The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-07-30
DUNCAN, sHERMAN = co.
MORE ABOUT THE GREAT FAILURE.

{ sDUNgAN ], Sci EKMANk w.
MORE ABOUT THE GREAT FAILURE.
fire EsFect I'm Rasstus0re.
A DULL DAY AT ALL THE BoARDs-Ho FAILURES.
The failure of Duncan, Sherman g Co.,
/ theNew Fork bankers, was still the sun]ect
Of much comment and discussion 10 bilt''
more business circles yesterday tWe ahes-.
day.. An extreme dullne.s was noficeaose
at the Baltimore Corn and Flour exchange
which was partisly attributed to t6e tahu1e'
In cotton there was nothing done, the quota
tons being entirely nominal. The great de-
cline iu cotton is regarded, however, as only
Temporary, and the holders arc not disposed
to sacrifice their stocks in this season OF semi
pauic. Holders are confident that, az was
indicated by the tone Of cultures" IN
New York yesterday, the market VIII
soon rally. The general expression among
merchants was that trade was uh,
usually dull, and that this dizziness exfenoea
even to articles that Duncan, Sherman q
Co.'s operations bad no connection WIN.
| The sympathetic nature of mercantile oisas-
tiers was thus plainly exhibited. The failure
has had no ELECTION the Baltimore money
market. and has not impaired the creolt o'
such paper as Is usually negotiated mere.
fnlI amount of capital is Offering, aud sales OF
A No. 1 paper were made yesterday at os
per cent, per annum, which was the ruliuS
rate before the failure. These are tue views
of merchants etjoying the best opportunl'
ties of ascertaining the true condition OF Inc
mercantile community. The failures OF the
Commercial Warehouse Company, OF Ne"
York and of the sugar importing house of
.Iohn Mason & Co., of Philadelphia, we're
announced in the morning, but produced no
excitement, as the effect OF these failures will
not be felt here. .r
From the New York Tribune, 2sth.1
| Liabilities and Assets.
From trustworthy sources, which it Is not
necessary TO name, 1t was ascertalned tbat tne
amount of the liabilities Of the firm was be-
tween $4,000, 900 and S6,OOO,ooo, the lndeot-
edsess being probably nearer the latter Gum
than the former. The liabilities are about
evenly divided between Europe and this
country, Mr.. Duncan returned from London
short time ago, where he bad been to make
bnsiness negotiations for new capital, and be
then made a thorough examination OF The
assets and liabilities of the firm. Securities
which were of doubtful value were marked
down TO figures which it was thought could
he realized on them. Bad debts were charged
| ia nrofit and loss. 1t was found after this
was done that the firm was not solvent. The
mariners felt that they could have gone on
| for some time longer, and possibly nave
pulled through, but there was not much
probability of the latter, and it was deemed
best to stop and 90 into liquidation rather
than use the credit Of the firm to raise funds
which would probably be lost in vain en-.
deayor to make good past losses.
The Obligations consist Of bills Of ex-
change, letters of credit, and the deposits in
the clearinghouse here. The firm cleared
through the Bank of the State of New York.
What the liabilities in the respective classes
of letters of credit, bills of exchange, and
deposits amount 10 cannot be a>certained for
some time to come. The Bank of the State
of New York is amply secured against loss,
rs is also the Union Bank OF London, whose
agents Duncan, Sherman s. Go. were in this
country. Most of the bills of exchange and
letters of credit were drawn on Barring Bro.
theirs. 1t is understood that the latter firm
will not lose seriously by the failure. A re-
porter of the Tribune called on S. G. and @.
G.. Ward, agents for the Barring Brothers, but
was unable to obtain any Information rs to
the state Of the accounts between the two
Erms. George c. Ward stated that all OF the
drafts accepted had been duly authorized,
but that the Barring Brothers would be I'm.
willing to have their business matters pub
lishcd in the newspapers. He would oe
obliged, therefore, to decline giving any
statement OF Duncan, Sherman 4 Co.'S trans
actious with his firm.
The holders OF letters Of credit will pro.
badly be put to serious Inconvenience, as
these, in most instances, it IS presumed, will
not he honored by the persons or firms on
whom they are drawn. To those travellers
who are in distant parts Of Europe and have
no other funds Immediately available the
failure will cause great deal of trouble.
The amount of deposits with the firm is
not given, but it is known that they have
been drawn upon good deal of late, and
this probably FASTENED the failure. Among
the deposits closed out some time ago was
that of the Erie Railway Company. Nearly
six months ago the firm was asked to adj
vance O considerable loan 10 the railway, and
declined, and soon after that time the ac-
count was transferred to another banking
institution. The gentleman who gave the
above Information could not say when the
assignee might be able to give clear state
ment of the assets and liabilities OF the firm,
but thought it could not be done 10 less than
two or three months.
Judge Shipman himself could give no in
formation either in regard to the assets or
liabilities of the firm. He rem lined at his
office, in William street, until about o'clock,
answering the questions Of numerous callers
and preparing 10 take charge of the affiirS Of
the Westinghouse. He stated that Duncan,
Sherman & Co.'s bank opened as usual in the
morning tor the transaction of its daily bust
ness, pending the progress of negotiations
with persons in Engl0nd Tor relief, and when
it was learned that these had fallen through,
at the close of business for the day in Eng
land, it was at once decided to close the
bank. In reply to the questions of gen.
tleman who had called to see about some let
tiers of credit issued by the bank to friends
now travelling in Europe, Judge Sbipman
said that he could not tell just what would
be done, but that, ia word, he could say
that every possible effort will be made at
once to secure foreign travellers.
what the Dry Goods Importers Say.
The New York Sun says that the heaviest
importers of New York have traded very
little in the last four months upon the letters
of credit of Duncan, Sherman & Co. Mr..
Libbey, Of A. 7. Stewart Il Co., said that bis
firm did not hold a dollar OF the paper OF
the ruined bankers. at is partly acct