less suffer.
The agents OF the Union Bank, of
London, the Bank of New York, say
there II no truth in the rumor of its
failure, the only ground therefor being
the fact that the cables announce their
refusal to honor tho drafts of Duncan,
Sherman & Co.
A cable dispatch announces that the
steamer Adriatic reached Queenstown
with her forward engine disabled, and
was delayed forty .eight hours thereby.
Salvage operations on the steamer
Schiller have been suspended, await.
ing better weather.
Worth & Watson, 1S3 Duane street,
and Martin Bum & Co, corner Jay
and Greenwich streets, wholesale
grocers, have suspended. Liabilities
Of the former, $4,000; Of the latter
small
Officers of the Secret Service arrest
ed four counterfeiters at the same time
for making and passing trade dollars,
gold five dollar pieces, silvcr half dol.
lars, &c.
NEW YORK, July 2S.-The Post says
the losses Of Duncan, Sherman Il Co.,
on cotton will exceed one million dol
lars. The Union Bank, of London,
and Barring Bros. & Co., both have
been guaranteed by Alexander Dun
can.
rhe Commereiai Wars House Co.
began business In May, 1867, with ,
capital Of $1,000, 900. PAul j. Armor
] 10 President, and John ". Navarro
Vice President. The stock is owned
mostly in Cuba. The officers Of the
company say the suspension was hast
ened by political disturbances in Cuba,
although directly caused by advances
on sugar, and that the company had
no connection or relations with Dun
can, Sherman & Co. It has no Eu-
ropean correspondents nor any
agencies in this country.
NEW YORK, July.-2S.-It is report
cd that tho Commercial Ware House
Company have failed because of heavy
advances ON Cuban crops which the
early rain have destroyed. The
House also advanced largely on rail-
road securities which have largely de-
preciAted.
New YoRK, July 29-The Trenton
Banking Company, of Trenton, N. j.,
which lost 100000 by'thc Jay Cooke
failure, lose 100000 by the failure of
Sherman, Duncan Il Co.
A responsible officer Of ono of the
largest banks of the city, yesterday
stated that Duncan, Sherman Il Co.
had early 100000 tied up in securi-
ties of the Mobile 81 Ohio Il. r. Co.,
of which Duncan is President, and
email amount In the Selma & Gulf r.
r. It 10 also understood that in one
of their settlements, they were Obliged
to take 100000 in Alabama state
bonds, which are now quoted at thir-
ty-ive cents on the dollars.
j. b. Ford & Co., in . card, state
that the depression in their book bnsi-
ness has continued since the panic of
1873, and was aggravated by tho fire in
their building in February last, which
paralyzed their spring sales. They
claim that their assets ct bare cost OK.
ceed their liabilities by over $4,000.
The Christian Union they say is sus-
tanned by ample capital, and its condi.
ton sound and its future bright. The
statement that it has lost ground since
the commencement of the Beecher
trial, 10 not true. Ford & Co.'S con-
nection with It 10 simply that, besides
being stockholders In the Company,
they have been employed as publish
ore of.thc paper. They have fcsigned
II yUUt 008Ik0, Au0 VIVA sAsV 4oSA VI <Aus
guat the business of the paper will be
] transferred to their successors.
NEW YoRK, July 29.-It appears
that transfers of real estate have been
recorded ct the Registers office this
week on tho part of VIM. Butler Dun
can, and other members Of the firm to
the amount Of . million and q quarter
dollars. The deeds just recorded date
from 1868 to 1874, and the name of the
grantee II freshly inserted in differ
ent hand writing from the body of the
deed.
New York, July 30.-Mr. Duncan
stated yesterday, that at least five-
sixths Of the letters of credit held
against the firm were secured by spe-
cial deposits or by note drawn for
this special purpose, and properly &C.
cured, In which case the party agrees
| to psy such an amount "a he may