Martinsburg independent. [volume] (Martinsburg, W. Va.) 1875-1900, 1875-07-31
THE GREAT FAILURE.
The Heavy Break i'm Stocks
Explanatory Card from
Duncan. Sherman a. Go.
Why They Went Into Lie
QuidafiOTs.


Duncan. Sherman a. Co.
Why They Went Into Lii
quotation.
New YORK, July q. - Messrs.
Duncan, Sherman Il Co., have been
calling in their loans for several DAYS.
Their liabilities are reported to be
about five million dollars; assets are
largely inadequate. Their indebted
ness is distributed over this country
and Europe, a considerable amount
in the form Of letters of credit.
New YORK, July 27.--NotWith-
standing the heavy break this MORN
ing in stocks, no failures have been
announced as yet. The crowd around
the Stock Exchange is so great that
visitors have been refused admittance
to the premises. The assets and liza
bilities Of Duncan, Sherman q Co.,
as yet unknown, but the failure, it
is believed, is up in the millions. The
firms Office is closed to all. Several
of the clerks say they know nothing
as to the cause of the failure. The
firm have published card stating
that careful examination of their
affairs showed most unexpectedly,
through losses and misfortunes that
their available assets were so reduced
as to force them into liquidating.-
They have made a general assso,-
ment without preference to Hon. ".
ID. Shipman, who is now engaged in
preparing financial statements for
publication.
Gold at 3 p. m, 1:145.
Doors of the WelI-KnOwn
Banking House Closed.
NEW YORK, July 27.-The we'll
known banking firm of Duncan,
Sherman & Co. have failed. Doors
were closed at noon. No informal
tion as to the cause of failure can be
ascertained at present.
The suspension has caused q great
sensation in Wall street. 1t is ur-
derstood the firm has made an as
signment without preference to Hon.
VIM. ID. Shipman. A statement of
their affairs is being prepared, but as
yet no statement has been made pub
lie.
The opening prices for gold at the
New York Stock Board this morn
ing at 10, was 12a to Is at 1918 it
had risen to 135, and at 1886 o'clock,
when the news of the failure reach
ed the Board, it rose to 154 to 164,
which was the highest point reached.
Eventually the excitement in
measure quieted down, and at one
O'Clock it was steady at II.
At 2 O'Clock 13B was bid for gold.
What the Senior Member of
the Firm Says.
New YORK, July 28.--Wm. But
Ter Duncan, senior member of Dun
can, Sherman q Co., in an interview
with Herald reporter, said there
was no truth in the report that about
2 or 3 months ago, anticipating what
has happened, he went to Europe for
the purpose of securing aid to nego-
tiate new loans and extend the credit
of the firm, nor was it true that he
applied to Barring Bros, Brown &
Bros, and other representative Eu-
ropean banking firms for assistance,
and that such assistance was denied
Mr.. Duncan also said that the Union
Banking Co. of London, which, it
has been stated, would sustain hea-
Wy loss by its failure, is not involved
to farthing. In answer to an inqui-
ny whether the fall in cotton during
the past 3 months had anything to
do with the suspension, Duncan said:
All that will probably be made
known by sthe proper authorities. |
don't mean to keep back anything.
Everything | have is at the service
Of all to whom | owe any debts. The
statement of our firm will be render
ed at the earliest possible moment.
The public viii not have to wait
long"
Regarding persons now abroad who
have Duncan, Sherman & Co. s let
ters Of credit, Duncan said: "As-
sure all friends of such parties that
every arrangement has already been
made to prevent them from expert
encing any trouble. They are all
right; neither they nor their friends
have any occasion to borrow trouble
They are in such situation that
they can move hither and thither
precisely the same as il nothing had
happened to us.
Mr.. Duncan was also asked if he
could give any idea of the extent of
hio littplIiblSo ellNt tt9o~so3 DttV lAS IL
piled that he was at present unable
to do so, but that a statement would
shortly be made public.
Effects JGtae Failure ina I4Ogs-
dom asss H. erpOOH.
LONDON, july 2s.-The failure Of
Duncan, Sherman K Co., has had no
material effect here, though quiet
and unsettled feeling prevails. Con-
duh CTS. los SIG; Erie shares 124(0-
205.