The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-07-29

over year, and had not been considered safe
In Baltimore ever since large amount Of its
paper was offered here md could not be dis.
posed of. Money was very easy in New YORK
at the time, and had the credit Of Duncan,
sherman l. 20. been what 1t has always been
claimed to he, there would not have been the
slightest difficulty in procuring the needed
funds in New York and on good terms.
Another broker said there was nothing
astonishing in the paper Of Duncan, Sherman
Il Co. not finding a market here, even II their
standing were undisputed, because BtItimo'
rcanS were rather shy OF New York paper.
\ urge amount Of the paper OF Jay Cooke
& Co... and also of Hoyt, Sprague Il Co., was
held here at the time Of the respective fail
ures Of these two firms, which fac. had not
tended TO increase the confidence Of investors
here in New York paper. A prominent no.
tion.dealcr. who was in Fishers at the time,
thought Tint the failure might be partially,
at least, ascribed to the great
DECLINE IN wHEAr.
The hread>tuffs market in london and
Liverpool had been greatly excited on &C
count of the decline. and Duncan, Sherman
Il Co. might have become involved through
this means. Still another gentleman thought
heavy investments in railroad securities had
something 10 do with the failure. And 80
the conversation went on. every one seeming
to have his own pet theory. Il well.kuown
graln.dcalcr, who is generally we'll posted, at
length alleged that
THE REAL CAUSE OF THE FAILURE
was speculation IN cotton. which had de-
clincd so much in price within the last few
months. This gentleman asserted that Dun
cap, Sherman & Co. had been shipping cot.
ton on Joint account, and had been advanc.
ipg large sums of money, and had lost hea-
vilv. Some of their agents in the South, IL
was alleged, bad delauled, which bad in
creased their cmbarraSsnlentS. The latter
reason speculation in cotton given for the
failure seemed so we'll fortified that the re-
por;erS visited Il number OF the leading cot
ton brokers TO ascertain what 6ssis oil truth
there vas for it. The first one called upon
stated that Duncan, Sherman Go. had latter.
IL been among the largest dealers in cotton IN
Sew York. The firm had bought extensively
when cotton was quoted at Sli. on the other
side OF the Atlantic, and now It was quoted
II I'd. 4 large amount of cotton bought
when the first mentioned figure was the ru-
in. price in Liverpool was still hcld lheff,
the firm hoping against hope That every day
would ste IN advance, instead OF which
there Ind been Il steady decline. lt was
learned that during the months OF January,
February, and March Duncan. Sherman ~
to. had shipped from Norfolk, on their own
account no less than thirty thousand bales o.
cotton, which was forwarded direct 10 Liver
pool. The Norfolk business OF the llrnl was
done through the Reynolds Brothers,, prom
inent house. l. was not Known Whether
the latter would be affected by the failure or
not. 1t was thought, however, that
THE FAIIrRE WOULD INVOLVE,
10 more or less extent. Il good many deal
crs lin the South, including commission.
houses in Norfolk. Charleston, New Orleans.
and Savannah, through which Duncan,
Sherman & Co. bought cotton. One reason
given for the great decline in the prize OF
cotton on the other side was that nanuiaC-
turcd goods We're selling At prices below that
of the raw material. Thirty factories there
had announced their intention TO suspend
operations. 1t Wa, also learned that Duncan,
sherman & co. had bought very little cotton
through Baltimore houses, ther last trans
action here having been made through Mr..
George \. Barker, cotton broker, VINO
failed on the 18Th OF April last. On this
occasion certainly not over one thousand
bales had been disposed Of. In Baltimore
Yesterday spot cotton declined of cent
per pound, and had declined OF cent the
previous day. "Futures' declinoG S'5 cent
Yesterday. The decline was, of course, IN
sympathy with the condition OF The New
Solk cotton market, which had been aifec'ed
by the failure of Duncan, Sherman 20.
Another prominent cotton broker sad tnit
it was we'll known that Duncan, Sherman
Co. bad been buling tue cotton market Tor
Il IN
bottom would have fallen out long ago.
AT FISHERS IL TIE AFTERNOON
the interest manifested in the failure and
/ what miyhi oruw out of it continued unaba-
ted The fluctuations Of gold were numer-
Gus, and the pIHc4rding Of them Kept boy
busy uniil the q psing hour. DurI the day
there were no less than three hllnurcd ana
iittv Geographic reports OF gold quotations
aud changes in tn" market received at the
Mv>srS Fishers. which were al! duly bll'h-
tined. A. stated before. gold opened NJ ll24.
The highest point reached was llG5. IL
closed Al ll4!. \ member OF We!l-knoWn
baukin@ firm WAS asked what elect Tue ia'l-
urc OF Duncan, sherman n 60. would nave
in Baltimore. He replied that it would not
affect Baltimore hplI>cS or securities III Tue
east. and he thought it would be forgot
few weeks. He also stated that four
months ago some OF the paper of the
firm had been placed on this market
and could not be negotiated. Only TWO
weeks ago paper OF Duncan, Sherman 20.
10 the amount Of $50, 900 bad been offered III
Baltimore at 7 per cent. without buyer.
The best class of paper, or "@lt edge WAS
selling ut the time at a. 10. 4 rumor was
prevalent in the afternoon that the Union
Bauk Of London had gone uHdtr IN conSe-
uucucc OF the failure Of Duncan. Sherman
4 Co. The Mcs>r>. Fisher tc!cgraphtd TO
their New York correspondents. McssrS.
IIIloarteu & Co., requesting them 10 a>ccr-
tain whether the rum0r was correct. Messrs.
IIaIlnarten & co. replied that they did not
believe a word Of it, aud considered the fall
IRE Of the Union Bank almost Impossible, as
il was one OF unlimited credit. Tue Union
Bank of London is well and lavoraby known
70 the businessmen of Baltimore having
monetary transactions with the other side.
MHIA & co.
arc the Baltimore correspondents OF Duncan,
sherman IL Co. There were rumors on the
street Yesterday Us TO the amount The Messrs.
N,kim had lost by The failure, which was
nut in one instance at $4,000. The Messrs.
M'Kim always had balance on hand at the
house of Duncan, Sherman Co., ana VIII
lose something. The exact amount could
not be definitely learned. but 1t can De ststeu
on the best authority that the loss OF Tue
Nessrs. MKim will be very small
one as they had only u small bal1nce win
4 ~ A