The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-07-29

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there was IN the report. Mr.. Hurst stated that
the line had been for years In the habit OF
| doing q large business with the firm named,
but that az the time OF the stoppage they
had not moro than $500 involved. In fact, SAID
Mr.. Hurst we mad done no business with them
lately. had no intimation that there was any
trouble with them, and should not have credited
any report which afrected their credit. They
stood very high with all European houses, and
could have obtained any quantity OF money that
they cared to ask for even up to the moment or
closing their DOORS What the cause was which
brought about the collapse 90 not know, but I
am satisfied that an honorable settlement Will re-
suit / do not believe that the firm had any
money locked up in cotton claims, as has been
reported, for think they were much too wise to
advance anything ON such a class OF
securities. l know they secured payment
for some OF these sort OF claims for some OF their
friends several years ago. but beyond this did
not think they ever had any transactions In cotton
claims. i can form no idea OF their assets or
liabilities. but suppose statement Will be made
giving all the facts In few days. do not know
that any OF the other lines have lost any money
by the failure, but am inclined to think they
have not. In regard 10 the letters OF credit DO
not know wDat will be done, but am afraid
great many travellers Will suffer considerable In
convenience. Duncan, Sherman q Co. never
shipped any cotton by us, and think they did all
that kind OF business by sailing vessels.
l. THE MEXICAN CONSUL.
Signor Juan Navarro, the Consul OF Mexico res
dent at this port was called upon in reference to
the locking mp OF his money by the recent failure.
He looked calm and undisturbed by the financial
storm, and said hat although his private fortune
mad been locked in the safes OF Messrs. Duncan,
Sherman 4 Co., he had no lear for the ultimate
result because his consulate funds were on de-
posit elsewhere, and his government would not
De embarrassed in the slightest degree. He had
seen Judge Shipman at Duncan Sherman & Co. 70
office during the morning IN reference to several
small bills Of exchange que on Thursday to-
day.. He had told Judge Shipman that
| he did not think it would be fair to
hold the securities deposited to meet
those bills when the house had stopped be-
fore the bills became due. Judge Shipman told
him to put his claim in writing. hand it to him,
AMI he would give 1t his consideration. The re-
| quest was complied with.
| As the name or Jose Navarro OF the CONNER
cfal Warehouse Company, whose suspension is
reported in another column, seemed connected
with that or the Mexican Consul, he was asked
| what connection there was between them, and II
the failure OF Messrs. Duncan, Sherman a. Co. had
anything to do with the failure Of the Warehouse
Company.
MISUNDERSTANDING
Jose Navarro is not relative, so far as know.
think he is but a namesake. believe him 10 be
an honorable gentleman, but we have never had
any business transactions together. The suspen-
sion OF Messrs. Duncan, Sherman & Co. and the
consequent locking up Of my private funds for a
time did not In any way LEAD to the suspens on OF
Signor Jose Navarro or the Commercial Ware
house Company, because they were not borrow
ers either from me or my friends.
AT THE COTTON EXCHANGE.
There was a better feeling manifested yesterday
on the Cotton Exchange and business settled
down to a legitimate basis. In fact, the uneasi.
ness Of the previous day had entirely subsidized.
The market opened heavy at about an eighth de-
cline on yesterdays quotations Tor future deliv-
cries and subsequently fell of to three-sxteenths,
when it steadled and rallied an eighth, closing
frm the general impression being that the worst
had been seen. There were no failures an
nounced, and, from inquiries made OF the Pres
dent, none are expected. The failure OF Duncan,
Sherman Co. has had ana is expected to have
no influence among the members OF this Ex-
change. The trouble OF the Commercial Ware
house Company does not in any way concern the
cotton brokers. and the stoppage OF TINS concern
was scarcely ever spoken OF. 1t was the i'm pres
sion however, that the losses in this regard
would DO felt most in Cuba and Mexico.
AT THE PRODUCE EXCHANGE.
Among the irequenters OF the Produce Ex-
change the failure OF the old established BANKING
house OF Duncan, Sherman Co. had ceased to be
q topic OF conversation. So far as could be
learned none OF the members were involved to the
extent OF a dollar. 1t was stated, however, that
the firm mentioned mad in former seasons been
in the habit OF dealing largely 10 gram, but that
this year 1t was supposed they had had no trans
actions whatever in this commodity, for the rea-
had alb
orally said that none OF their paper was floating
among the members OF the trade and that no loss
on that account would occur.
The failure OF the Commercial Warehouse Com
pany, except among the sugar men, was matter
OF no concern, and as soon as mentioned was dis
missed from thought. Among the rep sentative
sugar houses, however, 1t was not so summarily
disposed OF, and for some time the possible con-
sequences OF the failure were discussed and con-
siderable nervousness was manifested as to the
probable result.
The grain market was quiet, and nothing at all
was dong. Buyers and sellers failed to come to-
gether for the reason that the latter were hold
ing on for higher prices. Quotations remained
tue same as at closing hours on Tuesday for fu-
ture deliveries, while on spo. grain there was ap-
solutely nothing to be done, for the reason that
there is none here TO sell. Flour was nominally
the same, but showing signs OF weakness.
FAILURES IN NEW YORK FROM 1857 TO 1873.
The following interesting table shows the
failures in this city from 1857 10 1879
Date Failures. AMOUNT
1887. 9l5 Sl35, 129 900
1858. ACKNOWLEDGEMENTS. 400 H. ,462
1862. 299 1878, 900
1850. Observation-Disclosures. 42S D. ,297
1851 Observation-Disclosures. $50 69,O67, ia
1907. .......................... loz 1,49l,OOO
1905. '''''''''''.,'''..'.'''s' oe LoluOOO