13851. Duncan, Sherman & Company (New York, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
private
Start Date
November 26, 1877
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
e6b52a6323bdede8

Response Measures

None

Description

The articles describe Duncan, Sherman & Co. as a failed/suspended banking house placed in bankruptcy with a receiver/assignees and subsequent dividend payments by assignees over the following years. No contemporaneous bank run is described. Thus this is a suspension/failure with receivership and liquidation.

Events (6)

1. November 26, 1877 Other
Newspaper Excerpt
Judge Larremore has appointed receiver. ... FranN. Bangs, counsel for Duncan, Sherman & Co., moved to eis dismiss the specifications filed by the Mexican Government, creditors of that firm, against their discharge in bankruptcy.
Source
newspapers
2. November 26, 1877 Receivership
Newspaper Excerpt
Judge Larremore has appointed receiver.
Source
newspapers
3. November 26, 1877 Suspension
Cause Details
Firm placed into bankruptcy and receiver appointed (bankruptcy/insolvency).
Newspaper Excerpt
appointed receiver ... discharge in bankruptcy
Source
newspapers
4. October 24, 1878 Other
Newspaper Excerpt
DUNCAN, SHERMAN & CO., have received their discharge in bankruptcy
Source
newspapers
5. July 20, 1879 Other
Newspaper Excerpt
The suspended firm of Duncan, Sherman & Co. will pay creditors a dividend of five cents in cash August 4. This will make fifteen cents paid up since their failure.
Source
newspapers
6. July 31, 1879 Other
Newspaper Excerpt
the assignees of the once famous banking-house of Duncan, Sherman & Co. have declared a dividend of 5 per cent. This makes 15 per cent in all, after three years spent in liquidation.
Source
newspapers

Newspaper Articles (4)

Article from New-York Tribune, November 26, 1877

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Article Text

required all his salary. Judge Larremore has appointed receiver. Before Judge Blatchford, on Saturday, FranN. Bangs. counsel for Duncan, Sherman & Co., moved to eis dismiss the specifications filed by the Mexican Govthe Fourth National Bank, of this city, from and ernment, ereditors of that firm, against their discharge other The Mexican Government was represented P. bankruptcy. Field, the Fourth National by Howard other by Wilks. Dudley and L. H. Arnold appeared for X number of creditors The case will he heard again Saturday. The friends of Miss C. A. Blodgett, whose enit against Dr. E. C. Angell was reported in Saturday's TRIBUNE, state that she is a refined lady and an acceptwriter for the press, who was engaged by Dr. contract Angell able teach his daughter, and that the peculiar to be to she signed is one that he keeps in blank be. signed which by all bis employés, whatever their duties may It This contract places them entirely at his mercy. was the peculiarity of the contract rhat attracted attention. Judge Speir gave his decision on Saturday in the habers corpus case of James Bruce, jr., who was confined in the insane asylum on Ward's Island on the certificate of two physicians who were regular professional attendants at the asylum. It was claimed that the commitment was illegal for this cause, and also on the ground that Bruce was perfectly same. Judge Speir, in his decision, says: It 18 not necessary to examine other questions presented in this matter for adjudication. Tt 18 sufficient that by the traverse of return to the habeas corpus it appears that the two physicians who certify to the insanity of the person held are disqualified under the statute, they being regular professional attendants in the asylum. James Bruce, jr., must be released."


Article from Mower County Transcript, October 24, 1878

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# NEWS. IN BRIEF ## GENERAL FORHIGN NOTES. THE official report of the investigations into the affairs of the City of Glasgow Bank, Just Issued, is worse than the most gloomy forebodings, The loss shown in the balance sheet is £5,190,983. This loss, with the addition of £1,000,000 capital, the shareholders will have to make good. A call for £500 per share is anticipated, which it is thought half the stockholders will be unable to meet. The remainder of the shareholders will thus ultimately be compelled to pay double. THE glut of cotton goods in Lancashire, England, is simply unprecedented. At Preston, Nimpio's mille with 30,000 spindless and Sharples baill with $2,500 spindles, have cessed running. Herrocks, Miller & Co., the best known firm in the north of England, have adopted measures to restrict production in their mills. THE Ameer of Afghanistan is endeavoring to raise a religious war among the Mohammedans of central Asia, against England. DIFFERENCES have arisen between the English and Russian delegates on the Servian boundary commission. SIMULTANEOUSLY with the presentation of his credentials, the Ottoman ambassador to Vienna was ordered to declare to Count Andrassy that the porte would be compelled to oppose, by arms, the advance of Austrian troops upon Novi Bazar. A LONDON dispatch of the 14th says: Heugh, Balfour & Co's. liabilities are now estimated at over $10,000,000. Six of the largest firms of Blackburn are creditors and lose from $25,000 to $100,000 each. AN understanding has been reached regarding the reduction of the Austrian army of occupation in Bosnia. Eighty thousand troops will be withdrawn from Bosnia. The remaining divisions will be reduced to a peace footing. ## THE EAST. AUSTIN C. WELLINGTON, coal dealer, Boston, Mass., has failed, liabileties, $174,000; assets $57,000. ADMIRAL PAULDING, senior flag officer on the retired list of the navy, son of the capter of Major Andre, and last surviving officer of the battle of Champlain, died on the 20th inst at Huntington, L. I. DUNCAN, SHERMAN & CO., have received their discharge in bankruptey THE two-mile sculling race for a purse of $2,000 between Edward Morris and Fred Plaisted, was seulled over the Fuiton course, at Pittsburg, Pa., on the 18th inst., and won by the former who crossed the line about three lengths ahead of his opponent. Time 13:45. IT has been ordered that work in the mines at Pottsville, Pa., be commenced. Additional allottment to the Philadelphia and Reading companies being about 170,000 tons, it will give miners another week's work for October. After finishing the extra allottments, it is likely work wiil be continued without interruption until the November quota of 343,500 tons is fiiled, requiring two weeks wo QUITE a sensation was caused at Brooklyn, N. Y., on the 16th, by the resignation of assistant district attorney Hoxie. He accompanied his resignation with a written confession that he had lost in Wall street moneys entrusted to him as a government official. The amount of his defalcation is supposed to be large. THE Vermont legislature on the 15th inst. re-elected Justin J. Morril to the United States senate. ARTHUR CHENEY, manager of the Globe theater, Boston, died at South Manchester, Conn., on the 15th inst. THE defaulting mill cashier, George T. Hathaway, was arraigned at Taunton, Mass., on the 14th, and sentenced to, ten years in the state prison. The prisoner wept profusely. THE First National bank of Tomaqua, Pa, has suspended, owing to the failure of Chas. T. Schoener, of Phila., who was a principal stockholder. Assets $150,000. ## THE WEST. THE exposition which closed at Chicago on the 19th instant, was the most largely attended of any previously held. ROBERT HARRIS, a well-known Chicago railroad man, has been appointed general manager of the New York, Lake Erie and western railroad. Naws has been received from Malad, Idaho, that 40 or 50 persons, sentenced to fine and imprisonment for cutting timber for the Utah and and Northern railroad are pardoned by the secretary of the navy, and fines remitted; the railroad company to pay for the timber. THE California constitutional convention at San Francisco, on the 16th inst., adopted a memorial to the president and senate of the United States, to so modify the Burlingame treaty as to prohibit Chinese immigration. FATHER R. C. CHRISTIE, a well-known Catholic priest, who made an enviable war record as chaplain of Pennsylvania troops, died at St. Francis Hospital, Columbus, O., on the 16th inst. His remains were taken to Edenburg, Pa., for burial S. H. BURKE, a stockholder, has entered suit against the Consolidated Virginia mining company and the Pacific mill and mineing company, to recover $26,000, alleged to -have been wrongfully diverted from the stockholders of the Consolidated Virginia by manipulation of ore and retention of tailing of the company. A SEVERE storm prevailed west of the Rocky mountains on the 13th and 14th inst., interfering with business communication. Snow fell at Virginia City, Nevada, and rain -fell throughout California. A GANG of thirty tramps who encamped uear Terre Haute, Ind., and were committing depredations, was scattered by the authorities on the 12th inst., after a desperate fight. ## WASHINGTON, GREEN C. CHANDLER has been appointed United States district attorney for the northern district of Mississippi. THE secretary of the treasuary has appointed a special committee to visit the bond paper manufacturing establishments, with the view to obtain the fibre paper for bonds and notes at cheaper than present rates. GEN. HOWARD telegraphs from, Fort Vancouver, that'a Umatilla Indian was murdered on the 29th ult. by white men, and that the Umatillas have within three weeks lost 500 horses taken by whites. He asks: "Cannot the United States district attorney be


Article from The New York Herald, July 20, 1879

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The suspended firm of Duncan, Sherman & Co. will pay creditors a dividend of five cents in cash August 4. This will make fifteen cents paid up since their failure. The land sales of the Union Pacific road from January 1 to June 25, this year, amounted to 112,929.62 acres, realizing $482,815.81. The business was at least a third larger last year. It is reported that several St. Louis bankers are to be tried under the law passed by the last Missouri Legislature making it a felony for any officer of a bank to accept deposits in the institution if he knows it to be in a failing condition, and imposing the same penalty as that for stealing money. The Treasury Department to-day forwarded by the steamship Baltic $10,000,000 United States four per cent bonds for delivery to Messrs. J. S. Morgan & Co., of London, on account of the sale of $12,000,000 made to them by the First National Bank of New York this week. The Pittsburg and Lake Erie have extended three miles to some coal mines in Montour, and the total extensions for the year to date are 382 miles, against 432 miles last year. Movement of grain at leading points to-day:- Milwaukee-Receipts of wheat, 24,900 bushels; shipments, 30,700 do. Receipts of corn, 2,000 do.; shipments, none. Chicago-Receipts of wheat, 75,360 bushels; shipments, 68,862 do. Receipts of corn, 204,066 do.; shipments, 189,725 do. The Salina and Southwestern branch of the Kansas Pacific road is now completed and open for business from Salina to Lindsburg, a distance of 21.1 miles from Salina and 206.1 miles from Kansas City. Judge Ingalls has granted an order for the Boston and Hoosac Tunnel road to show cause at the Albany Special Term, the last Tuesday in July, why Judge Westbrook's appointment of commissioners to determine the crossing of the track of the Troy and Boston road should not be stayed. The foreign commerce of the port of New York for the past week was as follows:-General merchandise imports, including dry goods, $7,533,843, and produce exports, $5,878,670. The total imports since January 1 this year were $169,891,409, against $163,758,643 for the corresponding period last year, and $196,569,414 in 1877. The total exports of produce since January 1 this year were $169,752,614, against $189,593,815 for the corresponding period last year, and $150,244,385 in 1877. A notable feature of the foreign commerce of the port for the week is the fact that the imports exceed the produce exports by $1,655,173. This unfavorable turn in our foreign trade is something unusual, and we trust may be only exceptional. Of twenty-two railway companies which report their earnings for June, 1879, all but seven show a gain over the corresponding month last year, the net increase being $522,278. The decrease reported aggregates $111,816. It occurred mainly on the Grand Trunk, of Canada, Hannibal and St. Joseph and St. Louis, Kansas City and Northern. The statistics of coal production for the week ending July 12 show the total to be 452,458 tons, against 298,749 for the same date last year, divided as follows:- Tons.


Article from The New Orleans Daily Democrat, July 31, 1879

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FINANCIAL AND COMMERCIAL. TRADE ITEMS, ETC. Notwithstanding favorable reports from abroad the cotton market yesterday ruled easier without being quotably lower. The offerings were liberal and the demand was limited, with sales of only 225 bales, including 200 bales sold on the previous day. At Liverpool spot cotton was Armer, showIng an advance of 1-16d, with sales of 12,000 bales (8750 American), of which 1000 were taken for export on speculation. Futures were firmer. At New York spots were quiet at a decline of 1-16c, with sales of 1482 bales. The stock of cotton now in New Orleans is 7897 bales, against 8847 at the same date last year. Of this there are 4404 bales in the presses, unsold and awaiting orders, and 3493 bales on shipboard. The stock at New York comprises 96,879 bales. At the sugar sheds business generally was quiet. The demand for sweets was limited and prices remained unchanged. There was a small movement at the grain landing for the local trade. Stock are large and prices are easy. The flour trade yesterday was dull and inactive. Prices inclined favorably to buyers, and previous quotations were barely maintained. Provisions, in the deal yesterday, were somewhat easter. Large, or round lots, were nearly unsalable, but in a jobbing way the demand was fair, prices showing no change. Agrarian disturbances are reported in various districts of Poland, but no intimation is given as to their cause or extent. The sheriffalty of New York is said to be worth $50,000 a" year "to an honest man." How much it is worth to a dishonest man we are not informed. About five hundred tons of fresh meat, either alive or in refrigerators, left New York for England on Saturday last-enough to give every adult Britisher a full meal. The Boston Herald declares that "no man has a right to live beyond the means of his creditors." This is healthy philosophy every man's desires should be bounded by moderation, justice and reason. Within one year the price of iron rails has advanced $5 per ton, steel rails $3 and pig iron $2. The product of rails, pig and bar iron this year bids fair to exceed that of any other in the history of our iron interests. According to a Rhenish newspaper the Metternich property, Schloss Johannisberg-amRhein, with its famous vineyards, has been sold for 2,000,000 marks ($500,000) to Baron Rothschild, of Vienna. The Galveston Newssays "A large grocery establishment of this city on Thursday sold to a St. Louis house three carloads of sugarthe first important sale of the kind made in that quarter. This would seem to indicate expansion of the trade of Galveston," State Consols opened yesterday at 37½ and closed weak at 36%@36%, against 371/4@38 on Tuesday, with sales of $116,000. Premium Bonds ruled at 24%@24%, against 24% on the previous day, with sales of $29,200. There were sales at the Exchange of $11,200 city ten per cent bonds (fundable) at 24½ 245/8. At New York yesterday Louisiana Consols opened at 37½, and closed at 36@36%, with of $45,000. We learn from the New York correspondent of the Cincinnati Gazette that the assignees of the once famous banking-house of Duncan, Sherman & Co. have declared a dividend of 5 per cent. This makes 15 per cent in all, after three years spent in liquidation. What a handsome settlement of claims against a house whose founders left it woi th three millions It seems that the successors to the founders neglected banking for petroleum schemes and paper railroads, and the natural result followed and is now before us. A capital of $3,000,000 has been sunk, and the extreme dividend to the creditor is 15 per cent. This may be termed wrecking in earnest. The rate of discount at the Bank of England continues at the rate of 2 per cent, at which it has stood for some time. This is a certain index as to thestate of the money market in London. The last official report states that there is a superabundance of capital, for which scarcely any employment is offering. It is found very difficult to place loans, even for small amounts; the quotations given are 1/2 to 3/4, but this is quite nominal; in fact, advances can be obtained almost on borrowers' own terms on approved security. Discount business continues very slack, and three months' bills are quoted at 3/4 to 1 per cent. Consols have lately fluctuated between 97% and 981/6 As the interest on national securities is only 3 per cent per annum, the high price of consols, instead of showing prosperity, indicates that money, in the language of 'Change, is a "drug" at this moment. The Louisville Board of Trade has very gracefully invited Memphis men, who have been forced to close their establishments in that city on account of the yellow fever, to make Louisville their headquarters, and continue their business there during the season of misfortune at home. As to the effect of the fever on the business of Memphis, the Courier-Journal says: Business will be suspended in Memphis for whet her the vellow