Wilmington daily commercial., 1875-07-28
FIRST EDITION.
The New York Failure.

irs cAusLs, RNrENT AND EFREcr-THE PREVIOUS
REPUTATION OF THE SUSPENDED FIRM opIsIcsr
OF THE PRESS.
The kilograms to the COMMERCIAL. yesterday,
announced the failure of Duncan, Sherman 4
co, OF New York, stating the facts then known.
The morning papers give further information,
the main features OF which we.print below
Gfrom the New York Posi.l
In its financial article, the Post of last even
ing says Losses which have weakened the
house are not entirely OF recent making, but
cover several years, the heaviest. it is under
Stood having been in cotton. and the next
IN securities. which now hayo double value.
IL is due to VIM. Butler Duncan to say that had
he had the disposition to take the chances
the credit OF his house was sufficiently good
| to have enabled him to have got the means nee
essary to bridge it over. His bills on London
| sold, yesterday. close on to those of four prime
names. As man of honor, however, he took
an honorable course and stopped while he had
| something to devide, refusing new businesses
| lie endeayored to get new capital, enough to
pay every demand which could possibly be made
on him. but falling IN that wisely concluded to
| suspend. Losaea by suspension will fall, as n
rule, where they eau be easily borne, although
| considerable amount OF travellers credits are
| outstanding. Tho Union Bank, of London, and
| Baring Bros, the London correspondents Of the
house, are OF course able to stand what they will
lose.4 The Bank of the State OF New York, their
hobic phhholri hib Wo hre lOlu lully protected.
The house was favorite one for deposit account
| of corporations, and they can also stand their
losPes without embarrassment.
From tle N. Y. Trlblnel
The suspension yesterday of the well.known
firm of Duncan, Sherman u Co., with liabilities
estimated at S6,OOO,0OO bears striking resem-
blance IN its nature and the character OF its sur
rohndings to the recent heavy failures in Eng
land on which We have already commented
The failure is evidently the elimination of many
years bad business and consequent losses. II
is not the result of panic, ,sti1ngency in the mon
ey market, or causeless distrust. Dabbling in
questionable speculations serving as figure
head for the rotten management OF rotten rail
roads and accepting their securities as collateral
for twice their value, cotton ventures, and the
like, are the immediate causes to which the
street traces the crash.
[From the Philadelphia Ledger.I
The truth il, the house has not enjoyed
very good credit here for some considerable
time. Some four or five months ago the honbe's
own notes appeared in this market In very con-
siderable amounts, and were hawked among our
principal banks at rates quite too tempting to
inspire confidence. So far we can trace that
movement, not one of these notes was pur-
chased here. 1t subsequently became known
that the house was operating largely in cotton,
and this, with its reported connection carriers
OF large amounts Of the more speculative stocks
at New York. contributed to materially lessen
the number OF the FIRMS creditors here in Phila-
depha.
THE EFFECT on PENNSYLVANIA r.. n. STOCK.
The Ledger says Reports came of heavy
breaks in the prices of stocks at New York, and
without or reason settlers here offered the
more active stocks on Dur Philadelphia list at
same corresponding decline. Pennsylvania
Railroad was brought most directly within the
influence OF the excitement, and that stock, af-
ter having sold at the opening at 515s, dropped
to so, decline of TX with very large sales. An
hour for reflection showed how foolish this sac
ri6ce WAS, and the stock recovered to 81. Some
of those who were silly sellers at the lowest
prices were subsequently buyers at the higher
prices near tho close. We have heard OF some
heavy losses by operators in this way during the
day. The entire saes of Pennsylvania were
81, 900 shares. the prices fluctuating within the
wide range OF 5l5. to so, and then up to 81.
THE EFFECT elsewhere.
As yet no serious results are reported from
any quarter. Telegraphc advices from money
centres throughout the country report the same
panic in stocks and fluctuations in gold every
where, but no furthr suspensions have been an
nounced. At Chicago the feeling in the Board
OF Trade was not moro unsettled than it has
been daily for the past ten days and 1luctuation
of prices was less severe than usual. The Balt- |
more correspondents of Duncan, Sherman d Co.
arc only affected to the extent of few thous-
and dollars, ard no bad result is apprehended
there,