New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1875-07-28
NEW YORK.

The Failure OF Duncan, Sherman e. Co.
New YORK, July 27.-The doors of Dun.
| can, Sherman & Co.'s Office were closed at
| twenty-five minutes past eleven o'clock this
| morning. Only in general way can the
| causes OF the suspension be ascertained. It
| is admitted that the house has lost very
| largely on cotton; in fact. that is the prin-
cipal source of the loss. Investments with
| various railroad enterprises, old and new,
| also entailed losses. The liabilities are un.
derstood to be between five and six millions
Duncan returned from Europe about two
weeks ago and has since been making close
examinations of his assets, and finds them
| largely inadequate. He resolved to en-
deavor to get new cash capital and having
| failed to do go, determined that it was best
| to suspend and make a general assignment
| for the benefit of all creditors. The in
debtedness is distributed all over this cOun.
| try and Europe, q considerable amount
| being in the form of letters of credit held
by travellers.
der Duncan, Watts Sherman and w. Butler
Duncan, the latter the head of the present
house. The present firm has been in opera
tion about ten years. Great sympathy is ex-
pressed for the firm, particularly for Mr.. w.
Butler Duncan.
The credit OF the house was good up to
the hour of suspension, and had Mr.. Dun
can chosen to avail himself of this fact the
house need not have suspended. The great
OF the city. As soon as the rumor of sus-
pension began to be circulated a large crowd
of people collected, the majority Of whom
were attracted about their Office. Many
attempts were made to gain admission to
the building, but the doors remained
obstinately closed; even telegraph
messenger boy was unable to gain
,lv J1 I,okt l. &c <I
back entrance on Pine street, and even then
he was compelled to hand in his dispatch
through an iron grating. Inside, the nu-
merOus clerks could be seen at their desks
busily engaged with their books, but en-
trance was denied to all.
At one o'clock there was still much ex-
citement in the neighborhood of the bank
ing house, but no new developments of i'm
portance had occurred. 1t is understood
house is in preparation.
A Statement from the Suspended FINN.
The following announcement has Just
been made by Duncan, Sherman e. Co.:
IA careful examination of our business
and affairs shows US, most unexpectedly,
that through losses and misfortune our
available assets are 90 reduced that VIC are
compelled to 60 into liquidation. We
reached this conclusion with the deepest
regret; but the fact that up to
the latest moment our unexampled
credit having remained unimpaired, would
have compelled us, if we continued bust
ness, to hazard new obligations, and receive
new condolences, which we wero not willing
to assume, for the protection of all our
creditors, without distinction OF preference,
we have, this day, made a general assign
ment to Hon. William D. Shipman, of this
city, whose address, for all matters con.
nected with our affairs, will be at our late
banking house, No. IL Nassau street."
Tho New York Post on the Suspehsion.
The Posts third edition money article
says in the foreign exchange market the
best opinion is that not more than f75, 900
of the bills of the house are outstanding
and unaccepted, it being the dull season
with them, q good part of their exchange
business having been made on cotton.
As to their assets, it is feared that large
part of them will be found to consist of
Southern securities, as we'll as those Of
other roads like the Atlantic and Great
Western which have doubtful value in the
market.
The failure of Duncan, Sherman g.
Co. caused at first much excitement
among dealers at the Cotton Exchange,
as the operations of the firm in
cotton were known to have been very heavy.
As the house il said to hold q large amount
of cotton in Liverpool, it is feared that the
failure will seriously affect it. The con-
tracts in this city were settled, however,
before the failure and the depression which
it caused ON the market here was due to
discounting tho probable depression in Ii