The Cairo bulletin. [volume] (Cairo, Ill.) 1872-1878, 1875-07-30
PANICH.-EA1LURE OF DUNCAN.
kHERMAE a. 60.

The news Of the failure of the firm Of
Duncan, Sherman d Co., of New York
created profound sensation Throughout,
the East and West. and in England. II
was one OF the great firms, and 10 suspi
cion OF its weakness had been entertained
by the public. Its liabilities will. it i.
said, amount to six millions of dollars.
The financial panics of the past have
all been ushered in by just such failures
as this, and its effect will therefore be
watched with great interest.
In 1892 n panic occurred in England,
| the commencement Of which was the
failure, OH the 10th OF February, of u
house OF considerable magnitude. On
the 10Th, the Bank Of England refused
the paper OF Lane & Co., who stopped
next morning with liabilities to the
amount OF nearly five million dollars.
"ln the meantime" says II. ii. Patterson
in Economy Of Capital, "thc panic spread
to the bankers. The runs commenced on
the banks OF Newcastle. which were per-
tectly solvent, but which, in consequence
of the run upon them. We're obliged to
stop payment. The panic Immediately
spread throughout the country" The
distress was great. There was total
collapse of credit.
In 1897 occurred another panic in Eng
land. 1t began In December at Ncwcas-
tie, and spread like wildhrc throughout
the country.
In 1925 most destructive financial
storm burst upon England. In February
the King congratulated his people upon
their prosperity, and member of the
Kings Council boosted that "thc country
was reaping in honor and repose all that
had been sown in courage, constancy
and wisdom" On Goth November two
great banking establishments in the coun-
try failed, ''and," says the writer of
Finances: Paaics and Specie Payments,
"by the 81 Of December Saturday he
panic had fairly set in ana all London was
thrown into the most violent alarm and
CONSERVATION. Sunday interviewed, and
hopes were entertained that on Monday q
better feeling would prevail, but Monday
came without abatement Of the ter.
rors of saturday. The ex
element was wilder than ever, and
under its influence the great city house
OF Sir Peter Pole q Co. stopped. Tn,
announcement of this fact was followed
by run on all the London banks, and
several gave way. The Bank Of England
was itself upon the verge of suspension
for at the end Of the wcek--that is, on TIN
. 10Th OF Dcccmber--the bullion in IL
vaults was reduced to ten millions, with
continuing demand. During Monda,
and Tuesday Of that memorable an,
most disastrous week las was afterward
said in the House Of Commons), il wa
impossible TO convert into money TO an,
extent the best securities Of the govern
ment. Sales could not be made of EX
chequer bills, nor Of Bank or East lnd
Stock, nor of the public funds; mel
would not part with ready money upol
any terms nor for any security. Bcior,
the crisis ended, siXty-threc country
banks suspended. and many mcrcantil,
houses Of entire solyency succumbed {,
the pressure
Pauics occurred again in 1896, ls39:an,
1917.
In 1857 y great crisis occurred il
America and rolled across the Atlantic
/ b.. n
Bank, closely connected with the Amcri
can trade, stopped payment. Dennisol
a. Co., likewise closely connected Will
the American trade had also to suspend
with liabilities to the amount Of G2, li3'
.oi'" The crisis spread to London
y WI wednesday, October Ilth, the grea
uiscouht house Of Sanderson a. Co. was
'''e'a 10 suspend, with hablli,ies TO the