New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-08-12
aARDSUIPS OF AMERICAN TRAVELLERS

CAUSED BY THE FAILURE.
EXCITEMENT IN PARIS OVER THE NE"s-st hN'Sh
AND INDICATION or AMERICAN IBA'LLhhS-
ARTISTS IL DIsTREss-sgARP PRACTICE b. TWO
AMERICANS AL HE EXPENSR OF RoTIisChIlpS
AarNCY-A SUBSTITUTE FOR TRAVELLERS
CREDITS.
PARIs. July 30.-Like clap OF thunder Ill cie'n
.lx. or q cunpcwder explosion in an empty wagon
came the news of the failure OF Duncan, sherman q
Co. Paris contains many Americans at this season
NJ the Veal and there many more wandering
alst the continent and making this city center OF
r,s.raaion- Duncan. Sherman * Co. have been the
fayorite house for travellers credits, ana was t"u
YESTERDAY by leading banker that there were ~
least 3. 900 Americans now IN Elnope Win inc ''-
.e,s and circular notes of the fallen house. great
many of the victims are now in Paris, and for the
last two DAYS there has been shower OF letters ana
kilograms of inquiry. These are addressed for the
most par; to the friends of the senders, but many of
them come ~ casual acquaintance, and TO bankers
and Others who may throw any light upon the sub
ieet The American Minister has had has share OF
ipouries. and so has the Consul General.
There WAS surprise at FIRST and then there was In
d;ypa,iou. loud and deep. This latter feeling cu-
minated Yesterday, when the dispatches from New
York announced that the cotton conslgnees Wel" So
cured aud also some other mercantile hocers "l inc
firms naptr but that all the travelling credits ana
circular notes held by travellers were unsecured
There WA, AN informal meeting of some OF the We
tins in the cafe of the Grand Hotel where you can
meet many Americans almost any evening There
had bean a belief that the travelling credits whoh
bosght a, the counters in Newly Ork, had been Sc
cu,,a hv tl,c remittance of the cash 10 the Union
Bank of London. commissions deducted. III stah"s
90 reascnr said one unlucky holder. that Ic-
40 busift IN no
They draw against cotton and other merchandise
after sh,pping il and receiving the bill Of ladmg
and certainly they must ship the money that they
draw against" While he eXpounding his theory
sou,eisly brought copy of The London Dd'fy Ne'rs
and read its New-York dispatch aloud When he
cane 10 the announcement that all the travelling
credits were unsecured there was a wall, ana then
an explosion of monosy ables and dssyllables which
delicacy fOrbds my repeating.
Not half hour passes that | do not hear OF cases
of distress arising from this failure Many OF the
holders of the paper are wealthy ana VIII suffer Only
a ,omnorary inconvenience. The telegraph will aid
them 10 open new credits, and in a day or two they
will have money again. But probably the majority
of tho losers are persons to whom the event will be
r.al hardship a. they have reserve fund upon
Which To rely have heard of lady who came to
Europ. a few months ago intending to reside here
and educate her children as she could 90 5" iuch
more cl.eaply than in New-iOrk. She deposited all
her money-what her husband had left her at his
daath-with Duncan. Sherman Co.. and took Their
Letter Of credit Yesterday she went 10 make draft
and you well know what news she received. She
has not IN her pOssesson aud there are rent ana
school bills due tomorrow. She has no wealthy
friends here or in America, and what will she do!
IL IL strange that her excitement ana alarm are so
great that some of her friends apprehended last
night insanity
/ met yesterday an artist who has been saving
money for years in order 10 como to Europe for
twelye-month to study in his profession. He spent
fortnight ia London. aud arrived here a week age.
lie had duncan. Sherman & Co.'S letter Of credit,
and Yesterday he found ii letter Of di>credt which
no one would honor. His case Is u hard one. and he
il in no mood for art studies to-day. There are many
artists teachers students, and Others in exactly e
sams condition, and they not only in Paris but
all over the continent. They took bankers credit
At Duncan, Sherman IL Co.'S when they came
abroad, and they have no other resources and no
wealthy friends to assist them. There are ladies
travelling with their children, and there are men
with families who will be sorely troubled to pay
their hotel bills at the end % the present week.
could fill two or three columns with instances OF
hardship but those have given will suffice.
The burden of indignation on the part of the suf
ferers is expressed about as follows: I'VE bought
our circular notes and paid cash for them tho
counter. aud cannot understand why the money to
meet those notes was not sent at once TO London.
The business seems to have been done in manner
most un businesslike7 There appeared to be reason
for tho com plant as the dispatch before mentioned
stated that the firm had lost 81 100000 in cotton,
but had secured the cotton consgnees while
81 900 900 ia circular notes and travelling credits,
Tor which money had been paid. were entirely IN
secured.
There were some amusing incidents connected
with the receipt Of the intelligence Of tho failure.
Two gentlemen of my acquaintance heard tho report