The Bamberg herald. [volume] (Bamberg, S.C.) 1891-1972, 1900-05-31
FAILED FOR SUN
OF $13,O00,OO0!| ]
Firm of Price, Tick cormiclk
& Co. Have Suspended.
BULLED COTTON MARKET
Controlled Much Sostiern Stek aal
Staple Took a Tumble Rhea Fail
no Was Arnennced.

Price, Mccormick q Co., one q SneS
largest brokerage houses in New York
city, failed Thursday with liabilities
estimated at $13, ,00o. 900. The iirm i
a member Of the Stock, Cotton aud
Produce Exchanges and Of the Chicago
Stock Exchange, and has branch Offices
in about thirty cities throughout TIE
United States. So
The failure is ascribed to tho faet
that the firm was long on cotton IN The
face Of fast falling market a notice
on the doors Of the Offices of the eqz
psny referred ell inquiries TO william
J. Curtis and William N. CromNeIl &
assignees. Mr. Cromwell said late
Thursday afternoon that i was impol
sible to make any statement q th1e
hour concerning the condition Of tAeS
firm; that it's business is very extend
and covers several branch ageuG3ee
The total liabilities, he said, are abopt
$13, ,O00, 900, nearly all OF which N6s
secured. He added that ststsmeAt
would be submitted 10. the creditors et
the earliest possible date.
The firm is composed Of Theodore Hz
Price, William @. Mccormick. Rs
NJ. Stewart Wortfey and Walter
Price, with George Crocker, of 61l
Francisco, special partner on m ms
vestment Of S., ,000, COO. Mr. Mc00ES
mick is Of the we'll known Chica8o
family Of agricultural implement iane
aud Mr.. Stewart Wortley is sonrills
law Of Rear Admiral Schley. Tho 1x
vas organized January 9, l877.
Following the announcements ct ~
failure the cotton market becamek
stricken, and broke 10 20 13 point #
The extent OF decline from the Highest
price when the ball movement culmiS
mated has been 122 points. Later @
the day the market became more quies
and recovered from the depreesion.
Assignees William J. Curtis And
William Nelson Cromwell made the
following announcement regarding ~
failure: ss;as
ssTo the Creditors Of Price, McCo13
mick & Co.: Price. Mccormick 4 ca
have been compelled TO temporarily
suspend payment We ask md sdylse
that creditors holding the stocks
bonds and other collateral TO loene
and already we'll margined, hold the
loans until reasonable opportunity b9
offered the assignees TO deal with tho
same, that unnecessary losses Thereby
may be avoided. /"
Price, Mccormick b 90. hsd ~
extended wire service, and at tins
were credited as doing fully - large &
business as any firm on the exchang
Much of the business Of the firm wog
in the cotton exchange ct Arst and III
senior member and organizer we9
formerly OF the firm of Hubbard, Pri9l l
& Co. At that time the older firm ~
q large southern business. Tie preeee3 s.
firm controlled much Of the southe
stock business, and has been very ~
i've at times in stocks favored BY soua
ern operators, although its lines q & 4
trade have been far less 10 sosu1ne q
than its regular commission busine18s
obtained through its wire seryjce ~ s|
outside cities. =.
Price, Mccormick & Go. Rave sseys!
ersl branches in New England.
W. Hogin, Of Hogin 4 Co, Menph
Tenn, correspondents Of Prise
Cormick. 4 Co., said thae bis ~ 8 &
would lose but little By reason q t '
failure.
Quite Q stir vas caused in coeson q
circles in Waco, Texas, when the taiIs
ure was announced. A Amembes g
firm operating on the cotton exchkng
and who is in q position 70 know,
that no one on the leased vire ~
Texas was caught By the failure : ssss
It is estimated that the losses . 8
San Francisco in cotton and atock 4
through the failure of Price. Mcccrs #
mick 4 Go. will be close to the hak 3
million point. -