Evening star. [volume] (Washington, D.C.) 1854-1972, 1875-07-27
Signed) DUNCAN, SHERMAN & Co.
The Effect on Wall Street


The Effect On Wall Street
The PoH'S financial article saws Quiet
ness in Wali street was broken in the second
hour of business by the announcement that
the banking house of Duncan. Sherman &
Co. had closed their doors aud SUSPENDED
payment A clap OF thunder in clear skv
could not nave caused more cOnSternatiO
and at the stock exchange gold eychanus
and cotton exchange there was great excite
ment. The liabilities of The EouSa are ri ven
AT lbs lie S6,W9 O'si, and IL is admitted that
their assets fail in value far below this
amount. Losses which have weakened the
house are not entirely of rcceut making but
cover several years. the heaviest, it is un-
derstood1 having been in cotton, and the next
IN securities, which now have doubtful value
II is due 20 VIM. Batter Duncan to saw that
had hc had the disposition TO take the chances
The credit of his house was sufficiently gooi
TO have enabled him TO have got
the means necessary to bridge il over
His bills on London sold yester-
day close on 10 those of four prime
names. AS man of honor. however, he
took an honorable course and stopped while
he had something TO divide, refusing new
businesses He endeaYored TO get new capi-
tai, enough TO pay every demand which
could possibly be made on him, but failing
IN That, wisely concluded to suspend. Losses
oy suspension viii fall AS a rule, where they
can be easily borne, although considerable
amount of travellers credits are oufStand-
ing. The Union Bank o. London AMI Rar-
ing Bros, the London correspondents of the
house, are OF course able 10 stand what they
az Iose me oaIiR OF Inc : tate or New York,
their nome bankers, are, we are told, fully
protected The house was a faVorite one for
DEPOSIT account OF corporations. and they
can also stand their losses without embar-
rds ment We DO not know yet the amount
II bills on Europe which have been sold hero
and are held by our merchants. This IL is
"re>Umed will he tue heaviest part OF the
loss, or the part felt most. IL is not known.
or rs ii supposed. that the house was carry
ing any cOnSiderabi e amount OF stocks which
GAVe close market at the Stock Exchange
Gold opened at li2'z and advances by,i13l
O'Clock 10 Is 3. then suddenly junrcd hv
eighths 10 1l6% an as rapidly fell To IIi-
the price now. On gold loans rates have been
La per day and ID per cent. per anuuln
strong as many bills will have to he re-
placed. II the excitement and bewildcrm nj
few transactions are reported. MOneyiS I'M
changed. Government bonds are al cent
sympathy with gold. Stocks opened EaL
below yesterdays closing, and in the first
dorr were steady. When the report of Dun
can & Sherman's failure was first annOunceL
the market was thrown into a panic and
prices fell = 10 ga in few moments, and as
quickly advanced X 10 Gu per cent. since
which time the market has been feverish
but Ia tendency strong. The course Of prices
for leading stocks has been as follows: w. L.
Telegraph, - S2faI3aI9H: Lake Shore
GIaa5Sa594; Pacific Mail. 3s}, a39a35 x az =:
7lHaGSa723; New York Central, ioia
IG5I,O2b: st. Paul, 369. 3ia34I; Panama
19a12 al25; Rock Island, los zaIG39 aiOf;
Erie. l%2, alialiJs; Ohio ant MiSsissippi, y y
a224 a2-%.
Another Statement
NEW YORK, July N.-Ihe doors OF Dun
can, Sherman g. Co. We're closet at lI:25
O'Clock Only in a general way can the
cause Of suspension be ascertained. 1t is al
mittei that the house has lost largely on
cotton; in fact that il is its principal source
OF loss. inducements with various railroad
enterprises, old and new, have also entaiIpd
losses on the house. Liabilities are under
stood TO be between five and six millions
Duncan returned from Europe about two
weeks ago. and has since been making care
ful examination OF his assets and found that
they were large inadequate. He then re-
solved to endeavOr to get new cash capital
and having failed 10 do so determined that in
was best to suspend and make a general
assignment for the benefit of all ere iit,rs
The Indebtedness Is distributed all over tlis
country and Europe, a cons deraole am prnt
being in the forms of letters of credit he'll by
travellers.
Gold Flucfuatt on.
NEW YORK, July q, l p, m.-Gold ad-
vanced to16E upon the announcement of the
suspension OF Duncan, Sherman & Co., but is
now q p M 14i.
The News i'm philadelphia.
PHILADELPHIA, July 2T.-The failure of
Duncan, Sherman Co, reported here about
noOn causes intense excitement Gold
jumped at once 10 lex but has now fallen to
II: