The New York herald., 1876-09-22
DUNCAN, SHERMAN & co.


CONTINUATION OF Mr. DUTLER DuNcAN's tx
ANIMATION.
The continuation Of the examination of Nr William
Butler Duncan, OF Messrs. Duncan, Sherman Co.,
was proceeded with the Office Of Register Kechum,
In the Bennett Building. yesterday the examiner
being Mr.. r. p. Lee, counsel for e. Graham Haigh. a
small creditor Mr. Duncan appeared with Mr. Frank
NJ Bangs as his counsel Tho following is summary
OF the and replies during the proceed
ings:-
when did you become nsolventw
s.wi,hin six hours before announced myself hope
lessly so."
"When did you make an investigation OF your Affairs
previous to your assignment"
81 engaged in making investigation for two
weeks previous"
.'whcn, n any time previous to thas did you make
any such investiga alton 2"
IL cannot precisely. II 10 dilncult 10 answer
that question with any precision. l. Of course, had
general OF what supposed TO be the con-
dition OF my affairs all times"
"Do you remember going 10 Europe . short time
previous 10 your assignment"
eyes, went 20 Europe about the middle OF May and
returned during tho nrst ten days OF July"
"Did you have tho same knowledge OF your pecu-
MARY condition abroad AZ at homer"
'I supposed had. thought had somc knowledge
the condition of my Affairs while abroad, as was in
correspondence with tho other members OF the Arm by
both letter and telegraph.
"whcrc those letters and cables nowf'
al don't know whore they arc. dont keep such
letters and probably threw them in the basket
"will you swear that all these letters cables arc
dcstroyed?"
Eyes, TO tho best Of my knowledge and belief"
.'Have you over seen any of them since you
turnedfn
II may havc done so In overhaulins the contents Of
my trunks"
''Can't you say with any more oertaintyi"
'No, cannot"
"what the condition Of your nrm's Affairs as to
sovency when you let, for Europe2'
''Do you mean what was my impression Of the con-
diion OF my affairs at the time LET. for Europe, or
what now know OF my then afairs?'
answer first as to what your knowledge was when
you lett"
81 believed them to be solvent"
"On what did you base your belieff"
son the impression that bad OF the condition OF
my affairs"
'.on tho general knowledge supposed possessed
OF the condition OF my ailsra"
base such mpresson?'' ~
"At that timc supposed had.''
II don't know what other answer can give to tho
question"
''Did you nave any knowledge upon which to base
81 supposed had all tho knowledge necessary at
that tne or otherwise should not have had that i'm
Question repeated by counsel for bankrupt with re-
quest for negative or affirmative answer
Answer-"Yes."
slow was tho knowledge derivcda State fully all
sources"
"rrom my general acquaintance with tho business
OF the hrm and from conversations with tho partners "
"Did you derive any knowledge OF the condition Of
your affairs from any examination OF your booksS
roicr to the time OF your leaving for Europe"
IL did not, SIR"
.'was your knowledge sufficient upon which to form
al accurate opinion ="
IL thought S at that time"
"Did you at that have sufficient knowledge as to
the condition OF your affairs upon which to form
curate opinion as to your solvency?'
''Do you mean to say, DO you now think had
sufficient knowledge 10 form accurate opIniong'"
''Answer first as to the present timo "
s'I do not think had sufficient knowledge"
Snow answer as to the time when you left for Eu-
roper ?"
III had no reason to believe at that time that had
the slightest want OF confidence the situation which
made me cause for thought at that time"
"Do you moan to say that At that time you had no
doubt your firm was sovent?"
.'Most undoubtedly mean to say that"
"whnt is your opinion now as to tho condition Of
your firm at that timc!"
81 mistaken al that time with regard to Its con.
dition.'
Hero counsel tor bankrupt said he would require
Mr.. Lee to give his definition OF '.insolventn Mr. Lee
replied that he used the word Ia sense In which Mr.
Duncan, as merchant would understand it, Mr.
Duncan then replied
"If you mean whether my firm at that time had
paid all the demands upon IL, In money, answer 1t
did But without using its credit and after convert
ing all Its assets into money at their actual value
though l, at thai tme thought it could am now sat-
sncd that it could not'
sCoud this Knowledge which you now have have
been had by you st that time provided you had
proper examination of the books 20
"That is matter OF opinion. It's impossible for
TO say now what would have been my opinion OF the
value of the asseis II | had done so''
At the time you left for Europe, in May, 1875 was
your rm In need of money to meet its Obligations 20
ut was not in need of money than it ut that
time possessed after all demands made upon it,
II not one OF my objects in going to Europe to
raise money nor did it occur to me, did en-
deavor to do so during my stay in Europe"