The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-07-28

ings in Duncan, Sherman a Co.'s paper, as con-
sldered them 10 be at the best doubtful. mean
by this that they were known among more con-
sentative houses TO be very speculative, and
when q nrm INDUCES In speculation, no matter In
wnat line, Il only becomes q matter OF time as to
when the end VIII come. Duncan, sherman d Co..
have been largely Interested Tor years In
all kinds OF Southern securities, and es-
pccially have they dealt in cotton. They have
undouotedJ made large advances to their friends
In the South. and have. besides, shipped
immense Quantities OF cotton on their ewn
account TheJ have also, am led 10 believe, been
dealing In contracts for future delivery OF cotton
These things, taken into consideration with the
late failures OF houses which dealt largely In
cotton IN London and Liverpool, have precipi-l
tated the crisis Their bills for some time have
been seling on the market at nom ave to six per
cent, and having three to four months to run. ID
has been understood that the nrm has been
backed up by Barring Brothers. OF London, and
also acted as Correspondents OF the Union Bank
o. Loudon. Tnat the Barring Brothers, however,
had
GoSE THE LENGTH OF THEIR rErnER
II proved Oy the fact that the suspension occurred.
which SHOWS that they were in as deep az they
cared 90 be. Had it not been that the BarlngS
we're known 20 be backing Duncan, sherman %
Co. believe, said Mr. Fogg, "that the latter firm
would have had It's paper reused on the market
long ere this. Their failure, as far as / can
JUDGE continued Mr.. FoFg, evil not be likely
90 Immediately AFFECT any OF the other banks III
this city. although II may the suspension Of
several small brokers and so-called bankers ON
the street. who have their deposits with the sus4
pended arm. Yet am OF the opinion that We ara
nov only seeing the
COMMENCEMENT OF CRISIS
similar 10 what we had In 1873. This is merely
the beginning. and before many days pass over
several other banks whlch are now looked upon
as beyond doubt, with go under, The stagnatiou
In trade ana other causes have for some time
been operating TO bring about such q result. The
principal loss "a The case OF Duncan, Sherman %
Co. VIII be felt abroad rather than here. The
fallure Of such an OLD established nrm cannot but
bring about distrust M nnancial circles and must
drag down some iew other houses which have
been tottering 70 their fan for some time.
TIE market for foreign exchanges has not been
afectsd BY the allure 10 any appreciate
degree, and prices remain about the same-vz,
sixty Gays. 81 "a, and three days sight, 81 90.
There being no steamer tomorrow, there was
no real demand. and the failure mas made all
buyers hold on 20 await results.
EFFEcrs on rnE SUSPENSION.
one of the unfortunate consequences OF this sus-
pension Affects TIE government OF Mexico Sgnor
Juan Navarro, Consul Of Mexico. placing iull con-
ndence IN Duncan Sherman Co., deposited with
tAem his own private fortune and all Of the mon
eys belonging 20 his Consulate. These are now
tied up IN the hands of the assignee, ana Signot
Navarro must walt until tie law loosens Them.
Another peculiar case IL that OF a gentle.
man who arrived from Mexico few days
since. lie sold ali the gola that ne brought WITH
him. ana deposited greenbacEs vita Duncan,
sherman Go. Expecting his wife TO arrive to-
day on the steamer. he appeared At the banking
house yesterday afternoon 20 draw, rs he said,
gold enough 70 pay duties on the goods mis- vile
was bringing win her. when told OF the failure
q the house ne burst out laughing and said,
'swen, thaps Just my luck now I've rot 10 Dor.
row money TO pay for my BOARD Well, can DO
a. guess.n