Delaware tribune. [volume] (Wilmington, Del.) 1867-1877, 1875-08-05
The Financial Crash.

ADDITIONAL. PARTICULARS OF THE DUNCAN, suER-
MAN X cos yAIIURE--A MILLION IosT IN COT
TON SPECULATION.
Judge ShipmAn, to whom the assignment by
Duncan Sherman & Col WAS made, was At the
banking house yesterday, but could give no fur
ther Information regarding the condition OF tho
suspended firm. He had begun, he said, TO look
into its Affairs, and it was impossible at present
to give any reliable statement how the bank
stood, either ~ regards asseta or lisbilities All
he could say was that the liabilities were large
and that the assets were less than tho liabilities.
But more than this lie could not say, and he did
not think any one knew more at present
II was learned. however. from various well in-
suspension Of the house was the loss by the re-
cent fall in price in cotton and stagnAton OF the
market in England Of about u, 100000. No de-
tails OF the speculations in cotton which have
resulted 80 disastrously conld be obtained, but
advices from Liverpool 70 john J. kiernan,s En,
ropean News Bureau At No. q Wall street stated
that the consignees there who had made sdvan-
ces to the house here were well protected.
While the names Of the principal creditofs
cannot be procured, it seems to DO nnaesasooa eH @
per OF the firm is held mainly by persons outaide
Of New York. Mr.. Fisk, OF Fisk 4 Hatch, said
yesterday that statement had been MADE up
from information Obtained at tho different
bic amount OF the bills of the firm owned
in that city, by which it wss shown that
| $4,000 would more than cover It, Thero
| were very few deposits made by the poor and
hence there would probably be less real suner-
ing than might otherwise have happened
| Tho Indebtedness Of Duncan, Sherman d 20.
to Americans travelling in Europe, Egypt, ana
the Holy Land, on letters OF credit OF with tho
circular notes Of the firm, 10 admitted 70 De very
large. Accurate figures cannot be obtained, and
the house Is unwilling to give an approxtmste
estimate. It is believed that those traveller
who have presented their letters OF credit 70
banks Or banking houses IN Europe md nave
will be honored by the European bankers. The
holdars OF circular notes and persons with unao-
ceptsd letters Of credit it is said, will not be u
fortunate,
The transfer OF the large amount Of rsal
eatate seems to have been made some time ago
Mr.. Jas. X. Fay, tho attorney Of record, say
that tho paperl put on record bad been held By
him for more than two years, with instructaonl
from Alexander Duncan to put them on rsco9t
Whenever he thought prudent to DO 70. Iht
time In his opinion camo . day or two ago. HI
says further II can ses now that 1t has an ug
ly look, but thsre was nothing wrong about tn
transaction. Tho dssd was given for full con
two years old"
CONTINUATION or TEE cRAs1.
Tho Tobacco Exchange Banking Company o
J Louisville, auspsnded On Tuesday. It had bee
considered in shaky co0dat3on for s0u1o time
and its failure eAuasd no surprise.
A telegram from New York laat night state
that J. b. Ford 4 Go. had called meeting q
the creditors Of their Publishing houss for thi
! morning. II u stated that the Christian Unlo
.. Publishing Company y . distinct concern. an
in no way compromised.