The New York herald., 1876-11-19
DUNCAN, SHERMAN & CO.

Mr.. W. D. DUNcAS's ExAMINATIoN CON-
TINuED-HE EXPLAINS SOME OF HIS TELE-
GRAMS TO HIS FATHER.
The examination OF Mr.. William Butler Duncan In
the bankruptcy proceedings went on before Register
Kctchum, at tho Bennett Building, yesterday, Mr. f.
T. Brown counsel for L. @. hasht, the creditor OPP
posing Mr. Duncan's discharge conducting tho exami-
nation, and Mr.. r. n. Bangs appearing as Mr.. Dun
cans counsel Before the questioning began hr
Duncan said:-
'I desire TO mako addition to my answer given
tho 25th OF October TO the question. In your
cabegram what did you mean by saying nobody sus-
poets; confidence unimparedsn intended to say
that credit unaffected that there would be
difficulty in our continuing our business IN
definitely by having recourse 10 the ordinary
sources Of credit at disposal but preferred to
obtain what considered requisite means IRON a
to which could and did explain the true situa-
tion OF our affairs and for definite amount and re-
payable at distant period OF time. But TO explain
more fully the meaning OF those words / would ak
you put in the various kilograms which nfor-
mally read at tho time that this tolegram-the basis
Of this qucst,on-was put in evidence
The examination thon proceeded with as fol-
lows:-
"On Saturday morning, July "a, did you or your
IL think not on that date; did, think, on the
23d OF July, deliver TO Andrew Low certain receipts
for merchandise which we held previously tor his
account; these receipts for cotton and hemp,
were incloscd In lctter addressed to him. and
delivered to his agent, Mr.. James II. Falconer,
and appropriated 200 bales Of cotton ant 5000 bales
OF hemp. valued between $500 600 and s500,0oO; do
not recocct that wc made any other transfer about
that timc this cotton was stored In various store
houses III New York city, whose names do not
recolcct the transfers made In accordance with
the understanding with Mr. Low that he should have
the security his disposition and wc considered inat
doing tina; IN tho ulnlmcnt OF this under
standing; Mr. Low was in Europe NJ the time"
"In your telegram 10 your athcr vi July % you
say, assets counted good really worthless Please
state Of what these assets consistedy'
II cannot state specifically; but, probably, debit
balances due 10 the hrm think IN general terms,
those what referred to- They might have been
books ut cost, which, closer examination. were
found by me 10 be too highly valued at that time
furnished all the Information found In the schedule
flied in tho State bankruptcy proceedings can
give more Information than they contained"
"Oae OF tho kilograms IN evidence rcads:-if Bar
ings know OF bank credit secured by bank building,
might they object TO $50 additional making 400
total, What is meant by 'Oank credit secured by
bank buildingr"
The telegram referred 10 from Mr. Alexander l..
Duncan to witness, under date OF July 20.
referred TO- as tho credit OF fl5O granted by the
Union Bank OF London-knowing that II was granted
tho guarantee OF my iather and that my ather
OF Duncan, sherman Co, viz-Deeds Of properly
in ST. LOUIS, Chicago Fourteenth street. this sity, and
sundry bonds and mortgages, which securities were
deposited with agent this country, undoubtedly
thought aud meant express that Barngs might OBJ
ject TO giving 25o additional subsequent telesram
The bank credit referred 10 Is tho credit OF fl5OOC
granted by tho Union Bank 10 my nrm under tho
guarantee 10 them OF my faher. 10 comply with The
requirements oil the bank he agreed with them 10
hold, subject 10 thcir control, IN case OF need
his property known or spoken OF tho bank build
tnv) His Aloya
firm that before using or avaing himself Of this
credit We should place. from our assets security WIN
bank building, for we ddnt own II and II did not form
Q part OF our assets. "
II mean that the Union Bank secured. mean
that Alexander Duncan secured the Union Bank on the
bank bu'ldng"
.How did he secure them"
.He agreed 10 hold II for their security for this
f15O, 600 or any part OF II remaining due"
sTnis credit Of Else, ,0O0, any part OF II used,
and bills drawn against II and paid by tho
Union Bank at the time OF your suspensionY'
.sNoue were accepted, but ESQ, 700 were running"
.srhen, AS understand you this guaran'ec OF
xl50, 0oO was not used by the Union Bank
s.rhere no responsibility on my fathers part
that outstanding under that guarantee"
..Thas despatch also says shall mention to-mor-
row privately to-nightY Was the transfer of thia
sCcrtainiy not don't know tho meaning Of that
expression; that Is my brothers. despatch"
'.rhen what did you mean in answering to that
despatch Speak frankly 10 Barin4ss"
II meant what IL sald, in PAIN English"
s.Then you intended by tnat despatch TO answer tho
portion OF II which says mention II privately to-
night,n insinuatcd MIR. Brown
ssDid II" quiotly inquired MI. Duncan.
ssijid you answer that portion OF the despatch
Mention tomorrow or privately o-nights'''
III answered the despatch az inquiring whether he
was to tell Barings by telling hun frankly.
had nothing to do with suggesting whether he was TO
do so publicly or privately.
.sDid you answer that despatch which contained nm
expression you say you did not know the meaning
OFF"
II did"
I'm the despatch to your fathcr you say Il repeat
thar"
.sHe had other personal interests than those in any
WY connected with my firm, where tho interest
simply matter OF account and Il reference
those other personal interests that used that expres
slon.n
..What do you mean by where the interest was
simply matter OF account IN your last answcryn
II mean that tho only business between Mr.. Duncan
and myself or my firm was his account with my nrm
and any charges that account which may result
his guarantee under that letter OF credit. -
ssWhut is moant by the expression Fay can't help
here In ono OF the despatchcsyn
mr. Duncan asked. suppose, by the bank to
renew his guarantee 10 them II they would accept the
$50 600 drawn the credit which they declined
cent because y presented after suspcn ion
Mr. Duncan undoubtedly meant IRON the context whero
he saws that he direct the bank accept (w
out asking security odgcd 10 refer TO tho security
lodged with Fny Tor the security of that credit and
using the words, Fay can't hop here express that
idea conciscy and economically tho words costing 81
apiece by cable"
INSTRUCTION.
4 GREAT REDUCTION TO THOSE ENTERING
ATHUMPsON's College 20 4h mv.. before December l.
wrt nr;t uo hs snch