, 1875-07-28

DUNCAN, SHERMAN 4 90,
Tic announcement Of tho suspension Of
DrScAs, SHERMAN i Co. yostcr.lay morning
wns received with tic grcntcst establishment
in this city, but, for obvious r.,,sons, It oc-
rasionet ITO such consternntion ~ In New
York City. Tho business of DuScAx. SuEn-
NAN Il CO. in Chicago aud generally through
out the Wfsk Inns been confined utmost en-
tire1y to thn Payment ef drifts drawn ngainst
them in E,,rnrc Tn in,livilunl accornta
While thu business Of the house was mainly
III fureiY1. exchanges, thay dealt very lstlo in
! Western staples, and, from nil we cnn learn,
! tlle ,.nalcr Of their Western correspondents
3; wa,t;nited md the amonnt Of Western moneys
deposited with them comparatively sinnIl. It
u not possible, therefore, that tile faiIuro of
tnis house can have any direct effect upon
tho financial or commercial business Of Chi
cnf;o and the Wost 1t il only she conti1l-
gency, which dees not yet appear imminent,
tint DUNCAN, SHERMAN Il Gu. may carry down
with them other New York banking houses
tnat ca11scs my special tneaancss herenl,outa.
1llrro ne no grounds, however, for arrre-
ASAsAi'h Ahf tHAitt1 hh1 a HC|1t@h tlhlltt pS-
cause there is Ito special condition TINT ad-
1nits Of stscl, result. As to the fixtures re-
shifting from tho panic Of 1879, the losses
haze been paid by those ablo to pny, Md dis
counted and settled in one why or auother in
!ho cases Of those not able to pny. All busi-
mess men havo been sailing well uallaated and
rs close y as possible to the shore for the Inst
two ye1rs, anil cannot ho seriously endangered
By my finallcia! squalls.
Tho failure hni excited mneh intention on
account of tho previous standing Of tho house,
this character of its business md tho difficult
ty Of s,ggcsting my exciting cause nt this
particular time. 1t seen,s to bo clear enough,
however, when tie explanation comes.
Sfessrs. DrScAs, SHERMAN Il Go. have, like
good many other 1argo bankers in Now York,
boston. and Philadelphia, been carrying d
considerable nmonnt Of suspended paper
since TIC panic. This has rendered them less
a1lo to bear any special strain upon thcir
resources than would ordinarily have been
the case. Tho pressure ca1no In tho
decided decline in cotton which las
been going on for soms weeks. The
evidences Of tho largo cotton crop hnvc
Leon felt in this city for three or fo1,r weeks
by the increased orders for meats anl lard
on account of tho South. Tie prospects of a
!nrso cotton crop havo deprecated the prices
and ca'ised thu house ]argo losses. Tho
domestic business of DUNCAN, SHERMAN l.
Co. Inns been mainly with tho South, md
their ADVANCES on cotton have been very
heavy. It il also limited that they have thcm-
Eo!ves srcculated in cation but this would
naturally 10 suggested under the circum-
stances, aud is not necessary to account for
their suspension. Tho fl,ct that they have
'l:nI'n largely n;,ainst cotton in the fnce of
declining market, in connection with the sus-
pended pnIcr they VT ~ carrying. IL sufficient
to czplnln It; but if they have been specnlat-
ing in cotton, III rl,nuretl, the causo Of failuro
il uGlc moro intelli(flle.
The liabilities Of the firm a1o stntcl q.
SG,0Ao,UO nlout half Of whicl. is rrpurtcd
to be tl'so abroad. Tie indications are tat
HE nssets will fall fur short of this
amount; Just how much it il not yet posi-
blu to tell. II il sail flint the firm might
have tridgcd over their diillcultioB for tho
pvesent2hy strnining their excellent credit,
but tint slr. DUNCAN decided it to be better
to have settlement now t1,nn run tho risk
Of becoming moro seriously involved. In
view Of the continued decline in cotton, this
decision scc,ns to have been wise.
DUNCAN, SuEnsAsA Co. have occupied q
lcatling position ul Now York for twenty five
years, ana hnyo been regarded rs among tho
most conservative institutions in tho
country. Their business in soma re-
Rpects has been similar In character to
ttlat Of the DnovN Brothers, and a good
dcnl of Inconvenience and loss may be felt By
European tourists who aro travelling on let
ters Of credit Issued by them. .Eho settle
1ncnt OF useir a1Iuirs has becn assigned to the
Hon. Wl'L1AM j. su1rMAS, ex-Judgo OF tic
initial Statea Court. Grent sympathy will
be felt fur Mr.. WILLIAM Dcr1En DUNCAN, tlo
senior 1nolnber of tho firm, who Inns been a
liberal patron OF the arts md 1na hold d
high socil position iu New York. 1t was 3Ex.
DUNCAN who advanced 1lr FEouTEn the
money to build tlo Lyceum Thoatro in New
York, which will probably 10 found among
his,persoual asso.s. Tic firm have also been
largo negotiators Of municipal bonds, and
p!Hcel tile last loan made by Chicago before
tho constitutional. prohibition went into ef-
feet, which amounted to $4,000, 600. They
havo nlso negotiated nost Of tie temporary
loans for this city.
OUR SCARED CURRENCY.
Tho failure yes.erday morning OF tho
ho.iao of DUNCAN, SuxnMAs j. 60. Ind IN
instantaneous effect upsu the yalue OF green.
backs. The 1'rics Of greenbacks foil from 80
pta }, A.(l sn a~eftn.1 rr,1 n..st,A ~ .,.,