15743. Duncan, Sherman & Company (New York, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
private
Start Date
July 27, 1875
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
3f1ca582

Response Measures

None

Description

The firm suspended payment and made a general assignment (assignee Judge Wm. D. Shipman) on July 27, 1875, and proceeded to bankruptcy/receivership. Newspapers report crowds and excitement but the suspension was driven by heavy losses (cotton speculations and railroad securities), not a discrete misinformation-triggered run. The firm did not reopen; assignee/receiver proceedings and bankruptcy petitions followed.

Events (2)
1. July 27, 1875 Receivership
Newspaper Excerpt
they have this day made a general assignment to Hon. Wm. D. Shipman of this city; Judge Shipman, as assignee took possession of all the books and papers in the banking-house. Assignee/receiver and subsequent bankruptcy proceedings followed later months and petitions were filed by creditors (Dec. 1875).
Source
newspapers
2. July 27, 1875 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Large losses from cotton speculation and investments/advances in railroad securities left available assets far below liabilities, forcing suspension and a general assignment.
Newspaper Excerpt
Duncan, Sherman & Co., suspended this morning. ... we are compelled to go into liquidation. ... we have this day made a general assignment to Hon. Wm. D. Shipman
Source
newspapers

Newspaper Articles (24)
1. July 27, 1875 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, July 27, 1875

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BY TELEGRAPH. Suspension of Duncan, Sherman & Co. NEW YORK, July 27.-Duncan, Sherman & Co., suspended this morning. The suspension causes great excitement in Wall street. NEW YORK, July 27.-The following annonncement has just been made by Duncan, Sherman & Co.: A careful examination of our business and affairs shows us most unexpectedly that through losses and misfortune our available assets are so reduced that we are compelled to go into liquidation. We reached this conclusion with the deepest regret, but the fact that up to the latest moment our unexampled credit having remained unimpaired would have compelled us, it we continue business, to hazard new obligations and receive new confidences which we were willing to assume for the protection of all our creditors without distiction or preference, we have this day made a general assignment to Hon. Wm. D. Shipman of this city, whose address for all matters connected with our affairs will be at our late banking house, No. 11 Nassau street. DUNCAN, SHERMAN & Co. (Signed) The Post's financial says: Quietness in Wall street was broken in the second hour of business, by the announcement that the banking house of Duncan, Sherman & Co. had closed their doors and suspended payment. A clap of thunder in a clear sky could not have caused more consternation, and at the Stock Exchange, Gold Exchange, and Cotton Exchange there was great excitement. The liabilities of the house are given at inside of $6,000,000, and it is admitted that the assets fall in value far below this amount. The losses, which have weakened the house, are not entirely of recent making, but cover several years, the heaviest, it is understood, having been in cotton, and the next in securities, which now have doubtful value. It is due to Wm. Butler Duncan to say that had he had the disposition to take the chances the credit of his house was sufficiently good to have enabled him to have got means necessary to bridge it over. His bills on London sold yesterday close on to those of four prime names. As a man of honor, however, he took an 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 00 bim, but failing in that, wisely concluded to suspend. Losses by the suspension will fall as a rule where they can be easily borne, although a considerable amount of travellers' credits are outstanding. The Union Bank of London and the Baring Brothers, the London correspondents of the house, are of course able to stand what they will lose. The bank of the State of New York, their home bankers, are, we are told, fully protected. The house was a favorite one for the deposit accounts of corporations, and they Can also stand their losses without embarrassment. We do not know yet the amount of bills ou Europe, which have been sold here, and are held by our merchants. This, it is presumed, will be the heaviest part of the loss, or the part felt most. It is not known, nor is it supposed, that the house was carrying any considerable amount of stocks, which have a close market at Stock Exchange. NEW YORK. July 17-1 p. m -Gold advanced to 16: upen the announcement of the suspension of Duncan, Sherman & Co., but is now (1 p. m.) 14}. PHILADELPHIA, July The failure of Duncan, Sherman & Co., reported here about noon, causes intense excitement. Gold jumped at once to 10±, but has now fallen to 14.

2. July 28, 1875 The Cheyenne Daily Leader Cheyenne, WY
Article from The Cheyenne Daily Leader, July 28, 1875

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New York, July 27.-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 announcement that the banking house of Duncan, Sherman & Co., had closed doors and suspended. A clap of thunder from a clear sky could not have caused more consternation, and at the stock exchange, gold exchange, and cotton exchange there was great excitement. The liabilities of the house, it is estimated, are about six millions, and it is admitted that the assets will fall in value far below that amount. The losses which have weakened the house are not entirely of recent occurence, but for several years the beaviest, it is understood, have been in cotton, and the next in securities, which now have doubtful value. Duncan returned from Europe two weeks ago and has since been making a careful examination of the assets, and finds that they are largely inadequate. He resolved to endeavor to get a new cash capital, but having failed to do so, determined it was best to suspend, and make a general assignment for the benefit of his creditors, the assignee being Ex-Judge William Shipman. The indebtedness is distributed all over the country, a considerable amount being in the form of letters of credit, held by travellers. The house was founded in 1850, by Alex. Duncan, Watts, Sherman & W. Butler Duncan. The latter is the head of the present house. The firm has been in operation about ten years. Great sympathy is expressed for the firm, more particularly for W. B. Duncan. Gold jumped to 1161 upon the announcement of the suspension of Duncan, Sherman & Co., and the rumored embarrassment of other houses, but soon fell again to 114.

3. July 28, 1875 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, July 28, 1875

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BY TELEGRAPH. GREAT EXCITEMENT IN WALL STREET SUSPENSION OF DUNCAN, SHERMAN & CO. Liabilities between Five and Six Millions, &c. NEW YORK, July 27.-Duncan, Sherman & Co. suspended this morning. The suspension causes great excitement in Wall street. Gold has gone op to 1141. [Second Dispatch.] NEW YORK, July 27.-The doors of Duncan, Sherman & Co. were closed at 11.25 o'clock A. M. Only in a general way can the causes of the suspension be ascertained. It is admitted that the house has lost very largely on cotton; in fact, that is the principal source of loss. Involvements with various railroad enterprises, old and new, also entailed losses. The liabilities of the firm are understood to be between $5,000,000 and 26,000,000. Mr. Duncan returned from Europe about two weeks ago, and has since been making careful examination of his assets, and finds they are largely inadequate. He resolved to endeavor to get new cash capital, and having failed to do so determined that it was best to suspend and make a general assignment for the benefit of creditors. The indebtedness is distributed all over this country and Europe, a considerable amount being in the forms of letters of credit held by travellers. The house was founded in 1850 by Alexander Duncan, Watts Sberman, and W. Butler Duncan. The latter is the head of the present house. The present firm has been in operation about ten years. Great sympathy is expressed for the firm-particularly for Mr. W. Butler Duncan. The credit of the house was good up to the hour of suspension, and had Mr. Duncan chosen to avail bimself of this his house need not have suspended. The greatest excitement prevailed in the lower part of the city as soon as the rumor of the suspension began to be circulated. Large crowds of people soon collected; the majority of whom, however, were attracted about their office. Many attempts were made to gain admission to the building, but the doors remained obstinately closed. Even a telegraph messenger-boy was unable to gain admittance until he bethought himself of the back entrance, on Pine street; and even then he was compelled to band in his dispatch through an iron grating inside. The numerous clerks could be seen at their desks busily engaged with their books; but entrance was denied to all. At 1 o'clock there was still much excitement in the neighborhood of the bankinghouse, but no new developments of importance had occurred. It is understood that a full statement of the affairs of the house is in preparation. The following 19 an extract from their statement: "Through losses and misfortune our available assets are so far reduced that we are compelled to go into liquidation." They announce in their statement that they have made a general assignment to Hon. William S. Shipman, whose address, for all matters connected with their affairs, will be at their late banking-house, No. 11 Nassau street. As the house is said to hold a large amount of cotton in Liverpool, it is feared the failure will seriously affec the market on the other side. Most of their cotton contracts in this city were settled, however, before the failure, and the depression which it caused in the market bere was due to discounting the probable depression in Liverpool. At a late hour this afternoon it was impossiblet to obtain a complete or partial list of the creditors of the firm. The names of the principal creditors were declined for publication. as the submission of the names of a few out of many who are interested in the failure would, in the estimation of the firm, be neither of use to the creditors as a body or to those principally interested. Some time will elapse before it will be possible submit a detailed statement of the condition 0 of the house. The assets will be much less than the liabilities. About three-fifths of the debts of the firm are held abroad. e, Mr. Duncan is said to be deeply affected by the misfortune which has overtaken the house, but be was to-day personally occu pied in adjusting bis affairs. At 3 o'clock Judge Shipman, as assignee took possession of all the books and papers in the banking-house.

4. July 28, 1875 The New York Herald New York, NY
Article from The New York Herald, July 28, 1875

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ings in Duncan, Sherman & Co.'s paper, as I considered them 10 be at the best doubtful. I mean by this that they were known among more conservative houses to be very speculative, and when a firm indulges in speculation, no matter in what line, It only becomes a matter of time as to when the end will come. Duncan, Sherman & Co. have been largely interested for years in all kinds of Southern securities, and especially have they dealt in cotton. They have undoubtedly made large advances to their friends in the South, and have, besides, shipped immense quantities of cotton on their own account. They have also, I am led to 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 precipitated the crisis. Their bills for some time have been selling on the market at from five to six per cent, and having three to four months to run. PU has been understood that the firm has been backed up by Baring Brothers, of London, and also acted as correspondents of the Union Bank of London. That the Baring Brothers, however, had GONE THE LENGTH OF THEIR TETHER is proved by the fact that the suspension occurred which shows that they were in as deep as they cared to be. Had it not been that the Barings were known to be backing Duncan, Sherman & Co., I believe," said Mr. Fogg, "that the latter firm would have had its paper relused on the market long ere this. Their failure, as far as I can judge," continued Mr. Fogg, "will not be likely to immediately affect any of the other banks in this city, although It may cause the suspension of several small brokers and so-called bankers on the 'street,' who have their deposits with the 8084 pended firm. Yet 1 am of the opinion that we are now only seeing the COMMENCEMENT OF A CRISIS similar to what we had in 1873. This is merely the beginning, and before many days pass over several other banks, which are now looked upon as beyond doubt, will go under, The stagnation in trade and other causes have for some time been operating to bring about such a result. The principal loss in the case of Duncan, Sherman & Co. will be felt abroad rather than here. The failure of such an old established firm cannot but bring about distrust in financial circles, and must drag down some few other houses which have been tottering to their fall for some time. Tue market for foreign exchanges has not been affected by the /milure to any appreciable degree, and prices remain about the same-viz., sixty days, $4 80, and three days sight, $4 90. There being no steamer to-morrow, there was no real demand, and the failure has made all buyers hold off to await results. EFFECTS OF THE SUSPENSION. One of the unfortunate consequences of this suspension affects the government or Mexico. Signor Juan Navarro, Consul of Mexico, placing full confidence in Dunean. Sherman & Co., deposited with them his own private fortune and all of the mon eys belonging to his Consulate. These are now tied up in the hands of the assignee, and Signor Navarro must wait until the law loosens them. Another peculiar case is that of a gentleman who arrived from Mexico a few days since. He sold all the gold that he brought with him, and deposited greenbacks with Duncan, Sherman & Co. Expecting his wife to arrive today on the steamer, be appeared at the banking house yesterday afternoon to draw, as be said, gold enough to pay duties on the goods his wile was bringing with her. When told of the failure of the house he burst out laughing, and said, "Well, that's just my luck; now I've got to bor. row money to pay for my board. Well, I can do it, I guess."

5. July 28, 1875 The New York Herald New York, NY
Article from The New York Herald, July 28, 1875

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Interviews with Prominent Banking Firms. WHAT THE COTTON BROKERS SAY. Ex-Judge Shipman Appointed Assignee. A Flurry and a Rally on Wall Street. STATEMENT BY MR. W. BUTLER DUNCAN. Shortly before eleven o'clock yesterday mornpus established pio equal 1041 SUM 11 But, well known banking house of Duncan, Sherman & Co., at the corner of Pine and Nassau streets, had 18JU 1V *SJOOD S11 closed pus questity pepuedsns there pus "XBOU 8 se uodn SEM Jowns siq1 Mej V '31 01 credente Aue GARD CUM Mej 1nq 0.10 A minutes, however, put the matter beyond been pay ue JOJ fignop BUILD EXCLUSES ene up read DUB 01 ques notice of the failure. Then, too, it became known Ajensn 0.18 which 'way eur JO checks eus T841 Bank eur 4q Hose Clearing our pessed ase se acted MeN JO State eur 10 for Duncan, Sherman & Co., had been thrown 01 becaeved SUM smea eus the REVE "ino eouo 18 peeple JO DUE 'ent' eq HSSOH ONIENVE HHL HOA 889 POSTED moo. ou there uo 01 SJOOD quoij UOJI heary PUL JOJ user SEM Joop the SEM 05[8 SU closed 0.10 M -111 Grem OUM susw entracted 001 01 terested to the extent of some hundreds or thonив check 01 dollars JO spuss RECORD UP 01 JOJ 'HEAR mount inq reply ou additional JOJ open attendis pus was returned other than an echo. Each moment, as the news secured wider circula ion, brought fresh additions to the crowd, our at DUE statements eur uo assenble 40144 -Unnits aut Suisenosip there poois new Milose clerks eque 18 up Decreas pus 0013 heads could just be seen above the window sills, beet our 10 registeres books, their 1040 Suid001s and the danger of sunstroke. There were naturally all kinds of reasons stated to account for SUM. 11 1841 PINS Some eus Brate ut 10880 heary 10 100000B no 11 seq1 theory eur Others some usess HOUL 'p102 at SEM peq en your ABS prom 0150 euo sq been peq шлу eur table non too much cotton, while yet again it was laid to connection with certain English houses which have lately failed. What SHI do UNDSR INVERVIVE 3HL was has yet to be ascertained, for no direct or -go eq could respect siq1 ut Postities tained yesterday. The members of the firm anq euo sue 008 01 refused Aep ent their legal adviser and most intimate friends, 0150- persuand SI which Card out puoleq 'pue .01 Aue proje 01 1 their stated they Mhere -xo probable eur 03 S'B present 18 tent of their liabilities or assets. Later on in the evening. however. an interview eur Butter 'M *JW 421M obtained SEM 111 4A persuand 'm.g the JO peed be read with interest, as it contradicts distinctly sweets eur JO 180m pus sucur decladed pus which doated around throughout the day. THE NO PREETNG THE and among bankers generally appeared to be one estable pio us uons Thus 10.180.1 DUE JOJ symptime jo 08., 01 been DABQ pinous esnoy 'pusu Crery uo PIUS SEM SU For "pread ene sq eur Deu STARTS puq OO 'g' Shermanu Incount confidence and esteem of every one in commerAllensa 0.18 OUM 10086 0110169 pus clal the experssed your uo U.S.A. utter inability to account for the failure. With -du 100% the bankers promitient erom eur JO emos some JOI Deed peq ш.у 901 1841 prevall 01 persod time meeting with [heavy losses on cotton, both 01 peddius nomeo no put contracts no disajs one JO require R 1841 argund OSIB Leur which Duncan, Sherman & Co. held on cotton been peq epis other eur uo secure pus sesnon eq 01 peu pus predun 1819 returned -dns ene 411M 0101 taken mile 'JOI 100ked peq шлу ag: spunj JO innome pesod NIT crippied os securitions at dn course AJUO eur adops 01 11 comptel 01 88 credit credited SI шлу The *puedsns 01 'ZIA-uedo 1191 the JO spuod our UI being USIM Mobile and Ohio Railroad, which it will be remembered, was lately placed in the hands of a receiver. Then, also, it IS said to have invested heavily in Atlantic and Pacific stock, in Alabama bonds, in Great Western bonds and also in Erie. THOMOTO CORRECT HHL SI HOIHA mug the JO V Drove IIIM emm (sign met 8 stated that the house was not burdened with any outstanding foreign exchanges not yet presented, address at Involved I'm Aue up you SI " sens pus upon cotton, but that the failure is the direct resouth- pus Sonthern 04 SEQUESTS JO This eastern railways, which have never paid. The same gentleman stated that the credits of the eur at pus epis other em no leid mainthy ere esnou eqf Aq Jenns you pinom YOTH MeN sect pue 'yinos suspension. Cotton men, on the other hand, assert that the pus namber. inets 10 AUB stact you U.S.A. attribute the suspension entirely to dealings in railroad securities. They, however, reluctantly u) business . PIP used ehe 1841 limps cotton, but that it has no complications here, and article seq 1843 'Aue JT trouble our Metacher 1841 from this cause was brougst on by the failure of certain houses with which Duncan, Sherman & come- 10 ON business. euop eare Avu 00 Failure SIN1 MOTTOJ 01 percedre 0.18 001100 JO members the Suows Mej emos surnous SI 11 'eq IIIM Phone DATE TITAL OTM sesnou Quiqueq puu bankers Joujus better pue SIUS JO OXEM eur up Tottom 01 08 eq believed SI " 'IITA' Your ang :mag umoux eur 01 contern ou 01 su funous ut state public generally. In fact the STORPACT SIHL 40 appears to have already been discounted. As the afternoon advanced the crowds around there snq :esuep e.com pus Mer bank our was an absence of the scenes which are usually to rusq B JO shoop eq: 10 eys ut eq by reason of failure. In this instance there were eye uo concerned others pus BMopyM pare ou -11801 eus 03 HOOK easering 03 alarm JO punos 1810 tution wherein was their little all, in the hope TOUJ up 'inq '11 01 Demond Bureq JO 01 she pus 'Inger = 411A seem 01 Aluo go wandering around bewailing their lot,

6. July 29, 1875 The New York Herald New York, NY
Article from The New York Herald, July 29, 1875

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THE COMMERCIAL WAREHOUSE. CO. ITS SUSPENSION YESTERDAY CAUSED BY OVER ADVANCES ON CUBAN SUGAR. Following close upon the failure of the banking house of Duncan, Sherman & Co. came yesterday morning the announcement that the paper of the Commercial Warehouse Company had gone to protest, and that the institution was, in consequence, compelled to close its doors. Its standing in mercantile circles has rated as first class, and the fact that it had been compelled to succumb to financial difficulties occasioned a very great degree of surprise in mercantile circles. The failure gathered significance, however, rather from the time of its occurrence while the public mind was apprehensive than from the fact itself. It, is hardiv probable that

7. July 29, 1875 The Rutland Daily Globe Rutland, VT
Article from The Rutland Daily Globe, July 29, 1875

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ing houses for assistance, and that su sistance was denied. Speaking of 1 port published to the effect that the banking company of London had sust heavy losses on account of the suspe he said that company was not inv even to the amount of a farthing. swer to the question as to American abroad ho have their letter credit, he said: Assure all friends of parties that every arrangement has al been made to prevent them from . iencing any trouble. They are all Neither they nor their friends hav occasion to borrow trouble. They a such a situation that they can move and thither precisely the same as if ne had happened to us. Mr. Dunca also asked if he could gave any idea e extent of his liabilities and assets, replied that he was at present 1 unable to do so, but that a statement shortly be made public. S. L. M. B counsel for the suspended firm. sa, rumors that the failure will affe Union bank of London are entire founded, as the bank is fully protect is also Baring's. Signor Navarro Mexican consul, is a depositor Dunan, Sherman & Co. to t1 amount of his private fortune $60, $70,000 and all the moneys belonging consulate, but does not seem afraid o Drexel, Morgan & Co. say Duncan & man have been largely engaged in transactions, their London agent bein Kitchen of Collie & Co. Within weeks cotton has tallen three cen pound. Supposing they had 25,00 in transit, their loss would be about 000, not enough to send them und we hear they were largely interes Mobile and Ohio, Atlantic and Great ern, and slightly in Erie. The presio the Shoe and Leather Bank says t no fear of the crash having any ef the business of this city. It would Connecticut and Rhode Island, espe as he believed the paper of the house ly circulated in those states. In the ern states also many houses would n less suffer. The agents of the Union of London, the Bank of New Yo there is no ground for the rumor suspension, the only ground for the being the fact that the cables anuou refusal to honor drafts of Duncan. man & Co. A PRELIMINARY TRANSFER. On Monday last Mrs. Sarah M. G man, widow, and Wm. Butler Dun the firm of Duncan, Sherman & Co. transfers of real estate in this city a ing to $885,000. PAYING DRAFTS. Drafts on Hickok & Spear of Sar cisco, on Duncan, Sherman & Co., paid by Laidlow & Co., No. 33 Pine NO EVIL EFFECT IN LONDON. LONDON, Jul The suspension of Duncan, Sher Co, of New York has no appreciable on the market here. IN LIVERPOOL. LIVERPOOL, Jul Duncan, Sherman & Co.'s failure or little effect here. It is reported th shipments of cotton will be well pro

8. July 29, 1875 The New Orleans Bulletin New Orleans, LA
Article from The New Orleans Bulletin, July 29, 1875

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MONETARY. OFFICE NEW ORLEANS BULLETIN, Wednesday Evening, July 28, 1875. NEW ORLEANS CLEARING-HOUSE. Clearings. Balances. July 24. $529,762 62 $77.415 85 July 26. 516 364 57 57,922 73 July 27. 597,873 71 80 108 55 July 28.. 526 562 25 119,213 60 Thus far this week.. 2,170,563 15 334.660 37 Same time last week. 2,415,134 58 400,494 81 Total last week..... 3,638,976 04 890,685 11 Total week before.. 4,354,243 15 690,215 19 We notice a slight increase in the offerings at some of the banks, and in some quarters an improvement in the demand for money on the street. The movement, however, is very moderate, and the market presents no material change. As will be seen from our report below, Gold fluctuated considerably during the day, but steadied towards the close. Nothing was doing in foreign exchange. Independently of the scarcity of bills, the movement was interrupted by the unsteadiness of gold, and might also be naturally affected by the apprehension of ulterior results from Duncan, Sherman & Co.'s suspension. Rumers were current upon the street to-day of the failure of a large warehouse company in New York, doing a heavy business in Havana and other West India sugars and coffee, which, it was alleged, had affected the New York market. Drafts on this company to a considerably amount, recently sent hence to New York for collection or discount, were taken up by the company before maturity. Stocks were stagnant, and no sales of City Bonds were reported. New State Consols showed a somewhat better feeling, closing at a slight advance. We continue to quote first-class commercial paper and collateral loans at 8@9 per annum discount, Al do at 10@12, and second grade at 15@18. First-class mortgages still rule at 9@10 per annum, while second grade are entirely nominal. Gold opened at 113@114], against 113 at New York, and, after a limited business, closed at 113@113, against 113 in that market, where it touched 114 during the interim. The sales were confined to $7000, comprising $3000 at 113, $2000 at 114, $1000 at 114 and $1000 at 115. No sales of Silver were reported. Under the decline in gold at New York, American half dollars were unsettled and nominal at 104@105, against 105@106 yesterday. Mexican dollars continue to rule at 93@93 gold. Under the fluctuations in gold at New York, Sterling Exchange was unsettled, and quoted nominal at the close 6 10 cent lower, owing to the falling off in gold at New York from yesterday of c. The market was apparently without any movement, not a single transaction being reported. Owing to their being more in request francs were not as much affected by the fluctuations in gold, but nevertheless were quoted cent lower. No transactions were reported. At the close Sterling bills were quoted nominal at 5.47 for bill of lading and Al clear, and nominal for bank, and francs nominal at 4.65@4.63 for commercial and nominal for bank. There is scarcely any thing doing in New York sight. Rates are unchanged, and the banks continue to ship currency to meet their limited counter demand. The only sale reported was $15,000 private bankers' at per cent premium. Nothing was reported in Stocks. City Bonds are dull and weak, and quota- tions are nominal. Not a single transaction was reported. New State Consolidated Seven Per Cents showed more animation. The sales comprised $61,000, embracing $7000 at 53, $25,000 at 53, and $9000 and $20,000 at 53. At the close 53 was offered, but no further transactions were reported. Nothing was reported in City Scrip. It is still quoted nominal at 38@39. Metropolitan Police Warrants are quiet. No sales are reported. They are still quoted at 65@68. State Warrants are apparently without any movement. Issues of 1974 were still quoted at 40@45, 1873 and previous years, fundable, at 35@36, and de, not fundable, at -@29.

9. July 29, 1875 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, July 29, 1875

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Americans abroad, with their letters of credit. experiencing any trouble. H. L. M. Darlow, connsel for the suspended firm, says "The rumors that the failure will affect the Union Bank of London are entirely unfounded. as, also, the Barings." Rignor Navario, the Moxican Consul, in a depositor with Duncan, Sherman & Co. to the full amount of his private fortune, $60,000 or $70,000, and all the moneys belonging to the Consulate, but he doesn't seem afraid of loss. Droxel. Morgan & Co. say: *Duncan, Hherman & Co. have been largely engaged in cotton transactions, their London agent being Mr. Mitchen. of Collie & Co. Within four weeks cotton has failon 3 conts a pound. Supposing they had 25,000 bales in transit, their loss will be about $375,000-not enough to send them under: but we hear that they were largely interested in Mobile & Ohio, and Atlantic & Great Western, and slightly in Erie shares." The President of the Shoo and Leather Bank says: "There in no fear of the crash having any effect on the business of the city. It would affect Connecticut and Rhode Island especially, as he believed the paper of the house largely circulated in those States. In the Western States, also, many houses would more or less suffer." The agents here for the Union Bank of London-the Bank of New York-say there 18 no truth in the rubior of its suspension. the only ground therefor. being the fact that the cables announce that it refused to honor the drafts of Duncan, Sherman & Co. Mr. Fisk, of Fisk & Hatch, said that a careful Inquiry had been made among banks, who roported that not more than $100,000 at the outiside of Duncan, Sherman, & Co.'s bills are held 11 the city, Mr. Duer, President of the Bank of the State of New York, where the suspended firm kept their account, eaid big bank held Home $300,000 or $400,000 in securities of the firm, all of which was availablestock. Judge Shipman, the Assignee of Duncan, Sherman & Co., has been busy all day to-day with the clerks, making an examination of the books. The financial statement will not be ready for Home time. NEW YORK, July 28.-The Ecening Post says : "The losecs of Duncan, Sherman & Co. on cotton exceed $1,000,000. The Union Bank of London and Baring Bros. & Co. have both been guaranteed by Alexander Duncan. ABROAD. LONDON. Eng., July 23.-The suspension of Duncan, Sherman & Co. has no appreciable effect on the general market. LIVERPOOL, Eng., July 23.-Duncan, Sherman & Co.'s failure nas but little effect here. It is reported that their shipments of cotton will be well protected. LONDON, July 23.-A dispatch from Paris BATH the falluto of Duncau. Sherman & Co. spread consternation among Americans in that city. The Itothschilds gave notice early to-day that they would not honor the drafts of the firm. They even attempted to recover moneys which were paid to-day at their bouse here before it was aware of the failure. Their agent took a gentleman who refused to refund before Minister Washburne, who supported the latter in nie refusal. The fooling among Americans is very bitter.

10. July 30, 1875 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, July 30, 1875

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Drowned. Boston, July 29. Two boys, named Gould and Howe, 13 and 15 years of age, were drowned at Natick to-day, while bathing. Wm. Hall, aged 77 years, brother of the well known ship-builder, Samuel Hall, fell from the wharf at the foot of Border street, East Boston, pnd was drowned to-day. NEW YORK. The Duncan, Sherman & Co. Failure. New York, July 29. Wm. Butler Duncan gives the following explanation of the recent recorded real estate transfers: The bank building, he said, was sold to his father, Alexander Duncan, on June 6, 1868, for $300,000, subject to a mortgage of $200,000. On May 26, 1874, the property No. 13 Pine street, was sold to Alexander Duncan for $58,824.06, subject to a mortgage of $40,000. The consideration for both of these transfers was paid at the time in cash. The other deeds, etc., Mr. Duncan said, including the deed of the 14th street property now put on record, were long ago lodged with the agent of Alexander Duncan, to secure a certain credit granted to Duncan, Sherman & Co. by parties in London, under the guaranty of Alexander Duncan, for which the firm placed the deeds with the agent to be recorded at the pleasure of Alexander Duncan. In case the credit was not used, the agent was to return the deeds to Duncau, Sherman & Co. Under this credit a certain amount has been drawn, and the agent therefore recorded the security in accordance with Alexander Duncan's instructions. The other deeds made by members of the firm in previous years, a list of which has been published, cover old transactions in real estate which have no connection whatever with the present failure. Railroad Matters. On application of Receiver Jewett of the Erie railroad, Judge Donahue to-day granted an order empowering him to settle the suit of the Jefferson Car Co. to compel the payment of $10,500 per month for the use of rolling stock. The Judge permits the settlement on the following conditions: The Erie company to pay the car company $300,000 in twelve monthly instalments, also the costs of the suit, and to surrender the stock of the car company. The receiver is also allowed to cancel the contract between the Erie Co. and the National Stock Yard Co., the Erie Co. to purchase all the outstanding stock of the Stock Yard Co. in the hands of one Robinson, at the rate of $50,000 worth of first mortgage bonds of the Co. 3623 shares, and buying 1822 shares of stock of the Co., held by Mrs. James Fisk, Jr., for $5000 of first mortgage bonds of that Co. A contract is also to be completed with Robinson, whereby the Erie Co. is to obtain the property at 11th Avenue and 4th street, subject to a rent of $21,370, and paying one-fifth of the profits of the business to Robinson. The petition is on suits against Erie by the Farmers Loan and Trust Co., J. C. Bancroft Davis, and trustees of fifth mortgage. Trade Organization. New York, July 29. The German journeyman upholsterers, last evening revived their old trade organization in view of the better business prospects in the fall. Losses by the Failure. The Trenton banking company of Trenton, New York, which lost $100,000 by Jay Cooke & Co.'s failure, now loses $100,000 by the failure of Duncan, Sherman & Co. Personal. It now appears that District Attorney Nolan received between $75,000 and $100,000 from various steamship companies. Another Loser. It is rumored that Toole, the actor, who recently returned to England, loses $40,000 by the failure of Duncan, Sherman & Co.

11. July 31, 1875 Orangeburg News and Times Orangeburg, SC
Article from Orangeburg News and Times, July 31, 1875

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Duncan, Sherman & Co. -The great New York banking house of Dunean, Sherman & Co., has failed, with liabilities estimated at $6,000,000 while the assets, it is snid, will full far below this sum, The failure is attributed principally to the depression in cotton, the operations of the house having been very heavy in this staple. The house has also suffered largely from being involved with various railroad enterprises, old and new. When the failure was announced, the greatest excitement prevailed in New York, and the stock market was seriously affected, gold running up at one time to 161, and closing at 141. About three fifths of the debts of the house are held abroad. Much sympathy is felt for the firm, whose standing in the financial world has always been very high.

12. August 3, 1875 New-York Tribune New York, NY
Article from New-York Tribune, August 3, 1875

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The transactions at the Clearing-house for the past week compare as follows with those of the previous week: $361,304,383 46 Clearings for the week ending July 24 392,741,677 Clearings for the week ending July 31 18 620,976 71 Balances for the week ending July 24 23,134,913 08 Balances for the week ending July 31 The Manhattan Company have declared a dividend of 5 per cent, payable on and after the 10th inst. The Philadelphia stock market is steady : Pennsylvania 6s, third issue, 110; Philadelphia and Erie Railroad, 2118: Reading Railroad, 55; Pennsylvania Railroad, 5178; gold, 11278. The Railway World of Philadelphia treats of the failure of Dunean, Sherman & Co. and its probable effect upon the business interests of the country as follows: The details of this failure have been fully given in the daily papers, and it is vident that, like these lately reported in England, it is a result of past troubles and losses, and not in any sense belonging to the present time. except in its period of development. It is unfortunate, of course, that just at the dawning of more prosperous times such events should transpire to check the hopeful feeling and excite unwarranted alarm; but if, as we assume, this is one of the relies of the panic, It can have but a temporary effect. In point of fact It may be asserted with truth, that the struggles of such houses to bridge over the disasters of the panic and to maintain their standing, have been a potent cause, among others, of the prevalent uncertainty, distrust, and dullness. Duncan, Sherman & Co., it is true, have enjoyed good eredit np to the day of the failure, but while thus strong before the public, it has undoubtedly been known to many that the house had its "skeleton," and that its strength had been seriously impaired. Thus its condition must have created anxiety among those connected with it by pecuniary interests, and studiously as such matters are concealed, they affect sympathetically the movements of all who know or suspect weakness. If people are apprehensive of trouble, even hoping it may be averted. they will guide their operations with the caution inspired by danger in view, and unconsciously influence others to act tumidly and suspiciously. Under this impression, we alluded in our last to the failures in England and Canada as .. remnants of old trouble," and as events not inconsistent with expectations of improvement in business. We may add, that to acquire the proper condition of health in the business community to make our coming prosperity more real and more durable these developments are actually necessary. The wrecks of old disasters must be cleared away, that our progress may not be impeded by unseen, but no less perplexing obstacies, and these trembling. unsound concerns are perpetual sources of hesitation and alarm until they pass the chasta of loss in safety or come crashing to the ground. The latter is a disagrecable alternative, but it is better than suspense, which contributes to distrust and stagnation. Duncan, Sherman & Co. is an old and well-estabhsked house, and prior to 1857 was perhaps considered one of the strongest and best in the country, but there are many who will remember that in the pame of that year they were saved by the aid of George Peabody of London, who in turn was carried through the crisis by the assistance of the Bank of England at the

13. August 5, 1875 The Home Journal Winchester, TN
Article from The Home Journal, August 5, 1875

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The suspension of Dancan, had banking house many years the man of stood the & high Co., which in because the for estimation of the character of of public, both and its suprosed great wealth, its members naturally creates were d astonishment. surprised that at large at all and it The should public have suspended who were could not not wholly unwhy derstand unprepared the few persons for it the should event have occurred at of this particular time. the published card those and according to speak for the According firm, who are to authorized was to but what recently agents its real weakness as it was known discovered, it, say and as soon it was further aspartners, and that new capital, to pay every it was decided to certained sufficient to the by procared, them debt if demanded, not be to pursue was that to credit could the payment proper and course go open into to liquidation. them was The stop only other way of the firm, which was to pressed, abuse enough, the if properly millions of dollars good commanded business with the and conchance have to co. of tinue making again in profits into a sufficient solvent course, to put the house That the honorable instant dition. these circumstances, was to anybody to under n fords no surprise the firm knew the personal be c taken, ho men jealous members of Wherein their of they will honor be managed and good name. be in that they they did t. blamed will EO loosely that of their true to the fairs until after could not be 11 external o P point their not know where business the they help. they condition had from drifted those rescued per- on r is no to g sons that On the without There who are best intimation the qualified losses of speak the firm very recent warranted li of the tunes trary, the been subjected to of a years, were the subject of has inference date. is series series con- that I f beginning misfor house with during and unfortunate ending a with railroad misN complications, in cotton. c judged could transacti be shown that the the stress firm was of t If it into suspension by that its emp than by rebarrassmen the driven times- that rather were is caused to say, by both its the own condi- in intion of trade of judgment, and its W dividual errors connections would an to its railroad then there unlin transactions suspecting a community, vi be in the failures :ecting gr To de soundness spect reason for in cotton- business more speak general from more the Li same and for general not causes, the fault of and the Great times fir plainly, it is of the Atlantic New York, 80 hat the Erie, railroad Li bo Western, stocks Montreal and the are compa- not be Boston and of the sort, times m at ies, and others Nor can decline the in the in good responsible securities. for the on cotton, or er th Wall street, credited price Transactions eld of cotton. in it, Advances which, have to proved adopt to a errors term bad business, ou W et from of judgment should on and the not be part the of fault are those similar of who the m them, If there they, W V country made at large. for other failures, is not a fair special reasons ensue; but it of Danof vi down ri of nference an, course, Sherman that will the & Company reason suspension for shows the What- any to general of pc of other occur by are no all failures may of this suspension house or ver account The depositof of wealthy od gr susceptible losses ad a large on number calculation, all their eggs serious- into vie put be of col an rs y ne distressed basket, who never and by It who the also can failure had not others of one on der embarrassed 801 ma rs maller heir they bankers. are scale, to lose who will a on considerableravel- deposit. be credit part of 7 their an f what,they holding will the have letters be inconvenienced of troubles ed an e house troubled, the but kind which house, cause we he of had unaccepted hercantile d re not of suspensions. Loutstanding a The comparative bills, Ma sp del stimated 1 re small told, amount at from of £50,000 amount to distributed to £75,000. be corper ssuming the probably larger be buyers the et, it will a dozen to twenty one of these En mong from certainly no on ac will to be forced With the extenagain incorby night bills, of and his loss. the house to suspend were south the ma wit country de connections ive, ount and that it is the of estimated, larger fall part perhaps there. of the in There losses the ectly, will failures will sta the ay this be no it consequent is possible that are there assured, sio pri outh, The but banks here, which we can make It any is and e. ill lose nothing difference with them. to Europe, pro An can is ppreciable ossible here of it the is that understood debt the of we the losses have firm that seen is the held, within larger may sustained of use of 2 month art trouble, which losses by but incurred the side the and of failure the total It of here here make Co. look small. of cro abilities uncan, Sherman that & the Union were bank both da Fr understood Baring Bros. had scarcely any Au co protected. ondon and with The house stock exchange speculation inter- and st unnection was as free of the its regular or from hich is, and center there had been as if in shipping ha this St ain business manufacture.com therefore, and it of tton Properly understood, to be alarming, an filure ough ht not only by misrepresent to say he been are more ons. in be It made 18 due so to no the suspension house for sincere years of " hich here has has brought sympathy out and regret. fac firms par son xpressions are forty-one by American making better can imported yer ho There are getting " liquors rich and wine than made in Europe.

14. August 5, 1875 The Elk County Advocate Ridgway, PA
Article from The Elk County Advocate, August 5, 1875

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seven priests out of the country, on account of their inciting the Ultramentaue riots in San In the trial of the Mormons for Miguel the Mountain Meadow massacre, Ann Hoag testified that she was at the meeting held to receive the report of Lee in regard to the massacre, and that Brigham Young went into the meeting while Lee was explaining, Thomas P. Willis saw the property of the immigrants in wagons in front of the tithing-house. By an explosion of gas in the Pennsylvania gas coal company's works at Irwin's Station, one man was killed and six others badly burned. Part of a train on the Pacific road went through a bridge over the Mississippi at Brainerd, and four persons were killed and several wounded. Of the one hundred and sixty-two mills at Oldham, England, only six are running. Fifty mills have also been closed at Ashton, throwing eight thousand persons out of employment. Trouble is apprehended Tramps, after having eaten at the farm-house of & Mr. Hill at West Berlin, Vt., demanded money, but were driven away. They returned two days afterward and attempted to fire the premises, and the same afternoon four of them burst open a door and fired at Mrs. Hill, without injuring her. Neighbors went in pursuit The companies holding policies on the life of Jackson, the defaulting revenue officer of Louisville, Ky., had his body exhumed for post mortem examination, and found arsenic in his stomach Reports from Gloucester, Mass, state that the mackerel catch is very light and prices have advanced Prof. Janney, the government geologist, reports that he has discovered gold The in paying quantities in the Black Hills whole draft of the new Spanish constitution Conhas been aprroved by the committee siderable excitement was caused in financial circles in New York city on notico being given of the failure of Duncan, Sherman & Co., the bankers. The liabilities are estimated at 85, r 000,000, and the assets are unknown. The loss falls heaviest on country banks holding paper of the firm's, and on travelers holding letters of credit. The failure was caused by the shrinkage on railroad securities and cotton held by the firm.

15. August 6, 1875 The Findlay Jeffersonian Findlay, OH
Article from The Findlay Jeffersonian, August 6, 1875

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UR NEW YORK LETTER. ex-Financial Troubles-Ford-Reecher-Mirs -Trouble amount the Obscene rature-The Weather and Business. NEW YORK, August 4. 1875. THE GREAT FAILURES. dnesday last the great banking el of Duncan, Sherman & Co., el oldest and, supposed to be, sound1 the city, closed its doors probably er. Its liabilities are a long way to the millions, and its assets a down in the millions. Of vildest excitement prevailed; it pected-in fact, no house in ed States stood better or was ed safer. What was the matter ? Just what is the matter with ting houses that fail. Instead ining themselves to a legitimate busi they went heavily into stocks, not being heavy enough to : they undertook to corner all on in the world, and not being igh, went under. The failure II"M up sepsultion U yous p. has not been witnessed el the Jay Cooke smash. Old clerks Sunos 'uatu po kers, everybody, were rushing lly up and down the street, el besteged for balances, stocks n with a run, and for an hour or tw emed as though all Wall Street y. Finally the excitement #! 1011; discoversip SRM 1! No 11" Joiju = Jo 4 ires was announced that day, 1 slept tolerably well that the next day the Commercial - Company failed for a million if, and the exclument was renewed 11!48 S! !! What the upshot of it all will be ins to be seen. Shrewd men are g in sail and going as close reefed sible. Another weeding-out, such urred after Jay Cooke's failure, red, for the reason that since ry body has been doing business at ; but as money has been easy to / quantity of weak houses have e to conceal their weakness and To such, these heavy failures ke the Street are death. For the nt the strings are tightened, 't get the credit they need, and y go. Whether this is the beginnir such a season or not remains to "II But the failure that makes the : is that of J. B. Ford & Co., blishers of Beecher's books and of 100 THE CHRISTIAN UNION. " Ao d out a kind of vague promise to ne, insisting the while, that the ndal had nothing to do with the ables. All of which is bosh. ment the seandal was made sale of Beecher's books dropped lost nothing, and it has been growit rse since. The firm had an immen ount of money locked up in the ume of "The Life of Christ." and y couldn't get it out, down they Everybody connected with this had trouble except Beecher. serene as a May morning: his been raised to $100,000 per year; lowers accompany him to the droves; big ovations are being 1, and all sorts of pleasant things wered upon him. In the meantim 8. Tilton is about to open a boardin ise, and J. B. Ford & Co. fail. ard ought to come to the relief of them. He ought to buy all of oks that Ford & Co. have on I give them to Mrs. Tilton, who ibtless, dispose of them for ng. That would let them both out trouble he plunged them into. ness he won't do it. Speaking of 'NOJ'ILL 'SHN nething ought to be done for her. echer is innocent of course she is; all that the trial has ruined - has never a penny to bless h. and the scandal has barred in almost every employment she ed for. Theodore is even in she, for he had nothing before il, and now he has the enormous ses attending that to stagger be can't help her if he would. ms to me that Plymouth Chure uld stand by her in her trouble as by its pastor. The church is U шишом spp eats 04 I te support for herself and childre old not be a serious burden. JKVO DISTRICTION THE NI re is trouble of a very serious natur e ruling powers in Tammany uyor uodn JUM ap re the ex pugilist, nt present writin rly down. though faro John is rigorous effort to get up again. It this

16. August 7, 1875 The Dallas Daily Herald Dallas, TX
Article from The Dallas Daily Herald, August 7, 1875

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TELEGRAPHIC MIDNIGHT DISPATCHES. NEW YORK. Duncan, Sherman & Co.'s Letters of Credit to be Honored in London and Paris. NEW YORK, August 6.-Lanny & Marshall, dealers in builders and plumbers materials, 47 Warren street, have suspended. Liabilities said to exceed $140,000. James Henry and John Hale, cabin passengers on the steamer Kopstock, from Havre, have Leen arrested and in their possession was found among other things a lot of jewelry, some answering to the description of the family jewels stolen from Countess Dudley, in London, also a diamond scarf pin stolen from a New York lady in Paris. The O'Connell centenary was begun in this city this morning by the celebration in St. Stephen's church of a pontifical high mass by Bishop Corrigan, of Newark. A large number of elergy assisted, and a large congregation was present. Drexel, Morgan & Co. make the following announcement: "Having, at the request of Duncan, Sherman & Co. and Alexander Duncan, made arrangements for the protection of the letters of credit and circular notes, issued by the former on the Union bank of London, in the hands of travelers abroad, we hereby announce that the traveling credits and circular notes, accompanied by letters of presentation, issued by Duncan, Sherman & Co., on the Union bank of London, will be cashed or exchanged for new credits on presentation at the office of J.S. Morgan & Co., London, or Drexel, Hayes & Co., Paris, prior to November 1, 1875."

17. August 12, 1875 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, August 12, 1875

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Certain developments reported in connection with the failure of DUNCAN, SHERMAN & Co., seem to reflect discreditably upon the integrity of that firm. A runor, prevalent in New York yesterday, was industriously traced by THE TRIDUNE'S correspondent, who ascertained that "accommodation paper" to n large amount was drawn by their clerk and accepted and negotiated by DUNCAN, SHERMAN & Co. n short time previous to their suspension. These acceptances, purporting to be issued ontside of New York, and, it is said, manufactured to order by n confidential clerk, were disposed of among the city banks, where they are now held as claims upon the assets of the insolvent house. The bitten bankers, with the reticence common to their guild, refused yesterday to afford much information upon the subject, but enough WAS developed toindicato that these transactions of DUNCAN, SHERMAN & Co. were desperate expedients, to say the least, and of a character in some degree corresponding with that of the operation for which the COLLIE brothers in London recently suffered the rigors of the English law.

18. August 14, 1875 Essex County Herald Island Pond, Guildhall, VT
Article from Essex County Herald, August 14, 1875

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IN ADVANCE. NO. 33. DUNCAN, SHERMAN & CO. The Firm's Cotton Speculations and the Cause of their Heavy Losses. It has been an open secret, says the New York Sun, that Duncan, Sherman & Co. have been leading operators in the cotton market here and in the South, and in Liverpool. They have been represented on the floor of the New York exchange by Mr. John B. Kitcha gentleman somewhat cotton ing, Ericsson well hot-air known as the builder of the ship. Messrs. Duncan, Sherman & Co. have been regarded in the cotton exchange as the leaders of what is known as the bull party, although it is probable that the extent of their interest in cotton has been more or less exaggerated by the imagination or interest of other operators. This movement is understood to have begun early last autumn, not far from the first of September, and was encouraged, if not directly based upon, the reports of the agricultural bureau at Washington of the condition of the cotat the end of indicated a great ton report crop August. deterioration That the month of August, as the effect of the severe drought preduring the which cottonvailed in a large portion of during that of the total crop, upon growing timates region month. based Esthis ranged from 3,000,000 to bales; but the 3,250,000 report, damage be exag- from the drought proved to and the crop h bales-a falling off 3,850,000 gerated, amounted of to about about bales from the crop of the prethe deficit 300,000 vious year-but in good quantity by has been nearly or quite made an in the is of the year now about crop improvement quality. closing The f of the highest in grade that has been grown ; and, ever one therefore, in if cloth-producing capacity falls little, n a any, short of many yielding a better much n larger number of bales. The n quality is partly the effect of the drought, and the same influence caused the crop S r to mature early, while a frost brought the picking season to an early terminag u tion. The planters were in great need of and hurried Down to the 20th st ready to market. money, their of product Decemof consequently, the were h in excess of the year, largely ber last, previous The receipts discredit indeed, of any year. le thrown upon the short crop is a material decline in and, thus caused prices, views and is the latter part of were two cents a quotations in December pound current bees low those of the September previous. d began to fall by d middle of March prices the Then receipts off, advanced and of three cents a pound. Then the dull n state of trade, with the prospects of a b. good planting season, caused a downwhich d as fluctuations, until ward frequent movement, continued, the lowest with er point of the season was touched, with SS middling uplands quoted at fourteen and and to three-eighths cents, against sixteen cents last nfive-eighths September. bull e It is probable that the party n would have weathered the storm but for sthe action of the operatives in the cotton of mills of Lancashire and Massachusetts, to accept the to or of made necessary in refusing wages reduced by the rates very d. low prices of cotton goods, preferring, at rather, to accept a lockout. The action SS of the Lancashire operatives closed the d, outlet through which Liverpool expects. ed to obtain relief from the enormous y. stock which she is now carrying, with the ?? prospect of another large crop right upon its heels. by to The full effect of the failure of Dunre Sherman & Co. upon the cotton e market can, cannot be developed until some be se little time has passed. It cannot SS known positively how much cotton they ot are carrying, or whether arrangements d cannot be made to prevent any consider- is 10 able portion being sacrificed. Cotton no low, and money cheap, SO that any apve pearance of steadiness, in view of this an r, reverse, would probably stimulate 10 active speculation for a rise. d On the cotton exchange the failure al the banking firm was attended by an imn mediate feeling of panic. Their "long' be S, contracts and their shipments said to of either on hand or afloat gave the market the he great uncertainty, which resulted in decline of the staple from three-eighths to one-half cent. The market rallied, however, when it became known that the firm had not at the most exaggerated a estimate more than 20,000 bales, present n, and futures, and by the estimate of many ey had not 6,000 with which to influence se dthe market. This gave a firmer tone not to is the market, which, however, did but rally wholly from the first panic, p= to closed at lower rates than the opening price. sh Misapplied.

19. August 18, 1875 Pioche Daily Record Pioche, NV
Article from Pioche Daily Record, August 18, 1875

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Eastern Dispatches. NEW YORK, August 14.-Edwin Booth was probably fatally injured yesterday while driving in his phaeton, near his residence, at Coscob, Conn. His horse becoming frightened, ran away, the phaeton was demolished, and Mr. Pooth thrown to the ground with great violence, receiving internal injuries. Information of the sad accident was telegraphed by his wife to her father, Mr. McVicker, of Chicago. Mrs. Booth, mother of Edwin, and his son Joseph, were summoned from Long Branch. Booth was to have traveled through the South with Mr. Ford, of Baltimore, durthe coming Winter. Coscob is the point at which Charles M. Barras, the author of the Black Crook, was killed several years ago. An examination into the statement of the assignee of Duncan, Sherman & Co. shows a total amount of bills payable, nearly all of which is placed in hands unknown to Duncan, Sherman & Co., to be over $1,121,000, of which less than $100,000 are secured. Bills accepted by George Butler, to the amount of $65,000, are secured by lands in Texas. The whole of the acceptances of A. Burgess, amounting to $1,126,000, are insecure. Among the depositors prominently known is the British Consul, E. M. Archibald, who loses $10.610; J. S. Brand, of Broad street, $11,480; Hazen Kimball, of Hoboken, N.J., $61,365; H. J. Montague, the English actor, $13,440; Theo. Moss, Treasurer of Wallack's Theater, $10,509; N. Y. Central & Hudson River R.R., $14,817; Panama R. $11,301; David A. Wells, Conn., $1,668; Gov. Tilden, $1,364; City of Chicago,on water loan and coupon account, $16,310, and on city coupon account, $27,146; Richard Dooley, New Rochelle, $17,058; Mrs. E. E. Elmett, $1,713. First National Bank of San Francisco is a creditor for $41,333; Milwaukee National Bank. $2,506; St. Louis National Bank, $16,220; Trenton Banking, N. J., $133,366. The Bennington and Rutland Car Company loses $53,622. The loss of Sam Colville, theatrical agent, appears now to have been only $1,113. Mrs. Ella De Barry, actress, who is in Paris, loses $1,320. The liabilities of the firm are for bills payable, secured and unsecured, amounts due depositors, domestic and foreign correspondents, cashier's checks, certified checks, certificates of deposit, travelers credits and circular notes, reach the sum total of $4,916,013. The assets consist of cash on hand, $57,471; secureties, loans, bills receivable, bills discounted, open accounts, stocks and bonds, rents, bonds and mortgages, amounts due from foreign correspondents, real estate office, furniture and personal assets of individual members of the firm, making in all a total of $2,019,368. The statement shows a deficiency of $2,796,645. A discovery has been made that a warranty deed bearing date of October 11th, 1873, by which Archibald Baxter and wife, in consideration of $75,000, convey to the International Packing Company of New York a piece of property in Brooklyn, which was ACknowledged and recorded August 9th, 1875, or two days after the assignment was made by Archibald Baxter & Co. In relation to the affairs of the suspended firm of Turner Bros., bankers, at proper time and case, the assets could be made to equal and perhaps exceed theliabilities of the firm. The estimated inventory. including personal property, amounted to over one million six hundred thousand dollars; after allowing for a very liberal reduction, the amount to be received will be no less than nine hundred thousand or one million dollars, while the total indebtedness does not exceed $625,000. At the inauguration of the German statute at Detwald yesterday, the Emperor of Germany made a short address, in which he said this was one of the most affecting festivals he had ever witnessed, and be rejoiced in this monument inauguration, in a new era of happily united Germany, and if all would do their duty toward the beloved fatherland it would remain so forever. d CHICAGO, August 17.- The Rockford, Rock Island and St. Louis Railroad was sold under the hammer here yesterday. It brought $1,325,000. The Union Trust Company of New York held a claim against it for over a million. German bondholders were the purchasers. A Washington special says preparations for retirement of the fractional currency outstanding and substitution of silver therefor, is being pushed forward by the Treasury Department. To the accomplishment of this end over ten millions of five per cent. bonds have been

20. August 20, 1875 The Cambria Freeman Ebensburg, PA
Article from The Cambria Freeman, August 20, 1875

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JUDGE SHIPMAN, assignee of the well known banking house of Duncan, Shorman & Co., of New York, which recently suspended, has made a states ment of its liabilities and assets, as follows : Liabilities, $4,872,128,65 ; assets, $2,112,740,61. The creditors will receive between 30 and 40 per cent. on their claims, which is a much better showing than Jay Cooke & Co. were able to make. Nevertheless it is one of the most shameless swindles that has been perpetrated in these days of fancy and fraudulent banking.

21. September 14, 1875 Pioche Daily Record Pioche, NV
Article from Pioche Daily Record, September 14, 1875

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Eastern Dispatches. NEW YORK, Sept. 13.-The suspensi of Fred'k Schuchardt & Son,bankers drawers of sterling on London, and temporary effect on the Stock Exchar that in the Gold Room, but didn't the violent perturbation which follow Co. suspension of Duncan, Sherman sold At one time their bills on higher than those bankers ure ranked as prime. The cause of the 01 address 01 S! blow projects, which received a staggeri in the panic of 1873. and chardt is an old gentleman of integri sions to day there were generally of sympathy for him and members of the firm. W ASHINGTON, Sept. 13.-The Comm sioners of the Freedman's Bank say for authorized no person to represent or them in paying dividends. propose to dispense with all agents, office Mashington on morj &ud 10 the $600,000 required to pay per cent. there is on hand $515,000. SPRING Mass., Sept. of Joe Dwight, he supposed murdere SUAL Pested Supmary ase Colleration 18 Seareh port. is being made for Harvey PHILADELPHIA, Sept. 13.- Suit been commenced by Hembold against tors, Pennsylvania Hospital for insane S. derman Little, J. Gordon, Maxwell, cerned John Urian and others, Asylum. in his incarceration in Kirkbride NEW YORK, Sept. 12.-The Heral cable dispatch says Cattique, negro, Servia and all the country betwe fully and Montenegro, is in the ten thousand insurgents have Pleolie field. The towns of Priepol Turkish have been sacked and villages burned. The Tur had massacred the christian inhabitants Turkish taken refuge in the mountains, insurrection troops are demoralized and 11" uo Supweeds $1 wildest Montenegro is prepared for war and V previdis. S! JUM regarded as inevitable. CHICAGO, Sept. 13. - A Washingt has special says the Treasury Department the obtained its first conviction the whisky ring prosecutions. It Mo., case of a distiller at St. St. whose place was seized with guilty Louis seizures. The distiller the yesterday; the evidence is tive same as in all the other cases. ring. California efforts are making to crush SPRINGFIELD, Mass., Sept. & tended Sankey held three numerously Tuesday services at Northfield yesterd U no decide IIIAL they джен IBAIA of the campaign. B o BALTIMORE, Md., Sept. 13.-Abrah 3 charged Menthal was arrested here on Saturd ly left with larceny and having 0 stock Chicago after removing all eral from his store, amounting to 0 watches thousand dollars, with over 0 repairs. and other articles left there X tion and Menthal waived an 0 a will requisition. return to Chicago 11 in 0 NEW YORK, Sept. 13.-A London ness patch the says that at the opening of q were dealings in general mark sr usually characterized by dullness, S.1 change the case after the Stock has been closed for two 01 II bauy 88 quettions your estable successions at short are ns a rule in I changes interest, although no very TO bonds. are noted in U. S. Governm di 216 d Philadelphia, Sept. 13.-The 40 fast Railroad, mail train, by the Pennsylve OA this which left New York at h. phia morning arrived at West Phila un 10 Harrish 18 puu 01:2 TU "t) in louxe no "in a. 9A 1-81 das that -It of the fast limited mail eq left this Pennsylvania Railroad and connecti necting city at 5:20 this morning, 'I( ington with the train which left the the at 6 a. m. It took from this Su eq express distribution packages of daily III the qum gentlemen along the connected route and papers -0 papers. Me ½@2. NEW YORK, Sept. 13 -Money à SU. ASHINGTON, Sept. 13.-Attorney ett air the eral Pierrepont this morning telegrap 'JO form him Attorney at Jackson, Miss., to 'II' condition without delay of the un of affairs there: he also warded graphed to the Governor President Ames that he had

22. December 20, 1875 Gold Hill Daily News Gold Hill, NV
Article from Gold Hill Daily News, December 20, 1875

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EASTERN DISPATCHES. SPECIAL TO THE GOLD HILL DAILY NEWA DOMESTIC NEWS. Fire in Buffalo, N. Y. BUFFALO, Dec. 20.-The loss bay Saturday night's fire, which partially destryed the building occupied by the Buffalo Express,, is estimated at from $8,000 to $10,000, which is covered by insurance. Miscellannous. NEWARK, N. J., Dec. 20.-Capt. Allen, an extensive contractor and builder, died here last night after a brief illness. NEW YORK, Dec. 20.-The thermometer this morning indicates six degrees above zero. MANCHESTER, N. H., December 20. This morning is the coldest of the season. At sunrise the thermometer indicated 35 degrees below zero. Reports : from the northern part of the State say the thermometer ranges from 25 to 35 degrees below zero. Petition in Bankruptcy Filed by Duncan Sherman d Co.'s Creditors. NEW YORK, December 20.-Carter & Eaton, attorneys, have filed an involuntary bankruptcy suit against Duncan, Sherman & Co., signed by 205 creditors whose debts amount to two million two thousand dollars. The alleged nets of 1 bankruptcy were their failure to pay depositors, and forty days' suspension of commercial paper. Committees of the House-Names of Chairmen. NEW York, December 20.-A Washington special states that Speaker Kerr has announced the following Chairmen of Committees: On Ways and Means, Morrison; on Appropriations, Randall; on Banking and Currency, Cox; on Foreign Affairs, Swan: on Commerce, Heroford; Judiciary, Knott; Elections, Rara rie; Pacific Railroads, Lamar. Ungrounded Fears for the Nafety of n Steamship. ( NEW YORK, Dec. 20.-Oelrich & Co., agents of the steamships Mosel and Sallies, say they have no confidence in the 1 statement by Thommaston, that the explosive machine was on board the Sallier. Saturday they received a dispatch 1 from Southampton, where the Sallier arrived. She had no cargo when the explosion occurred, but afterward took that of the Mosel. There was great care taken in examining packages, and so far as the agents have been able to learn no : suspicious insurances have been effected on the cargo of the Mosel.

23. April 23, 1876 The New York Herald New York, NY
Article from The New York Herald, April 23, 1876

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DUNCAN, SHERMAN & CO. The adjourned first meeting of the creditors of the bankrupts, Duncan, Sherman & Co., was held yesterday, before Register Edgar Ketchum, at the Bennett Building, for the purpose of electing an assignee. So large was the attendance of creditors that the Register's office was found to be too small for its accommodation, and a large apartment on the first floor of the building was used for the place of meeting. Among the largest creditors represented were Baring Bros., of London; First National Bank, of San Francisco; Andrew Low, of Savannah; the National Bank, of St. Thomas; Thorne, Watson & Co.; Jesse F. Stader; Ware, Murphy & Co.; Hazen & Kimball, Hollis & Bacon, the National Bank of the State of New York, Daniel Mapes, E. J. Donnell, Josiah A. Horsey and the National Park Bank. About a dozen debts in addition to those already published in the HERALD were proved yesterday, which makes a total of about 150 claims filed, which aggregate about $2,500,000. When the election of an assignee was proceeded with it became evident that it was the universal wish of those present that Mr. Charles E. Strong, counsellor at law, of No. 68 Wall street, the receiver of the Atlantic Bank, should be elected to that office. The result was the unanimous choice of Mr. Strong for the assigneeship, on the nomination of Mr. Southmayd, of the firm of Evarts, Southmayd & Choate, who represented Baring Brothers, of London. The claim of Messrs. Stapfer & Strenli against Duncan, Sherman & Co., is $15,000, and not $150,000, a misprinted in yesterday's HERALD.

24. November 15, 1876 New-York Tribune New York, NY
Article from New-York Tribune, November 15, 1876

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DUNCAN, SHERMAN & CO.'S BANKRUPTCY. The case of Duncan, Sherman & Co. in bankrutey was continued yesterday before Register Ketcham. Ex-Judge Shipman, the receiver of Dancan, Sherman & Co., who had been subpenaed to produce certain, books, papers, and accounts, was present with his counsel. Joseph Laroque. Edward L. Brown, counsel for the creditors; claimed that the witness was not entitled to counsel in this proceeding, and was sustained by the Register. Ex-Judge Shipman stated that he could not produce all the papers, books, &c., called for. The summons had been received 80 late that he had had no time to get them together. Some of them. such as checks and the correspondence between William Butler Duncan, Dancan, Sherman & Co., and Chas. Walsch, had not been in his possession. in addition to this, he did not think that he was bound to produce the books, papers, and documents for general 11 spection. He thought that it was his duty as trustee to decline to produce them. He stated also that as the assignee of Dunean, Sherman & Co. he had the books and papers called for in his possession, except those already mentioned; he was under bonds of $500,000 for the execution of his trust; as such assignee he was involved. from no fault of his own, as plaint iff or defen ant in numerous litigations involving large sums of money; for that reason he declined to produce the books for the general inspection of anybody, and he further declined to answer any further questions on the proceedings unless he coald have the benefit of counsel to confer in relation thereto, and until certificate could be sent to the judge upon this question of right. The examination was then adjourned until Monday.