Wilmington daily commercial., 1875-07-29
FIRST EDITION.
The Financial Crash,

ADDITIONAL PARTICULARS OF THE DUNCAN, suER-
MAN IL co. fAILuRE-A MILLION LOST IN COT
TON SPECULATION.
Judge Shipman, to whom the assignment by
Duncan Sherman IL Co.. was made, was at the
banking house yesterday, but conld give no fur
ther information regarding the condition OF the
| suspended firm, lie had begun, he said, to look
into its affairs, and it was impossible at present
to give any reliable statement how the bank
STOOD either AZ regards assets or liabilities. All
he could say WAS that the liabilities were large
and that the assets were less than the liabilities.
But moro than this he could not say, and he did
not think any ono knew more at present.
1t was learned. however, from various we'll in
formed persons that the immediate cause of the
suspension Of the house was the loss by the re-
cent fall in price in cotton and stagnaton Of the
market in England Of about I'll ,0O0,000. No de-
tails OF tho speculations in cotton which have
resulted 30 disastrously could be obtained, but
advioes from Liverpool TO John J. Kiernan's Eu-
ropean News Bureau at No. u Wall street stated
that the consgnees thero who had made advan-
ces to the house hero were well protected
While the names Of the principal creditors
cannot be procured, it seems to be understood
among the leading bnnking-house that the pa
per of the firm is held mninly by persons outside
Of New York. Mr.. Fisk, Of Fisk d Hatch, said
yesterday that statement had been mads up
from information Obtained at the different
banks from well known bankers, Of the proba-
BILE amount OF the bills OF the firm owned
In that city, by which 1t was shown that
100000 would more than cover it. There
were very few deposits made by the poor and
hence there would probably be less real suffer-
ing than might otherwise have happened.
The indebtedness of Duncan, Sherman Co.
to Americans travelling in Europe, Egypt, and
the Holy Land, on letters OF credit or with the
circular notes Of the firm, ia admitted to be very
largo. Accurate figures cannot be obtained, and
the house is unwilling to give an approximate
estimate. 1t is believed that those travellers
who have presented their letters OF credit to
banks or banking houses in Europe, and have
had them accepted, are safe, and their drafts
will be honored by the European bankers. The
holders of circular notes and persons with unao-
cepted letters of credit it is said, will not be 80
fortunate
The transfer of the large amount of real
estate seems to have been made some time ago.
Mr.. Jas. X. Fay, the attorney Of record, says
that tho papers put oil record had been held by
him for more than two years, with lnstructione
from Alexander Duncan to put them on record
whenever he thought prudent to do 10. The
time in his opinion came a day or two ago. lie
says further: ~ can soc now that it has an ug-
ly look, but there was nothing wrong about tho
transaction. Tho deed was given for full CON
sideraton, and it was bona lido transaction
two years old"
CONTINUATION OF THE CRASH.
Tie Tobacco Exchange Banking Company of
Louisville suspended OH Tuesday. 1t had been
considered in shaky condition for some timo,
and its failure caused no surprise.
A telegram from New York last night stated
that j. b. Ford & Co. had called a meeting OF
the creditors OF their publishing house for this
morning. 1t is stated that the Christian Union
Publishing Company is distinct concern, and
in no way compromised