The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-07-28
BY TELEGRAPH.
GREAT EXCITEMENT IN WALL STREET
SUSPENSION OF DUNCAN SIBERIAN & CO..
Liabilities between Five and six Millions. &c.

NEW YORK, July 27,-Duncau. Sherman
& Co. suspended this morning. The sus.
pension causes great excitement in Wall
street. Gold has sone up to 114s.
[Second Dispatch.1
New YORK, July 27.-Tne doors of Dun.
can, Sherman q Go. were closed at II .25
O'Clock A. N. Only in general wuy can
The causes Of the suspension be ascertaiDed.
1t is admitted that the house has lost very
largely on cotton in fact, that is the priuci-
pal source of loss. Inyolyements with va.
rious railroad enterprises, old and new, also
entailed losses. The liabilities of the firm
are understood to be between $5,00G, 600 and
&C. 000, 600.
Mr.. Duncan returned from Europe about
two weeks ago, and has since been making
careful examination Of his assets, and finds
they are largely inadequate. He resolved to
endeavor to get new cash capital, and having
failed to do 50 determined that it was best
t., suspend and make a general assignment
for the benefit Of creditors. The indebted
ness is distributed all over this country and
Europe. considerable amount being In the
forms of letters of credit held by travellers.
The house was founded in 1850 by Alex
ander Duncan, Watts Sherman, and W. But
ler Duncan. The latter is the head of the
present house. The present firm has been
in operation about ten years. Great sympa-
thy is expressed for the firm-particularly
for Dir. w. Butler Duncan. The credit OF
the house was good up to the hour OF sus-
pension, and had Mr.. Duncan chosen to avail
bimself of this his house need not have sus-
pended.
The greatest excitement prevailed in the
lower part Of the city as soon as the rumor
of the suspension began to be circulated.
Large crowds of people soou collected !; the
majority Of whom, however, were attracted
about their Office. Many attempts were
made to gain admission to the building, but
the doors remained obstnately closed. Even
telegraph messenger-Doy was unable to
gain admittance until he bethought HIM
self of the back entrance, on Pine
street; and even then he was compelled to
hand in his dispatch through an iron grating
inside. The numerous clerks could be seen
at their desks busily engaged with their
| books; but entrance was denied to all.
At O'Clock there was still much excite.
| ment in the neighborhood Of the banking
house, but no new developments Of import
| ance had occurred. 1t is understood that 6
| full statement of the affairs of the house i:
in preparation.
The following IS an extract from theil
statement: "Through losses aud mislor
tune our available assets are 80 far reduced
that we are compelled to 60 into liquida
tion."
| They announce in their statement that
they have made q general assignment tt
| Hon. William S. SbipmaD, whose address
for all matters connected with their affairs
| will be at their late bankiug-house No. L
Nassau street.
As the house is said to hold large amour
Of cotton in Liverpool, it is feared the faiur
| will seriously of: ct the market on the othe
side. Most of their cotton contracts in thl
city were settled, however, before the failure
and the depression which it caused in tn
marke. here was due to discoupting the pro
bable depression in Liverpool.
| At a late hour this afternoon it was impos
siDleto obtain complete or plrtial list of th
3! creditors of the firm. The names of th
principal creditors were declined for publ
cation, as the submission Of the names {
; few out Of many who are interested in lh
failure would, in the estimation OF the lrn
he neither of use 10 the creditors as bod
or TO those principally interested. Som
! time will eiapse before it will be possible
submit a detailed statement Of the condltlo
} of the house. The assets will be much lie:
, than the liabilities. About three. hfths OF u
debts Of the firm are held abroad.
Mr.. Duncan is said to be deeply atfecte
by the misfortune which has oyertaken II
house, but ne was to-day personally occi
pied in adjusting his affairs.
At 3 o'clock Judge Sbipman, as assigne
took possession Of all the books and pape
in the clearinghouse.