New-York tribune., 1878-01-10
DETAILS OF THE SUSPENSION.

noon, by ruumOrs of another heavy failure
| coupled with the reports that the bankrupt bad
been detected in several forgefies for large amounts
Rumor placed the total at various sums ranging
from 100000 to $500 900 The failure traced to
Edward j. Dunning ir, note broker at Nc Gl Wallst
whose liabilities according to his statement he
100000 and $600,O00 The assets may possibly
nearly cover the liabilities, bat Mr Dunning fears that
several other failures Will be caused by his suspensi on
and that there may be loss In this way oD his
assets Of S20O000 Mr. DunnIng most emphatcaly de-
MED ;he forgery charges and at the banks, where he Is
well known and has done business for some time, the
| story is moi believed
Rumors Of the failure did not reach the street
until after the Stock Exchange and banks lad
closed and consequently they did not have any effect
upon the market. Considerable excitement created
however, among the brokers who remained On tho street
uuul late hour. At the office OF ar. DunDing
it stated that assignment had bcen
made by him to i. Y. Bell, lawyer at
No. 50 Wall-st., for the benefit OF his creditors Mr.
Bell lad taken charge OF the Office but he
was compelled 10 leave the city early In the
/ afternoon owing 10 an engagement made before
the assignment. In h's absence no information
a. e Of the liabilities Of Mr. Durnng or the
nature of bis business could be obtained down town
The oGlea temporarily IN charge Of q yoIEg man
from Mr Bells Office, who knew nothing OF the alirs OF
! MT. Dunning
TIE president Of the BANK OF New York, which 1t was
SAID was ~ Dunnng'~ creditors stated that Dunniag
dent 10 discount Monday. but the request
declined, ana he returned again on Tuesday when he
made another effort to dispose OF the notes but he was
.liu unsuccessful. The cashier Of the Bank Of the
+ state Of New-York, which Is one OF the cred-
tons Of Mr.. DIDnng, declined to make any state
in regard to the i1atter. He thought however
that tie failure ordinary case of suspension on
account Of the nsbiiy Of Nr Dunning to meet his en-
ga-cmcns He had purchased notes, which were subSe
qirnty pledged for loans with the banks until
he became embarrassed and unable TO obtain fur
| thcr accommodation.
TIE assignment oiMr. Dunning 10 Ezekiel Y Bel was
ncd late yesterday afternoon. II simply states that the
as gumcut IS made for the mutual benefit OF all the
! creditors
MIR. CUMMINGS VERSION OF THE MATTER.
Sir. Dunnng was found at the Clarendon Hotel last
evening, and gave the following history OF HIS troubles:
II have beon dealing largely in commercial paper.
! My Transactions have been confined t. dealers IN
drugs, chemicals. paints and oils The hard times
and tight money market have bad serious effect my
business, and as .hc banks refused to make further
loans have b>cn compelled to make an assignment in
o,.er secure my creditors. have used every pcs>.-
bic cud"ayor to avert this calamity and up TO Mon
day afternoon | supposed that | had brdgcd
! over the dinicultyy. when loan OF
/ 10000 tha, I had been promised was refused. This
was my las, hope. and By the advice OF attorney.
Mr Bell made an assignment, naming Nh Bell as The
us'igucc hnyc been carrying my shoulders two or
! three heavy firms at largely romuncratvc rates,
| until my lines Of discount ont at the
/ banks ON Monday of the banks be-
lin calling my loans not because my
integrity was questioned but because they were IN
need OF the money II the houses Tor whom haze done
business want their paper shall be able TO pay II lll,
hut il failures among them, then my assets VIII b.
/ depycciatcl to the extent OF tie fafrlres. and
| the banhs viii be the sufferers l have been dc
mg paying business and Lave made
great deal money. Tie only loss have suffered Of
late lot OF Baxter Bell Il Co.'S paper amount
ing to ~ 500. 1 received such excellent reports Of
their standing. that IN addition TO purchasing their lot,
made Offer to carry tnem along wDen their troubles
came on and told by tn, assignee that the assign.
mcnt was matter OF pubic notorie,y. aud nothiGs
could done For that paper have received 80 cents
on the dollar"
Referring 10 the many rmors that were afloat con
ccrning hls failure. Mr.. Duun!nS said:
Thc story that have been dealing in forged paper ia
utterly nonsc cuscs. Every piece Of commercial paper
that dealt IN TO me direct from the makers. and
was invariably made payable - my order. Thc rumor
that have intended to ly IA equally groundcss do not
come from runaway stock and | shall bo at
my office continually 10 meet my creditors ana make the
best efforts possible much from the wreck as
can Ny assets are repre- snted by hrstclass houses
about twenty thirty OF the leading firms in the trade
OF them have been leaning heavily upon me-
/ and | have been their main dependence. They
would come into my oilice in great haste and handing
their notes. would insist upon my checA declaring
that they must have It the wall In ls way thy
have i,,ucd more paper than they can probably meet If
called upon 10 do so at once likely be the case, nd
one or more failures thus precpitatcd. might cause
panc winch would MAKE my actual losses aggregate
large amount As note broker. occupied dangerous
Ground continually. The banks loaned to me upon my
ndorscmcnt, and all bad paper bacane my loss me
banks looking To me individually FOR their Loans Tue
recent unfortunate failures coupled WIN Ithipo heti'
| tious have made banking institutions tlniid IN placing
| loans. aud as all loans mao Oy hode - -proftss
are en- call my fear Is 'hfd my %s;SnnTn' ,,ni
| This might produce disastrous results in the
various branches OF trade. II IL notorious fact tha
several arsc dry goCus firms and grocery houses be-
ing saved from financial ruin by mdly!dual
brokers. who n turn are %ceGmiHSdatei IN i3t Iob ny
! and tho firms be compelled to take up ther
/ paper many Of them wouit be unable to do
-o and they would probably De Forced mo HqUditUn
II ms course pursued, and am inclned To expect A.
ihcncXt days may be prolific of failures, some OF
| Whrninqniry was made the amount of his liabii
, iucs and assets, Mr. pnnnne said ...,....
can give no dc.n.ie ih!otma'ion "m ,hS S''gsC
wAi,a sha publish - soon ~ 1t IS completed lhaye
10 d,src to Keep p@rA any ini"s fonn'Slvu conn t
with my business iransa t;onS, my lalinIe nav.
ing been unavoidable aud no possible tanI
Of dishonesty can BE- affixed to me should roughly c>,
tiuate my total Liabilities at between S1OoOVO and
5000 900 These divided MP between i've 0r siN
huh,, each OF which had line of discount 10, about
500 900 lly drawn upOn VIII not name all the banks,
jnt viii -dut that the Bank Of Commerce. American
Exchange BL and Iank Of the state OK New fnr% are
among those that made loans To me. Ny aSSrts consist
o the notes -ilen by thirty reprc:rnatiyo him,
ii the drug chemical. paint and OIL trade. u they ~
mort their obligltions eau pay mp IN iui hut II the
fanre5 result which iear IN some cases my losses Will
probably reach S2OOOOU.
MH. DUNXING'5 BUSINESS CAREER.
Mr. Duunlng is youns man. thir;y-iour years Old,
and has always borne good reputation for integrity and
busncss ability. lie brought up to the business
from boyhood having gained his experience with Arthur
Loycgro,e an Englishman, who made large fortune
dealing IN gold paper. When Mr. Loye1roye retired from
and To, I,,,I ,InpI