The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1893-07-08
. P|DcOCK SPEAKS.
He Says His Desire to
"OWn the Earth Caused
All the Trouble.
PUBLICATIONS OVER $500, 600
But the Assets, He Claims, Cost
Him Seven or Eight Hundred
Thousand Dollars.
The First National Bank HAS Dis
counted Notes, But Will
Lose Nothing.
OBLIGATIONS OVER $500, 900

Ex- Ex-Congressman James N. Pidcock and
his son, John f. Pidcock. met at Taylor's
Hotel AZ eleven O'CLOCK today. and dis
solved the firm Of j N. Pldcock 81 Son.
+ OF which they were the members. The
business will be continued at the foot of
Sixth street, in the name of John f. Pld-
cock, who says it is in good condition.
The ex-Congressman and John F. PId-
cock, declined to discuss the business
affairs OF James N. Pid cock, Jr,, another
son of the ex-Cong ressmau, who was
with them a few minutes. The ex-
Congressman made the following state
meut to JERSEY CITY NEWS, reporter
"Ihave to bend my arms around too
much. / had a nice business. but |
wanted the earth. do not think my
outstanding obligations will reach $500,
00O but, Including the mortgages on
real estate, they may. My. assets cost
seven or eight hundred Thousand dollars.
/ tn ink they will even up into the liabli-
tiles / shall not make an assignment
or have receiver appointed. but shall
| try TO work 1t out and expect to pay my
| personal debts in full.
THE TRUE STATE OF AFFAIRS.
| s'I think i could manage 10 pay the ac-
| counts OF the Quitman Lumber Company
| in full If ] had been given chance The
secured crediJo rs of the Quitman Lum-
! Der Company will be paid in full. The
unsecured creditors whose claims aggre,
gate only about so 900 will get about
| forty cents on the dollar. think. lhs
1 receiver is u good man but Il rece1vership
always makes extra expense which the
/ creditors must lose.
| The First National Bank has dis
/ counted notes winch / endorsed and
which are secured by mortgages On real
estate. The bank Will mol lose any
thing.
s.The Quitman Lumber Company was
/ incorporated under the laws of New jar
! sew with q paid up capital stock of $780,
| 030. The capital stock has. been wiped
uut. / put up u large plant there and
/ built the Boston and Albany Railroad OF
I Georgia, thirty-oue miles long. All thae
| il in the hands of u receiver, and tae
1856, 600 I invested in Georgia is sunk.
/ II organized the Reading Land aud I'M
/ proyemeut Company 10 put on the mar
etti-esssse~a8sA eounI2s
| which was subject to membranes. l
! transferred my land to the company aud
now have only about $500 of The Land
| Improvement Conpauy's stock. Tnat
has been ASST gned rs collateral. l shall
lose about $4,000 by the failure OF Tue
| New Jersey Sheep aud Wool COM
! pauy and the Gansevoort Sheep Market.
4 NV real estate In New Jersey is mort
gagged for from Sl70.0O0 TO 100000. All
i tue mortgages will be paid III full. rs
| FIRST National Bank has q mortgage on
| the wool factory in jersey avenue.
/ . The Ii henderson street abattolr building
] is leased. No arrangements have been
| made for continuing the business. do
not know what will be done.
"The stockholders of the Somerset
/ Bank will get rs to 80 per cent, and the
| deposirors will be paid in full.
| II think ! may be aflle TO get the suits
! begun against me Withdrawn. The trouble
was precipitated by The Lackawanna
4 Iron and Steel Company. which held d
j note endorsed for $4,000 for railroad
iron used in building the Boston aud
Albany Railroad: in Georgta. / offered
| TO pay $1,000 aud renaw, but they
i crowded me-"
THREE MORTGAGES RECORDED.
Three mortgages made py the New
jersey Sheep and Wool Co. were filed IN
the Registers office last Thursday
James y. Pidcock, Jr.. is the President
/ of this company. One of the mortgages
| was given to j, N. Pidcock & Son, and
was upon all goods and chattels III the
in the slaughter house on Fitteentn
street and Jersey avenue aud
the one on henderson street
4 aud the stables &c. The mortgage was
given TO secure J. n. Pidcock & Son
| from any loss from prom lssory notes
held by the mortgages.
The TWO other mortgages were given to
the First National Bank to secdre the
i bank from loss on two past dated checks
i aud pronissory notes. Ore mortgage
( was for SAB. 947. So