New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-07-29
DUNCAN, SHERMAN & CO.'S HOME CRED
IIOkS.

AMERICAN TRAVELLERS ABROAD UNsfCrRED-VERf
FEW DEPOSITS BY POOR PEoPLE-LossEs OF
VARIOUS BANKS
The Indebtedness of Duncan. Sherman &
Co to Americans travelling IN Europe, Egypt, ana Inc
Holy Land letters of credit or with the circular notes
Of the firm admitted TO he very large Accurate figures
cannot be obtained and the house Is unwilling to give an
apnroximatc innate II Ia believed that those travellers
presented their letters Of credit 10 banks or
banking houses Europe and have had them accepted.
are safe and their drafts VIII be honord by the Euro
pean bankers. The holders of circular notes
and persons with unaccepted letters OF credit,
1t is said, will not be 50 fortunate. These
circular notes mere promises TO pay by Duncan,
sherman Co.. and are of course comparatively worth
less II is claimed by people that the moneys de-
posted with the firm for the purchase OF these circular
notes special deposits 10 the nature OF preerrd
debt and he used in the general settlement But
there Ia very little doubt thai the money has been used
by the firm the ordinary Of business and can
not be separated from the other liabilities.
Mr.. Mcintosh, OF the partners, stated yesterday
that the city deposits have been made largely by private
individuals among whom are number OF ladies. There
were very few deposits made by the poor, AMI hence
there would probably he less real suffering than might
otherwise have happened Numerous Geographic dis
patches received from derostOrs living outside OF
the city, making inquiry In regard TO the condition OF ef
fairs hut altogether Mr. Mcintosh thought the people
had taken very sensible view Of the matter and there
had been no rush upon the firm some had expected.
The National Steamship Company, at No 90 Broadway.
W, re among the depOstOrs, and 1t supposed a fist
had kept very large sum On deposit and had sustained
severe loss appears however that tins account was
small and its loss will Inconvenience to the
Company Mr. Mckenzie, Of the officers OF the Com
pany stated TRIBrNE reporter yesterday morning
that their dance with Duncan Sherman co. would not
exceed 81 600 ard probably much less Their prn-
cipal banking account kept In London and an IN
considerable retained this side Or the pay
ment OF small bills They RENTED the bulk OF their re-
ccpts week week to London. and their loss by
the failure would be trhing II would be between
1000 and SO 600. not more.
While the names OF the principal creditors cannot he
procured It seems to be understood among the lradng
banking that the paper Of tho firm held mainly
nv prrsons out side of this city, Mr. Fisk OF Fisk & Hatch
said Yesterday that statement had been made up from
information obtained at the different banks and from
well known of the probable amount Of the bills
OF the firm owned In this city, 10y which II shown
that 81 90 600 would than cover IT, Ii was held
mostly I'm small amounts This Nr. Fisk consider,
very satisfactory showing aud indicated that the money
market would not be seriously disturbed by the failure
George ". Ducr President Of the Bank OF the State OF
York stated yesterday that the suspended firm bad
kept their bank account with them, and had secured
Them for advances with marketable securities He conld
NOT specfy the sum- but he thought the bank held
stocks and other available securities to the amount OF
100000 10 protect their loans firm lie had
c4iyed the Of the failure with much sur
prise The officers OF the bank had not been Informed
beforehand Of the contemplated suspension, ani he
de.pv regretted the mlsiortuncs which had made this