Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1875-07-28
'lArE TElEeRAMs.

LATE ~IELtehAMS.i
Faiisss o. baness. Sherman Acss=
lI~aaliiissss ss.sse.oeo-Assets Un'
k,sun-Easess or che News In
New Ysrk. Phrlsdsiphis and
Dsssss.
Nxw Yonx, July 2T.-Ths Evening
Pod has the following in its financial
column: 'sThs quistnss. Of Wall street
broksn, In the second hour OF pusi-
mesa, on the announcement that the
baniinR-houss Of Duncan. Sherman
Co.. had closed its doom and Suspended
PAYMENT. A clap Of thunder In . clear
sky could not have caused more conster.
nation; and at the Stock Exchange, Gold
Exchange and Cotton Exchange there
vas great excitement. The liabilities OF
The house ara given at inside OF $1,000
600. and IL admitted ASSETS fall Tar BE-
low this amount. Tho Losses which
have weakened the house are not entire.
IN Of recent making. but cover several
wears, the heaviest, II Ia understood
having been in cotton. and the next In
securities which now have doubtful
value. Il IL due TO William Butler Dun
can 10 say that bad he had the disposi.
ton 10 take the chances. the credit OF
his house was sufficiently good to have
enabled him to have got the means
necessary to have bridged over his bills
ON London. A q man Of honor, how.
ever, he took the honorable course. and
stopped while no had something to
divide. Refusing new business, he en-
dssyored to get new capital enough to
nav every demand which could possibly
bs made ON him; but. failing In that, hs
concluded 10 suspend"
The Pod will publish this afternoon
tho following statement TO creditors, pre-
pared by Mr.. Duncan and read ct the
Stock Exchange:
Nxw YoRx. July "a, 1875.
A careful examination Of our business
and Affairs shows III most unexpectedly
that, through losses and m~isfortunes,
our available assets are 80 reduced that
We are compelled to get into liquidation.
We reach this conclusion with deep re-
Rrst, but the fact that up to the latest
moment our most uneIampled credit
having remained unimpairsd would have
compelled US, II we continued business,
10 hazard new obligations and incur new
condolences. which We were unwilling to
assume. For the protection OF our
creditors, without distinction or prefer
snce, We have this day made a general
assignment 10 William .. Shipman. OF
this city, whose address for all matters
connected with our affairs will be ut our
late counting house. II Nassau street.
- DUNCAN, SHKRxAx 4 Co.
The greatest excitement prevailed In
the lower part of the city as 500 NJ the
rumor Of suspension began 10 DO cir
culatsd. II was at first hardly believed,
a. NO such suspicion had been entertain
Cd. The truth vas, however o made
apparent by the closing OF the iron doors
OF the great stone building on Nassau
street. A large crowd OF people soon
collected, q majority Of whom. however.
were attracted by feelings OF curiosity
rather than interest. Tho suspension
was everywhere the subject Of talk. and
tho most contradictory and absurd ru-
mora were IN circulation. Many attempts
10 cain admission 10 the building wsrc
made. but the doors remained Obstinate
liz closed. Inside tho building tho clerks
could DO seen nj their desks, engaged
with their books. Many absurd stories
were set afioat, which accounted for the
general excitement. Among them. one
to the effect that Commodore Vanderbilt
VA. deai. II In admitted that the house
has lost yery largely ON cotton. In fact,
thst tbis h tbs principal loss. Involve.
msnts v;th various railroad enterprises.
slso entailsd heavy losses on the house.
liz liabilities are understood TO be be-
tween 90. GOO. 600 and 80, 900, 900. Dan
can returned from Europe two weeks
ago, and has aimee been making q care
full examination Of the assets. and finds
they are largely inadequate. He re-
solved 10 sndssyor to get . new cash
capital, and having failed to do SO, no
determined Il best TO suspend and make
q general assignment for the benefit Of
the creditors, the assignee being CT.
United States Judge William shipman.
The Indebtedness IL distributed ni over
the country. . considerable aniouht DC,
ln0 IN tina I0Tm nj I4ITATN M nT40II- nAIn