Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1873-09-14
"DAN'L In THE LIONS DEN.''
Al the Beasts Of wall Street, Bears and
Balls, Allowing Around him.
From sl,5OO,OOO to s8,5OO,0OO In
vOlVed-KeDyOR, Cox & Co.,
the "Seape-gOats."
Parileulars-Ihe FURRY in Northwest
ern Supposed to be the Cause
Of Failure.

New YoRf1, September 1S.-Kenyon,
Cox d CO., bankers and brokers, Wall
street, New York, suspended yesterday.
Daniel Drew was a special partner in
the house, 1t is said, and rumOr has II
That the difficulties of the firm were
caused by operations In the interest OF
Drew, and the stock business was not
the cause Of sCspension- as they were
carrying very few stocks compared to
their usual complement. Only three
thousand six hundred shares were sold
out under the rule to-day, and this was
Lake Shore, at ninety-one to ninety-one
and a quarter. The real trouble has
been large advances to the Canada
Southern railway, some of which are
how beginning to fall due. Messrs.
Keayon, Cox, Daniel Drew, and
Others, it is understood, loan
Ell their paper to assist in
completing the road, trusting to the
negotiation of bonds at London. Last
Monday advices were received from
London, stating hat it was impossible
at present to negotiate any more bonds,
and a consultation was held by parties
in the interest of the Canada Southern,
and Kenyon, Cox & Co. resolved to sus-
pend. The decline of four and quarter
cents in Wabash stock this morning
was based on the sUppOsitiOn that its
friends were large holders, but ii ap-
pears that they have been relieving
themselves for some time past, and
hence there was comparatively little
stock sold.
In ID 70 Ha NJ
when questioned this evening, said the
Canada Southern railway owes two mill
lion two hundred and fifty thousand
dollars, and has three million two hun
dred and fifty thousand of first mort
gage bonds of its own and connecting
roads. As late as Monday favorable
advices were received by cable in regard
to placing the bonds abroad. The diff
Guilty had occurred very suddenly, and
occasioned as much surprise to Mr..
Drew as any one. Mr.. Cox denied that
there was any foundation for the Wall
street rumOr, that Drew had permitted
the suspension Of the firm for some ute
rior object. He said that Drew had
thus far acted wisely and honor
ably, and would, could he have
forseen complications three weeks
ago, have prevented suspension by con-
verting some of his assets into cash.
Cox said the notes OF the Canada
Southern railroad to the amount
of one and a half million dol
lars, bearing the Endorsement of
himself and Drew, will mature within
thirty days, beginning to-day. Although
they could not be met Immediately, he
believed that every creditor would OBJ
tain one hundred cents on the dollar
Wealthy men who are interested
in the railroad, although they
might be at first unwilling to
make sacrifices for the benefit OF
poorer stockholders and eventually lift
it up and make the project successful.
He insists, especially, that it would be
an act Of folly for the holders Of the
bonds 10 sell them at sacrifice, because
at the present excitement the parties
connected with the Canada Southern
railway are among the richest and most
Influential railroad men of the country,
including John +. Tracy, Milton Court
right, Sidney DilleOn and VIM. l.. Scott.
One Wall street writer says that Daniel
Drew Is a general partner in the house,
and that he has frequently quibbled and
compromised when caught by some Of
the c0rnering operations of Wall street,
bat this is the first time he has actually
1t is stated that he took this
course by the advice Of his counsel,
who advised him to stop Immediately
so as to learn the exact condition of az
fairs. The troubles Of Kenyon, Cox &
Co. are supposed by many to date back
to ancient transactions Of Daniel Drew
in the famous Northwest corner of last
year, in which Drew wss worsted. He
is said to have permitted Kenyon, Cox
Il Co. TO pay up differences on stock,
and as the firm, according to rumor,
have not been able to get settlement
with the Drew contribution, cause of
suspension therefore existed.