The Cincinnati daily star. [volume] ([Cincinnati, Ohio]) 1875-1880, 1878-01-12
THE UNSETTLED FINANCIAL WORLD
Failure of John F. Henry & Co., and
Other Attending Disasters.
WalI.street Facts, RuMors, and
Pr0ba bilities.

National Associated Press TO the star.
NEW YORK, Jan. 12.-John y. henry,
Curran & Co., large drug and patent
merchants, have suspended.
Mr.. Duran said that the firm had their
paper tied up by the Dunnirg (note bro
ker) suspension, and heAwas unable to
state what their liabilities would amount
to until Dunning's affairs could be
straightened out. Mr.. Curran also says
the nrm will continue selling goods, but
oan pay out nothing.
He expected or hoped to pay 100 cents
on the dollar. Mr.. Henry reiterated
what had been said by his partner.
Dunning's failure at this time had been
peculiarly unfortunate and mad crippled
others besides his firm. They had con-
siderable OF his paper, and he In turn
held the paper OF other drug firms In
debted to them, and it naturally tol-
lowed that when he suspended they
were unable to realize any thing from
him. Two or three days ago Dunnins
sent them a check for $1,000, but this
was protested, and they were compelled
to make it good in addition TO paying out
SIC, 900 more on his account. Mr.. henry
was unable to give a detailed statement
OF the firms liabilities, and could not do
so until DunninE's affairs were straight
ened out. He WAS under the impression
that Dunning's creditors would not real
ize more than 81 cents on the dollar.
There has been considerable exciteme Mt
Tor the past Two days In the drug trade
whore the embarrassment has been
known,
1t ia thought the amount Involved is
quite large. Several notes have been
protested, and the payment OF bills Tor
goods has been refused. Mr.. Bell, as
signee Of e. J. Dunning, note broker,
says he believes negotiations now max
ing will result In o settlement annulling
the assignment and allowing Mr.. Dun
ming to resume. 1t is now believed that
there was nothing at all irregular in his
business, and his friends claim that the
assignment was premature aud unnec-
essary, and that il not pressed he will
come out all right. How tar this is true
is not known, since none OF the heavier
creditors are willing to say much con-
corning the condition OF affairs. One of
them. however, states that 1t is absurd
to suppose any compromise can be
reached on the basis OF 80 per cent,
since he is satisfied thai in no event are
the assets likely to tall below s. or 80 per
cent. OF the liabilities, and even the loss
Of ~ or 10 per cent. would only have
been caused by the handling OF large
amounts OF almost worthless paper.
Dunning is reported to estimate his
$500, 900 will probably be lOss. Que OF
the notes of Hegeman u Co., druggi lists
which had been deposited as collateral
| security with the Corn Ezchange Bank
by Il. j. Dunning, fell due yesterday,
payable at the Metropolitan Bank.
When sent to the bank tor collection ii
W as returned indorsed "NO funds"
The sensation on Cotton Exchange ie
the disappearance and de,alcatiOn OF
Ii. M. Gutter, head Of the firm OF II. M.
| CATER Il Co., 130 Pearl street, aud fears
| that his partners are involved with him
The excitement is greatly iutenslfled by
the fact that no one knows who has lost
nod none. OF the losers can tell to whal
extent they are involved. Those In.
yolyed are not only The men on Cotton
Exchange, but also the principal spin
uers In Massachusetts and elsewhere
| directly agents, bankers, brokers, deal.
warehouse men and others.
This, at least, is the general belief. Ow.
| ing to the manner In which the busIns Ga
was carried ON all this makes it quite
impossible to estimate with any degree
| Of accuracy the great amount of Losses
From what is known, however, gentle
| men on the street estimate them at moi
less than $1,000 and many think they
\ may exceed that amount. The oottoI
involved will certainly equal In value
| that sum, but it seems probable tha
| much OF IL has not been entirely lost, az
it would be impossible to raise on ware
house receipts anything like the market
value Of the goods on storage. Tue gen
| eral impression prevails that Cutter Nat
| gone to Canada.
| Ii. II. Hollister, q prominent member
| of the Stock Exchange, who was report
ed In trouble last week, has sent to tht
President OF the Board an official az
nounosment OF his suspension. It il
learned that his liabilities will probably
be in the neighbornood OF $1T5. 900, amc
that q settlement will probably b.
! reached on a basis of5O per cent.
| RumOr had it on Wall street yester
day afternoon that the Decastra Suga
Refinery Company had collapsed. Mr.
Havemeyer, Manager, said the rumol
was absolutely false and the o0MpanJ
was perfectly sound.
| Tho Cotton Exchange had
meeting yesterday afternoon t.
profess against the passage o
The Silver Bill. The committee ap
pointed on the 6.h inst. reported a SO
| Of resolutions protesting against me en-
actment Of any law whereby the sllve
dollar OF four hundred and twelve an,
one-half grains shall be made an uu
limited legal tender and against the fre
coinage clause contained In The Blan'
| SILVER Bill.