, 1875-07-28
THE EFFECT ELSEWHERE.
CS3ff

For several hours yesterday afternoon after
tho receipt Of tho news Of tho failure. the OK
citemeut in city official circles vns very potcop-
ti1Ie. Almost every one knew that fur tho past
fifteen yeass the corporation haa had moro or
less monetary traneacsions with tho unfortunate
firm, aud for awhile no one outside Of tue Comp
troIlor's office know whrther tho city had Lost
anything or not. Latc in tho day
L "as learned from Comptrollar
nothing bY tho failure. During tho admin
istrat1on Of Comptroller 1iavcs most Ut tho city
buBlness has been aono through AessrB. Dun-
can, Sherman i Co. aud the American Exchange
Bank. Tue business OF attending to tho nuni-
clpnl and watrr bonds has devolSod almost sole
" upou Duncan, Sherman t Co. On tue list Of
last Jnly tho Comptroller advanced them
flD0. .0uD to pay ont in fednmutlon OF municipal
q per cent bonds duo at tast time. Within tho
past week another chers for no la,g"
amount" = ~. tho compts l,1! lor put IT,. IT. .V Tas
Immediately placed it to :hs credit Of tho City
Of Clncago IN tho bank OF Commerce. These. It
IL claimed. arc all rl!e rcccn. tEaneacttons with
tbnt firm, and tho Gully loss that tho city could
sustain would bo perhaps, souo lttlo balances
which hatt yet remained 'ncaod for by the
holders Of the coupons. 1t in fair 10 prcenno
that tho bnlance titus left over was exceedingly
Hnlal II any at all. Twoaty-Bix dars had
elapsed since thoy became tlus, AMI it IL Also-
gether imrrobablc that the holders Of any
municipal bousls would delay tho presentation OF
tLelr coupons for that length Of time.
Tho information concerning the check recent
ly sent tAo firm, IL AZ yet very u1cf rtaln. and
what diH.,oBition WAS made OF tho chuck caunot
actusl'y be asceetsined until to-day. CoDcoding
thas. .as placed to the cityB cicdit in the Bank
nothing by tho trals*action tor tGcy owe tito city
nothing Tho firm l1an boen held in high cstesm
by tho Comptroller, and had tho opportunity
presented troll he would have lad no hesitation
=. .<.1n. 1Itnif 81 Ia
considers their integrity above roproacll, aud
believes that their dlillouties will be only te.-
porary. In the meantime any city btlAloeBs to
be transacted iu New York will be douo through
the American Exchange Dank.
st. LortA.
Special Dts1dtrA to The Chteaf" Tribune.
sT LouiH, July 27.-Tho reported failure OF
Duncan, Sherman 4 Co.. Of Now York. occa-
hure to- day. ~ ths firm had no intimate r.h4-
tiuns ID debtors With 1T. Louis bauks. te''des'
it IL alleged that theto IL r!euty OF. mor1y ~ ta
ondiug New York oanle to "'ast,n a H. "' tsi;up
Is is no cause f<< alarm, ~ tho bsukn
q tho eoE.y t Tefp .r*cors nsyor m"nxer
t" liam aI,ye tic s!oso Of the panic Of 1871. Thu
oniv sfect Of the failure can be IN this acesion
h itrcnEthen the cautious fcoug exhibited by
Sauks In passing judgment upon paper offered
tor discount, though the New York failure will
hAyc no direct effect upon bAnkera hcse.
BOHvnH.
DosToH, July T.--State street haa not wit
nessed sinca the War such Adegrce OF excltemen
~ prevailed thefo this folenoun upon TIM ALL
no.incomont OF the suspension Of Duncan. Sher-
man h Co., OF New York.
Tho gold market oponed 1t f2's. !, and When tho
nesn wss received gold WAS sciug At ll3t+.
Within ilftsan minutes quotations bounded to
l16sk, and sfterwArd roceaed to 1l3A. Tho
effect WAS to entirely dolnoralizo tho ihark.t.
The highest transaction reported wAa 1l5t5.
The stock market mas also affected, aud stocks
declined trom to per oeus, followed by
slight rally.
6AN YHAN0laCo.
HAK FRANcIsoo. July .7.-Aa far a. can at
presrnt 10 nscartainol tho failure Of Duucan,
sherman t Gu. prtnlucca nn markell effect hero,
e1cnpt in s'igl. depression na'uly confined 10
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