The daily Argus. (Rock Island, Ill.) 1873-1877, 1875-07-28
TELEGRAPHIC.
The Money Gamblers in q
-1 Panic. ,.I
Rotten Rascals finding
their level.
Several Railroad Accidents
a Terrible Storm in Switz-
erland--The City of Gene
va and Vicinity Badly
Damaged.
A Night of Terror--Light-
ming, Tempest and Hail
Pour their Fury on
the City.
Great Destruction Of Prop
erty--Loss of Life.-Re-
markable Phenomena.

New York, July 27.-One of the Off
GERS of the Canard Steamship line, who
retired from business some time ago, is
dead.
The failure of prominent cotton house
this morning with large liabilities caused
panic on Wall street. 1t sent gold up to
ia and stocks down with severe huctua-
tons.
Gold jumped to 1l64 upon the announce
ment of the suspension of Duncan, Sher-
man & Co., and the rumored embarrass-
ment of other houses, but it soon fell to
ia.
The evening Post has the following in
its financial column:
The quietness of Wall street was broken
in the second hour of business by the an
nouncement that the banking house of
Duncan, Sherman & Co. had closed their
doors and suspended payment. A clap of
thunder in the clear sky could not have
caused more CONSERVATION, and at the
Stock Exchange, Gold Exchange and Cot
ton Exchange there was great excitement,
The inside statement of liabilities is &c.
900, 200, and it is admitted that the assets
fall in value far below this. The losses
which have weakened the house are not
entirely of recent making, but cover sever
al years, The heaviest, it is understood,
are in cotton and the next in securities,
which now have doubtful value. 1t is
due to William Butler Duncan to say that
had he had a disposition to take the
chances, the credit of his house was sufi-
GENTLY good to have enabled him to get
the means necessary to bridge over his
bills on London, sold yesterday. AS a
man of honor, however, he took the
honorable course and stopped while he
had something to divide, refusing new
business. He endeavored to get new
capital enough to pay every demand
which could possibly be made OF
him, but failing in that he wisely conclud
ed to suspend A statement to his cred
itors was prepared by Mr.. Duncan and
read at the Stock Exchange. 1t says a
careful examination of the business shows
most unexpectedly that throug gh losses anC
misfortunes the available asessest Of th'
firm are SO reduced that they are compelled
to go into liquidation. They reach thi:
conclusion with the deepest regret, but
the fact that up to the latest moment thei
credit remained unimpaired would compe
them, if they continued business. to hazart
new obligations and incur new condolences
which they were unwilling to do. There
fore, the protection Of all creditors, the.
have to-day made general assignment to
William d. Shipman.
| The greatest excitement prevailed il
the lower part of the city as the suspen
sion was rumored, and when the truth wa
known large crowd gathered before tn
closed doors of the house and absurd an
contradictory rumors were banded about
The house had lost largely and chiefly i
! cotton. Also with various railroad enter
i prises. The senior partner returned fror
: Europe lately and has been investigatin
i the standing Of the house with the resu
: developed to-day. Great sympathy is fe
" for the firm. Their liabilities are all owe
z this country.
}, The effect of the suspension Of Duncan
Sherman 4 Go. upon the stock markt
was much more serious for short tim
than the circumstances of the failure
). their bearing on Wall street ought to hay
$ created. The fall in Western Union Wa
o as much as 8 per cent. bat 81 to 6 of tt
e decline was recovered; Western railroad
to per cent; New. York Central 3 ps
r cent. This last was partially knocked b
A fore the failure by false rumor of Vande
h bilt's death. By 1890 the excitement
Is the gold room had somewhat abate
t. sales making at ll43 to l14s. Stocks we
y also on recovery. Exchange is up to Il
At full shipping rates and the probability
, that the shipment of gold will be resume
r by the Stock Exchange. 1t is thought tn
4 the recent failures in the Manchester CO
d ton trade have something to do with Il
Dc Immediate embarrassment Of the hous
II They have been far the heaviest cottt
buyers in America for year. and there
% belief that most of the bills now runnil
y are under strong acceptance on the. 9th
= side say by the Messrs. Barring and Il
= Union bank of London. The outstandiI
T. travellers credits Of Duncan, Sherman
Co., are on different footing and m;
= cause serious inconvenience to some
our people now abroad. 1t is understo,
that full statement of 1.-THE affairs OF t
house is in preparation.
The failure of Duncan, Sherman 4 Ct
. which was announced at ii o'clock, caus,
intense excitement on Wall street. II
. direct cause of the suspension is not as y
ascertained, and various rumors are atio;
among which is one to the effect that th'
). difficulties have been precipicated by t
rt failure of A. & N. Collie, Of Londe
Another report says their principal corr
!, pondents abroad we're the Union Bank
II London and the Barring Bros. In 1873 |
. rangements were made with the Bari
= firm BY which Duncan, Sherman Il {
were to be protected. 1t is supposed Il
the withdrawal of that protection t
morning was the immediate cause of th
failure. They had opened their bank
II house when cable telegram from Lond
+ decided the firm to suspend.
s It is no little surprise to learn Il
4 when house of the first class could
= paper discounted at per cent, the par
y Of the firm of Duncan, Sherman Il Co. Y
. rated at per cent. The firm, or at le
! some of its members, have been pro
nently Unidentified with unfortunate railV
- enterprises, such as Erie, Atlantic {
eb. Great Western and others of sim
re- character. 1t has transplred that the
sci !. eign bills of the firm will amount to o
us- 9l20, 600 sterling. &ts5 -
A private cable dispatch announces
failure Of the Union Bank Of London,