New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-07-29
DETAILS OF THE GREAT FAILURE.

DETAILS OF THE GREAT FAILURE.
DUNCAN, SHERMAN & co. VERY RETICENr ABOUT
THEIR AFFAIRs-A MILLION LOST IL COTTON
ePECULATIONs.
At 1920 o'clock yesterday the doors of the
banking house of Duncan, Sherman Co. were opened
partially, and dOOrkeeror was stationed at the en-
to prevent the admission of any except those per-
who might have business with the assignee Of
the bank The moment II discovered the door
opened rush made through the
narrow passage despite the efforts Of the door
keeper 10 keep back those who might not
have financial business with the firm, rntll the
filed with xious inqirers all eager TO learn
II intended TO resume business again. When the
real object of opening the door became known many
left, and although there constant coming and
going throughout the day, at time was there any I'M
pleasant pressure, what might be called rush
upon the bank Many persons. called with their bank
books simply TO have them posted. that they might
know just hoS they stood with the bank, and
plant made account 81 the delay i'll getting these
statements.
Judge Shipman stated 10 reporter Of THE TRIBUNE
that he knew nothing whatever regarding the condition
OF the firm further than what had already been published
lie had Just begun look into its affairs and 10 i'm
possible at present 10 give any reliable statement how
the bank stood, either regards assets or liabilities
All he could say that the liabilities were large and
that the less than the liabilities This he
concluded as Iatter Of course otherwise the firm
wOnld not have made an assignment But more than
this conld say. and he did think any knew
more al present. Whenever there statement 10 he
made the public would know IL through the press bat
II would probably be some time before any Trustworthy
figures could he obtained
Mr.. Duncan not at the bank yesterday, Mr. sher-
man could not found and Mr. Barlow, the counsel Of
the frm was as rcticen the previous day 1t was
learned. however, from va,ious welnformed persons
that the Immediate OF The suspension Of tie house
Tie loss by the recent fall in price In cotton aud
dayDation OF the market ENGLAND OF about 81 100000
No details OF the spccuatiouS In cotton which have
resulted disasIronsly could he obtained, but advccs
from Ii, cIpool TO John j. Ficrnans European News
Bureau at No. q Wall-st. stat that the consignes
there had made advances TO the house here were
well protected
Rumors having been circulated yesterday that the at
toInoys OF Duncan sherman & Co had given information
OF the condition Of II a clients on Monday afternoon
for stock ohhng purposes TRIBUNE reporter called on
L. NJ Barlow, senior counsel, and inquired as to the
truth OF these stories. Mr. Barlow stated that he was III
Saratoga Monday afternoon aud the suspension was
not determined until after 10 O'Clock Tuesday morn
ing impossible therefore, FOR the counsel or any
one connected with the office to operate in the Stock
market on Monday a contingency SO unccr-
tain II was one of tie thousand and one riimois
which begin on the street. nobody knows whe.c, and
deserve attention. He did not THINK II worth h'''cc
and had dismissed il from lis mind