The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-09-14
THE STREET" EXCITED.

Failure OF tho Well-known House OF
Kenyon Cox & Co.-How Mr.. Daniel
brow IL Mixed UP In 1t All-Stocks
Rush UP and subsequently Subside-
What the Knowing Ones Say.
Yesterday morning the 'streetn was greatly ex-
cited over the failure OF the well-known house Of
Kenyon Cox Co., OF which the news was re-
ceiyed in the Stock Exchange at an early hour.
There was pressure Immediately to sell stocks,
and many were those who got 30 excited that they
were willing to dispose Of their "Wabash" at
any price. There was consequent fall OF nearly
all securities, IN one case going as much as
four and half but, as general thing, from
one to two per cent, this of itself being about
the only event Of any consequence since the gold
furry in Wall street caused the excitement of the
morning. The immediate cause was the failure of
the firm above mentioned. The house was well
known as having been for long time the brokers
of Daniel Drew, and the first feeling In conse.
quence was that this capitalist had come to some
n narm. ~ was no qGuos' mstake, however, ana
come to grief while he backed out OF the difficulty
himself. The report which appeared to be the
sales OF Wabash made on Friday and the day
before were made by those who knew the
inner WORKINGS and who .d da not believe
difficulties by the house which Jailed. This din-
Guilty does not lie, however, In stocks, nor, indeed
they were made the victims OF the cunning Of
others. The firm carried less stocks lately than 1t
has done In long time, and the true cause OF the
trouble ia long outstanding one--lOans made to
the Canada Southern Railway, aud the breaking
up OF some negotiations which had been going on
in England. and by which the road was to have
paid all its debts to the firm OF Kenyon Cox Co.
However, the failure or this transaction threw the
whole weight OF the loan upon the nrm, which, be-
ing unable to stand such q weight, had to 20
under, and with the result mentioped-the an
nouncement in the Stock Exchange yesterday
which caused such excitement.
IL was generally stated yesterday that Mr.. Daniel
Drew was the original cause OF the trouDle. With
this gentle man the firm Of Kenyon Cox Co. was
intimately associated, he being In TACT q special
partner In the house, In the well remembered
Northwest corner Of last year, which caused such
hubbub for weeks In the street, and, indeed, all
over the country, 1t will be recalled that Daniel got
in the lions denim fact, came out at the very
small end OF the horn. He was in such q bad fix
that after 1t was said, borrowing q lot OF stock
from Methodist widow lady, he was still unable
to make up his differences, and had to 60 to
Kenyon Cox d Co. for help He being special
partner in the house at the time, they did not
fuse and helped him out OF the difculty he was In.
good partners. For this, OF course the house is
now the suncrer, ana when Mr. Drew's help was
needed we hear 1t was not forthcoming.
There was never more sympathy felt for fallen
terday in the street. 1t was felt that sharp prac-
tice rather than speculation or legitimate transac
ton had put them In the 'hole" they had got
into. The aspect OF the Canada Southern loan did
still more to increase this feeling OF sympathy, so
that. there is no desire anywhere to press the
house further into trouble. 1t Is probable there
and that the house might soon recover its position
II was the general sentiment that Mr.. Drew had
chance to help those who helped him, and that he
would probably, take advantage OF 1t. This feel
ing was so strong that at noon the feeling was
frmer in stocks and no percepttble effect Of the
failure remained In the board.