New-York tribune., 1900-07-15
ASSIGNEE'S PLAN READY
PRICE, MCCORMICK & CO.'S CREDITORS
WILL RECEIVE \ STATEMENT

The numerous creditors of Price. Mccormick &
Co., members o. the New-York Stock Exchange
cotton Exchange and Produce EXCHANGE who
failed on May p with liabilities estimated at Sl3,-
100000, will tomorrow receive from the assignee
William J. Curtis and the latters counsel. William
Nelson Cromwell, statement in which is outlined
plan and readjustment agreement for the set
uement of all claims against the insolvent firm
The plan IS outlined as follows:
First-The immediate discharge of all outstanding
iSans, tho 'he redemption of the remaining col
second-The prompt distribution of so per cent in
taSSH 70 creators aNalling OF the plan, and the
assets wbcb ~ a. d TS @ reSpdGt o. certain important
sept at great sacrifice, and from which securities
lied during the period Of the trust and under the
PtTaent P,Tt;n5t mnanagement ma of the trustees.
HFq-Or, at the option of such creditor. be ex-
ana the distrbuon @ o bm in = knd 9 b IN cash
o certain of the stocks under the conditions of the
,Fourth--In either case the further distribution by
IN oe trustees from time to time, of the proceeds
further dividend paid by the assignee due allow
TiEt 16T, OF course being made to the respective
alternatiye privileges.
tFitth-The prompt winding up of the general as
1t is stated by the assignee's counsel that the
insovent firm had something like 100 accounts
and that its Indebtedness amounted to about S13 OOO
OV0, with secured loans of $O,OOOOG0 OF this last
account the assignee says that more than 5000 900
mas oeen ltquidated, a majority of the accounts
having been settled. Only a small part Of the
securities were sold at forced sale. The plan by
which the creditors induced 10 take up their
securities at the prevailing market prices leaving
ule dIIerence, when there any. to be charged
as a general claim against the estate. was carried
out successfully, according Mr.. Cromwell. who
originated the plan. 1t is Mr. Cromwers opinion as
stated in the circular the creditors that the
liza hilites will be increased by least 100000 more
than all previous estimates. Some of the assets il
is declared, are not marketable at this time and
II may take two years 70 hquidate them. In this
class are 10000 shares of the Philadelphia Company
which controls number of Pittsburg franchises.
some Of them said to be exceedingly valuable. The
par value of Philadelphia Company stock is $50.
The market value at this time is s35 a share al
though the stock pays per cent dividends
1t IS explained by Mr.. Cromwell that the two
plans were put out because it is not practica bic
to pay 30 per cent in cash in every case.
Trustees have been named and loans have been
arranged for with banks which will enable the 30
per payment to he made. Such loans will be
secured by held by the trustees (other than
those distributed under the plan) and they will
FOR a least one year if the trustees desire. The
annual income from such assets is a present more
than equal to the interest upon the trust loan.
James 9. Cannon. vice-president of the Fourth
National Bank, Brayton Ives. president of the
Metropolitan Trust Company, and William Lanman
as trustees The trustees advise the prompt
adoption of the plan Creditors requested to
deposit claims. accounts and other evidences OF in
debtedness or before August with the Met
ropolttan Trust Company, where neGotiab!e GER
uhcateS Of deposit viii he issued therefor
It is said ne altogether likely that the general
The Stock Exchange creditors however. it is under
o2d are gTginE th2t tie EIXc9ansf Wtm9IershiP5
piled TO satisfying claims of members of he Board
Mr.. Crocker was a special partner, ana ii is not
altogether certain that his membership figures IN
aG o s M we Eo'ffT s fea3G 70 % "TP TRPodor
Il Price are said to be much strained.