The daily gazette., 1875-07-29
Duncan, Sherman Do Co.
HISTORY OF THE HoUsE-ITs ORIGIN AND
RISE, AND THE INCIDENTS OF ITS FALL.

HISTORY OF THE HoUsE-IT9 ORION AND
RISE, AND THE INCIDENTS OF ITS FALL.
The house which has suspended was
established by Alexander Duncan and
Watts Sherman, the fathers of the pres-
ent Messrs. Duncan and Sherman.
MT; alexander Duncan, O member Of
an old Scottish family, came to this com
try early in life. and for several YEAR
acted as as ent for various bondholders
in Canandaigua and Geneva, n. Y. While
carrying on his business he became asso-
clated with Mr.. Butler, an old East In
Qua merchant, who had taken up his res
idence in Providence, Rhode Island
Butler was man of great wealth, and
being without family had adopted young
girl, for whom he had great Affection
MIR: Alexander Duncan married this lady.
and when Mr.. Butler died he bequeated
one-half OF his property to her, and tn.
other half to her children. This property
was worth fully IS, 900, and today il
is supposed to be valued at much hirh-
er rate.
About lS41 Mr.. Alexander Duncan and
Mr.. Watts Sherman entered into copart.
nerehip and started in the banking busi.
ness in this city, Mr.. Duncan furnishing
most OF the capital. After the firm had
been in existence little over two years.
Alexander Duncan's son, William Butle1
Duncan, came out from England to take
an interest in the bank He had gained
experience in the service of the Uniog
Bank of London, and in short time the
senior partner here retired and his son
too6 the head Of the firm IN 1857 the
firm was hard pressed, but kept above
water. Even when George Peabody had
to suspend, while acting as foreign cor
responded for this house, Mr.. Duncan Of
the present firm, went over to Europe to
assist him as much as possible in getting
all the ready cash he could command. and
III short time S2,000,000 worth of real
estate was placed to his. credit IN the
hands OF the directors Of the Bank OF
England. ,5
From this time the house went along,
meeting every demand. Previous to
the copartnership with Mr.. Sherman
this gentleman was connected with al
Albany bank. and took some interest
in politics. The firm, under its pre-
sent management, has been conducted
like that of Brown Brothers. Its
members are William Butler Duncan,
William Watts Sherman, and Francis
II. Grain. Mr.. Grain has been for q
number of years the business man OF
the firm, transacting all the more i'm
portant business In the absence of Mr.,
Duncan. The house received money
on deposit, and dealt largelyin foreign
securities.
The present members of the firm
have been in active business for about
ten years, coming forward az its head
near the close of the war.
Like his father, MIR. Alexander Dun
can, Mr.. William Butler Duncan has
been quite as well known to the gen
eral public for his intimate connection
with numerous philanthropic enter
prises as in his business relations mere
y. The high personal character OF
The firm has brought into their hands
/ very large number of small deposits,
more or less OF the character
If trust funds. The deposits of all
Kinds at the present time exceed ST.
700, 600, ranging, it is said, from single
of 100000 downwards. A
ceiling of insecurity in regard to
he failure has been afloat upon the
treet for some time, anG number of
transfers. of current accounts has been
aade In consequence. Among others
he Atlantic Fire Insurance Company
omoved its bank account from the
within the last fort
light.
The Panama Railroad Company has
or some time banked with the sus-
ended firm, and flying reports en:tbe
treet soon after the failure was an
ounced made them large losers by the
ccurrence. This surmise was strength
ned by the fact that money for the
uly dividend declared by this road
7as deposited with the firm, who
,ade the payments as the bankers of
he railroad company. The officers OF
he company, however, announce that
be loss of their railroad by the failure
very trifllng. Of the S210, 900 which
,as deposited with Duncan, Sherman
; Co. for this purpose nearly 100000
as been already paid out, and the
nall balance is very nearly covered
y some small unsettled claims which
le banking firm hold against the
Iilroad company. J. Ws79d,