The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1875-07-28
BY TELEGRAPH
TO THE
WHEELING REGISTER.
Associated Press Report by Western
Union Line, Office Northwest cor.
of Main and 18th SITS.
GREAT EXCITE EMENT
Duncan, Sherman & 90. Sus-
pend Payment.
Let Us Have Contraction.

New YORK, July 27.-Duncan, Sher-
man u Co., suspended this morning
There is great excitement on Wall street.
PHILADELPHIA, July 27.-The failure
Of Duncan Sherman X Co., when re-
ported here, caused intense excitement.
Gold Jumped at once to llG2. 1t has
now, ut 1890 p NJ, fallen to Ia.
New YORK, July 27.-Goid jumped to
ll6I uron the announcement Of the sus-
pension OF Duncan, Sherman X Co., and
the rumored embarrassment of other
/ houses, but soon fell to III.
AFuII Account Of the Failure.
The New York EUening Post has the
/ following in its financial column:
The quictness Of Wall street was
! broken in the second hour of business by
the announcement that the banking
/ house of Duncan, Sherman q Co., had
/ closed their doors and suspended pay
ment. There is great excitement. The
| liabilities of the house are given inside OF
! six million dollars and it is admitted
that the assets fall IN value far below
this amount. The losses which
) have weakened the house are not
/ entirely of recent making but
cover several years, the heaviest, it
| is understood, having been in cotton and
| the next in securities, which now have
/ doubtful value.
at is due TO Wililam Butler Duncan
TO say that had he had the disposition to
/ take his chances the credit OF his house
was sufficiently good TO have enabled
HIM TO have got the means necessary to
have bridgcd over his bills on London
sold yesterday, close on to those Of four
prime names. As man Of honor, he
took the honorable course and stopped
while he had something to divide, reiua-
ing new business. He endeavored to get
new capital enough to pay every demand
which could possibly be made on him,
but failing in that, wisely concluded to
suspend
The Post will also publish the following
Statement Ia Creditors.
prepared by Mr.. Duncan and read at the
Stock Exchange:
New YORK, July 27th, 1875.
\ careful examination of our business
and affairs shows Us most Unexpectedly
that through losses and miSiOrtuncs
our available assets are so reduced that
we are compelled to 90 int" liquidation.
/ We reach this conclusion with the deep
/ est regret, but the fact that up to the
/ latest moment our most uneXampled cred
1t having remained unimpaircd would
have compelled Us, if we continued hu-
/ sinesS to hazard new obligations and in.
| eur new condolences which we were un-
willing to assume. For the protection Of
all our creditors without distlI ctiun or
preference we have this day made gen
eral assignment to the Hon. VIM. ID.
Shysman of this city, whose address
! for all matters connected with
our affairs will be at our late banking
house, No. II, Nassau street.
Signed DUNCAN, SHERMAN " Co.
The greatest excitement prevailed N
the lower part Of the city as soon as the
rumor of suspension began to be circulat-
ed 1t was at first hardly believed, as
10 suspicion ofthe weakness of the house
has been entertained. However it was
soon made apparent by the closing of the
doors of the great stone building on
Nassau street. Many absurd stories
were set afoat to account for the gener-
al excitement among them. One to the
effect that Commodore Vanderbilt was
dead. 1t is admitted that
the house has lost very largely
on cotton. In fact that is the principal
loss. The lnvolveme its with various
railroad enterprises, old and new, also
81 m
blities are understood to be between
five and six million dollars. The indebt
cdness is distributed all over this country
and Europe. Great sympathy is ex
pressed for the firm, particularly for W.
b. Duncan. The credit OF the house was
good up to All hour Of the suspension.
Effect Upon the Stock Market.
The effect of the suspension Of Duncan,
Sherman n Co. upon the stock market
was as usual in sudden panic but
much moreiserious, for short time, than
the circumstances of the failure in their
bearing on Wall street ought to have
created. The fall in Western Union
Telegraph was ms much as nine per cent.
but five and one half or six per cent. OF
this decline was soon recovered. Pacific
Mail fell six per cent, but afterwards re-
covered eight and one-half per cent.
! Western railroads fell from two to four
! per cent and New York Central three
| per cent. This last was partially knock
ed before the failure by a false rumor
of Commodore underbilt's death.
! By l2:30 the excitement IN
! the Gold Room has some
what abatcd. and sales were
making ut ll4i@ll43 per cent
/ Stocks were also on the recovery, and
the sober second thought OF the brokers
and spectators seem to be in the diTec-
tion OF more rational opinion as to the
effect of the failure The Exchange Is
up 10 full shipping rates, and the proba,
bility Is that the shipments of gold viii
! be resumed.
1t is thought that the recent failures
of the Manchester cotton trade, have
something to do with the immediate en-
/ barrus,ment of the house. They have
been hy fur the heaviest buyers OF cotton
in the American market for several years.
The Excitement Continues.
BoSroS, July 27.-Statc street has not
witnessed since the war, such degree OF
excitement as prevailed there this fore
noon, upon the announcement OF the suS-
pension of Duncan, Sherman " Co., OF
New York. The effect was to entirely
demoralize the stock market.
later Particulars.
NEW YORK, July 21.-The failure oi
Duncan. Sherman u Co., which was an
nounced soon after eleven o'clock caused
most intense excitement on the street.
The direct cause Of the suspension Is not
as vet sscertained and various rumors are
ahoat, among which is one to the effect
that their difficulties have been precipi-
tated blythe failue Of Messrs. a. X W:
Collie. of London, and their principal