Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1875-07-28
BY TELEGRAPH,
Duncan, Sherman & Co.

NEW YORK, July 80 VIM Butler Dun
can. senior member of Duncan, Sherman l.
Co., in an interview last night with a Herald
reporter, said there was no truth in the report
that about two or three months ago, anticipat-
ing what had happened, he went to Europe
for the purpose of securing aid to negotiate
new loaCs and extend the credit of the firm
nor was it true that he applied to Barring Bros,
Brown & Bros. and other representative Euro
pean banking firms for assistance, aud that
such assistance was denied. Duncan also said
the Union Banking Company of L podon, which
1t has been stated would sustain heavy loss
by his failure, is not involved even to farth.
ing. lu answer to an Inquiry as to whether
the fall 10 cotton during the past three months
had anything to do with the suspension, Dun
can said: All will presently be made known by
the proper authorities. don't mean to keep
back anything. Everything / have is at the
service of all to whom owe any debts A
statement of our firm will be rendered at the
earliest possible moment. The public will not
have to wait long. ln regard to persons now
abroad who have Duncan, Sherman & Go. 8
letters OF credit, Duncan said: assure al! the
friends of such parties that every arrangement
has already been made to prevent them from
experiencing any trouble. They are all right;
nelther they nor their friends have any occa-
sion to borrow trouble. They are 10 such
situation that they can move hither and
thither precisely the same as if nothing had
happened to us. Duocan was also asked if be
could give any idea Of the extent of his liabili-
ties and assets, but he replied that he was at
present utterly unable to do so, but that a
statement would shortly be made public.
Drexc Morgan & Co. said to a Herald re-.
porter 1t has been known that Duncan, Sher-
man 4 20. have been largely engaged 10 cotton
transactions, their agent 10 London being Mr..
Kitchen, of Collie 4 Co., who placed all the
cotton shipped by the firm, making his sales of
cotton to arrive to spinners 10 England and 90
the Continent. Within the last four weeks
cotton has fallen about three cents Der
pound. Now supposing that they had $4,000
bales IN transltu, not large amount tor
them but heavy amount for other firms,
their loss would be abcu1 $375, 900, certainly
not enough 10 send them under, but we hear
that they are also largely interested in the Mo.
bile and Ohio. Atlantic and Great Western and
slightly 10 Erie. 1t is stated that among the
heaviest losers is the Mexican Consul at this
port, whose individual and consulate funds
were Oh deposit with the suspended firm.
New York: July % Ca Monday last Mrs.
III.
Ter Duncan, Of the firm of Duncan, Sherman
& Co., made a transfer of real estate in this city
TO A. Duncan, amounting to $685. 600.
New YORK, July 2S.-1'he entire clerical
force of Duncao, Sherman & Go. are preparing
a statement, but it is not Known when it will
be ready. The clerks are under 40 injunction
of secrecy regarding affairs. Nowhere does
there seem to be any impression that the fail
ure will produce anything more than the mo-
mentary excitement which existed yesterday.
The President of the Bank of the State of
New York, where the suspended firm kept
their account, says that the suspension of the
firm had caused him much surprise, as no init
NATION in any shape had been given to the Of
fcers of the bank when they opened that the
suspension was contemplated. He thought he
could say that his bank held some $500 600 or
$500, 900 securities of Duncan, Sherman &
Co., all of which was available stock.
LIVERPOOL, July 28.-Duncan, Sherman,
& Co. ) failure has but little effect here. 1t is
reported that their shipments of cotton will be
well protected.
LONDON, July 2S.-The suspension of Dun
can, Sherman Il Co., of New York. has 90 ap.
preciable effect 90 the general market here.