The Caucasian. (Clinton, N.C.) 188?-1913, 1900-05-31
Big COTTON FAILURE
Price, Mccormick and Co. Forced
10 the Wall.
kLossEs IN THE MILLIONS.
Results Of Beipg Long on Cotton In tie
Face Of . Taliisg Markst-Aasoa,ss-
msAt Of the suspeDs sion Creates Great
Excitement on the ExohsnRp-Pr1eee
Take Tumble, August Options Drop
pisg 70 $40.
Morning Post:

New York, May 24.-Announcenent OF
the failure Of Price, Mccormick q Co.
was made today By the chairman Of the
New York Stock Exchange. The firm
consists Of Thedore Fl. Price, W. G, Nc
Corm,ck, r. N. Stuart Wartley, Waiter
q special partner. Mn Creeker b of,AAe
wealthy California family of.ti4ts 6annss
The announcement Of the suspension
created great excitement on the cotton
exchange and led general selling, unr
der which August dropped from 1853 10
$40. :, New Orleans and Europe were
conspicuous sellers on the nreak. s.,g :.
Today's Developments on the cotton ex-
change marked the elimination Of one Of
the biggest bear movements ever re-
corded. Previous to the suspensicn Of
Price, Mccormick & Co. the market had
broken over 20 points under terrific sell.
ing for both accounts which came from
all directions. August, the most active
option, broke from 8.A % &88, end;
after having rallied to 8.b3, fell to $40,
when the failure was announced. The
Liverpool market was closed, but tn
fact appeared to have no effect In ~
straining speculation. The exciternent
was intensified early in the afternoon, by
run1ors Of other firms being in financial
straits. Price, Mccormick & CO. have
long been regarded as the leading sup.
porters Of the market, and at one tiloe
1t was said that they were going to put
August cotton up to 10 cents q poundi
The decline of the past month was
forts. they could not hold the market up.
Therefore today's developments did not
come as total surprise, though they
had sufficient force to temporarily de-
moralize the trade. - -.
The extent Of the failure IS not known.
though it is believed the firm materially
reduced its holdings during the last few
days. The firm is one Of the most
prominent In the street and was said to
have been long on cotton In the face Of
fast falling market. While Il IL Inn
possible to get any definite figures
various firms in Wall street place the
firms loss at from 81, COZ, 900 to $3,OOO,-
On the door Of the ONCE Of Price,
Mccormick & Co. notice was posted
referring all inguirers to William j. Cur
tis and William N. Cromwell. assignees.
At the office o. the ass. enees II was an
nounced that formal statement Of the
assets and liabillues of the firm prob
ably would be made later in the day.
Mr.. Crocker. as special partner. II IL
understood, contributed TO the firm $50O.-
0OJ special caritaL The nresent firm
was organized January 2. 1897.
Up to 80 O'Clock 1920 shares Of the
stock had been sold and bought under
the rule Of the stock exchange for ae-
count of Price. Mccormick & Co. Mr..
Mccormick is a member Of the Chicago
family Of agricultural irnnlemert fame.
r. NJ. Stewart-Warfelev IL srn-fn-!aw W
of Rear Admiral Schlev. The arm had
large ont-of-town business.
Following the announcement Of the
failure the cotton market became panic
stricken and broke 10 to 13 rotnta. The
extent Of the decline from the highest
rrice when tho hull movement culminated
has been 1872 ro'nts. Other failnres
were said to he imnendine. WITH the
name Of one prominently mentioned. hu+
this has since been ofF1cialiv contradict
ed. Later In the session the market he
came more nniet. hnt continued 70 show
a veal, undertone on the generally verv
favorahl crop accounts. The market
at I Ak n. m. showed a net los. Of IN
70 IA points. having recovered from the
extreme deDressfon.