The New York Herald Newspaper, July 29, 1875, Page 3

| | " when a statement of the a(fairs of the firm woula Leen EEE HINANCTAL TROUBLES Wall Street and the Ex- change Quiet. A PANIC AVERTED. Duncan, Sherman & Co.’s Statement Not Yet Ready. GOLD DECLINING---STOCKS ADVANCING, Suspension of the Commercial Warehouse Company. CAUSES OF THE FAILURE. ‘The excitement which prevailed on Tuesday on she announcement of the allure of Duncan, Sher- man & Co, apyeared yesterday to have entirely wubsided. There were no crowds around ther banking house, and, in fact, juaging from outside Qppearances other than the semi-closed windows, Bo One would have supposed that one of the most eredited banking firms had failed. On “the street” the fatlure was treated as a thing of the past, only %o be referred to as @ part of the bygone history ef the commercial! world. Whether it was among bankers, brokers or merchants, there was but one opinion expressed, and that was to the effect tnat the suspension had already been felt to its fullest degree and that no further complications would @rise to flnancial houses of any standing. The general impression in regard to the smaller genera was that the possible consequences had been exaggerated on the first advices, but that mow no further apprehensions were felt, One promineut broker said yesterday, ‘1 guess we Rave now touched bottom, aud a@ healthier tone will begin to pervade, the daily transactions.” There was naturally some anxiety in financtal cireles previous to the opening of the market, whether the failure of Duncan, Sherman & Co. Would cause another brepk in tne lists or the sud- den collapse of certain other firms. But When the time arrived, and the first call was made in the Stock Exchange, ana passed over with a steady demand at slightly advanced rates from the closing prices of the day before and without any embarrassments being brought to light, there was a general feeling of rellel, and operators on every side began to ex- hibit a more confident manner and tone. + As the day progressed stocks gradually ad- Yanced, while gold, the sure and certain indicator eof the financial pulse, steadily declinea, as will be ween bya reference to the lists published else- ‘where. A rumor was eirculated in the forenoon that the National Steamship Company were heavy losers | by the stoppage of Duncan, Sherman & Co., out | ‘without any foundation whatever. An unfounded yumor also prevatiéd in regard to the Panama Railroad Company, whichis also referred to else- where. The general sympathy for the firm which found expression on the first announcement of their suspension was again manifested yesterday, and notwithstanding the fact that no decided state- ment of the assets or ltabilities was fotthcoming, every one stated bis iull and entire confidence | in the integrity of the house, while at the same ume, without Knowing the facts, they thought that they should still have gone on in the regular way of business and have accepted the numerous offers of assistance which, it is confidently as- serted, were made to them during Monday and on Tuesday morning last.. The impression seems to be that in the end it will be found that the deficit ‘Will be extremely small, although this is undoubt- edly the merest conjecture, for po inkling has transpired from any reliable source on which ealculation can be based, The fatiure of the Commercial Warehouse Com- pany was announced early in the forenoon, but It served only to furnish comment for afew min- ‘utes, No one appeared to consider the matter as ef suficient importance for any extended com- ment, The failure exercised no effect whatever upon the market or in financtal circles, tor tue reason that it was @ concern in which but few Rad any confidence besides those immediately interested. The capital of the corporation was $2,000,000 and the liabilities are estimated at $1,750,000, ‘This failure had nothing to do with that of Messrs, Duncan, Sherman & Co, nor was it immediately connected with business matters here, the con- cern having no agencies In this country or in Bu- Fope. Its business was chiefly with Cuba, where it had made large advances on the sugar crops, which have been damaged by early rains. lt was reported, also, ‘nat the concern had made advances on railroad securities which were not available. The water meter scheme of Tweed and the Tammany Ring ‘Was mentioned in connection with the failure, it being rumored that heavy loans had been made on this account, The officers of the Commercial | Warebouse Company 2re :—/’aul 8. Armour, Presi- @ent; Jose F. Nayarro, Vice President, and James Giure, Secretary. The failard of this corporation bad no indvence gn the markets, * ON THE STREET. At the opening hour on ’Obange yesterday there was considerable nervousness as to what the effect of Duncan, Sherman & Co,’s failare would be among the small houses, A review of the situation showed that many of the prominent bankers expected a fewsmail houses to go down at the settling hour of the Stock Exchange. Passing through the street, Oe atthe Prominent banking firms, the HERALD reporter became convinced that the results of the failure had been discounted and that no more failures | would be announced on the Stock Exchange until the last Gays of the week. Gold opened at 11334 as ten A. LL, reached 1145 at half-past ten A. M., Gropped to 114% at haif-past eleven, fell to 114% at noon, 113% at half-past twelve Py M., 113% at two P. M. ana closed at 113%. The settling hour being at a quarter pi two o’clock P, M., when all contracts must be made good, shows the puise of the market. If any failures were anticipated gold would advance, As it slowly and quietiy fell off a | fecling of confidence was exhibited. It then be- came manifest that no failures would be an- pounced nor any stocks sold under the rule. DUNCAN, SHERMAN & CO.’S BANKING HOUSE. Early yesterday moraing the tron deor on the Nassau street front of the banking house of Dun- can, Sherman & Co. was opened to the pubiic. Among the first’ visitors was a young German lady, who had for years kept her account with the firm, She entered the banking room evidently under greatexcitement, Holding ber bank book in her hand she approached the paying teller and ked for her money. When told that the firm id suspended she burst Into tears, Suppressing her emotion she passed to the door of the private oMice and sent in her name. As her bank book Was open her balance was shown as $173, At thi o’clock P, M. she was si still sttting tn her chair, her face radiaut with smiles. Tne firm had tol® her that she should have her meney be- fore five o’ciock, Sbe got it, and went on her Way rejoiciug. A SCENE IN THR OFFICE. Passing into the office of the late firm, our re- porter met several well known bankers, who were in busy conversation with Mr. Wiliam Batier Duncan, He seemed cool, calm and collected. His desk was covered from énd to end and thr inches deep with telegrams over the cable and Western Union wiros, asking information, In reply to @ question by the reporter, aa to be ready, Mr. Duncan said, “I have nothing to say.” Just then a friend sent in word that hi would like to see the firm, but supposed they Wouldot see anyone, Mr, Dupcen turned awegly NEW YORK HERALD, THURSDAY, JULY 29, 1875.-TRIPLE SHEET. fm bis chair and said:—“On tne contrary we want to see hi tell him to come in.” ‘The reporter passed out, noticing on his way @ tin box marked in gilt letters “Cotton claims.” In the back office, on the Pine street side,’ and behind the private office of the firm, were seen long rows of tin boxes ranged on shelves and let- tered in gold with the inittais of the several es- tates represented by the deeds and documents contained within, Many of the boxes were marked ‘Trustees.” In fact, so unlimited was the credit of the house that the mgst valuable documents controlling estates were ireely de posited im their care, and the firm stand taken by ‘he company in refusing business at this crisis shows that they were worthy of that confidence. COUPONS AND DRAFTS PROTECTED. The drafts and checks of the First Nasional Gola | Bank, of San Francisco, Cal., on Messrs. Duncan, Sherman & Co., will be paid by Bugene Kelly & 0o., No. 45 Exchange place. Dra{ts of Hickox & Spear, of San Francisco, Cal., on Duncan, Sherman & Co., will be paid by Laid- law & Co., No, 83 Pine street. Drafts of Messrs. L. Behrens & Sons, of Ham- burg, on Messrs, Dancan, Sherman & Co., will be paid by Gossler & Co., No. 134 Pearl street. Ali draits made upon Messrs, Duncan, Sherman & Oo. by the Bank of Vopenhagen, Denmark, will be cared for by Measrs. Dolluer, Potter & Co., No. 181 Front street. Chicago city coupons will be patd on presenta- tion at the American Exchange National Bank, The draits of the First Navional Bank, of Port Haron, Michigan, will also be paid on presenta- tion at the same bank, DUNCAN, SHERMAN & CO,’S CORRESPONDENTS, Sunter & Smitn, Hot Springs, Ark. First National Gold Bank, San Francisco. Hickox & Spear, Sun Francisco, Benjamin W. Robson, Covington, Ga, Josiah Little, Ampoy, Ii). Barber & Trumbauer, Polo, Il, Joha 8. Williams & Co,, Lafayette, Ind, Stone & Vo., Lexington, Ky. National Bank, Morganfield, Union county, Ky. Cartnell, Higgenson & Co,, Union Town, Ky. McKim & Co., Baltimore, Bank of Deposit, Boston. Joun Senter, Eagio River, Mich. Wiemsister & O. Hearn, Howell, Mich. E, L. Mason & Co,, L’Anse, Micu. Bowne, Coombs & Co,, Middleville, Mich, First National Bank, Port Huron, Mich. Gregory & Hyde Clarke, Jersey City, N. J. Freese & Brother, Trenton, N. J. G. D. Mercer, Geneseo, N. Y. Hubbafd Savings Bank, Hubbard, Ohio. Dunn Brothers, Philadelphia, T. Whelan, Philadeiphia, Gaston & Thomas, Dallas, Texas, Stowe & Wilmeraing, Galveston, Texas, Oliver & Griggs, Mexia, Texas, Isaac Jalmick & Uo., Rockdale, Texas, Hillerd, Ball & Roacs, Wetveriord, Texas, Bank of Depere, Depere, Wis. Cramer & Co., Milwaukee, Mich, THE UNION BANK OF LONDON. London cables yesterday denied the failure of the Union Bank of Londoo, which was hardly nec- essary, 8 (hat institution is one of the best man- aged of the joint stock banks in London, and far. ther, it 1s unlimitea—that 1s, that the stock- holders can be held for the full amount of its | Gebts, Jn the last arrived Londom Economist 10s haif-yearly statement appears, Its capital 1s £1,400,000; reserve fund, £400,000; deposits, £14,000,000, and cash on hand, £5,000,000, Its divi- dends are at the rate of fifteen per cent per an- num and its stock, the par of which is £50, and on which £15 10s, is paid up, sell at avout Jorty-one or about 250 for cash paid tn, PANAMA RAILROAD, It was generaliy supposed im the “street” that the Panama Railroad Company would be heavy losers by this unexpected financial disaster. as Messrs. Duncan, Sierman & Co. were the finan- cial agents of that road, there was considerable | nervousness manilested by the holders of the bonds, To elicit the facts our representative called at that office, The principal oflicers of the road had gone to Bennington, Vt., but were reached by telegraph. Mr. Trainor W. Park, President of the road, happened to be In town and kept his clerks sharp at work in making up balances. Mr. Park very frankly gave a statementof the status of the affzirs of the company, saying that until the 16th of July the paiance of the Panama Raliroad com- pauy on deposit in the hands of Messrs, Dun- can, Sherman & Co. was $200,000, At that time the Panama Railroad Company declared @ dividend amounting to $210,000. In order to | meet that dividend the company overdrew their deposits in the bank of Duncan, Sherman & Co. | to the extent of $10,000. It then became abso- lutely necessary to make the Overdraft good, ana Mr. Park notified the London agent of the fact, The London sgent promptly placed £2,000 to the credit of the road and balanced the account with Duncan, Sherman & Co, RerosteR—Weil, Mr. Park, does not Mr. Duncan hold several hundred shares of the stock of your company in his own name ? Mr. Park—He does, He purchased 4,300 shares of the Panama Ratiroad Company’s stock some | time ago at prices below par, but under such an arrangement that none of the said shares can be | placed upon the market until the 16th of Novem- ber next. Whenever that stock or any portion of it is offered for sale upon the market this com- pany is ready to buy it in. [ REPORTER—So far as the failure of Messrs, Dun- can, Sherman & Co, is concerned has yuur com- pany or Senator Jones lost any money? Mr, PAnK—No, sir; we have not lost a cent, neither has Senator Jones. All of our claims nave been promptly met, and we aresafe, You may rely upon that, The 4,900 shares which Mr, Dun- can owns have been, so /ar as I have learned, de- posited in the Bank of the State of New York ag collateral securities, They wore bought at 97 ana aie now quoted to-day at 127, That looks safe, doesn’t it? WHat THE LAWYERS Say, Early yesterday morning Judge W. I. Shipman the assignee, entered the banking house and pro- ceeded with his duties. To all inquiries as to when he would be able to give a statement of the | affairs of the firm he returned the same reply, “I | cannot tell you at present.” Mr. 8. L, M. Barlow, @ partner of Juage Shipman, was called upon; but | he declined to say much about the matter. far as he knew ana was willing to say, the ewbar- rassment of the firm had grown out of lo in cotton shipment and futures, together with ad- vances to various raliroad enterprises, Opinion th¢ liabilities of the frm woula not exceed $5,000,000, and the assets, although unknown to him at prosent, would not make the failure a very bad one. He honored the members ofthe firm for the boid stand they had taken in rerusing to as- sume further responsibilities, even when they could have borrowed, without any question, frum $5,000,000 to $10,000,000 within two hours, Mr. W. W. MacFarland, of the same firm, was asked in what manner Judge Shipman could be approacized, in order to learn from him when the full statement of the affairs of the firm would be Teady for puitcation, Mr. MACFaRLAND--I will tell you frankly, and you may publish what | will now say to you. Judge Shipman has taken charge of the affairs of that house and he will devote every hour of nis time, almost exclusively, to th ttlement of its business; but suddenly to take charge of the | usu: affairs of large banking kouse such that of Duncan, Sherman & Co., with so many business transactions moving toward compietion but still in action, 18 @ task that 1s sufficient to engage all the energies of the best business man in the com- munity, While Judge Suipman will do bis best, assisted voluntarily by all the members of the firm, it will be impossible, in my opinion, for him to prepare a full statement of the assets and Mabilities of that firm ander two or three weeks.” Rerorter—Do you think, sir, that hé will be able to give any approximate statement before the full stavement is ready? Mr. MACFARLAND--I think that possible, and ne will probaply make such ® statement during the next week, INTERVIEW WITH MR. F. W. J. HURST, It having been reported about the city yester- day that the National Steamship line were heavy Jouers by the failure of Messrs. Duncan. Sperman So | In his | | 1873.. 4 Vo. 4 HuRaLp reporter called on Mr. P. Hurst, the agent, in order to ascertain what truth there was in the report. Mr. Hurst etated that the Jine had been for years in the babit of doing @ large business with the frm named, but that at the time of the stoppage they had not more than $200 involved, In fact, said Mr. Harst, bad done no business with them lately. I bad no intimation that vnere was any trouble with them, and ! should not have credited any report which affected their credit. They stood very high with all European houses, and could have obtained any quantity of money that they cared to ask for even up to the moment of closing their doors, What the cause was which brought about the collapse I do not know, but I am satisfied that an honorable settlement will re- suit. I do not believe that the firm bad any money jocked up in cotton claims, as has been reported, for I think they were much too wise to advarce anything on such a class of securities, 1 know they secured payment for some of these sort of claims for some of their friends several years ago, but beyond thisi did not think they ever bad any transactions in cotton claims, Ican form no idea of their assets or Nabilities, but I suppose @ statement will be made giving all the facts in afew days, I do not know that any of tne other lines have lost any money by the failure, but 1 am inclined to think they have not. In regard to the letiers of credit Ido not know woat will be done, but Iam afraid & great many travellers will suffer considerable in- convenience, Duncan, Sherman & Co, never suipped any cotton by us, and I think they did all that kind of business by sailing vessels. i THE MEXICAN CONSUL, Signor Juan Navarro, the Consul of Mexico res- ident at this port, was called upon in reference to the locking up of his money by the recent failure. He looked calm and undisturbed by the finanetal storm, and said (hat although his private forvune had been locked in the safes of Messrs. Duncan, Sherman & Co., he had no tear for the ultimate result, because his consulate funds were on de- posit elsewhere, and his government would not be embarrassed in the slightest degree, He had seen Judge Shipman at Duncan, Sherman & Co.'s office during the morning in reference to several small bills of exchange aue on Thursday (to- day), He had told Judge Shipman that he did not think it would be fair to hold the securities deposited to meet those bills when the house had stopped be- fore the bills became due. Judge Shipman told him to put his claim in writing, hand it to him, and be would give it his consideration. The re- quest was complied with, As the name of José Navarro, of the Commer- cial Warehouse Company, whose suspension is reported in another column, seemed connected with that of the Mextcan Consul, he was asked what connection there was between them, and if the failure of Messrs. Duncan, Sherman & Co, had anything to do with the failure of the Warehouse Company. Signor JUAN NavarRo—Nothing whatever. Mr. José Navarro is not a relative, so far as I know. 1 think he is but a namesake. 1 believe him to be ap honorable gentleman, but we have never had any business transactions together. ‘The suspen- sion of Messrs, Duncan, Sherman & Co. and the consequent locking up of my private funds for a time did not in any way lead to the suspension of Signor José Navarro or the Commerctal Ware- house Company, because they were not borrow- ers either from me or my friends. AT THE COTTON EXCHANGE. There was a better feeling manifested yesterday on the Cotton Exchange and business settled down to a legitimate basis, In fact, the uneasi- ness of the previdus day had entirely subside The market opened heavy at about an eighth de- cline on yesterday’s quotations ior future deliv- eries and subsequently fell off to three-sixteenths, when it steadied and rallied an eighth, closing firm, the general impression being that the worst had been seen. ‘There were no failures an- nounced, and, from inquiries made of the Presi- dent, none are expecteu. The failure of Dunca Sherman & Co. has had and is expected tu ha’ no influence among the members of this Ex- change. The trouble of tne Commercial Ware- house Company does notinany way concern the cotton brokers, and the stoppage of tois concern Was scarcely ever spoken of. It was the impres- sion, however, that the losses in this regard would be feit most in Cuba and Mexico, , AT THE PRODUCE BXCHANGE. Among the irequenters of the Produce Ex- change the failure of the old established banking house of Duncan, Sherman & Co, had ceased to be @ topic of conversation. So far as could be learned none of the members were involved to the | extent ofadoliar, It was stated, however, that | the firm mentione¢ nad in former seasons been | in the habit of dealing largely to grain, but that | this year it was supposed they had had no trans- | actions whateverin this commodity, for the rea- son that none had been talked of. It was gen- erally said tnat none of their paper was floating among the members of the trade and that no loss on that account would occur, The fajlure ef the Commercial Warehouse Com- paby, except among the sugar men, was a matter of no concern, and a8 soon as mentioned was dis- missed from thought. Among the representative sugar houses, however, it was not so summarily disposed of, and for some time the possible con- sequences of the failure were discussed, and con- siderable nervousness was manifested as to the probable result, ‘The grain market was quiet, and nothing at all was doing. Buyers and sellers failed to come to- gether, for the reason that the latter were hold- ing off for higher prices, Quotations remained tue same as at closing hours on Tuesday for fu- ture deliveries, while on spo’ grain there was ab- solutely nothing to be done, for the reason that there is none here to sell, Flour was nominally the same, but showing signs of weakness, FAILURES IN NEW YORK FROM 1857 To 1873, The following interesting table shows the failures im this city trom 1857 to 1873:— Failures,” Amount, $135, 129,000 11,773,402 13,215,000 POSSIBLE EFFECTS OF THE FAILURE OF DUN- CAN, SHERMAN & 00, ON THE THEATRICAL SEASON. {Prom the Brooklyn Eagle.) ’ The failure of Duncan, Sherman & Co. cannot but have a very complicating and annoying effect upon the coming theatrical season, In the first place, they own the Lyceum Theatre on Fourteenth street, New York. It is to that theatre that Rossi, the Italian tragedian, was engaged to come by the lessees, Grau & Ohizzoia. Jt i to that theatre that coldene and ber troupe of Hnglish beauties ‘were to come, and also Judic and & French opéra bouge troupe. All the financial transacuons of Grau & Chizzola were conducted througn that house, The three troupes, with Jigurantes, &o., &c., would number 100 people, of which full naif are foreigners, Who on arriving here will be, as penniless; and if, as is likely, the trouvies of noan, Sherman ., lock up theatre, Grau & Chizzola may be ruined and th peuple saffer mach. Oviville, and Henderson. of Lydia Thompson fame, leave London for New Xork on the 20(h inst, by Max Strakosch did so did Fred, Roliman, Almost all the ac leaving here for @ European trip go wen letters. Of credit from Duncan, Sherman & Uo, Billy Florence did, and is now at kms. Mi Clara Morris did, All the international busin of Jarrett & Palmer, of Booth’s Theatre, done through Mga Sg Tt ad gd & Co. This year 10 will be sr: At Certain periods it was very large. & Chizzola are certain, if not to suffer by this busmess, to be largely inconvenienced by it. Anything t deiays or shatters their plans throws every resident manager in the United States into con- fusion if these Ventures be delayed; for Rossi und Soidene are due in almost every city in tae Unried Svates @b a anecitieg Lue, ang if tuav are forced to fail there is nothing to fill the biatus tnus cre- ated. most managers are still in New York, it beacoves them to see about tue probable late of tne Lyceum after this failure. DUNCAN, SHERMAN & ©O. IN TRENTON. The Trenton Banking Company, an old and re- Mable institution, is the only national concern in Trenton having any business relations with the jate house of Duncan, Sherman & Co, Rumors upon the street pus down tneir losses at between one and two handred thousand dollars, A HERALD reporter called upon Philemon Dickinson, President of the bank, but ne declined to state what their losses were and desired that no pub- Netty should be given to their connection with Duncan, Sherman & Co, Freese & Co. have also been correspondents of Duncan, Sherman & Co. Mr. Harvy Freese, junior member of the firm, ates that only a few days since their house drew upon Duncan, Sherman & Vo. for a valance of seyv- eral thousand dollars due them. The draft was “honored,” and the accumulation of indebtedness on the part of Duncan, Sherman & Co, since that tme amounts to less than five hundred dollars. One or two other small houses here, with liabilt- ties amounting in the aggregate to less than one hundred thousand dollars, are im some peril, owing to failure om the part of Western and Southern correspondents te mect their obliga- tions. The Trenton Banking Company lost over one hundred thousand dollars by Jay Cooke’s failure, THE FEELING IN NEWARK. In Newark commercial circles the great failure has caused quite a considerable amount of ex- citement and comment, the general opinion being that Newark would be affected very little by it. Mr. M. R. Dennis, the Newark agent of the orm, states that no loss will accrue to people there from the failure. Mr. Dennis himself has often been a creditor, but just now he happens to be a debtor, so that he Cannot suffer any loss, A number of Newarkers abroad hold letters of credit issued through Mr. Dennis by the firm, but they were so drawn that the parties pay only on receipt of the money. Mr. Dennis expresses his readincss to refand in full the cash on any of Duncan, Sher- man & Co.'s drafts issued through him, DISPOSITION OF FUNDS BELONGING TO THE CITY OF ALBANY AND DEPOSITED WITH DUN- CAN, SHERMAN & CO. ALBANY, July 28, 1875, The Chamberlain of this city, learning of the failure of Duncan, Sherman & Co., telegraphed that frm to ascertain what disposition had been made ofa drait sent to them on Monday for $23,570, to pay interest, and received the follow: ing reply:— New Yor July 27, 1875, ‘Wa. N. 8. SANDERS, Chamberiai Have deposited it in the Bank of Commerce, supject to your order, DUNCAN, SHERMAN & CO. The following note was also received to-day :— NATIONAL BANK OF COMMERCE, New York, July 27, 1875, } OgAMRESLAIN OF THE CITY OF ALBANY, Albany, Deak SirR—Messrs, Duncan, Sherman & Co. ave delivered tous for coilection tor your ac- count a check on the First National Bank for $23,570, whicn shall have the necessary attention, Very truly yours, RICHARD KING, Ase’t Cashier. EXCITEMENT OVER THE FAILURE IN SARATOGA— A GENERAL HEGIRA OF BUSINESS MEN— OPINIONS OF PROMINENT BANKERS. SARATOGA SPRINGS, N. Y., July 28, 1875, The failure of Duncan, Sherman & Co. created @ little hegira from bere this morning, Gentle- men having business in New York, and who were staying here, hurriedly left their families and went off by the early morning train, Having in view the disasters that followed the suspension of the Spragues and Hatch, the lamentable runs occasioned by the closing of the Trust Company and the recent events that followed the ciosing of Alexander Collie & Co., in England, many evi- dently left precipitately with a view of looking ‘ter their deposits in the banks, while those having accounts with the suspendea firm had to go down to make other arrangements for meet- ing their abilities, Indeed, as soon as the de- spatch came yesterday afternoon announcing the suspension there was A GENERAL CONSTERNATION, and tte news caused many to fear for their rela- uves in Europe, most of whom had deposited thelr {ands with the firm before going abread and had taken out their letters of credit. It was understood that the failure would show liabilitie of six millions of dollars, and, asI heard a gentle- man remark to Mr. Opdyke just now, somebody Will suffer of necessity, and @ good many bodies too. Mr. Belmont, Mr. Schell ana other bankers here do not seem to think it will affect business to any extent in tnis country, and are evidently hopeful that the house will be able to clear up and start again in due course. They say that a littie,| forbearance on the part of the business men down town will prevent & panic, but that if men insist onrushing tothe banks and withdrawing their funds it will oniy tend to cripple these institu- tions. THE FAILURE IN PHILADELPHIA. PHILADELPHIA, July 28, 1876. The uneasiness in financial circles in this city, brought about by the failure of Duncan, Sherman & Co,, Was much less apparent this morning, it ‘ being generaily known thatgno Philadelphia houses had suffered much by the collapse, The panicky indications in Third street were revived again about noon, however, by the news of an important suspension here. The concern in ques- tion was thatof Jobn Mason & Co., commission merchants in sagar, but their troubles are not in any way connected with those of Duncan, Sher- man & Co, ‘The house was an old and well kuown one, haying been founded prior to 1842, under the name of Mason & Kirkland, ana reformed a year ago, upon the death of John Mason, Sr, with John Mason, Jr, Henry Prezo and H. Frank Robinson composing the firm. They transacted a lerge businesa in West India sugars, and have enjoyed the confidence of the community, although their business has not recently been nearly so large as formerly, and, in common With other sugar importing houses, they are said to have suffered serious iosses by the @eciine in prices, Their liabilities are said to be $200,000, and the shrinkage of the values of sugars on which they bad obtained large advances 1s assigned as the cause, The firm announce that they cannot now give the excess of their liabilities over their assets, but they will publish @ state- ment next week. The fature of this, one of the oldest houses in the city, is regarded as a great misfortune, and @ number of refining houses to ‘whom they /urnished crude sugars will probably suffer. Mason & Oo.’s business was about 25,000 to 30,000 nogsheads of sugar a year. The news of the failure of tue Commercial Ware- house Company of New York also hada depre: ing effect in business circles, although no Philadel. phians are directly affected by it. NEWS OF ro Famone IN TORONTO, TORONTO, Ont., July 28, 1875, The failure of Duncan, Sherman & Co. causes a sensation in financial circles, but the banking in- stitutions are not affected by it. The suspension of Jay Cooke & Co. led to preparations for sacn disasters, SMALL CONNECTION OF THY FIRM WITH MON- TREAL, MONTREAL, July 28, 1875. The house of Duncan, Sherman & Co. 1s not be- Neved to have mack connection with Montreal, THE COMMERCIAL WAREHOUSE. CO. ITS SUSPENSION YESTERDAY CAUSED BY OVER ADVANCES ON OUBAN sUGAn, Following close upon tite failure of the banking house of Duncan, Sherman & Ce. came yester- day morning the announcement that the paper of the Commercial Warehouse Company bad gone to protest, and that the iustitution was, in conse- quence, compelled to close its doors. Its standing in Mercantile circles has rated as first class, and the fact that it had oeen com- pelled tosuccumbd to financial diMcuities occas sioned @ very great degree of surprise in mercan- tle circles. The tailure gathered sygnificance, however, rather from te time of its oceurrence while the pubiic mind was apprehensive than from the fact iisel/. it ia hardiy probable that much distress will be occasioned, or that the fafi- ure will seriously affect other houses here. The - company’s bills payable were comparatively small, and the losses, if any, will uadoubtedly fall the heaviest on Havana houses, with which the buik of the business of the company was tranvacted, WHAT THE WAREHOUSE COMPANY WAS. The Commercial Warehouse Company of New York was organized in 1867, and was incorporated by @ special act of the Legislature under the Presidency of William D, Bowerman, with a capl- tal of $1,000,000, which was afterward increased to $2,090,000 in 1872, Mr, José F, Navarro was the Vice President and James Cline the Secretary. The company posi ed sixteen granite ware- houses, situated on the Atlantic Docks, Brooklyn, equal to thirty-two ordinary warehouses. These houses were originally constructed by the United States government, and were purchased trom it by the company. ‘Their estimated value ts 750,000, For the first few years the company did A STRICTLY LEGITIMATE WAREHOUSE BUSINESS, confining itself to receiving merchandise on stor- age and to making advances on goous in their own Warehouses, According to the terms of the char- ter, the company was authorized to do a banking business, and it generally advanced money on good security, Success in both of these depart- ments was the prime cause of the doubling of the capital of the company in 1872, at which time was established a commercia: department Jor the pur- pose of making advances on consignments from all parte of the world, especially from Cuoa and Mexico, It 1s authoritatively denied that the com- pany speculated in securities on its owa account, But during the past year Cuban matiers have gone badly, The company had lent large sums of money on the expected cropg, which, in conse- guence of the rain, failed, and the insurgents have been burning and destroying plantations tn which the Commercial Warehouse Company was interested. While @ large portion of vais money is undoubtedly good 1% was not immediarcly realizable, WHAT THE OFFICERS SAY. A HERALD reporter called at the offices of the firm yesterday afternoon, The Vice President sald that he was quite willing to tell everything he knew that would be of interest to the pupiie, The cause of the failure he ascribedto the impos- sibility in these times of depression to realize on securities, For some time past the company had been finding money constantly going out and nose coming in. It haa lent largely ou consignments of Cuban sugar, which were whoily insured by first liens on tne estates, but the crop turned out @ comparative failure tn that district, These tacts had become fully circu- lated and farther tended to injure the credit of the company. Under these circumstances, and as a Matter of justice to those who were unaware of the facts, it was thought advisabie to suspend for the present for the sake of all concerned. Pre- vious to the suspemsion, however, a meeting of the Board of Directors was called, and it was deemed advisable, in view of the uncertainty of the early collection of their advances in Cuba, to suspend payment until there could be obtained from the commercial department an intelligent estimate of its condition. This department was wholly separate jrom the vanking department. The head of the commercial department had been absent on account of illness for several days, and consequently 1t was not possidie to ob- tain the information which the baaking depart- ment required, ‘The bills payable amount to about $325,000, the balance of the indebtedness being upon letters of credit and foreign balances used in the ordinary business of the commercials department, drawn through Cuba upon London. itis impossible at present to correctly estimate the total liabilities of the company, although rumor has anticipated us and placed it at $4,000,000. In regard to a full statement of the aflairs of the company, they hope to be abie to present to the creditors in afew Gays such a bal- ance sheet as would satisfy them that an exten- sion of time will be for the good of all concerned. INTERVIEW WITH PRESIDENT ARMOUR, Last evening @ HERaLD reporter called upon Mr. Paul J. Armoar, the President of the company, who was found absorbed tn accounts and encir- clea by a cloud of smoke. When the reporter stated that he had come to glean further particu. lars respecting the suspension of the company, Mr, Armour said:—‘“My dear sir, I have been fa- vored with the visits of about fifty interviewers to-day, but will do my best to answer your ques- tions, First, I nave just written @ letter to the | HERALD respecting the $4,000,000 worth of prop- erty we bave tn our warehous id on which we have no lien.” The President then handed the reporter the following letter :— PRESIDENT ARMOUR’S LETTER, COMMERCIAL WaREHOUSE COMPANY or New York, No, 29 WILLIAM STREET, New Yors, July 28, 1875, To THE EDITOR OF THE HERAL: Inasmuch as the merchandise stored in our Warehouses amounts to over $4,000,000, itis per- haps prover to state the suspension of the Commercial Warehouse Company in nowise affects the value or security of the wareaouse receipts Issued by the company for goods stored in our warehouses, PAUL J. ARMOUR, President, WILLIAM ToBIN, Superintendent. After he had handed the reporter the letter President Armour continued:—“We might have carried on our business uninterruptedly for several months, but we thought it proper to lay our affairs before our creditors, so that, after delibera- tion, they should decide whether the com- pany should go on or not. Our paper has until to-day stood Al, I cannot tell you the amount of sugar, &c., on which we have liens, now deposited in our warehouses. When our statement is ready we shall know its exact value, We believe that if we are granted an extension we can pay dollar for dollar, Onr stock is $2,000,000, of which $1,500,000 is held in Cuba. New York will be seriously aflecied by the suspension, We have TELEGRAPHED NEWS OF THE SUSPENSION to Havana. We have at least filty correspondents in Havana, all leading men. A meeting of our creditors will be held in @ few days in this city. The date has mot been fixed, bat it will probably be held this week—perhaps on Satur- day, after we have got our statement from the commercial department, Another loss we have sustained is in sugar houses here failing to pay rent on the produce they deposited with us. Within a fortnight we expect to receive, by vessels now loading in Cuba or on their way here, about $200,000 worth of sugar. Our bills payable here are very Small. Our troubles come not from our banking but our commercial department. Some acceptances upon us Will, doubtle be protested at Havana, while overdrafts we, of course, will naturally repudiate. A gentleman said to me to-day, ‘Your temporary embarrassments will not affect my dealing with your company, ana I shall continue to use your warehouses as before.’ This gentleman has 10,000 casks of sugar stcred wita us, worth $1,000,000, Our main indebtedness 1s through advances on Cuban sugar. We admit nothing into our ware- houses except bonded goods. Our full staf of clerks are now working hard to get outa trial balance. We went through the panic of 1873 un- scathed, and our credit has always been first rate, and I have no doubt it will be so again if no at- tempt is made to run usto the wall, One good effect of our warchouse system Is that OUR RECEIPTS ARE TAKEN AT THE BANKS as perfect secur.ty. We have paid ten por cent dividends straight along, A great many com- mercial houses nowadays are being carried through by extensions. In our case, however, we have made injudigious advances in Cuba, We advanced $1,000,000 on sugar estates worth $6,000,000, The district in which these estates are situated is now invaded by the insurgents, but we shall, doubtiess, receive alarge revenue from them very shortly, Instead of receiving 15,000 hoga- heads we only received 9,000. But to come back to present matters, we could have Bold $1,000,000 of paper at four and one-nsif per cent, but I thought it becter not to goon, Ibelleve ws win getanmextension of @year, and, ddnestly speak- ing, I believe we shall tide throngh our dimcul- uu We are walting anxtously for advices of what ugar is now coming to us from Cuba." AN EXPLANATION, To THs Eprror or Tak HERALD :— The pudlication im ao evening paper of state- ments conceraing the affairs of J. B, Ford & VU together with @ private notice to their oredi to! being, as guess statements usually are. oartir, 3 srue ana partly false, Messrs. Fora & Uo. prefer te give the fasts rather than leave the matter to conjecture. ‘The deftession of their book business, in com. mon with that of the trade at large, bas continued from the panic of 1873 to the present time. Ana this been accompanied by various special gra s—among which was a ire in their bins ery last February which destroyed the result ths’ Work anJ paralyzed their spring ies. ‘It has Gually resuited in the present con dition of affairs, The assets of the concern bare costexceed their liabilities by more thai $80,000, but as it is Impossible, in the prege state Of tho market, to realize om these last enough to meet obligations as mature, the Orin decided upon a temporary suspension of pay- ment in order to protect at! tuerr creditors, AS to the C) ian Union, of which the Rev. Rare Ward Beecter is editor, it has always been, and still 1s, the property of the Christian Union Publishing Company. Messrs, Ford & Co.'s coné nection with at 18 siinply that, besides being stock. holders in the company, they save been employe as publishers of the paper. The culmination their own diMicalties made it expedient that the; should resign that cnarge. This change will enabie Ford & Co. to devote their entire time and energies to their book trade. Ke With sveir Creditors such reason; ment their circufastances requii they have no fear bus that they will recover thd ground temporarily lost, J. B. FORD & CO, FAILURE IN LOUISVILLE. LovIsvitie, Ky., July 28, 1875, The Tobacco Exchange Banking Company, o¥ this city, closed its doors yesterday. Th itu. tion has been regarded Jor some time ag in a pre- carious condition, and its present suspension hag no connection whatever with the New York fatl- ure. As jar ascan be learned no bank or pe:som in Louisville nas been affectea by Duncan, Sher- man & Co,’s failure. NATIONAL HARD MONEY. RESOLUTIONS ADOPTED—DELEGATES ELECTED FOR THE CINCINNATI CONVENTION TO BB HELD IN OCTOBER. Annmber of gentlemen met last evening at the rooms of the Association oJ Political Reform, No, 43 South Washington square, for the rapt oi| electing delegates from this city to @ nation: hard money convention to be held af Cinclitnatl, on the 25th of October next, Mr, Algernon Sy Sullivan called the meeting to order, and nom nated Mr, W. H. Wiley tor Chairman and Mr, Abraham L, Zarle for Secretary, both of whom Were accepted. Mr, Sullivan tien proposed tae following preamble and resolutions :— Whereas ata public meeting held at the Tobacco Exy change, in the city oi Richmond, om tue 4th of May las solution was adopted calling a convention of del gates irom the promineat business localities of th country, to assemble at Cincinnati, on the 25th of Oc! ber next, to comer about measures to restore speck payments and to correct the evds of our nation Tevenue sysiem; theretore, Kesolved, ‘hat, discard'ng all party feelings and ‘Sj lieving that ioreign and domestic commerce and ail productive industry must languish under a currence: depreciated and fluctuating in value and a revenue sys tem which is unequal in its burdens, we respond to o Bich nd tha twenty-five delegates be name: mond call, from New York by the chairman of this meetungto ate tend the proposed Cincimnati Convention. Second—that we intiexibly set our laces against al schemes for currency inflation or any form of pape currency, greenbacks or otherwise, go iong ay that cur. rency shall consist of irredeemable promises to pa money, and we Will oppose any policy which has not & direct purpose to establish the currency on ® par witty and actually interconvertible with coin. Third—Ihat we cordially commend to the frien Is of # sound currency throughout the United States une pro: Posed conference at Cincinnati, and we urge the gener: Appointment of delegates to the Convention. . ‘ourth—ihat while we do not pledge ourselves to th ecific my res brought forward in the kichmon onvention, yet those measures, being in harmeny witly the general purposes of these resolutions, are worthy o and should receive just consideration, Mr. D. H. Landon, in seconding the resolations, spoke to favor of a restoration of coin as the cure culating medium. He read statistics from tha records of the war time, and argued irom the ex periences in France and England tn time of Napo« Jeon and Pitt, and quoted the American states« men, Jeflerson and Calhoun, in support of the theory advanced as tne only sound one for thd nation. In a general way he drew @ not very flattering picture o1 the depiorabie general condiy tion of the country under the present systent of currency. In conciusion Mr. Landon proposea @ Tesolution requesting the Senators and Repre+ sentatives in Congress from the city and State t examine carefally the bul for the establisiment 0} @ pational exchequer, and if they approve it ta Give it thelr coumtenance and support. Mr. Earle objected to determining now upon any particular pian that the Ciacinnati Convention migat be expected to consider as a basis. MrJ Nathan Reeve aiso made some remarks, and tid resolutions, having been amenaed so as not “4 pledge the meeting to the adoption of the view: of the Richmond Uonventien to the exclusion o! any other plan that may be presented at Cincin« nau, were adopted, as was also tnatof Mr. Lan don, the supstance of which was given above. The following named gentlemen were elected ag delegates to the Cincinnatt Convention:—F. Ky Thurber, Lioyd Aspinwall, 8S. D. Babcock, A. Li Karle, George W. Clarke, Frederick A. Conkling) George K. Sistare, Parker Handis, D. H. Landon, Cc, M. Fry, Algernon 8, Sullivan, A. A, Low, G, Ae Merwin, Thomas W. Evans, Percy Pyne, John P, Henry, William R. Kirtland, Charlies A. Dana; Franklin Edson, Meyer BH. Meyer, Clarkson Ny Potter, Jonn T. Agnew, 0. Delamater, J. W. Seligi man and R, 8, Perrine. The meeting then adjourned. A BROOKLYN TRAGEDY. CORONER'S INQUEST IN THE BENNETT MURDER CASE—THE PRISONER HELD FOR THE GRAND suRY. Coroner Simms, of Brooklyn, held an ingnest last evening in the case of Mrs. Elizabeth Bennett, who was kicked to death by her husband, Willian Bennett, a ‘longshoreman, on the 18th iost., ig the tenement house No. 43 James street. Tha prisoner was present, and regarded the proceed- ings with apparent indifference. Many relatives and neighvors of the deceased were in attends ance, i Catharine Reynolds, a resident of No. 43 James street, testified:—Deceased was in her room on the morning of Sunday, July 18; ene went up irs, and her husband asked her for the price H a hat, and she reiused him; then I did not hea ap more till the afternoon, and then J hear H, YOU HAVE KILLED Mm!” I asked ber, “What's up now?” she said, je kicked me in the side;” | asked her to come down stairs into my room; sue came down, and went up again to the head of tne stairs, and I went back into my room; this was between three and four o'clock in the afternoon; the next timd I saw her was six or seven v’clock that ttked she was sitting on a Chutr in her room, and asker nh Ldid; I did not see he: ; Sle was speechiess; that Sun+ day | did not hear any noise or disturb: in thi reom; I never her busband strike her; 1 saw him that Sunday; he was apparently sober. Jane also ao Inmate of the sam@ house, testified tmat she heard deceased cryin: on July 18, 1875; witness opened her door and> heard Mrs, Bennett moan she was ~ u iter sha eard them quarrelling between three and four o’ciock on that day; witness had often heard them quarrelling in their room; I saw Bens nett on that day; he was intoxicat Catoarine MeUleary, of No. 43 James street, tea« tified to seeing Mrs, Bennett at ten o'clock om Sunday morning in ber room; two o’ctock P. M.; Nall; opened the door and saw Mr. Bennett, an they were having some words; Mrs. Bennett wen down stairs, leaving her husband ta the nail; saw her again, between three and four o’cioc! Into her own room; did not see her again ti Monday itn her room in bed; r how she felt; s0@ replied she was ver wi her again, at five o’clock P, M., sho was dead; had beard Joud talking in the room at times, David Liosd, a steve testified that the de~ ceased was his sister-n-law; on the evening o: July 18 my daughter informed me that deceased was ayiug; [| asked her if she knew tne cause; she said tue liusband (Bemnett) nad kic! ry went to the house aud found the deceased sitting im a chair; she sald, “Uncle David, HE HAS KILLED ME at last; he has Kicked me to death;” asked hew where Bonnett was, and she said she did know; I then reported the case at the York stree Station house, telling the officer she had better removed to the hospital; he sald he could not supply an ambulance, as was in her owm room; when I went back to the bedroom with tha decior and Officer we saw Kennett; the omced went for assistance and Bennett atiackea mq A KNIFE AND CHAIR LEG} he said be would put an ena to the Lioyd famitr: he Was arrested; 1 left the room, and did not se Mrs. Bennett aguia alive. Dt. Charies B. Cutter testified to Lahde § ate pyUriess | wie tended the deceased, and aesoribed hi which, *| aid, Were internal; deceased said hen ines# was caused by being kicked by her buss OMcer Golladay, of the Second precinct, tes tifled to arresti Bennett om the night of t murde: - Mrs, Bennett said whe had been kick in the “pr. A. W. Shepard testified t9 making the posts Dr. mortem Sxammation ; there was & con che leit side; the spicen was raptured and bi been pierced by a broken rib; this caused death. Wilh Beaonett, tho prisoner, then said bi been sick from kidney disease, and fo! 8 bad not ased four poundsof victu n yy. Whenever si to her aid, and her © ves Were ali drunks meit then detailed his grievances ag lengt Jar. y retired and In a few moments retarne@ @ verdict that Mrs. Bennett dicd from injuries tae flicted by her hasband. Bennett was taken Raymond Strtot Jatl, where he is held t@ await the action of the Grand 6 Urry