New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-12-15
TWO COTTON FIRMS FAIL.
CAUGHT BY AN OVERNIGHT BREAK IN
PRICES
JOHN COLLINS & SONS AND W. D. RouNTREE &
Co sUsPEND-dEAvy RECEIPTS AND CUBAN
.-l.-
NEWS TOO MUCH FOR THE BULLS

CO. sUsPEND-dEAvy RECEIPTS AND CUBAN
NEWS TOO MUCH FOR THE BULLS.
The decline IN cotton. which has equallcd s. bale
since November TO- resulted In two failures yesier-
day. The first which occurred soon after the opening
OF the Cotton Exchange. was that OF John Colhs q
Sons Of No GS Wall-st. and the second, which oc-
CURED shortly before the close OF business in the
afternoon was that Of W. d. Rountree Co.. wnose
Offices were in the Cotton Exchange Building
The firm OF John Collins d co. had been In exist
tcnce thirty-four years Last Jure John Co!Nns.
the head the firm. turned over the business to TWO
sens Oscar L. and sylvester J. Collins. third son.
John j. Collins. undertook business Oh mis- own ac-
count but made ms headquarters in the office OF his
b,others lie was not involved in their failure
After seeing his sons established in business by
Themselves John Collins. who is wealthy went 10
Europe He returned n short time ago lie was
asked so frequently for loans by the sons who were
carrying on his business that he made an investi-
Ga ion OF .her affairs. He found that they had been
specializing and being the long side. had cx-
hausied their resources. He insisted on their sus-
pension. IT said that outstanding contracts were
light and tha. it would be day or two before
statement of the firms condition could he prepared
The old firm of Roun;rce d Co. a few years ago
split into two firms-W. D. Rountrce G. Co and r. H..
Rouniree Co. The latter firm was not concerned in
the failure of W. u. ROuntrec & CO. William ID. and
Alfred l.. Rountrcc constituted the firm OF W. ID.
Rountrce & co. They had a branch at Norfolk Va.
20 respond 10 calls for margins larse,y response
bic for their failure. Most OF their customers were
long Of cotton. They were also said 10 have handled
the cotton trades OF Stock Exchange house of some
consequence. They had good name in the cotton
market and their failure surprise They said
II would take few days TO prepare statement OF
assets and liabilities.
Al one time yesterday March cotton. the active
fuime WAS down 80 points below Saturdays final
price but IL closed at tsJ cents loss OF ~ points
Sales for the day i3l J bales. Of which 1880
were January. lS0oO were March ard 1900 May
cotton. The Government crop report last week
showed the cotton crop TO be something like l0O0O OVD
bales more than previous private estimates
one cause OF tn" slump said be the effect OF
the Cuban news in Liverpool Bui there Is another
cause. The majority OF the Southern farmers
deceived last summer by the Information spread be-
fore them by campaign orators and campaign sheets
into believing that Biyan's election was assured
They thought they would IN ina; be able 10
settle their obligations with cotton sold silver
basis. which doubtless would have been a fine thing
for them no matter what the creditor would have
thought. In this belief great deal OF cotton was
held back. Since the election this cotton has been
pu>ned forward In great quantities. and coming Just
now, when the normal now Of Christmas cotton 10
market swclls the receipts. the volume IS hearing
down the prices rapidly ID lower level How much
OF TINS pcn-up cotton has get to com" forward II Is
hard 10 say. but until IL l. all In there IL not much
hope for higher prices for cotton
Port receipts yesterday were e. 40 bales agains,
4. $50