Duncan, Sherman & Company (New York, NY)

Episode Information

Episode UID
5275133290907
Episode Type
Suspension β†’ Closure
Bank Type
private
Bank ID
527513329 hash
Start Date
July 27, 1875
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
6db58f0cf9ce80d0

Response Measures

None

Description

Firm made a general assignment to Wm. D. Shipman and did not resume business.

Events (3)
1. July 27, 1875 Receivership
Newspaper Excerpt
made a general assignment to William 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; Ex-Judge Shipman appointed assignee/assignee Wm. Shipman named in multiple reports
Source
newspapers
2. July 27, 1875 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Losses from heavy cotton speculations and bad railroad/security investments rendered available assets inadequate, prompting suspension and 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 William D. Shipman
Source
newspapers
3. July 28, 1875 Run
Cause
Bank Specific Adverse Info
Cause Details
Depositors and others rushed after announcement of firm's failure/suspension amid reports of heavy losses in cotton and railroad securities
Measures
None specific; public statements and preparation of firm statement; banks and correspondents arranged protections for letters of credit
Newspaper Excerpt
Each moment, as the news secured wider circulation, brought fresh additions to the crowd... clerks and registers books...crowds around there
Source
newspapers

Newspaper Articles (23)
1. July 28, 1875 Evening Star Washington, DC
Article from Evening Star, July 28, 1875

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Article Text

TELEGRAMS TO THE STAR, THE FINANCIAL FLURRY DUNCAN, SHERMAN & CO. TWO MORE FAILURES TO-DAY. NEW YORK AND philadelphia. ENGLISH LABOR STRIKES. THOUSANDS OF MEN IDLE. DUNCAN, SHERMAN & co. What the Senior Member of the Firm Says. NEW YORK, July 28. Wm. Butler Duncan, senior member of Duncan, Sherman & Co., in an interview last night with a Herald reporter, said there was no truth in the report that about two or three months ago, anticipating what has happened, he went to Europe for the purpose of securing aid to negotiate new loans and extend the credit of the firm, nor was it true that he applied to Baring Bros., Brown & Bros., and other representative European banking firms, for assistance, and that such assistance was denied. Mr. Duncan also said that the Union Banking Company of London, which, it has been stated, would sustain a heavy loss by his failure, is not invo ved even to a farthing In answer to an inquiry as to whether THE FALL IN COTTON during the past three months had anything to do with the suspension, Duncan said:"All that will probably be made known by the proper authorities. I don't mean to keep back anything. Everything I have is at the service of all to whom I owe any debts. The statement of our firm will be rendered at the earliest possible moment. The public will not have to wait long." Regarding persons now abroad have DUNCAN, SHERMAN & 00.'S LETTERS OF CREDIT, Duncan said: "Assure all friends of such parties that every arrangement has already been made to prevent them from experiencing any trouble. They are all right; neither they nor their friends have any occasion to borrow trouble. They are in such a situation that they can move hither and whither precisely the same as if nothing had happened to us." Mr. Duncan was also asked if he could give any idea of the extent of his liabilities and assets. but he replied that he was at present utterly unable to do so, but that a statement would shortly be made public. Drexel. Morgan & Co. said to a Herald reporter: It has been known that Duncan, Sherman & Co have been largely engaged in cotton transactions, their agent in London being Mr. Kitchen, of Collie & Co., who placed all the cotton shipped by the firm, making his sales of cotton to arrive to spinners in England and on the continent. Within the last four weeks cotton has fallen about three cents per pound. Now, supposing that they had 25,000 bales in transitu, not a large amount for them, but a heavy amount for other firms, their loss would be about $375,000, certainly not enough to send them under, but we hear that they are also largely interested in Mobile and Ohio, Atlantic and Great Western, and slightly in Erie. It is stated that among the heaviest losers is the Mexican Consul at this port, whose individual and consulate funds were on deposit with the suspended firm. A Transfer of Property. NEW YORK, July 28.-On Monday last Mrs. Sarah M. G. Sherman, widow, and William Butler Duncan, of the firm of Duncan, Sherman & Co., made transfers of their real estate in this city to A. Duncan, amounting to $385,000. Duncan, Sherman & Co.'s Forthcoming Statement. NEW YORK, July 28.-The entire clerical force of Duncan, Sherman & Co. are preparing a statement, but it is not known when it will be ready. The clerks are under an injunction of secresy regarding affairs. Nowhere does there seem to be any impression that the failure will produce anything more than the monetary excitement which existed yesterday. What a Bank President Says. The President of the Bank of the State of New York, where the suspended firm kept their accounts, says that the suspension of the firm had caused him much surprise, as no intimation in any shape had been given to officers of the bank when they opened that suspension was contemplated. He thought he could say that his bank held some $300,000 or $400,000 securities of Duncan, Sherman & Co., all of which wasavailable stock. Gold Fluctuations To-day. NEW YORK. July 28.-Gold openedat113%, and is now (10.30 a. m.) 114%. The Effect in London and Liverpool. LONDON, July 28-The suspension of Duncan, Sherman & Co., of New York, has no appreciable effect on the general market here. LIVERPOOL, July 28.-Duncan, Sherman & Co.'s failure has but little effect here. It is reported that their shipments of cotton will be well protected. Another Failure. NEW YORK, July 28.-The Commercial Warehouse Company have failed-cause heavy advances on Cuban crops whichearly rains destroyed. The house also advanced largely on railroad securities which depreciated. Later-Itis reported that the liabilities of the Commercia warehouse comnanx.

2. July 28, 1875 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, July 28, 1875

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ALEXANDRIA, VIRGINIA. ESDAY, JULY 28. The announcement of the failure of Duncan, Sherman & Co., leading bankers of New York, was a great surprise, and has caused great excitement in monitary circles. The liabilities of the firm are estimated at $6,000,000, and the assets are believed to be much below that figure. The causes of the failure are attributed in the main to unfortunate cotton and railroad speculations. The business connections of the House were mostly with the West, and with Great Britain and the continent, foreign exchanges and letters of credit making up quite & large proportion of their transactions, and it is said that the losses will fall most upon corporations and others who are able to stand them. Three fifths of the debts of the firm are said to be held in Europe. The announcement of the failure had the effect of sending gold up from 113} to 116}, but it again declined, and subsequently was quoted as low as 1131. The failure caused great astonishment among bankers and business men generally, for considering the prostration of business, it was feared that this failure might be the forerunner of another panic, but there is no ground for such apprehension, though nothing is certain now a days, nor anything more uncertain than the stability of speculators.

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

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Article Text

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 thonΠΈΠ² 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 ΡˆΠ»Ρƒ 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.Ρƒ 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 ΡˆΠ»Ρƒ ag: spunj JO innome pesod NIT crippied os securitions at dn course AJUO eur adops 01 11 comptel 01 88 credit credited SI ΡˆΠ»Ρƒ 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,

4. July 28, 1875 Evening Star Washington, DC
Article from Evening Star, July 28, 1875

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FINANCIAL AND COMMERCIAL. Wall Street To-day. NEW YORK, July 28.-The Post's financial article says: The excitement which prevailed yesterday in all street has been succeeded by a quiet feeling, and now that the matter is better understood it is apparent that there is no reason for expecting other iniportant suspensions on account of that of Duncan, she "man & Co. Very little thatis new is known in regard to the affairs of that concern, and probar bly little more will be known until the appearato of a state ment which ex U. S, Judge Shipman, assignee, is preparing The losses on cotton undoubtedly had much to do with the suspension, it being understood that over $1,000,000 will be lost on the present holdings. In regard to the London correspondents of the firm, the Union Bank of London and Baring Bros. & Oo it is understood that both are protect and it is said that both had been guaranteed by Mr. Alexander Duncan, father of Mr. William Butler Duncan, a gentleman whose wealth is computed by millions sterling. Only moderately active business is doing at the stock and and gold exchanges to day, and there is an absence of excitement, although an effort was made to create a flurry bv reason of the stoppage of the Commercial Warehouse company. Securities are generally higher than yesterday. Gold opened at 113% advanced to 14%, declined to 14. and has since sold at 14/38/4. The changes in the premium have been influenced by foreign advices. These at first were to the effect that the English harvests were looking better, and gold advanced. Later came private advices to bankers reporting buoyant market in London for U. S. bonds, and gold declined. Of course the market is more sensitive than usual. On gold loans rates have been 1-32al-16a1 64 per day for use and "flat." Foreign exchange is nominally 487 and 490 for prime bankers' sterling, with 486%a487 and 48936490 as working rates. Government bonds are mgh r. In the money market, quotations for call loans are 3a4, and prime mercantile paper 3Β½5. Soon after the opening of business it was known that the Commercial Warehouse Company had stopped payments. This company began bu-inees May 1, 1867, with a capital of two millions: the stock owned mostly in Cuba. and the main business was advancing on sugars. Officers of the company PAY that the suspension was hastened by political disturbances in Cuba, although directly caused by advances on sugar; that the indebtedness of the company is held in Cuba, where said stock is held; that the company had no connections or relations with Duncan, Sherman & Co. Itscorrespondentsare in Havana and other points in Cubs. It has no European correspondents, nor any agencies in this country. The failure, therefore. has no significance as respects Duncan. Sherman & Co., and none outside the trade with Cuba. The liabilities were not furnished, the vice president saying that they were not accurately known as yet, The stock market opened 1/1/2 above yesterday's closing. and in the first half hour there was a decline of %al%. Since then there has been a full recovery on the whole list. and an advance to the nighest prices for some stocks. The volume of business has been about an average for the present dull season, but much less than yesterday.

5. July 28, 1875 New-York Tribune New York, NY
Article from New-York Tribune, July 28, 1875

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AN UNEXPECTED FAILURE. Continued from First Page. a little after 12 o'clock, and spread with the utmost rapidity through the hotels. The excitement at first was intense, and the bulletin boards were surrounded by anxious crowds eager to learn the contents of each fresh dispatch from Wall-st. In and about the corridors and piazzas of the United States and Grand Union Hotels, and Congress Hall were seen groups of railroad managers. bankers. brokers, politicians, and journalists busily discussing the great calamity. Regret was generally expressed even by those who suffered nothing directly by the failure, that a firm of such hitherto undoubted strength and integrity, and so large interests, should be compelled to suspend. To the majority of people not intimately acquainted with the the and outs of Wallst. the news of the failure was an immense surprise, and even August Belmont. who heard the tidings at the races, refused at first to give credence to the report. Commodore Vanderbilt, Isaae Sherman, Chester C. Chapin, and others largely interested in banking and stocks, who were busily discussing the failure at the United States Hotel, shook their heads wisely and said that the suspension would not have taken them greatly by surprise bad It happened any time within the past year. Commodore Vanderbilt said that for some time ho had regarded the house as "shaky," and had taken his account away from it more than a year ago. The gentlemen mentioned did not think that many houses would suffer severely from the failure. What enrbarrassment resulted from relations with the firm, they thought, had been pretty equally spread over the last two years, and as far as houses connected with it were concerned, the shock, which in the general course of events should have followed to-day's announcement, had in fact preceded the formal assignment. It is the general opinion among guests at the hotels that the principal sufferers from the failure will prove to be Americans who are travellag in Europe, very many of whom have had such confidence in Duncan, Sherman & Co. that they procured credit through that firm when the disastrous results of the Jay Cooke failure had made them wary of even the best houses. Many of the POjourners at the Springs have members of their families or near friends who are making the tour of England and the Continent. The distressing aspect of the failure, as affecting these persons, was enough to dispel all Idle gossip among the ladies, who showed even more anxiety in their countenances than the men. One hears on all sides expressions of deep regret and sympathy for Duncan, Sherman & Co., and those best qualified to know ascribe the ture to old losses arising from disastrous railway enterprises, such as the Mobile and Ohio Compuny, in which the firm was largely interested, and to recent losses on heavy cotton transactions. The failure is also regarded by some as an echo of the panic of 1873. Early in the afternoon a good many long faces were seen at the Grand Union Hotel, but 28 dispatch on dispatch arrived showing no very startling depression of stocks, the feeling of excitement was diminished. and each new fregment of news, hearsay, and of private confessions of previous suspicions, were diseussed quietly. J. Seligman of Seligman Brothers, A. A. Selover, and Charles Harney, together with several other persons interested in Wall-st. transactions, departed for New-York in the afternoon train. The news became known on the race-course between 12 and 1 o'clock, and created momentary excitement and much surprise. As the failure did not affect the odds on favorites, few people left the course for the hotels before the races were over for the day.

6. July 29, 1875 Ellsworth American Ellsworth, ME
Article from Ellsworth American, July 29, 1875

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NEW YORK, July 27. Duncan, Sherman & Co. suspended this morning, causing great excitement. ASSIGNMENT. The following announcement is just made by the firm: "A careful examination of our business and affairs show us most unexpectedly that through losses and misfortunes 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. if we continued business, to hazard new obligations and recelve new confidences. which we were unwilling to assume. For the protection of all our creditors, without distinction or preference, we have this day made a general assignment to William 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. (Signed,) DUNCAN, SHERMAN & Co. OFFER OF ONE MILLION. It is stated that only a day or two ago. Dunean. Sherman & Co. were offered one million dollars for four months for 4 per cent. on its own paper, while their bills in London sold within 1-4 per cent. of the very best in the market. A multiplicity of causes led to the suspension. The firm lost heavily through the extensive speculations in cotton, losses by breach of confidence. and the bad debts of agents and others during the past two years. LIABILITIES $5,000,000 TO $6,000,000. Their liabilities are estimated outside at five or six millions of dollars, and are scattered throughout the United States and Europe. The firm has always done a large business in Letters of Credit. and unless these are protected many Americans travelling in Europe will be embarrassed. The firm. or at least some of its members. have been prominently identified with unfortunate railway enterprises, such as Erie, Atlantic and Great Western. and others of a similar character. As to the assets of the concern no estimate can be made at present.

7. 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.

8. 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.

9. July 30, 1875 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, July 30, 1875

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BY TELEGRAPH. DUNCAN, SHERMAN & CO. MORE ABOUT THE GREAT FAILURE. NEW YORK, July 29.-The Trenton Banking Company, of Trenton, N. J., which lost $150,000 by Jay Cooke, lose $100,000 by Duncan, Sherman & Co. The Tribune says a responsible officer of one of the largest banks in the city stated to a reporter yesterdav that Duncan, Sherman & Co. had nearly $700,000 tied up in securities of the Mobile and Ohio Railroad Company, of which Dunean was the president and the firm the fiscal agents, and a small amount in the Selma and Gulf railroad-an incomplete scheme, adopted. after the panic of 1873. It was understood also, says the Tribune, that in one of their settlements Duncan, Sherman & Co. had been obliged to take $300,000 in Alabama State bonds, which are now quoted at thirty-five cents in the dollar. HEAVY REAL ESTATE TRANSFERS. It appears that transfers of real estate have been recorded at the Register's office this week on the part of William Butler Duncan and other members of the suspended firm to the amount of $1,250,000. The deeds just recorded date from 1868 to 1874. The name of the grantee is freshly inserted in a different handwriting from the body of the deed. THE LETTERS OF CREDIT. Judge Shipman, the assignee of Duncan, Sherman & Co., states that he knows nothing of the arrangements made for circular-notes in the hands of travellers issued by the house. PARIS, July 29.-Many letters have been received here from Americans in various parts of the Continent holding letters of credit issued by Duncan. Sherman & Co., which have been disbonored, inquiring about them. It was rumored here to-day that the English and American bankers would accept Duncan, Sherman & Co.'s circular-notes. There was much disappointment when the report was found to be untrue.

10. 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.

11. July 31, 1875 The Free Citizen Orangeburg, SC
Article from The Free Citizen, July 31, 1875

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month. If this weather continues much longer there will be a general stampede for the North. -The most. disastrous fire which has occured in Charleston since the memorable conflagration of 186', orcurred last Saturday. Loss estimalett at $200.000. The fire began in the grocery of Mr. Henry C. Everhardt. Origin not known. The final game of the series hetween the Oranges of this place and the Crescents of Bamberg, was won by the latter last Tuesday. Our hoys have been unfortunate as several of the first nine were prevented by sickness from taking part in the game, We understand that only four of the first nine played in this game. -Duncan, Sherman & Co., one of the largest banking firms of New York has failed. The outlock is very ominous of :4 financial parie this falls Those who have much of the root of all evil should husband it with great care. A financial drougth will folLaw that which 18 new ruining the crops. -Monday is expected to be great any 10 Orangeourg. and we trust the will be sig nized by no exhibitions of lawlessness. Our city au thorities should take measures to have an Meient police force On duty : but we are sure the best thing that could be done would be to close all the barrooms. L ! the love of peace and order triumph over any desire for gate at their expense. --On evening, Mr. John Goodwin, a respected citizen, about 38 years of age, Living about fifteen miles from Branchville on the Walterboro' road, was struck by lightning and almost instantly killed. Mr. Goodwin was standing in his yard under a shed, and his wife standing about ten feet from him when he was struck. She was stuneed, but soon recovered, only to find ner husbands clothing on fire and he in a dying condition. She-exinguished the fi + and called to aid, they being the only (CHB (#) the plece, but their neighbors living close soon came. Dr. B. Black was.immadiately St lit for, but he could render no as-istance -The communication of Hon. A. J R ansier me commend 10 the thoughtful perusal of our readerit WITH received at 80 late an hour that we are unable to comment upon it as freely as we would like Mr. Ransier takes truly sensible view .f the situation. ignoring like

12. August 3, 1875 The Van Buren Press Van Buren, AR
Article from The Van Buren Press, August 3, 1875

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Failure of Duncan, Sherman & Co. for $6,000,000. In the financial column of the New York Evening Post, we find the following particulars of the failure of this old and heretofore high-standing firm : 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 their doors and suspended payment. A clap of thunder in a clear sky could Hot 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. His bills all London sold yesterday close on to those of the fair to prime names. As a man of honor. however. he took the honorable course and stopped while he had something to divide, refusing new business. He endeavored to get new capital enough to pay every demand which could possibly be made on him. but failing in that. he wisely concluded to suspend. The greatest excitement prevailed in the lower part of the city as the rumor of the suspension began to be circulated. It was at first hardly believed. as no suspicion of the weakness of the house had been entertained. The truth however was soon made apparent by the closing of the iron doors of the great stone building of Nassau street. Their liabilities are understood to be between five and six million dollars. Mr. Duncan returned from Europe about two weeks ago. and has since been making a careful examination of the assets, and finds that they are larely inadequate. He resolved to endeavor to get new cash capital. and having failed to do so, determined it was best to suspend and make a general assignment for the benefit of all the creditors, the assignee being ex-United States Judge Wm. Shipman. The indebtedness is distributed all over this country and Europe;a considerable amount being in the form of letters of credit held by travelers. The house was founded in 1850. by Alex. Duncan. Watts Sherman and William Butler Duncan. the latter the head of the present house. The present firm has been in operation about ten Great is exWm. B. of the house pressed Duncan. for the The years. firm. credit and particularly sympathy was for good up to the hour of suspension. and had Mr Duncan chosen to avail himself of this his house need not have suspended. The principal correspondents abroad were the Union Bank of London and Biring Bros Their bankers here were the Bank of the State of New York. which it is understood is fully proteeted A private cable dispatch announces the failure of the Union bank. of London, the largest joint banking firm in that city and the one with which Dunean. Sherman & Co. transacted a large portion of their foreign business.

13. 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

14. August 4, 1875 The Morristown Gazette Morristown, TN
Article from The Morristown Gazette, August 4, 1875

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The suspension of Messrs. Duncan, Sherman & Co., bankers of New York, is announced by telegraph. Their liabilities are said to range between $5,000,000 and $6,000,000, with an indifferent amount of assets. The house was regarded throughout the South as very strong. and in New York its reputation was that of a conservative and safe firm. The failure produced great excitement in New York, and measurably so throughout the country, coming. as it does, at a time when industry is languishing, and financial matters of all kinds in a state of uncertainty.

15. 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 Β£50,000 amount to distributed to Β£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.

16. 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.

17. August 6, 1875 The Interior Journal Stanford, KY
Article from The Interior Journal, August 6, 1875

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General Brevities. Miss Seelye, M. D., died June 9, at Omussoorie, Northern India. She was a daughter of Dr. Seelye, of Cleveland. She was conneeted with the Woman's Union African Mission, in Calcutta. Miss Seelye was ou her vacation trip, and died of typhoid fever. Duncan, Sherman & Co., the New York bankers, have failed. Liabilities, six million dollars. The news created a panie on Wall street, and gold took a leap to 116% but soon fell to 114. Mrs. Celia Burleigh, the well-known woman suffrage agitator, is dead. A hard money convention is to be held at Cincinnati on the 25th of October. Delegates from all States are expected to be present. The English capitalists who have been examining the line of the Kansas City and Keokuk Railroad are well satisfied with the looks of things. It is understood these capitalists will at once put up funds for the completion of the road. Kansas City will thus have another eastern outlet, which will give her, including the Chicago, Rock Island and Pacific, fourteen lines running their ow n trains into the city. The Commercial Warehouse Company, New

18. 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

19. 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."

20. 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.

21. 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.

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

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government river, ten thousand logs drifted into the St. Lawrence A man named Johnson, with his wife and five children in a wagon, drove into the Coosawhatchie river, in Gordon county, Ga., and getting into deep water, the wagonbox floated off. All the children were drowned. The steamer The man and his wife escaped Severn, recently towed into St. John, N. F., by the steamer Caspian, has been libeled for A disastrous drought $145,000 salvage prevails in Portugal; the crops are destroyed, cattle are dying of hunger, famine is threatened and riots are imminent The bishop and priests connected with the San Miguel (Salvador) riots have been sent out of the country by the authorities. It has been dis covered that similar outbreaks were arranged for different parts of the country, to take place in the name of religion. The great banking-house of Duncan, Sher man & Co., of New York city, has suspended and been placed in the hands of an assignee. The liabilities are between five and six millions, and the assets are unknown. The failure is due to the depreciation of value of stocks and cotton which the firm held. The loss is said to fall principally upon country banks holding the firm's paper, and American travelers in Yellow Europe upon their letters of credit fever is raging among the garrison and serProf. Janvants at Fort Barrancas, Fla ney, of the government expedition to the Black Hills, has written to the authorities at Washington that he has found gold in paying quantities near sufficient water. He says that no matter how valuable the mines, the principal wealth of the bills lies in its grass lands, farms and timber. The authorities are resolved to keep out all unprivileged persons until the negotiations now pending are consummated. The Centennial building committee make an appeal for funds For some time government detectives have been on the lookout for

23. 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.