The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1875-07-28
.ByTeIegraph
ASSOCIATED PRESS REPORT.
TO THE DAILY LNTELLIGENCER
The Failure OfDuncan, Sherman
4 Co. and the Union Bank OF
WnudInn

4 Go. and the Union Bank OI
London.
PHILADELPHIA, July 97.-The failur,
Of Duncan, Sherman & Co., when reported
here, caused intense excitement, Gold
Jumped at once to llG!, but has now
1890 P. M.-fallen to III.
New York, July 21.-Duncan, Sher'
man ~ Co. suspended this morning
There is great excitement in Wall street
The ERning Post has the following in
it, financial columns: The quietness Of
Wall street was broken in the second
hour OF business by the announcement
that the banking house Of Duncan, Sher-
man " Co. had suspended payment, which
caused great excitement The liabilities
OF the house are given as inside Of $4,000.
600, 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
period Of several year,, the heaviest, it
is understood, having been in cotton,
and the next in securities which now
have 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 gotten
the means necessary to have bridgcd owe .
His bills on London sold yesterday close
on to those Of the four principal names.
As man Of honor he took the honorable
course, and stopped while he had some.
thing to divide, refusing new business.
lie endeavOred to get new capital enough
to pay every demand which could posi-.
bly, he made against him, but failing in
that wisely concluded to suspend.
The Post will also publish the follow
ing statement to creditors, prepared by
Mr.. Duncan and read at the Stock Ex-
change:
NEW York, July q, 1875.
A careful examination Of our busi.
ness affairs shows us most IN.
expectedly that through losses and mis-
fortunes our available assests are 80 re.
duccd that We are compelled to 90 into
liquidation. We reach this conclusion
with the deepest regret, but the fact il
that up Ia the latest moment our most
uncxamplrd credit having remained I'M.
impaired would have compelled us, II We
continued business, to hazard new ObIign-
tiOns and incur new condolences We were
unwilling To assume. For the protection
0f all our creditors, without distinction
or preference, we have this day made a
general assignment to the Hon. VIM. d.
Shipman Of this city, whose address for
all matters connected with the affairs
will he at our late banking house, No. II,
Nassau street.
[Signcdl DuScAS, SHERMAN u Co.
The greatest excitement prevailed in
the lower part Of the city as sOon as the
rumor nf the suspension began to he cir
Cuated. II was at first hardly believed,
Us no suspicion Of the weakness Of the
house had been entertained. The truth,
however, was soon made apparent by the
closing Of the doors Of the great stone
building ON Nassau street. Many absurd
stories were set allOat to account for the
general excitement, among them one to
the effect that Commodore Vanderbilt
was dead. 1t is admitted that the house
has lost very largely in cOttOn-in fact,
that il the principal loss. lnyOlyemcnts
with various railroad enterprises, old and
new, also entailed loses on the house.
The liabilities are understood to he be-
tween $j,0O0,0 900 and 100000 The in
debtednc@ Is distributed all over this
country and Europe. Great sympathy is
expressed for the firm, particularly for
W. B. Duncan. The credit Of the house
was good up to the hour Of suspension.
BOsTOS, July 2T.-Statc street has not
witnessed since the war such degree Of
excitement as prevailed there this fore.
noon owing TO the announcement Of the
suspension Ot Duncan, Sherman& Co, Of
New York. The effect was to entirely
dcmoralize the stock market.
New HORK, July T.-The failure Of
Duncan, Sherman 4 Co., which was m.
nounCcd soon after eleven o'clock, caused
the most intense excitement IN the
street. The direct cause OF the slispen.
sion is moi as yet asCcrtaincd, and various
rnmors are ahOal, among which Is one to
the effect that their difficulties have been
precipitatcd by the failure Of Messrs. A.
K ". Collie, Of London. Another report
says that their principal correspondents
noronu were tne Gl,iU" I"'iS iS-a ~ ",,,. io,""
niu p",,s D.JI n,in III, ,io ~" iia,;m,, % 49,,
lnents WefS ] ilnuc s, w..il sme DIl,s T s, I',n
py winch D'hcTh o"etn.u, " 10 ,i, mt't ,L 10
Oe 'rp.ec.e" ~ Us sul,p1iSeu ,li,it ii1, IN, .'ae
wlInur"wnl i y. ,a snui io,vv,,o , i'L oiii
ing WIS 'l,c IIneu.",c @ .J J"I1u ,N =. 'nc ,,i ,I
tre' imey n"" In UVIt" I;,no, ,,,L' t.on, cUu Tmn
lon'ci Wnsn " Gn"Is n u''i'u'en .,, i,on' T, I'i
no" uec,ueu i, '"y . mn ,;,i, vi '"vI', ",rv.;,0
Is 'nns,er ,na ,, H., Nv ii.m' G.u y" ..,croo
L, .enLn '", n, ""v a, mo,n. "r" i,on,,n,oJ IL a,
J'cu,' ! M , .o','" s.' I"ps' o' I,o Gs.o t ~
: peI .euI' Ui smu t'I%'T, W . Wv sa,nI i" =,
i,Incn,' "reLSn ,TLm Gu, ~, "Is l,i, ,"'v" , ~
vi ,a,,,lo., uv,'' W. an" ", tn0, ije",;eoJ J r;%
W. .,,'nn, ,"I H., H. % ",,,o.m.;'n, a' I".;o