New-York tribune., 1876-02-02
THE COURTS.
Dr1NcAN. SHERMAN g. co.

xyyoRr FOR A RELEASE FROM THE ORDER OF AR
RKsr IN THE ROEBLING sUTT-MR. DUNcAHs
EXPLANATION OF CERTAIN TRANSACTIONS OF
THE FIRM. -
The circumstances of the failure of Duncan,
Sherman Il Co. were brought yesterday before Judge
Barrett In Supreme Court, Chambers on renewed mo-
tion I'm the su Of Roebling and others against THAT
house, to release the three partners In the firm from An
order Of arrest on which they have given ball The SUIT
by the Roeblings on q bill OF exchange Ior
ao96 S. 3D. bought by them from the defendants July
81. 1878, drawn OH the Union Bank OF London
and d.shonorcd by that bank, the firm having made an
nsoyent assignment July 27 before the draft reachea
the bank The order Of arrest was granted on amdaV
that tho defendants knew Themselves to DO nsoVent
when they sold the draft and were guilty OF fraud IN
receiving the plaintiffs money. In support OF this, the
paiut s submitted adavits setting out facts INTENDED
to show that made by the firm OF real eae
had not been had been concealed so az to give
false crodt to the rm motion to set aside ts order
NJ orrs,t based on adavits merely relating to tho par
eua transaction was denied by Judge Lawrence, with
leave 20 tho defendants to renew their application
On behalf Of the defendants yesterday the CHIEF am
dayt WAS that OF william Butler Duncan. who stated
that the firm before 1853 consisted OF his athcr Alex
ander Duncan Watts Sherman, and himself. In 1898
the banking house at Nos and IL Nassau-st was mort
gagged to Alexander Duncan for S2OO,OOo In looo'
Watts Sherman having died. the firm was reorgahized'
and he with Mrs Watts Sherman. sold the bankihRhose
10 his father the matter being consummated py check
from his father for 100000 and eountercneoh irom
the Arm for the amount due the 100000 mortgage
and tina delivery OF "a deed. Since that time the
deed has been in his fathers possession and 1t not the
fault OF the firm has not been recorded Inc nr
has paying 100000 year rent Tor tho properly,
The record showed te Srgage ,s ANA mronry .m dedps
the mortgage that could not have seriously mseu any
10 ia fath
nt the price with $4,000 added which had p,en 3 en
pen G Sad n beam ~ was pnrshase by his wife out OF
her own private funds, Of y place for her brother;
s,Ss 10 ba sap # was drawn july IL 1873 wnen had
flea insolvency. The draft was sod over tne counsr
The ordlpary balance whit Union Bank was some %ha
swcled By some special transactions and STOOD ~
a7i, ZIG 9s lOd; next day stood at s,sooo on ',e
81 oOo: on The 2Gth ii was eli .33l. After the firms
suspension the bank had charged the firm with drafts on
bnt for which the bank had made itself respon,
sibe, that the account was % cnanSra "a ooo No
Aside from this the bank, on the guarantee Of AexanIer
Duncan, had granted tbe firm credit OF f5is ws:
kept AS a special account and under tie bank made
claim o about si3o.oOo swcins tho apparent but not
AIiiavits by william Watts sherman as N the con- con-
don OF the firm by sidney p slater the CLERK nn wno
can confidential clerk aud bo0kkeeper, affirming por
tons of Mr. DUN ans affidavit. were also read ,..,,
calling attention fact that fhe 5000 900 MORTGAGE
satisfied fDe record hnt W
Alexander Dune expressly kept IL In existence AMI
claiming that Alexander Duncans name In II appeared
solvent IA far back AZ 1870 As late Jan ary 1873,
William Butler Duncan applied owner to have inc lax
the binkng-hOuse reduced Tie matter oi the Lt-
cern Tneter and the assigned mortgage was not eS-
plained the from which Mr. duncan expected
stated the sendots or the LdNlces
from England which tho nrIn reiied were
not nsmed lie argued that the case STOOD III exac'y
te same DO sitlon dill before Judge Lawrence when
he refused 70 yacate the order OF arrest.
Mr. Iarocque. for the hrm argued that all charges OF
uesin lad
answered The condition OF the business OF c ri had
arisen from matters beyond It's control AS sooh as %
Insolvency was suspected investigation Was had and
efforts made to IT, Pending those efforts the bisi
meas had to he conducted Us usual Judge Barrett fo-
al nial