The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1893-07-07
SURPRISE IN THIS CITY.
The Two Local National Banks Will
Not Suffer by the Failures.

The exclusive announcement in yes
terdsy's JERSEY CITY NEWS Of the failure
OF the New Jersey Snesp and Wool COM
pany, and the Gsnesvoort Sheep Market
Company. created great surprise am ongst
business men last uignt, and particular
ly among merchants doing business
at tEe Central stockyards at the foot of
Sixth street The one fact iu itself that
"Nelse' Pidcock. the ex-Congressm an,
had failed aLd WAS unable to
meet his oblig .tions was severe
shock to merchants who have
implicit confidence In the cold man."
On top of this came whispered rumors OF
timely transfers of all real estate and
personal property owned by him.
The New Jersey Sheep and
Foul Company and the Canes
voort Sheep Market Company are
the State of New Jersey. James Pid
cock Jr.. was the President of both
compa MES, and although the ex-Con-
gressmau's name does not -ap-
pear in either of the Companies
IL is said that he backed them financially
and that it was upon his reputation nat
the companies exeerieaesd notFoable iu
libera!ly distributing their pApsr. AS an
illustration ot this fact. IL is said
that Judd & Buckingham of the
Central stock yards hold anywhers from
SIS to $50. 600 worth of it, while WIKI
erson & Saerman hold au equal amount.
Other Iirms at the stock yards nave the
paper of the companies, aud it is said
that the amount aggregates $4,000.
The stock yard business meu, however.
are reticent. Superintendent Simeon
Smith declined to discuss the failures.
He had heard, be said, of the difficulties,
but could give no information concerning
eli cher company. Mr., Smith is famous
for reticence about such matters. Tho
Ganesvoort Sheep Market Company did
the greatest bulk of its business ut the
Uanesvoort Market at Thirty ninth
street, New York, and 1t is said that
many merchants are in possession of
considerable pAper.
PRESIDENT wAsHBURN's FORESIGHT.
1t was supposed that the Hudson
County National and the First National
Banks held great deal Of the insolvent
compsnies paper. President Washburn
al. however, says the bank
hasn't penny's worth of it. He further
said that that the Sheep aud Wool Com
pany at ons time had an account at the
Bank, but some difficulty arose because
he did not like the way the company did
business, and as a result the account was
transferred to the First Nat ional.
THE FIRST NATIONAL SAFE ENOUGH"
President E. r. c. Young of that 1usti-
tuition declared this morning that the
bank had none of the insolvent COM
panies' paper. "Bnt," said Mr.. Young.
I'VE have some Of ex-Congressman Pld-
cocks discounted business paper.
imagine that be is all r1ght. At any
rate cur bank is safe enough"
AS far as can be learned. no one in
Jersey City is involved. save the concerns
at the Central stockyards.
CAUSE OF THE LOCAL FAILURES.
The failure of tue two local companies
was precipitated by the failure of
the Quitman Lumber Company
Pidcock was heavily interested
This failure in addition to the strlngencY
of the money market tied up all the Pid-
cock concerus. The recent transfers OF
all property which could have been COD
verted into cash have caused much ad-
verse comment
A few days ago there was recorded at
+ bennington incorporation papers of the
keadineton Land and improvement Com
pany. Or this concern "Nelsen Pldcock
held sixteen shares. while Arrah Clark.
relative, and Pidcock's SOUS held
the remainder OF the stock.
At the same time the exec ngress-
man conveyed by deed all the
land held by him in Hunterdon county.
A short time before this deed was filed
a mortgage of IS. 600 was filed by the ..old
man" TO Alvah Clark aud his tPidcock's)
son. It is said there is con.
fsssed judgmsnlin the Supreme
Court for an additional $65, 1900,
ands this will cover all the "old
mans" personal property and in this way
all The personal property and real estate
is made over to secured credi-
tors The ex-Congressman has
established headquarters at Taylor's
Hotel but he was not
seen there today. The true condition of
affairs cHunot be ascertatned but 1t is
| said the liabilities OF the Pidcock con-
Germs will exceed half million dollars.