New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-01-11
MIR. DJ MINING TRIES TO COMPROMISE.

DUNNIEG GOT HIS LOANS.
When il became known that the rumors OF
forgery which were circulated in Wallst late "Wednesday
afternoon in connection with the failure OF Edwin j.
Dunning, ir., false. the interest d0wntowh "as
concentrated in the amount OF his losses, ana
the extent and nature of his relations with
banks and merchants II understood That the loss
TO those involved would probably not exceed S3ooooo
and that it might be much less. The total amount OF
the Liabilities was estimated at about 100000
The assignee F. v Bell, and Mr. Dunning. assisted by
n few friends spent most of day in their efforts to
arrange for an extension Of time the loans made TO
Mr. Dunnng. Accompanied by warm personal friend
and George Cabot Ward, Of Barring Brothers. MI Dun
ming visited two three bank officers at their residences
uptown early yesterday morning, aud the calls were
continued later in the day at the bahK
Offices downtown. As there was no evidence
Of fraud or intentional wr0ngdong on 'tne
part of Mr. Dunnng it was urged that all possible len
iency should be extended him. Furthermore 1t was
claimed tc interests OF the banks could be better served
by an arrangement that would enable him Ia pay III fu
even after some delay, than by the adoption OF y
course that would necessarily cmbairasS the makers
Of some OF the notes pledged. and In some cases IL
was feared dive them also bankruptcy. II was pro-
posed to grant Mr. Duunns such an extension on his
loans now due as would permit their payment from the
collection ut maturity of the notes pledged coliacrals
In the meantime the assignment Mr. Bell should he
annullcd.
Til. plan II i. understood met with considerable favor
and il was hoped that arrangement woud be com
pleed yesterday, by which could be carried out No
general meeting Of The bauk- interested In the failure
WIS held hut conferences between Mr.. Bell and Mr.. Dun
ming and the officers OF some OF The banks continued
during m, afternoon At IA late hour the assignee said
all except banks lad given their assent 10 the
So heme. For reason, which Ar Bel dld not eN-
plln the occIs Of two VI HE banks hesiiated about the
matter and further negotiations were postponed un'ii
to-day.
In tlo afternoon it was reported that the discovery
had been made that Nj Dunnuc Lad pledged the notes
Of merchants ut ono bank, which Dc received Loan
and had taken the colatcrls accompanying the notes
10 another bank where lc chained second loan II
WAS though, that his lad somctliug 10 do with
he delay on part ~ the banks referred 10 IN accept
ing the proposed scheme.
The transaction ~ which the Bank Of the state Of
Ncw-York where MI banning kept biz account was
placed IN possession of The colaterals rs security for
oyrrdra:ts mad. by Dunnng. spoken OF as H.
terI To- be- entirely honorable both the part of The
bank aInl 81 Mr. DIIuug, hut u was stated that
u 70 became necessary ,cttlc the affairs ~ Mr Dan
ming in cburt a! bankruptcy, the transaction wond hc
n,ld 10 hc Heal Any assets the possession q" Mr..
Duuuue ~ tire time HAT % became known To him that
he must suspend belonged 20 tin creditors IN proportion
to the amount Of their claims. and could bcirecoycrcd
Tor an equitable d-ir.hniinn. whcrytr i"und.
Anothcrpan q settlement was suggested but 1t X I'M
drr-tood that b. did not call ont much approval THIS
plan was 10 settle wth the banks al once by the payment
OF 80 cent. cu the dollar. and II was ntmaici that Mr.
Duuuue'- friends would come t. hi' al % as to enable
hnl 10 carry on, the scheme.
NE BANKS WHICH MADE THE LOANS
The facvlugi4 l!st 81 The banks to which Mr. Dun
mig j., indebted. together with statements Of the bank
onc as in regard 10 the character Of the loans Both
Mr. Cunning and the assignee declined. yesterday, 10
give the MINES 81 the persons whom hc had OBJ
tanned the notes len with the banks:
AMYElCAS ExcntNGE NATI"NAt BANK :-Gcoree : Coe.
The president. sam tat Nr. Running cid very rS-
tcnstVr business IN ''inl,IFla l",p. ~ "ht IT. 'I-
pcarcd That IT, L?dh''o"c Hiiht'icl NM ne pre-
cure which brought upon lin lrsi - e time Wien
he. hould have been strongest There was really -"
uccc--ity Mr. tor i'Jullt, for bis suspension
II the uini,rr had been s"mowlat NOR ludic!uusit
Managed The 7'tuIlil'. N"'h hi' i'uh"ihs h,l'
- fIr a. Dec know "tfr' IriAik"bil goo! Tor ihr
KIND. 1Ar notes were -lNru 10y men who's" hu~inrst
VA not subject 10 pr,at fluctuations IN vance. and
an t'lr pIic7 lc hdd -''h N.tt lal' ~ goo" iih-
Mr.. Dunuing had visited hin d9'.ns ne rn"mins,
De succ' .sul ~ arinSinf matters 30 rs 10 ahul ne
assignment. Mr. Coc declined 10 state tic amount
whicn Mr.. Dunuing owed the bank
BANK o. CoHMERCE.-TIc president and cashier stated
that the bank lad never sustained lOss on demand
loan since IL Was oigtn'lcG III le9' and hcy did BOT
bcIcyc IN world lose anything account OF Mr..
Duuniugs troubles a. 1t held ample recurlty for the
amount loaned 900
Rickc-, stated TINT The bank mold collglrrals worth
about T:}OO.OOO To secure loans Ia Ni. Cunning
amounting To less than SliOOOO. Mr. inning Kept
his account with the bank, ana when Ia discovered
mat zee would De unable I" meet his engagements he
placed thu securities which be had on hand at the
Time win tie bank the pgrpusc II securing any
balance due There was no doubt that tie bank held
curviIU EtNK-icorgc g. Williams the cashier
stated Yesterday, that the bank had loaned money 10
MI Duunmc, but he declined 10 give the amounts.
lic declared that in III. opinion, all the loans
secured by government bonds and the paper of good
Lnurc- Ilc tAOu- hihr h,h,icsi losers wOhld be- the
firms hat had done business directly with the note
brokrr
Co.'s Lxcu.SGE;BANK.-Th cashier stated that Mr..
nuui.nu ,,acd the bank 80 900 for which If held
COIL
i,in loaned. The Officers did not feel any anxiety
al,ut the loan, and, IN fact, they had made no in
aulry about 10 since DGHuings a--isnm,nt The
notes were good commercial paper, but the makers
were not widely known. and stringoury in The
loiln secured ny Government bonds. AMI other good
colLicrz, had made the COMMERCIAL paper lees de-
sirair than formerly, ANA consequently az the
i,anns bad called on Sir. Dunning for the amounis
loaned lnl.
MARRLr NA1IoNAL BANK.--Ae1andcr Gilbert. the cash
ior said that Mr.. Duhning owed the bank s2500p,
for which II Gcid .I2OuO a. the best paper. He
aided that ~ a dealings WItn Mr.. banning he had
been found 10 ~ man upon whom perfect reliance
could BE- placed. one ol Inc directors or Tie bank
yesterday no. ming had offered 10 take al Mr.. Dun
ningh paper MIA ny tii u , t pny $500 ,nah
for II. lie thought tins inc DIST evidence that ihc
bank was likely TO lose nothing nom Mr.. DunnlIvs
MrRtuNNIs' Cashier Bania said that tie bank had
loans 10 Sir Burning amounting 10 upward, OF 500,
goo. These were secured by government bonds ant
good business paper. lie icll perfectly confident oi
Inc goodness OF thc paper. but 10 make assurance
douIly sure, IA went Yesterday morning. 10 the per
son. whose paper he held, and rom them learned
that It w,.d AN be pod He therefore. icit certain
tLat the Dinh "onih sih,I no ios- ~. Hii 1, lu-.l
some paper which DunllhS had pre-, h'rd. although
he ba- offered lrgr margins on n. Tie banks whcl
had taken this dubious paper ia the hope of taking IA
high percentage Oh 1t, would be- t.e losers now.
II exported that the Merchants, Exchange Bank was
also creditor but Cashier Apgar said that the bank had
never loaned an, money 10 MI Dunnng, and It's officers
did not even know HIM personally. lie made IL rule
never to loan money TO any broker. The mistake Proba
bly grew out 0i the similarity Of names between the
Merchants Exchange aud the American Tx
change which had advanced large amounts to Dunning.
j. L. & d. = Rker, wholesale dealers III paints and
oils at NO Ccdar-st., reported to have dealt
largely with Mr. DuuIg. IL stated at their office,
voe,erday that the firm WIS secured that loss