The Somerset press. [volume] (Somerset, Ohio) 1873-1977, 1875-07-30
FAILURE OF DUNCAN, SHERMAN
& co.
Big Sensation in Wall Street-Lia-
biIilies Stated at Six Millions
Causes Of the Suspension.

nouncement of the SUSPENSION of Dun
can, Sherman & Co., and the rumored
embarrassment of other houses, but
soon fell to ia.
The Evening Post has the following,
in its financial column:
The quietness of Wall street was
broken in the second hour of business
by the announcement that the banking
house of Duncan, Sherman & CO., had
closed their doors and suspended pay
ment A clap of thunder in a clear sky
could not have caused more consterna-
tion, and at the Stock Exchange, Gold
Exchange and Cotton Exchange there
was great excitement. The liabilities of
the house are given at inside of S6.000,-
900, and it is admitted that the assets
fall in value far below this amount.
The losses which have weakened the
house are not entirely of recent making,
but cover several years-the heaviest, it
is understood, having been in cotton,
and the rest in securities which now
have n doubtful value. 1t is due to
William 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 necessary TO have
bridge over. His bills on London sold,
yesterday, close on to those of the four
prime names. As a man of honor, how
ever, he took the honorable course, and
stopped while he had something TO d.
vide Refusing new business, he endeav.
ored to get new capital enough to pay
every demand which could possibly be
made on him, but failing in that, wisely
concluded TO suspend.
EXCITEMENT CAUSED BY THE sUsPEN-
SION.
The greatest excitement prevailed in
the lower part of the city as soon as the
rumor of the suspension began to be
circulated It was at first hardly believ-
ed, as no suspicion of the weakness of
the house had been entertained. The
truth, however, was soon made appar-
ent by the closing of the iron doors of
the great stone building on Nassau street.
A large crowd of people soon collected,
the majority of whom, however, were at
tracted by motives of curiosity rather
than interest.
The suspension was everywhere the
subject of conversation, and the most
contradictory and absnrd rumors were in
circulation, and many attempts were
made TO gain admission to the building,
but the doors remained obstinately clos
ed. Inside the numerous clerks conld
be seen at their desks, busily engaged
with their books.
Many absurd stories were set a1oat to
account for the general excitement,
among them one to the effect that Com
modore Vanderbilt was dead. 1t is ad :
mitted that the house has lost verv large
ly on cotton. In fact. that il the princi-
pal loss. Involvements with various
railroad enterprises, old and new, also
entailed losses on the house. The liza
bilities are understood to he between five
and six million dollars. =
CARD FROM THE FIRM.
The Post will also publish the follow
ing statement to creditors, prepared by
i Mr.. Duncan, and read at the Stock Ex-
change:
NEW YORK, July 81.
GA careful examination of our busi-
ness and affairs shows us, most une K pect-
edly, that through losses and misfortunes
our available assets are so reduced that
We are compelled to go into liquidation
We reach this conclusion with the deep.
est regret, but the fact that up to the
latest moment our most unexampled
credit remained unimpaired would have
compelled us, if we continued business
to hazard new obligations and incur new
condolences which We we're unwilling tc
assume. For the protection of all oul
creditors, without distinction or prefer
ence, We have this day made a genera
assignment to the Hon. William D
Shipman, of this city, whose address fol-
all matters connected with our affair
will be at our late banking house, No
IL Nassau street.
"DUNCAN, SHERMAN & CO"
HOUSE CLOSES ON ACCOUNT OF A CABLE
TELEGRAM.
The failure of Duncan, Sherman 4
Co., which was announced soon after L
o'clock, caused the most intense excite
ment on the street. The direct cause O
the suspension is not as yet ascertained
and various rumors are afoat, among
which is one TO the effect that thei
difficulties have been precipitated b,
the failure of Messrs. A. d w. Collie
of London.
= Another reprot says their principa
3 correspondents abroad were the Uniol
? Bank of London and the Barring Broth
t ers. In 1873 arrangements were mad
f with the Barring firm by which Dunca
! & Sherman were to be protected. 1t
n supposed that the withdrawal of tha
n protection this morning was the immed
late canse of their failure. They ha
: opened their counting house, when q
r cable telegram from London decided tn
4 firm to suspend. 1t is no little surpris
: to learn that when a house of the frs
r class could get paper discounted at fou
q per cent, the firm of Duncan, Sherma
o & Co., was rated at six per cent.
d The firm, or at least some af it's mem
e bers, have been prominently identifie
with unfortunate railway enterprise
h such as Erie, Atlantic and Great West
r ern, and others of a similar character
e I. has transpired thatthe foreign hill
r of the firm will amount to over E120
: 600 sterling.
e A private cable dispatch announce
: the failure Of the Union Bank of Lon
don, the largest joint banking firm i
the city, one with which Duncan, Shel
man & Co, transacted a large porto
| r IL T..