New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-07-30
NIIET IN WALL STREET..

~xcrrrNrNr ATTENDING THE FAILURES FOLLOWED
BY nv1ISEsS FURTHER INFORMATION con
CrRyING DUNCAN, SHERMAN CO.'S INVEST
MENTs
No additional failures were announced yes
Aeday and walst again assumed its usual qie at 'is
time of year. Business at the different EAchah| eS
spened without excitement and there was apparently
nothing "a indicate that anything unusual had oo-
.nr,ed duripg the week. In the Gold Room prices
opeped at 123i but under advices from LONDON la' inc
discount rate of the Bank of England had been reduced
ld , off In 1898 Later in the day 1t reached 1923,
hut both here and in stock Exchange there was zen
.ral complaint of dizziness in transactions No
additional information III regard 10 the mag
ntu,e of the failure of Duncan, Sherman L"
Co. was made public. Judge Shrman was cIoseiy
engaged throughout the day at the bank, where ne was
aided by Messrs Duncan and Grain, and numerous CLERKS
who been engaged to assist in posting Inc DOORS anu
attaining a statement OF the condition Of afans AT the
time of the srspensiOD hut definite time for the com
pction Of such statement has been announced
Another assignment by the suspended firm to William
Shipnan recorded in the Registers ohc" YESTERDAY
II in the language ana phrascoiogy aS 'he ois
tnal assignments which were not signed IN the presence
Mr. Sherman Ii was thought best in order to be GER
tain of the Naidity of the assignment that new deed
should made and Mr. Sherman should DE present al lis
aeknovledgment The original assignment, which has
been already published recorded In the Registers Of
Zee was fled yesterday with the County Clerk
A gentleman who has been connected with Wall-st.
operatios for many years, and who is director OF the
Mobile and Ohio Railroad Company, made the following
statement TO reporter of TIE tribune yesterday, in
regard to the causes Of the great failure:
The Mobile and Ohio Railroad was financially IN very
bad con ion when Mr. Duncan elected President OF
the Company. when the interest on the second mort
gage bonds came due about April last, the Company
was not in condition to ii, and arrangem' nj
~, li.1 Tho banda II
house OF Du ncan Sherman Co.; but DO not think the
money was advanced by this firm. I think 1t came
from Alexander Duncan who is in Scotland About this
time Mr.. Duncan appointed Receiver or the road'
The whole bonded debt Of the road amounts 70 little
over II o 100000 and / suppose Mr.. Duncan holds "a
large amount OF these bonds which he originally took as
security s this alone could not have been the cause
Of the failure IA the bonds could have him
the average over 20 per cent Of their face vaine.
About three years ago James Ihoyer, particular
friend Of Mr. Duncan's was elected President OF the
Quicksilver Mining Company, and 10 may be that Mr..
Duncan bought srgely Of this stock during tie two years
that his friend was President but this could not have
hurt him. rs tile stock quoted much higher year
ago than II was when Mr.. Thayer first took
fhe Presidency I have been director or
the company during the past year, but have
NO known OF any purchases of ITS stock ny Mr. Duncan
in that time The cause Of the failure, IN my opinion
and am disposed to think that the failure will he found
not TO be a bad one when full statement OF accounts Is
mad,Iuust evidently be found elsewhere Cotton has
undoubtedly ha. something To do with the mattcrreccny
but am Of the opinion that very large anonnt WIS
sunk in the New-York and Montreal Railway scheme A
great deal of money WAS Invested in this enterprise and
the rails can SIN scattered along the route In
Nestehester County and further north ihch there were
other Improbable speculaors, several Of which have
already been mentioned In TIE TRIBUNE.