Government securities are quoted in New York to-day as follows: Sold. Offered. Bid. 81 Bonds 12/% 62' Bonds 116 64 Bonds 116% 65 Bonds 119% 65 New Bonds. .... 118% 67 Bonds .... 1101/4 68 Bends 120% 10-40 117% New 5s 114% Cy. 6s. 122 The stock market is excited and panicky today, owing to the failure of the large banking tirm of Duncan, Sherman & Co., in New York. There has been a general. decline in the stock market. The following 18 the 1:30 A M. report of New York Stock Market, as received by Lea, Sterrett & Co., 28 West Third Street: Suld. Offered st Bid
2.July 28, 1875Alexandria GazetteAlexandria, VA
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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, 1875The New York HeraldNew York, NY
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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 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 ΡΠ»Ρ 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 Ρ.Ρ 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 ΡΠ»Ρ ag: spunj JO innome pesod NIT crippied os securitions at dn course AJUO eur adops 01 11 comptel 01 88 credit credited SI ΡΠ»Ρ 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 29, 1875Evening StarWashington, DC
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# An Unfortunate Banking Company.
NEW YORK, July 29.-A morning paper says the Trenton Banking company, of Trenton, N. J., which lost $160,000 by Jay Cooke's failure, loses $100,000 by the suspension of Duncan, Sherman & Co.
5.July 29, 1875The Valley VirginianClifton Forge, Staunton, VA
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The great Banking House of Duncan, Sherman & Co., New York, has suspended. The announcement created profound astonishment in Wall street.
6.July 29, 1875The New York HeraldNew York, NY
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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
WHEELING will not loose anything by the suspension of Duncan, Sherman & Co., the New York bankers.
8.July 29, 1875The Kenosha TelegraphKenosha, WI
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The Banking House of Duncan, Sherman & Co. New York, has suspended, which was the occasion of great excitement in Wall Street.
9.July 30, 1875Staunton VindicatorStaunton, VA
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HEAVY FAILURES AT THE NORTH.The great banking firm of Duncan, Sher. man & Co., of New York, failed, Tuesday, for $6,000,000.- The Commercial Warehouse Co., of the same city, failed next day for $1,500,000, and the sugar firm of John Macon & Co., of Philadelphia, failed the same day for $200,000. It does not seem to be decided what is the cause of the firstnamed great failure, some attributing it to overdoing the cotton business. Fortunately the country has gotten SO near to the bottom that there can't very well be a general panic again.
10.July 31, 1875The Iola RegisterIola, KS
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that section of country. THE announcement of the suspension of the banking house of Duncan, Shearman & Co. of New York City last Tuesday morning caused intense excitement on Wall street. The cause of the suspension is not definitely known, but it is reported that their losses extend over a period of several years, the heaviest loss having been in cotton. The liabilities of the house are given at inside of six millions of dollars. The firm made a general assignment to W. D. Shipman.
11.July 31, 1875The Star of PascagoulaPascagoula, Moss Point, MS
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The telrgraph announces the suspension of the banking house of Dun can. Sherman & Co., of New York. Mt. Duncan is the new president of the Mobile and Ohio railroad coms pany.
12.July 31, 1875The Canton MailCanton, MS
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The large banking house of Duncan, Sherman & Co., of New York has suspended, "liabilities, five millions. -
13.July 31, 1875Orangeburg News and TimesOrangeburg, SC
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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.
14.August 5, 1875The Stark County DemocratCanton, OH
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DUNCAN, SHERMAN & CO. The failure of the great banking house in New York of Duncan, Sherman & Co reminds us of the failure of Jay Cooke & Co., now near two years ago The latter failure startled the whole country and brought on a financial panic and stagnation, from, which the country has not yet recovered. In 1873, shortly before the Jay Cooke failure, Senator Morton, of Indiana, made a speech in Athens county in this State, the centre of the iron manufacturing, and claimed great credit to his party for the happy condition and prosperity of the country, both during and since the war. He stated that it was by the judicious and correct administration of public affairs that general depression in business and industries could and should be avoided. In a short time after this came the Jay Cooke & Co. failure, but not till after Senator Thurman had effectually answered and demolished the arguments and sophistries of Senator Morton. All remember the panic and general depression following the failure of Jay Cooke & Co and the effect it had upon the elections in Ohio and elsewhere. What effect the great failure of Duncan, Sherman & Co. and other failures since may have upon the elections this year, remains to be seen. The party in power must and will be held responsible for these calamities. The increased and lavish expenditures of the government, the general corruption pervading all branches thereof, the fact that no effort towards reform is manifest, all these, and more, cause thinking people to desire a change of administration. It is only a question of time. The late failures of large banking and business houses give evidence of no change yet for the better in our financial affairs.
15.August 5, 1875Wood County ReporterWisconsin Rapids, WI
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THE OLD banking house of Duncan, Sherman & Co., of New York, suspended on Tuesday of last week. Up to the hour of suspension the standing of the House was A.1.in Wall St.,
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 ΡΠΈΡΠΎΠΌ 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
17.August 6, 1875Wilmington JournalWilmington, NC
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NEW STEAMSHIP LINE. New York, July 31.-A - report is circuiated that several thousand people are heavy losers by the failure of Duncan, Sherman & Co., and without representation in many instances; and letters have been received from Juo. L. Raymond, John Brougham and William Wheatley, claiming that they are losers. Schmail & Fraweilter, extensive lager beer brewers at Marion, N. J., failed for about seventy-five thousand dollars. . C. Hellen and H. S. Bogert, two bankers who were short of stocks on account of Duncan, Sherman & Co's failure, and failed to cover in time, suspended yerday. NEW York, July 30.-Mr. - Duncan stated yesterday that at least fivesixth of the letters of credit held against the firm has been received. It IS asserted that Theodore Mass had $60,000 with the firm, and Henderson it Colville had $30,000, and William Wheating had a very large sum. J. S. Toate holds their paper which he bought a fortnight ago to the extent of thirty thousand dollars. H. J. Montague deposited with them his earnings here, and John Braugham had almost his entire fortune in this house. John L. Raymond and W. L. Florence both bad letters of credit from the firm, as well as many other professionalists abroad. The convention of Catholics on total abstenance of the Union of America waited upon the Papal Abligate, and Roucetti, this morning, and presented him with an address containing protestations of the devotion and tone to be conveyed to the Pope. The address was adopted as a meeting of the Con vention, held at Chicago on the 24th of December, 1874. A Latin address to the Pope, from the Clergy of the Diocese, will be presented to the Papal Abligate this evening, and the Papal Theligation will sail for England tomorrow, The establishment of a first class line of steamships between this city and Havre, to sail under American colors is contemplated. Several influential merchants connected with the steamship business, are at work organizing the line.
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."
19.August 12, 1875Chicago Daily TribuneChicago, IL
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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.
20.August 20, 1875The Cambria FreemanEbensburg, PA
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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.
Just the difference between irredeemable currency and a specie basis in times of trouble is illustrated by the following extract from the San Francisco Bulletin : "One thing has been established in the financial flurry through which California has just passed. That is the supreme advantage of hard money over a greenback currency. The instant the failure of Duncan, Sherman, & Co. was announced in New York the effects of the news was at once felt, not only in purely monetary circles, but throughout the entire business community. Gold advanced, or, more correctly, greenbacks depreciated. Every importer and business man felt the shock. Wheat fluctuated from five to fifty cents per bushel, and as custom duties are payable in gold, imported goods were subjected to like fluctuations, but the farmers of the wheat growing States of the West were the greatest sufferers. They had sent their wheat to market, and a decrease in the price from ten to fitteen cents per bushel necessarily interfered with their profits upon the work of their farms for the year. In California, on the contrary, the financial pressure has scarcely been felt outside of the radius of those doing business directly with the suspended bank. Farmers have not been subjected to ruinous fluctuations in the quotations of their products. If in California we had been doing business with greenbacks instead of gold the suspension of the Bank of California would have been a serious blow to business interests, from the fluctuations in all our State products, notwithstanding our general healthy and prosperous condition.
22.October 19, 1875New-York TribuneNew York, NY
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THE SUIT AGAINST DUNCAN, SHERMAN & CO. The motion to discharge the orders of arrest against the members of the firm of Duncan, Sherman & Co., the suit of Washington A. Roebling and others, was arain before Judge Lawrence, in Supreme Court, Chambers. yesterday. Counsel for plaintiffs again insist il on the right to obtain testimony from England, and asked further time. Mr. Larocque denounced the proceeding 10 strong language, and alleged that the firm had, at the time of drawing the draft in suit, Β£115,000 with the Union Bank of London, and still had $50,000 now in suit by the firm's receiver. Judge Lawrence adjourned the matter to to-day.
23.December 20, 1875Alexandria GazetteAlexandria, VA
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Duncan, Sherman, d Co. NEW YORK, Dec. 20.-Duocan, Sherman & Co., were adjudicated involuntary bankrupts on Saturday on a petition filed by Carter & Eaton, attorneys, and signed by over two hun dred creditors, whose claims aggregate $2,168,000. The acts of bankruptcy were forty days suspension of commercial paper and failure to pay a depositor.
24.December 21, 1875The Daily DispatchRichmond, VA
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Duncan, Sherman & Co. NEW YORK, December 20.-Dancan, Sherman & Co. were adjudicated in voluntary bankrupts on Saturday. Baring Brothers & Co., the English bankers, are among the creditors who petitioned for the adjudication. The effect of the proceeding will be to enjoin the numerous suits that have been brought against the suspended firm in the State courts.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
