The sun. [volume] (New York [N.Y.]) 1833-1916, 1878-01-10
SGT EEXED IN WALL STREET.
NOTE BHOKER DiNsTNG rNfBiE rO
PiI ms NO7sS 10 BiNhN


~
Time aud can ionn- DNrrirndinx on Ills
limited Capital Trying to Nscri u Panic.
Edwin J. Dmning. lr., of Gl Wall street. n
commercial noto broker. wcll-kuown ia the
drug and chemical trade WAS unable TO nielt
has ohiigutiDus to several downtown banks
Yesterday and made ana assignment of bis hu-i-
NOS. 10 Mr. E.Y Bon. q lawyer of 30 Wall street
The nowa uf the as -,gumcut did moi become
generally known in Wall street until after the
close Of the lanking hours. Thc failure was
said to De iur nearly 81 nOOWO. and q numhcrof
prominent banks were named n- .lding notcs
icrvcry large amounts that had been negotiated
by Duuning.
Among his heaviest creditors were. II was
said. the Bank oi the State of New York. which
holds $4,000 VI his notes; the Bank Of Com
mcrcr. which has sliooOD; the American Ex-
change Bank. which advanced him S1lOO1O;
and the Market and Corn Exchange Banks.
from which he borrowed less amounts. G. T.
Raynods 4 Co.. Wholesale paint and varnish
dealers, OF Fulton street. were also named ~
heavy creditors. and il was understood
that he had given his notes 10
several other mercantile houses whose
names could not be asrcrained. Mr.. Dunning's
assets were estimated at from 100000 to
100000. all of which consist OF time loans TO
merchants. His liabilities will. it is thought.
not fall short of 81 100000. The suspension
was announced So late in the day that the
cnuscs which led TO it were not easily ascer-
talued
A SuN reporter found q gentleman last even
ing who was qualified he said. to speak nu-
thnriatNcy about Mr.. Dunniug's affairs. H.
SAID that Mr. nunning had bccn engaged in
n"sGiiniing merchants notes with ne hanks
for The uost tn ysnr-. lle stood well aul his
credit WAS above suspicion. The first that the
gen,i,.man hoard of his ,dlllculty WIS
ON Tursdly afternoon. Mr.. Dumning
sent for him ami said that hr was
cnharra.ecd, H. rcp'r,cl that he la!
b.rn - the Bank of Commerce 10 let loans and
| to take any moro Of his notes Tho
ON 'cr- not only refused TO q'rcpt his
| notes. hut demanded that hc should take
W the notes which he had already given
| amounting - about tli0Ooo. and for which he
crirfs as security when Mr. Dunuins suhln-
duc9iy applied to tine Bank Of the state
Ssi NM .n, lo1k bis b9nd or 9'eeT t"nhS G yhGGrs Ire
| met With similar rcfl-als Yesterday morning
MI pnnqius and some Of tn bank dirert?rs
ns-l.n his property To- Mr. Brll This cour-.
| was supt.S"i =" receive the approval 'l hls
! ereditY.. "a B.il WIS siy'na i.,.a .4r le.i Of
action muLht l"ad to N.y serious results
un'-- tA' tuA~ aul mnroA9ni7 Who
r' 'll.hi' tnirt iu..t h- uhIsar JOINS. 1T he
/ t.aen '..c,ol, would br comp ..ri TO Shut
Is ,g es ci,,,,i' ,,i' r,ss gen .'n,.na ~. le" .., .a.
/ ut dr s,m iine thu iauas vlih whi-t
/ ,lr. banning doalt hal p .rn nra>- n4 iim harl
! f.r m d. So hut inr What roa-on hr tid tN'
An'F. inoE a.''".l MN t.. rsy ga "a e.. 1,'-.- -
f.N l.ri f'l' notes ~ u.r.l4 4uf- NNi' 10
tI I'D D m.L rno irs'h.l'-' ~ .
/ i.N ilr.. gnH SIS ml.ti'e t'iul. S.uit 90 tII'
Ir--ei ap.lat.i, tp,y. w.i os aaay huu.
.r S.; 4 1t would nnai iar mark.i generally.
i' Hi 900. iN Ar Damn 300.