The New York herald., 1873-09-09
FURRY IN WALL STREET.
Failure Of tho New York warshouss ana
Security compsny-Reported suspension e
Francis Skiddy and Sheppard Candy
Interviews with tho Interested Par
ies-Are Coming Events Cast.
ing Their Shadows Beforei

vi wall uuu fIuc StTcetS ycSIcruaV duu u Sbu0
OF feverish excitemenr existed for longt time.
report pervading the street that the New
York Warehouse and Security Company mad sus-
pended payment and asked for an extension; also
that Francis Skiddy and Sheppard Candy, two
heavy sugar operators, somewhat en-
barrassed. The sudden refux In the gold
market for several days past has caused
iears or an impending crash many a stout
heart. The beginning OF the end" came yester-
day. and although 1t might have been more extern
sive yet the denouement is sufficient to Indicate
the great depression In Wall street affairs.
AS early as noon yesterday report was curreus
that the above firms had failed, and 1t was 20
stated on Change. In order TO ascertain the
truth, and such other particulars might be OF
interest to the public, HERALD reporter was de-
spatched to seek an interview with the parties
mentioned In connection with the failures. Tho
first place visited was
THE NEW YORK WAREHOUSE AND SECURITY COM
PANY,
at their oGice No. 20 Pine street. Mr. H. A. Johnson
the President OF the Company, Is away and could
not be seen. From the Secretary, Mr.. d. H. Ben.
the following statement was obtained THE New
York Wararehouee and Security Company, 26 Pine
street, which has capital OF 81. COO o00 and nOmt
nal surplus of $6Oo,OOO and part OF whose busi-
ness 1t is to lend It's paper on securities has been
compelled to ask for an extension. 1t came about
In this way:-Several Western railroad companies
and construction companies building railroads. have
borrowed the paper Of the company and are unable
to return the money obtained thereon In time Tor
the company to protect this paper. The paper sold
by the company Is in strong hands, and the extern
sion will. it is thought be granted.
REPORrER-BuJ the story the street Is that
Francis skiddy aid Sheppard Candy have also
failed, and their financial embarrassment Is as
crlbed to your institution.
SECRETARY-Messrs. Skiddy and Candy are both
directors OF this company and two OF the most in
nuentlal men in our Board. If they have JAILED
their liabilities cannot affect in any way. A
meeting Of our creditors has been called for next
Thursday, when arrangements for resumption Of
business Will be made at once. This company only
asks for extension and, ifgranted, will be able
to pay one hundred cents on the dollar.
REPoRTER-lrit IS not mpertinent question.
will you allow me to ask you what was the cause or
your suspension?
SECRErARY-rhis company has loaned money
and its note5 to railway and construction compa-
MES and individual railroad builders In the South
and Southwest, some OF whom are not able to re-
spOnd. For the money and paper loaned the COM
pany has what its managers consider ample secur-
ity in the shape OF cOllaterais and endorsements.
REPoRTER-lt Is also stated that the Missouri.
Kansas and Texas Railroad Company has become
involved in your company's ianureg
SECRETARY-As to that cannot say. HyOu will
step over the way you can better ascertain for
yourself the truth falsity of the rumor. In
such times these rumors should not be relied on.
especially when affairs in the money and stock
markets look shaky.
| REpORTER-Well sir, for that very reason have
called to learn IRON headquarters" the exact
| state OF AFFAIRS and 1 thank you Tor your frank
| statement.
And the interview ended
The HERALD representative then called at tho
office Of
THE MISSOURI, KANSAS AND TEXAS RAILWAY CON-
| PANY
No. Z Nassau street. 1t being after business hours
the reporter was shown into the office OF the Sec
retary, who, in the absence OF Judge Levi Parson,
the President, answered in reply to a question as
to the emDarrassment OF the company than any
outstanding liabilities, and which are matured.
would readily paid on presentation. Their road
present. The Missouri Kansas and Texas Rail-
way does not owe one cent to the New York Ware
house and security Company. None OF the COM
panys paper has gone to protest, and the coupons
have been regularly paid right along.
directors have been borrowing money on the
bonds OF your road from this same Security Com
failed
sEoRErARY-The failure of any of our directors
cannotin any way involve this road. Our securi-
ties are good, and if any OF our time or demand
obligations. .have been given out, anu as reported,
have been presented here for payment and been
refused honoring. You may state through the
HERALD that we are prepared TO meet all CALI
The reporter hereupon wended his way to tho
office OF
No. GO Wall street. In the place OF Mr.. Candy,
however. only boy was found, who said t1at Mr..
Candy had gone Tor the day-where, ne did not
know Consequently no Interview could be had
with this gentleman.
The next objective point or operation OF the
HERALD scout was the ollce oil
FRANCIS sKIDDY,
at No. 101 Wall street, whose reputed failure
caused more wonderment on the street than that
OF the New York Warehouse and Security Com
The HERALD representative found Mr.. Skiddy
sitting in his office, corner Wall ana
Water streets, deeply engaged In earnest con-
verse with gentleman, cigar in mouth, look
ing rather nervous. Waiting tor a favorable oppor-
tunity, for lull to occur IN the coniab OF Mr.
skiddy, the reporter lorewarned of the reception
he might expect 10 receive, put on ms politese
Chesterned, so as not to onend thus mighty man.
Hat in hand, MIR. skddy was accosted thus:-
REPoRrER-"ls this Mr. SkiddyY"
Mr.. SKIpDY-"Yes.r
REpoRrER-You VIII excuse me for interrupting
you. have been sent rom the HERALD to ascer-
tam from you some facts in connection with the
rumors OF failures ana suspensions on the street,
so as to give the public the correct version.
Mr. SKIDDY (neryousy)-i have no statement
whatever TO make to the public or ANYBODY else.
Finding that no Information could be extracted
from Mr.. Skiddy, the reporter left him in what
might be termed II depressed state, chewing the
bitter cud OLA cigar.
Two OF our most prominent and high-toned
bankers were visited yesterday by the reporter,
to learn the probable cause OF the failures.
Both gentlemen agreed that the Iall in gold
had all to do with them. Messrs. Skiddy
Candy, according to rumors, were heavily
engaged in speculations in sugar, Of which there
Is an Immense supply on the market. Four per
cent in the decline OF gold and a heavy stock or
this material TO carry was too much OF load, even
for millionaire. One OF the banking firms
marked that several months ago he had watched
the operations OF the sugar dealers and advised
his correspondents that he would accept no moro
drafts from the former
The above rumored failures seem to have little
II any monetary effect either commercially or on
the value OF stocks. AS failures oil sugar operators
have been looked forward TO for the past eight
months ana have only Just occurred, It may bo
aptly said that at sweetness long drawn OUT
HOW A NUISANCE MAY BE DESTROYER.
| To THE EDITOR OF THE HERALD:-