New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-01-12
CsrsEs OF THE SUSPENSION.

RETICENCE OF MEssRs. HENRY AND COihAN A. ~
TIE REAL CONDITION OF THEIR AFFAIRS
THEIR CONFIDENCE IN DUNNlNG-Mk hEUH
MANS ABSENCE FROM BUSINESS.
Rumors of more failures began to be.circu-
lated ON Wallst at an carly hour yesterday aud the
truth relative various statements affecting the Imam
c, standing of different houses eagerly sought for
The first of these reports 10 be confirmed was mat III re-
gard to the financial difficulties of John f. Henry Cran
A. Ia wholesale dlug gists at Nos and CO.legepa6e
About o'clock Mr.. Henry hurryinS to the OF
fee OF Mr. Dunnne the bankrupt notebroker ana III re-
pv TO oucston whether or not true that he had
failed stated that he hardly knew, az 1t depended
upon the success Of Mr. Dunuins in re'sablishnG MN
self Before the hour arrived for the closing OF the STOCK
Cvcbouco ~ WAS known that note Of Hcgeman Co...
wholesale and retail druggists at No 2O3 BrOadway'
WAC going 10 protest. Ii was also rcrOi'eu
that one or two banks were IN tronoe'
end the name Of one was mentioned as having been
thrown on of the Clearing House, but on inquiry it was
learned that the statement was untrue
The business troubles Of John f. Henry, Curran * Co..
and OF Hcgenan {; Co.. were traceabe directly to the
failure OF Edwin j. Dunnng In both eases he had taken
their paper, and hypohecated it with the
banks as security for loans. The total Oh
the notes Of John F. Henry, Coran & Co, when MI
Dunnlng had pledged, it Iumored amounted u sew
era hundred thousand dollars. 1t was learned later
that the amount as given by Que OF inc uru "a" ho'
greatly exceed 100000.
The notes OF Hegcna1 & Co. which were pledged by
Mr. Duning represented mnch smaller sum, but the
amount could not 10 definitely asceraincd yesterday
The note that went 10 protest was among the lot ana
was for $1,000, only part oi which, il appears was
ever received by the firm.
The accounts of Nix Dunning still remain In chaotic
state but it was thought a statement might be made by
the assignee to-day. Mr. Dunuing admits that be VIII
owe the firms whose he used IN obtaining loans OF
the banks large sum- providing they meet their ooga
tons at maturity
STATEMENT OF MEssRs HENRY AND CURRAN
Representatives Of the firms who were unable to meet
the demands made upon them yesterday, on account o.
the failure Of Nj Dunniug were very re'i-
cent Eas to tie amount OF their liabilities
In reply TO the inquiries Of a TRIBUNE reporter MI
Henry said that would be harsh to that the firm
had failed but they had been obliged to suspend pay
ment Tor the time. This embarrassment had been
caused by tho troubles Of Mr. DunEing. He
had in his possession" said Mr. Henry, "a
large amount Of paper upon, which he
has made no return and owes us large amount
OF money. We have, however, the fullest conf
dence in his integrity and honor. Under pres
sure that would have swanped many OF the
banks he has bceG driven TO ana assignment
and if he can effect compromise i'll bis difficulty
il will relieve many drughouscs, which otherwise must
succumb. Until we can know Mr.. Dunnlngs condition
We shall not move We are filing cur orders as usna',
but giving none. WIN Satisfactory auJusI-
ment of Nj Dunaiags afYairs, If sufficient
time is given and leniency extended, We
shall DO able to pay dollar for dollar. Numbers OF
our creditors ana business friends have called and
pressed themselves most willing to give ample time
ana any aid possible"
Mr. Henry stated that tie business of the firm now
reached between 100000 aud S3,00OOOO per year,
and while tEey expected % cash upon al or
ders most sales time. He SAID he could
at estimate OF the and IIaDll
lilies of the firm
Theodore Curran was last evening at his resi-
dence in Newark like The other members Of the firm,
lie very recent regarding their preson; troubles
He said that would be impossible at present 10 give
further information than that tne firm had temporarily
suspended The direct cause Of this had the failure
OF Mr. Dnnning who had carried u large amount Of their
paper. for which he had never made any
return. The notes Of the firm in his hands
would probably amount TO over 100000. A
few days ago when Mr.. Dunning was called
upon to put up collateral by the bank the State Of
EewYork, the paper Of J. f. Henry, Curran & Co.,
well as that Of Hegeman & Co., had been given. Mr..
Curran said that the firm had entire
edencc the integrity OF MI Duunng.
His failure" said Mr. Curlan " has pushed to the
wall The paper given to him to negotiate, and
some advances had but u?on the face value there
Is q large amount owing from him The banks
may hold us for the full amount, ana
considerable Of this paper natures Tomorrow,
ard recognizing the fact that could not meet all in
Justice to creditors, concluded to suspend pay
ment at the advice Of counsel, and await the arrange
ment of Yr. Cummings affairs"
In reply question the extent Of the liabilities
the firm Mr.. said that 1t would be possible
at this time to give figures. They present
taking account Of stock tins would OccUpy al
days. He said that it would also tIke the clerks
several days TO ascertain the amount Of outstanding
indebtedness. Many OF their heaviest creditors
had called upon them since tie report Of
their suspension hal become known, with profeia
OF aid, IN money or extention in Indebtedness.
There would DO suspension in the busi-
ness Of the frn. This would be carried ON
as usual, though they might be called upon to ask an
extension of time from of their creditors He said
that Mr.. A. ID. Breed Win whom he formerly
eated in the drug business Cincinnati, "a large
creditor the firm, but to what extent he could not
state
MR.. DUMMIES ACCOUNT.
Mr.. Dunning made The following statement last
ing relative 10 Mr. Hcnry's firm:
do not unde' stand that John F. Henry. curan & Co.
have failed. They have uJ made assQnn Mt nor,
am iniorInci 40 they contemplate such a step AS
have been deld by Mr. Henry notes gwen the hin for
and they had not the funds at hand TO meet them.
These notes were among OF the firms paper de
posite&5 me as cJildcrals with various banks, and
failure is undoubtedly contributed to the firms en-
barIassmcnt. have carried this f0r about twelve
months. Mr.. Henry had expected me TO ali Inn in
providing for these notes which were caleb In,
and had ] been able 20 keep ahuat his n
would have had troubc in meeting naucal en-
gagepents. My transactions with john Z. Henry. Cur
ran Co.. very large and have united TO proa-
bly, 81 100000. At tn time OF my failure had about
SO 900 their paper When they needed money IN ener
geuccs they would bring IA r notes, frequently
large amounts which purchased at given price agree
ing 20 paS i.stalmeut. kept an opcn account with
them, furnishing money demand | have not struck
a balance my failure, and do not know
precisely how stpd Our accounts have
varied at times each owing The other, and presume
that an IN their dent slightly. nave been IL
formed that r. Henry has friends who have agreed
10 take M bis notes tomorrow, and 70 render such
sstance will enable the firm to bridge the pres
cnt difficulty cannot afford Mr. Henry any help not
beng able TO help myself.
John +. Henry, CGrTan 4 Co.." Mr. Dunniug
tnud 'did the largest business their liue this
a. n.