New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-07-28
AN UNEXPECTED FAILURE.
Caatinned n First Pare.

little after IL o'clocs ana spread with the utmost
rapidity through the hotels Tho excitement at nrst vas
intense and the bulletin boards were surrounded ny
anxious crowds eager to learn the contents VI
each fresh dispatch from wall-st In ana about
the corridors pazzas Of the United States and Grand
Union Hotels and Congress HAIL seen groups OF
railroad Inanagers. bankers brokers, politicians ana
journalists busy discussing the great calamity. Regret
was generally expressed even by those VINO sunered
nothing directly by the failure. that firm OF sncn
hitherto undoubted strength and integrity, and SO largo
interests, should be compelled 10 suspend
To the majority OF people not fntimnNy
acquainted with the fns and outs OF WALL
st. the news Of ths failure was an immense surpriAe
and even August Belmont who heard the tdings nj the
races refused at first 10 give credencc 10 tho report
Commodore Vanderbilt, Isaac Sherman, Chester I.
Chaplin, and others largely interested in banking ana
stocks. who were busy discussing tho faISe al the
United States Hotel. shook their heads wisely and
said that the suspensien wOnld not have taken
them greatly by surprise bad II happened any time
within the past year. Commodore Nanderoht Haiu
that for Some time no had regarded the hoilse as
"shaky" and had taken his account away from u more
than a wear ago Tho gentlemen mentioned did nor
think that many houses would suffer severely rom tho
failure What embarrassment resulted from feid'i"nS
with firm. they thought. had been pretty eq'liB
spread over last years. and rs tar 10 hors con-
nccted With it concerned the shock "Hich Ia tue
general course Of events should have followed todays
announcement had in fact precod. the FORMAL assign
meut.
II is the general opinion among guests az the hotels tht
the principal sufferers um the failure viii prove to be
Americans who are travelling IN Europe very many OF
whom have had such confidence in Duncan, Sherman q
Co that they procured credit truu, IA That in "h'n to
disastrous results OF the Jay Cooke failure had male
then wary Of tie best houses. Many Of the 30
iouruers st the Springs have members OF TIER families
sr near friends who making ic tour OF England ana
the Continent The distressing aspect Of the failure IA
Affecting ihrse persons, enough TO dispel al! io
gossip among the ladies. who showed even more anxiety
in their couuicnancCs than the MN one hears Oh 90"
sides expressions OF deep regret and sympathy Tor Dun
can sherman d Co., and these best qualified 10 know
ascrbo the Duro 10 old osaes arising ifom disastrous
railway enterprises, such the Mobile ana Ohio Com
p4ny in which the firm largely Interested ana Ia
recent losses heavy cotton transactions Inc failure
is also REGARDED by echo Of tac panic OF lsJ
Eariy in the afternoon a good niaay long faces were
seen 81 the Grand Uron Hotel, but IS d~'tcl Oh ds
match arr fyed showing 40 very strin: depression ~
stocks The feeling Of c4ci,7,mcnt dn,'lcd ard
each new fragment ~ hearay, ard II private con
LESSONS OF previous suspicious, were discussed qhtty
j. a,licnlan OF scli.aan BOibers, 4. A. sciOvcr ana
Charlie Harvey, together With several other Iaos IN
tercscd In Waist tnrs. ctIons, departed Tor Ne"-loIk
IN the afternoon train.
The news became known the race course between II
ana O'cork, uud created m0mcntary excitement aud
much surpre As the failure did not affect the odds on
favori,e few people left te the hotels bclOic
the race were over for The day.