Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1875-07-28

A>EN Vim, fLECNtUV
Post has tho following in its financial
column: The quictness of Wall street
was broken in the second hour of bust
ness by the announcement that the
banking house of Duncan, Sherman 81
Go. had closed their doors and sus-
pended payment. A clap of thunder
from a clear sky could not have
caused moro CONSERVATION, and at the
Stock Exchange, Gold Exchange and
Cotton Exchange there was great ex.
element. Tho inside statement of
their liabilities is $G,O00,O00, and it is
admitted that their assets fall in value
far below this. Tho losses which have
wrecked the house are not entirely of
recent making, but cover several years.
Tho heaviest is in cotton, and the
next in securities which now have a
doubtful value. 1t is due to VIM. But
Ter Duncan to say that had no had a
disposition to take tho chances, tho
credit of his house was sufficiently
good to have enabled him to get the
means necessary to bridge over his
bills on London, sold yesterday. As
a man of honor, however, he took the
honorable course and stopped while
he had something to divide, refusing
new business. lie cndeavored to get
new capital enough to pay every de-
mand which could possibly be made
on him, but failing in that wisely con-
cluded to suspend.
A statement to tho creditors prepar-
cd by Mr.. Duncan and read at the
Stock Exchange. 1t Gays "a careful
examination of our business shows
most unexpectedly that through losses
ana misfortunes the ayailnbie assets
| of the firm are so reduced that they
| Aro compelled tn go into liquidation.
They reached this conclusion with the
deepest regret, but the fact that up to
the latest moment their credit remain.
ed nnimpaired, would compel them.
II they continued business, TO hazard
new obligations and incur new conf
dences, which they were unwilling to
do. Therefore for the protecting of
all their creditors they have to-day
made general assignment to VIM. ID.
Shipman."
The greatest excitement prevailed in
| the lower part of the city as the sus-
pension was rumored, and when the
| truth was known 8 large crowd gath
cred before the closed doors of the
house. Contradictory and absurd ru-
mors were banded about. The house
has lost largely, and chiefly in cotton.
The senior partner returned from
Europe lately. and has been investi-
eating the standing of the house. with
the result developed to-day. Great
sympathy is expressed for the firm.
Their liabilities are all over this
country and Europe.
New YoRK, July 27.-The effect of
the suspension of Duncan, Sherman 10
Co., upon the stock market was much
more serious for y short time than the
circumstance of the failure, i'm their
bearing on Wall street. ought to have
created. Tho fall in Western Union
was as much as 8 per cent, but 81 to
OF the decline was recovered. West
ern railroads fell from 2 to 5 per cont !;
New York Central per cent this last
was partially knocked before the fail
ure by false rumor of Vanderbilt's
death.
BY - 80 the excitement in tho gold
room had somewhat abated, sales
marking Ia Gals. Stocks were also on
the recovery. Exchange is up to the
full spring rate, and the probabilities
arc that the shipment of gold will be
resumed. 1t is thought the recent fail
urcs in the Manchester cotton trade has
something to do with the immediate
embarrassment of the house. They
have been by far the heaviest cotton
buyers in America Tor years. There
is u belief that most OF bills now run.
ming are under strong acceptance on
the other side cay by Messrs. Barring
and the Union Bank of London. The
outstanding travellers redits of Dun.
can, Sherman Il Co. are on different
footing, and may cause serious incon-
vcnience to some of our people now
abroad. 1t is understood that full
statement of the house is in prepare
ton.