Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1875-08-06

however, was soon made apparent pN 'nt
, closing of the iron door of the great stone
, buildings on Nassau street Later, the fol
: lowing announcement appeared
NV YoRK, July -.
\ careful examination of our business ard
affairs shows US most Unexpectedly that
, through losses and misfortune, our available
assets are so reduced that We are compelled
TO 60 into liquidation. We reached this con-
, clusion with the deepest regret, but the fact
, that up to the latest moment our unexam-
pied credit having remained unimpaired
would have compelled us, if re continue
business, to hazard new obligations and re-
ceive new condolences, which We were un-
willing to assume. For the protection of all
our creditors, without distinction or prefer
ence we have this day made general assign
ment to Hon. VIM. d. Shipman, of this city,
whose address for all matters connected with
our affairs will be at our late banking
house, No. IL, Nassau street.
(Signed) DUNCAN, SHERMAN ~ Co.
The liabilities Of Duncan, Sherman x Co.
are stated at six millions of dollars, of which
three millions are incurred in England and
the remainder in this country. 1t is admit
ted that tie assets fall in value far below
this amount. 1: is feared that large part
Of them will be found to consist of Southern
securities and railroads which have doubt
ful value in the market The New York
EreRing Pod says: The losses which have
weakened the house are not entirely OF re
cent making, but cover several wears, the
heal lest, i. is understood, being in cotton,
and next in securities, which now have a
doubtful value. 1t is due to William Butler
Duncan to say that, had he had the DISPOSE
ton to 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 sold yes
terday close onto those of the four prime
names. As man OF honor, however. he
took the honorable course and stopped while
he had something to divide, refusing new
business. lie endeavored to get new CAPT
tai enough to pay every demand which could
| possibly be made on him, bat, failing in that,
wisely concluded to suspend. The losses by
the suspension will fall, as a rule, where
they can be easily borne, although a con-
siderable amount Of travellers credits are
Q l..
don and Barring Brothers, the London cor
respondent Of the house, are of course able /
u. 10 stahu "nat lhey WIN iose- Inc bank OF
are faily nrotected Tbn bnrse was fpydr
lite one for deposit accounts of corporations,
and they can also stand their losses without
embarrassment. We do not know yet the
soId bere and beld Inv onr merrbartv mi.
it is presumed. will be the heaviest part OF
the loss, or the part felt most. 1t Is not
Known nor Is II 81 pposea' 'hat the mouse Wa9
viii i,re I, cl,,sc ,n1rlct .. The Sol, -
change. There i, no market here for At
laniic and Great Western, New York, BIS
'oA anu Montreal CT Ie'Glai olner oi me
house at one time or another had intimate
relations In tie foreign exchange the best
opinion i that not more than $4,000 Of
bulls OF Duncan, Sherman ~ Co are out
standing and unaccepted.
1t is stated that only day or Two ago
D,rca, shannon T., w. .,e.r..j ,.,.,
'l'''ion uo'-1'S 'or 'o1r months i'r Per
cent on their own paper while their bills on
London sold within ner cent If the very
H.. ..i.-,... M t 80
cd IN sou hy Alexander Duncan. Waits
Sherman and ". Batter Duncan. the latter
the bead Of the pre.ent bor.,. Tho ,-e-e,-
g..
80 ~ '''-' ''' d" ''''''''' ''','u' -" y,1'>
treat sympathy Is expressed Tor the hTm,
and particularly for W. Batter Duncan who ,
returned from Eorope tvo week. No., :
H., 49,. = CT. ...,
''' JIM ''''''''' 80 ''I a
ierday' the worst oil the excitement l. nc |
ieyea to be over. and a more conhden, tone /
md better FEELING seemed towards n;,Lt q
,-o,.1 Il
~ pa t
We take IRON the New York papers t
he following expressions of opinion from fl
eodin,, commercial AND I.,,,l.;,,.- MOO, [
Mr. Iibbov orA Y s,o,r,r. a.. !!
q" /. oV VAR ~ 70, b
Az ''A' '''> III IA Nii n,' i'u'u uo-lar ol II
ne 'p'i. ol ',r IlIiieu "i"A.I9' IL Is e
-, IN, a-1'U i' tu"' we are i
- rs,bor ~ '' '''' ''''' p
SCI. .'I Ia''iel ''I.iou' recently &C
my YOU any objections 10 'eIihs me al
reateSt extent To which yol have ever trust ii
HoulN'H Win tAehl 'aid the re al
o Nv, W
e. '''"' - anus 100 ilU," % pr cI
,s' ~ i,'.uae l'at I 70 d very lew months Of
90 a customer offered drafts upon them In
- an! Iu mr. run s-o'VoI 70 $,'o'uoo' We tn
~ ''el ',i'". "it'ou' HeSl'a'ion ana u
3 gui,ei'e9 "'1HIu 10 PurSn''Ne 'liiS oil to
'Lle, We Inn rum puncan' sherman d 90. m,
neal'E win pFo"n a bro ana an Dre1el' in,
~. 5' ~. ~ ~ .'''' II We 'ould purchase Ne
ON ,..'.i 10. .,'nIn tgr cent les Co
Va ,io - I'm" ~ 20 guy rom tneln q Yo
,,,, as p D. ny " e1Ii.nE .ne Gi,
DE- we pIeiJIrgu le after -
roo1 anj ',',i',-9 We !oIhe' alpn ine the
'a- oI' IL ii'9 ,'eeh nm
tronble lafelv Tbev Lars L:en iar,1,,5 gu,
0 deeply in railroads and csnec;all,. ~ tua
c Erie. and tbeir credit b.s s,tI,ro5 c-,nl Mr.
We have transacted vorv it'll Ln.;,,o.., air
rough them for the mast three rontbs " bee
II. Il. ClaAin 4 Ga. are al.o troa fr,-n any. tax
tanclements with the rDi,o1 bo,.o a. hos
the partners told the renorter tbot II L,-- forl
ned that they did not hold , ,,,-,i.i,. r. of
mean. sherman 4 ca : ,oner lor
.ybat .tondin,, baro ,-,i, ii,,,,,.l.l.A op,
n - '''' few
A frst-rate one None bo,,ar until mar
' recently. Lately we have all known, anu
ID of thing happening. and have acted ind
ordlngly. p1'
J. $ Jaflra7 ( Co. are not involved to sane
extent of penny. Their financial him
k said that their DEALINGS with Dnncon seat
rman x Co. have been yery limited. hut chai
did not know why Mr. .iaffrov ad,nteJ coul
b a course. Il, Is certain said he clan
at We have had but little to DO with resp
Il, believe. twenty wears a,o. and That man
have influenced the old merchants amer
deS, they all knew the speculative ma to on
Of his present business. - the {
member of the firm of Morton. Bliss A ana
said the SUSPENSION Of Dnnc,r 81, Sho. y been
a Co. was wholly UNEXPECTED ~ pom