The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-07-30

did not Know WDXaHT. JIM 49, -
a course. 1T fssceftaip." said hs tbas We
have bad but htiieSto do wltMt1em, nnE
don't know why's Duacan faiieo, Deaese'
twenty years ago, andsfhat may nass ~.
auenced the old merchants. Besides, fneS
all knew the speculative nature OF n'S present
business"
I The New York Times says that the cir
.cumstances of the future are, crediiable 70
Duncan, Sherman & Co. because they couid
have drawn on certain house tothe extent
of 600, 900 within day or two. but they
saw by the decline of cotton that they had
to 20, and they did the best thing for all their
creditors BY stopping at once. All the DIS
acce pted in London will be paid, OF course,
and il IL understood that all the bills ahoat
which they have dra wn, and might not be nc
cented vet. are held by one house, the name
Of which is withheld for the present, out IL
il known that the house is abundantiy able
IN stand FIVE times the strain. 10 regard to
the effect on trade, this failure will PROBABLY
stop rampant speculation, and make mer.
chants and bankers more careful and dis
terminating in their purchase Of bills; and ull
that IL good for trade and good for The coun-
try.
The announcement OF the failure caused
much excitement at Saratoga, where many OF
New York's businessmen are temporarily
resident.
The excitement at first was intense, aud the
bulletip-boards were surrounded by anxious
crowds eager to learn the contents Of each
fresh dispatch from Wall street. ln and
about the corridors and piszzas 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's
firm of such hitherto undoubted strength
and integrity, and so large interests. should
he compelled to suspend. To the majority
of people not Intimately acquainted with the
ins and outs of Wall street the news OF the
failure was an immense surprise, and even
August Belmont, who beard the tidings at
the races, refused at first to give credence to
the report.
Commodore Vanderbilt, Isaac Sherman,
Chester c. Chaplin, and others largely inter-
ested in banking and stocks, who were bu-
sily 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 had it happened any
time within the past year. Commodore
Vanderbilt said that for some time he had re-
garded the house as "sbaky," and bad taken
bis account away from it more than year
ago. The gentlemen mentioned did not
think that many houses would suffer severely
from the failure. What embarrassment re-
suited from relations with the firm they
thought had been pretty equally spread over
the last two years; and as far as houses con-
uected 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.
1t is the general opinion among guests at
the hotels that the principal Sufferers from
the failure will prove to be Americans who
are travelling in Europe, very many of whom
have had such confidence in Duncan, Sher-
man G. Co. that they procured credit through
that firm when the disastrous results oil Tue
Jaw Cooke failure bad made them wary OF
even the best houses. Many ofthe sojourners
at the springs have members of their families
or dear friends who are making the tour OF
England and the Continent. The distress.
ing 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.
Oae hears on all sides expressions Of deep
regret and sympathy for Duucan, Sherman
& Co., and those best qualified to know
a,crbe the failure to old losses arising from
disastrous railway enterprises, such as the
Mobile aud Ohio Company, in which the
firm was largely interested, and to recent
losses on heavy cotton transactions.