The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-07-29
Duncan, Sherman & Co.'s Statement
Not Yet Ready.
GOLD DECLINING STOCKS ADVANCING.
Suspension of the Commercial
Warehouse Company.
CAUSES OF THE FAILURE.


Bubsided. There were no crowds around their
banking house, and, in fact, judging from outside
appearances other than the semi closed windows,
no one would have supposed that one Of the most
credited banking firms had failed. ON "the streetu
she failure was treated as thing OF the past, only
20 be referred TO as part OF the bygone history
Of the commercial world. Whether IL was among
bankers, brokers or merchants, there was but one
opinion expressed, and that was to the effect tnat
the suspension had already been felt TO Its fues:
degree and that no further complications would
arise to financial houses OF any standing. The
general impression in regard TO the smaller
genera was that the possible consequences had
been exaggerated on the first advlces, but that
now no further approximations were felt. One
prominent broker said yesterday, 81 guess We
have now touched bottom, aud healthier tone
will begin to pervade. the daily transactions"
There was naturally some anxiety In financial
circles previous to the opening OF the market,
whether the failure Of Duncan, sherman Co.
would cause another bre4k in the lists or the sud
den collapse OF certain other firms. But
when the time arrived, and the first
call was made In the Stock Exchange ana
passed over with a steady demand at slightly
advanced rates from the closing prices OF the day
before and without any embarrassments being
brought to light, there was q general feeling Of
relief, ana operators on every side began to ex-
hiblt more confident manner and tone.
As the day progressed stocks gradually ad-
vanced while gold, the sure and certain indicator
Of the financial pulse, steadily declined will be
seen by reference to the lists published else
where.
rumor was circulated In the forenoon that the
National Steamship Company were heavy losers
by the stoppage OF Duncan, Sherman q Co., but
without any foundation Whatever. An upiounded
mi al In ara tn
Railroad Company, which ID also referred to else
where.
The general apathy for the frm which found
expression on the first announcement OF their
suspension was again manifested yesterday, and
Notwithstanding the fact that no decided state
ment OF the assets or liabilities was forthcoming,
every one stated his full and entire confidence
IN the integrity OF the house, while at the same
time, without knowing the facts, they thought
that they should still have gone on in the regular
way Of business and have accepted the numerous
offers OF assistance which, 1t Is confidently as
serted, we're made to them during Monday and on
Tuesday morning last. The impression seems to
be that In the end 1t will be found that the deficit
will be extremely small, although this is undoubt-
edly the meresE conjecture, Cor DO inking has
transpired from any reliable source on which
calculation can be based.
The failure OF the Commercial Warehouse Com
pany was announced early in the forenoon, but 1t
served only to furnish comment for few min
Rtes. No one appeared to consider the matter as
Of SUFFICIENT importance for any extended COM
msnt. The failure exercised no effect whatever
upon the market or in financial circles, for The
reason that II was concern In which but few
had any confidence besides those Immediately
interested.
The capital OF the corporation was $4,000, 900
and the liabilities are estimated at $1,75O.ooO
This failure had nothing to do with that OF Messrs
Duncan, Sherman & Co. nor was 1t immediately
connected with business matters here the con-
Germ having no agencies In this country or In Eu-
rope. Its business was chiefly with Cuba, where
1t had made large advances on the
sugar crops, which have been damaged
by early rains. 1t was reported, also,
Snat the concern had made advances ON railroad
securities which were not available. The water
meter scheme OF Tweed and the Tammany Ring
was mentioned in connection with the failure, it
being rumored that heavy loans had been ma dc
on this account. The officers OF the Commercial
Warehouse Company are Paul S. Armour, Presi
dent; Jose F. Navarro vice President, ana james
CIpre, Secretary. The failure Of this corporation
had no in6aenes On the markets
ON THE STREET.
AT the opening hour on 'Change yesterday there
was considerable nervousness as to what the
eject OF Duncan, sherman Co.'s failure would
be among the small houses. review OF the
situation showed that many Of the prominent
bankers expected few small houses to 60 down
at the settling hour OF the Stock Exchange.
Passing through the street, and calling at the
prominent banking firms, the HERALD reporter
became convinced that the results OF the failure
had been discounted and that no more failures
would be announced on the stock Exchange until
no iaat 0f fha nolh
NJ ten A. L., reached 1l4ss at half past ten A. NJ,
dropped TO 1141 at half-past eleven. fell to 114x
ut noon, 1877 at half-past twelve P. NJ, 1l3k at
two p. NJ ana closed at 1872. The settling hour
being at quarter past two O'Clock P. NJ, when all
contracts must be mace good. shows the pulse OF
the market. II any failures were anticipated gold
would advance. AS 1t slowly and quietly fell or
feeling of confidence was exhibited II then be-
came manifest that failures would be an
nounced nor any stocks sold under the rule.
DUNCAN SHERMAN co.'s BANKING HOUSE.
Early yesterday morning the iron door on the
Nassau street front OF the banking house OF Dun
can, sherman Co. was opened to the pubic.
Among the nrst' visitors was young German
LADY, who had for years kept her account with the
nrm. she entered the banking room evidently
under great excitement Holding her bank DOCK
In her hand she approached the paying teller and
asked for her money. When told that the nrm
mad suspended she burst into tears Suppressng
her emotion she passed to the door OF the private
ONCE and sent In her name. As her bank book
was open her balance was shown as $l73. At
three O'Clock p. NJ. she was seen still sitting in
her chair. her face radiant with smiles the firm
had tol6 her that sno should have her meney be-
fore nvc O'CLOCK She got It, and went on her
way rejoicing.
A SCENE IN THE OFFICE
Passing into the oiiice OF the late firm, our re-
porter met several well known bankers, VINO
were in busy conversation with Mr.. william Butler
Duncan. lie seemed cool, calm and collected.
His desk was covered from end to end and three
inches deep with kilograms over the cable and
western Union wires, asking Information.
IN reply to question by the reporter, as TO
when statement OF the AFFAIRS OF the nrm would
DC ready, Mr.. Duncan said, III have nothing to
say" Just then friend sent In word that he
would Ike IN, .....=aaaa 49,