The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-01-12
DOMESTIC INTELLIGENCE.
sWERMANs FINANCIAL PHELs-FAvL-
URE or A NEW YORK DRUG HOUSE.
Henry, Curran a. Go. suspend Payment
Their AFalrs Mixed UP with the Bum
ming Failure--No statement of Llabili-

Henry, Curran & Go. suspend Payment
Their Affairs Mtxea UP with the BUM
ming Failure--No statement of Liabill-
ties.
NEW YoRK, Jan. 11--Johns r. Henry Curran h
Co.. large drug and pat mt medicine merchants,
have suspended PAYMENT Mr.. Gurran said that
the firm had their paper tied up IN Dunnings
hs fos sas ss won
to until Dunning's affairs could be Strengthened
o,tI Mr. Curran also Gays the firm will continue
expprfed or hops to pay loo cents on the dollar.
Mr.. Henry reiterated what had been said by his
partner.
ljarly nnfOrtunate aud. had crippled others be-
sides his firm. They had considerable of his
agd he II i turn held s m Of oher drug
lowed that when he suspended they were pn-
able to reaizs anything from him. Two or
s5opo. hut this was protested ind they were COM
pslled to make It good. in addition to paying out
| SO 900 mote on his aecQunt
| ment of the flrn's liabilities, and could not do
so until Dunning's affairs were strengthened
ont He was Under the Impression that pun. .a
| fifty cents on the dollar, - ..-,.-
There has been co9psiderabls excitement for +, r
! the past two days In the drug trade where their
| embarrassment has been known.
It is thought the amount involved is quite
large. several notes have been protested and
payfr ent Of bills for goods have been refused.
| Mr.. Bell, the assignee of E. J. Dunning, note
hroker. says be believes negotiations now MAX
ihg win result in settlsmebt annulling the us
It Is now believed that there, was nothing ut all
irregular In his business, and his friends claim
that the assignment was premature and unnec.
ali eHsr right How lar Tits is true is not Known
since none OF his heavier creditors are. willing
to say much concerning the condition OF affairs
One Of them however. states that 1t is absurd to
suppose any compromise can be reached on a
basis of so per cen since he is satisfied that In
% per cent of his liabii les, and even loss 0!
10 or IS per cent would only have been CAUSED
by the handling OF large amounts OF almost
worthless paper. f#t =. .,..
Dunning Is reported to estimate his LIABILITIES
at nearly 5000 o00 Of which s30on06 VIII probably
be a los One Of the notes Of Hegsman i 90.
druggists. which had b en- deposited as collat-
eral security with the Corn Ex hauge Bank By
E,J. Dunning. tell due to day; payable ct the
collection 1t was returned indorsed No funds.
refaIca ion of II. NJ. Cutler.
New YoRK Dec. 1t.-Tbere was u sensation Of
the Go ton Exeh lnge to-day, caused by tn.
disappearance and defaleatien Of II. N. Cutler
the head of the firm of H. M. Cutler d CO., No
1so Pearl street and fears, are entertained tha
citefient Is greatly intensified by the fact tha
| no one knows who has lost. as none Of tn,
los RS can tell to what extent they are involved
Exchange, but also the principal spinners II
Massachusetts and elsewhere, for whom tn
firm were more or less directly agents. bank
} ers brokers, dealers In scrip and warehouse
receipts, warebousemep and others -,
This at least is the general belief. owing 70 th
: manner In which their business was carried on
This max 1t quite impossible to estimate
: with any degree OF accuracy the amount o
losses.
From what is known. however. gentlemen OF
the street estimate them at not le than 81 900 O0
and many think they may exceed that amount
. The cotton involved win certainly, equal II
7 value that sum, but 1t seems probable tha
mu ah of it has not been entirely lost. as 1t wou
be impossbe to raise on warehouse receipt
ANYTHING like the market value of goods .o
Storage The general impression prevails tha
| Cutlpr baa gone tn Canada