Evening star. [volume] (Washington, D.C.) 1854-1972, 1875-07-28
THE FINANCIAL BREEZE
Suspension Of Drncau. sherman 4 On

Dispatches from Philadelphia, Albany
Baltimore, San Francisco, Chicago and other
financial and commercial centers state that
the news Of the suspension yesterday of the
well-known New York clearinghouse of
Durcan, Sherman CO., though IL caused
some excitement among business men and
bankers, will not seriously affect business
interests in any of those places.
WILD TIME In WALL STREET.
The New York Commercial Advertiser in
its description OF the scene, says the excite
mept on Wall street upon the announcement
OF the suspension rivaied the most fiery dav
or the panic of 1873. The street presented an
appearance that would have astonshei the
visitor of more quiet days. Through the
Rot, sultry streets, between the groups of
excited brokers who filled the pavements.
dashed young and agile messengers to the
most animated description was heard on all
hands, and many faces mirrored the fear that
another struggle like that of two years ago
was TO be repeated. In the stock exchange
a yelling, bOisterOus, maddened crowd had
congregated, endeavorDg to escape the peril
that seemed to threaten. The crowd was so
were refused admission.
No one was admitted TO the main Office OF
Duncan Sherman x Co. not even the friends
of the mem bers of the firm. Several of the
windows were left open for some time bur
people DESTROYS of gaining admittance max
ing this means of bOthering the clerks the
windows were shut down. Although the
main office was barred, the smaller office
known as the coupon counting room. at No
IL Pine street, was open. The several clerks
here stated that they knew nothing what
ever of the cause which led TO the closing OF
the dOoIs. During the forenoon Nassau
street, from Cedar TO Pine, was completely
chOked up by the crowd, but as the sun got
in the zenith the crowds shifted into Cedar.
Several firms in the neighborhood were com
PEELED 10 apply To the police i'll order to keep
their dOOrways clear.
Rapid REACTION.
The Advertiser editorially SayS:-"Why a
failure, at all times, of late, in the chapter
Of pOSSl Utilities. and not affecting SeriOuSly
the stock market or any OF the great rail
road or telegraph interests dealt in at the
exchange, should set Wall street almost as
crazy as the real panic of 1878, is past finding
out. 1t is fair To presume that the brokers
Will recover their equanimity in a day or
two, and that the rise in the gold-room, in
cidental to the probable return OF a good
may bills of the hoLse, will be satisfied
with two or three points already made on
the announcement. Indeed. stocks are al
ready on the recovery, and gold on the down
ward course again"
HISTORY OF THE FIRM
Inc mouse was founded IN 1850 by AleXan-
der Duncan, Watts sherman and W. Butler
Duncan. the latter the head of the present
house. The present firm has been in opera
ton about ten years. Great sympathy is
expressed for the firm, and particularly for
Mr.. W. Butler Duncan. The credit OF the
house was good up to The hour of suspension,
and had MIR. Duncan chosen TO avail himself
Of this, his house need not have suspended.
RUNORS AND SPFCULATIONS,
A New York dispatch last evening says:
The failure caused at first much excitement
among dealers al the Cotton Exchange as
The operations of the firm in cotton were
known to have been very heavy and the
Rouse is said To hold a large amount OF cotton
III Liverpool. Ii is feared that the failure
Will seriously affect the market on the other
side. Most of their cotton contracts in this
city were settled, however, before the failure
and the depression which it caused in the
market here was done to discount the proba-
bic depression in Liverpool. At a late hour
this afternoon 1t had been impossible to OBJ
tam complete or partial list of the credit
OrS OF Duncan, Sherman d Co. The names
OF the principal creditors were declined for
publication, as the submission OF the names
Of few out of the many who are interested
In the failure would in the estimation of the
linn, be neither of use to the creditors as
body or 10 those principally interested. Some
time will elapse Before ii will be possible to
submit detailed statement of the condition
OF the house. The assets can only be guessed
at, but Will be much less than the liabilities
A bout three ffths OF the debts of the firm are
held abroad Mr.. Duncan is said to be deeply
affected by the misfortune which has over
taken the house. but he was to-day person
ally occupied with counsel and otherwise i'm
adjusting his affairs prepal atOry to definitely
announcing TO the creditors the cOndi ton OF
the house.
THE ASSIGNE TAKES POSSESSION.
AT O'Clock Judge Shipman, as assignee,
took pos session of all books and papers i'm
the banking house. The Erie railway is no
way affected by the failure, as its account
with Duncan, Sherman Il Co. was closed six
months ago.