The morning call., 1893-04-30
DOWN WITH A CRASH.
Erastus Wiman Has Failed for
Untold Thousands.
The Stringency of the Money Market
Was Too Great With His Many
Investments.
Special to THE MORNING CALL.

NEW YORK, April 29-Erastus Wiman,
the noted advocate for commercial recIpro-
city with Canada and the promoter of
numerous projects more or less financially
successful, and promin ent member of the
New York Chamber of Commerce, Board
of Trade and many other business organ
iZatiOns. has joined his wife in making an
assignment for the benefit of creditors.
Wiman's total liabilities and assets are I'M
known. 1t is estimated, however, the liza
bIities will reach 81, O00OO0 at least and
may be more.
The only available assets are believed to
consist of land on Staten Island in his wifes
name. Winan, as a British subject, is I'M
able to hold any land in his own name. But
for the transfer of this land the fact OF the
failure might not have become generally
known for some time. In order to protect
his creditors an assignment in trust was
made under the common law one month
ago by Wiman and wife, Mrs. Wlman
transferring her 400 acres OF land on Staten
Island for the benefit Of creditors. The as
siGnment is without preferences.
Trustee David KING declines to speak
further than 10 admit that he is a trustee
under assignment. He would not give a
list of creditors or state the amount of
Wiman's liabilities. Il is said at the time
OF Wiman's retirement from the CONNER
cial agency of the firm Of r G. Dun & Co.
he was indebted to the concern three or
four hundred thousand dollars. but he has
since secured the firm.
The cause of Wiman's troubles is not
known beyond a statement that on account
of the multitude of his extensive ventures
stringency in the money market had a dis
astrous effect.
W. L. Strong. president OF the Central
National Bank. says he thinks Wiman has
property worth more than his debts, and if
not pushed can pay in full.
Wiman, when interviewed, denied that
he had made an assignment. He says that.
being British subject. he is unable as such
to own land in the State of New York, and
his large real-estate accumulations on Staten
Island have hitherto been held in the name
Of his wife. Several weeks ago this prop
erty, worth S1,000.000. was all conveyed by
Mrs. Wiman TO a trustee for the benefit of
his creditors, past present or 20 come In
this conveyance Mr.. Wiman Joined. The
result of the creation of this trust, he says,
Is to place within reach of the creditors the
large estate hitherto unavailable to them,
and is the only foundation for the story
that lie had assigned. No list of Wiman's
creditors has been given out yet
Colonel W. l.. Strong of the Central Ma
tional Bank said that he had known some
time that Wiman was in difficulties and
that such an arrangement was in contem-
pla'iOn. lie thought that if he was given
time by his creditors, pending an easier
condition of the money market, he might be
able to come out all right.
1t is said that probably Wyman's largest
creditor is the firm Of R. &. Dun g. Co., but
Dun's partners decline to say anything on
the subject From other sources comes the
statement that Wiman's Indebtedness to
tie firm will reach between $500. 600 and
100000. This statement. however, is en-
phaticaly denied by Wiman. Further, WI
man says that The property in the trustees
hands, if properly handled, is worth 81 ,OOO,-
COO or twice what he owes.
The cause Of Wiman's difficulties is not
definitely known beyond a general state
ment that on the multitude of his extensive
ventures the stringency OF the money mar
ket has had disastrous effect
A reporter called on Robert Dun Douglass
OF the firm of R. G. Dun & Co., at his home
this evening. Douglass said he was unable
to state the exact amount of money Wiman
owed the firm, as that could not be ascer-
tanned till they heard from all the branches
OF the firm in the principal cities. He said
that Wman left the firm about two months
ago in a somewhat unpleasant manner.
when asked 10 name what figure would rem
resent the money due the firm he said it
would exceed S250,000 and would probably
come nearer sS00000 Douglass said that
his nrm was not going to take any special
steps to protect its interests.