The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1875-07-28
HEAVY FAILURE.
DUNCAN, SHERMAN & COMPANY.
Liabilities sG,OOO,OOO.

New YORK, July 27.
Duncan, Sherman Il Co. suspended this
morning. The news caused great excite
ment in Wall street. Gold has gone up to
11dt-having opened at 1927.
New York, July 2G, p. M.
Gold advanced to 1853 upon the announce
ment of the suspension of Duncan, Sher-
man & Co., but fell to l14i.
LIABILITIES.
The liabilities of Duncan, Sherman &
Co. are stated at $6,0O0,OOo, of which 49,
600, 900 are incurred in England, and the
remainder in this country.
A STATEMENT.
New York, July 81.
The following announcement has just
been made by Duncan, Sherman & Co:
A careful examination of our business
and affairs shows us most Unexpectedly
that, through losses and misfortune, our
available assets are so reduced that we are
compelled to 90 into liquidation. We
regret, but the fact that up to the last mo-
ment our unexampled credit had remained
upimpaired, would have compelled us, If
we continued business, to hazard new obi
cations and receive new condolences, which
we were unwilling TO assume except for
the protection of all our creditors, without
distinction or preference We have this
day made a general assignment Ia Hon.
William ID. Shipman of this city, whose
address for all matters connected with our
affairs will be at our late banking house.
No. / Nassau street.
(Signed) DUNCAN, SHERMAN & Co.
FURTHER PARTICULARS.
New York, July 81.
Wall street was startled about II 30
o'clock by the report that the banking
house of Duncan, Sherman 81 Co., had
suspended. Inquiry confirmed this news,
the doors of the bank having been closed
at 11.25 o'clock. Only in general way
can the causes of the suspension be ascer-
tanned. 1t is admitted that the house has
lost very largely in cotton, in fact that is
the principal source of loss. inducements
with various railroad enterprises, old and
new, also entailed losses on the house. The
liabilities are understood to be between
S5,000,000 and S6,00o,000 Mr.. Duncan
returned from Europe about two weeks
ago, and has since that time been making
careful examination of his assets, and finds
that they are largely inadequate. He re-
co1yal m, loo u,,r 70 ell al
and having failed to do so, determined that
it was best TO suspend and make general
assignment for the benefit of all creditors,
the assignee being ex-United States Judge
William d. Shipman. The Indebtedness is
distributed all over this country and Eu-
rope, considerable amount being in the
form Of letters of credit held by travellers
The house was founded in 1850 by Alex
ander Duncan, Watts Sherman and W.
Butler Duncan, the latter the head of the
present house. The latter firm has been in
operation about ten years. Great sympathy
is expressed for the firm, and particularly
for w. Butler Duncan. The credit of the
house was good up to the hour of suspen-
sion, and had Duncan chosen to avail him
self of this, the house need not have sus-
pended.
The principal correspondents abroad
were the Union bank Of London and Bar
ing Bros. Their bankers here were the
bank Of the state of New York, which it is
understood is fully protected. The great
est excitement prevailed in the lower part
of the city as soon as the rumor of the sus-
pension began to be circulated. 1t was at
first hardly believed, as no suspicion of the
weakness OF the house had been entertain
| ed The truth. however, was soon made
apparent by the closing of the iron doors Of
the great stone building on Nassau street.
A large crowd of people soon collected, a
majority of whom, however, were attract
ed by motives of curiosity rather than in
terest The suspension was everywhere
the subject of conversation. Many absurd
stories were set afloat upon the street 10
account for the general excitement, among
them being one to the effect that Commo-
dore Vanderbilt was dead. The stock
market was generally affected, and many
persons were first apprised that something
was wrong by the sudden fall in prices OF
stocks, as telegraphed by the indicators.
At one 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 thai
full statement of the affairs of the inst
tuition is in preparation.
At o'clock p. m. Judge Shipman, a!
assignee, took possession of The banking
house, with all books and papers.
EXCITEMENT AT ALBANY.
ALBANY, July 27.
The suspension of Duncan, Sherman 4
Co., caused considerable excitement here
They were the New York financial agent
of this city The balance with them nov
is the smallest for years, being only a few
thousand dollars, and whether this will b
included in their general liabilities remain
to be seen. The chamberlain yesterda.
mailed draft for $4,000 to pay the Au
gust interest. This was not received be
fore the suspension and is doubtless a
right.
BIigands in New Hampshire.