The New York herald., 1876-10-15
DUNCAN, SHERMAN & CO.
Mr.. puNcAx's EXAMINATION coSTrSuED-rHE

ruptcy proceedings was continued yesterday before
Register Kechum. at his office. the Bennett Build
ing, Mr.. +. N. Bangs acting Mr. Duncan's counsel,
and Mr.. 4. T. Brown as the examiner.
/ Considerable time taken up by the argument Of
counsel on the materially OF several questions put
/ by examining counsel, which ruled by tho
Register. Li,le evidence OF any importance. besides
the kilograms given below, elected, tho principal
points in Mr.. Duncan's testimony being as follows
.'Shorty prior 10 your firms suspension, were you
negotiating In Europe obtain funds for the perma
nent relief Of your nrmS''
~ was; with the agent OF Barring Brothers Co.,
| IN New York. and thor firm In London. The negotia-
tions referred TO by you not in writing. They
were TO the oxtsnt Of f4oo 900 amount exceed
ing that asked Barngs, through Mr. Ward, for the
relief the guarantee of my father. Their reply
| refusal That was all thoy said"
"was your rrm hcn need Of E4oo COO TO give IT re-
lief a. that times mean for outstanding obligations
against your nrm or future operations"
al mean In seeking that relief, did not mean
there was any pressing demand ON my firm but did
not feel II would be right TO continue to accept the
confidence OF the public without being IN a solvent
condition pay my debts, due then or aerward, as
they might BIO demanded considered that, with that
amount at our command IN case Of need, my arm was
entitled to tho aforementioned confidence. asked
for the amount the ed and received my reply
the 27th.n
"At that time did not your nrm havc letter OF
credit authorizing that GRAFT the extent OF fl5O 900
on the Union Bank of London, guaranteed by your
| fathsr2"
at did, and that credit used TO the extent OF
ESQ 600 Nv father hold coateras for that guarantee
The coateras for the fl2o 900 not used remained in
his custody until thoy surrendered 10 Judge Ship
man, tho asslgnoe''
"what collaterals did he surrender to Judge Ship.
man?"
Thc entire amount OF collaterals which he had Tho
list would be difficult for 10 recolect So far as
can name them they titles to real estate in ST.
Louis, Chicago, the property IN Fourteenth street.
properties Staten Island and, perhaps $40 900 to
SEQ 900 mortgages believe 1t included the Spies
mortgage also the Slater mortgage, and that on tho
| property on Pine street."
"At the time you made application to Barring Bros
for this f&00 900 tho guarantee ofyour fahor,
| It with your fathers approval and authority ?"
1T was. OF course, based upon obtaining his ap-
.Haa YOU sny conference, previously, with your
| father this suDjectyn
81 had no conference previous to my application TO
| Mr.. Ward. Al that time communicated with him by
ei:srSp1 70, COW Of III. telegram YOU ,on, voo,
~ have Here is is"
! W. b. DUNCAN to ALEX. DUScAN:-
After careful examination of and loss large
:'Sn;sd ss ss EssS i:: .ssTas .ss @
body can secure
%i:i:sdisx public ea. WIZ .ses svs.sis
refused must fail. and disassrousy Immediate
imperative
II Barring grant open credit withou. security wll
credit which is secured .nsnt disastrous ruin
Mr. Duncan here testified that, after this appllca-
tion the request made of Mr. Ward (Barngs' New
York representative for the entire E40U 000 without
any credit the bank, but contemplated tho nonusa
After reading Of tho above, bankruprs counsel
stated that he would read copies Of the rest Of The
Duncan, ms iather Alexander Duncan. his brother
| Alexander L. Duncan, Duncan, sherman Il Co.,
Judge W. D. shpman, the assguee, relation 10 The
difficulties OF hessrs Duncan, sharman CO., in
toros intslsenly. M Bangs Ihen proceeded to read
the following
i W. b. d. to A. ID. =
Altering cipher, and then -
sS %s Cate morning h0ds'n
| A. d. to b. d.
Have got qelsxraphl key; mus. not involve family Bar
y u, !. .m answer T aS
| W. b. D. to A. D.-
M, a.o,,vua ou,,.,v., ,..nn. JUIr soS sS.7rM a
calling them god donbly worthless suspension
dsnes o. public dishonest II can obtain authority
a ses II weud &
business extremely vslusple prospects better
| w. b. ID. to A. d. -
:: uS without security
| A. L. D. to W. b. d. -
too to com. night Jg.r sss srS:,
a they do ns % es sn :,. o.
howsys somorroS morning Gable Instructions London
| A 1. D. 30 w. b. d. =
ss mot s. %ss .a S as but
from you nrst II NO hope
| A. L. d. 10 W. b. D.:-
knew % credit By s.ai building
| Shall mention tomorrow or privately to nightf
| W. b. D. 70 A. d.
SPEAK frankly to ssas. I e. .hsy s ss:s sys5y'ans Try
70 CABLE mo sn voo M 70 poo M n can
C.e. definitely early som0row Jnls, his
| pend Immediately Therefore promptly reply.
= = y w. ? : TUESDAY July. .a7-loasAx.
Bsriugs refusing. Answers hopeless agree.
ID. to W. b. D.:-
s,ss: .G
savc did utmost
| A. d. to w. b. d. -
Legal opinion taken BY bank special credit
cse By failure unless drawn under very special eircum
W. d. D. to A. d.
saes ssa and risk limited 0s IN s
structing bank them Am bank shoud
pay bills which drawn against funds
hand win protect travellers and with help
probably Commit yourselfto nothing without con-
sulting me-
A. ID. to W. b. d.
July 29-9A NJ
Can't direct accept without rskinE security lodged
Fay can't hop here Will go out when wished Answer.
w. B. ID. to A. ID.
July 2S-SP NJ.
FArHERYou all safe, but fearful co.lapse May
need help Don't know till quieter Have used
$50, ,0OO bank credit for protection trust funds.
W. b. d. TO O. MILFORD. OF Union Bank
July 28-6 10 p. ".
Did advise because Ill last hoped
snce nnim psred credit certain future. HAD
other alternative when relief failed suspend
accept from the public nworthy
drawings bank covered. including those 18th.
ope will honor all these drafts Traveers credits
may deficient but drawings should be protected
they drawn against funds with special credit
when used ne BY terms Of credit.
ID. s. A Co. 30 B. b. h Co.