The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1900-05-29
BIG BROKERAGE HOUSE FAILURE
Price Mccormick & Co., of New York,
Suspend-Their Liabilities Placed at
49, 00, 000-Statement of the AS
SigneeS

New York, May 24.-Price, McCor-
mick & Co., n of the largest broker
age houses in this city, failed today,
with liabilities estimated at s13, 900, 900.
The firm is a member of the stock,
cotton and produce exchanges and of
the Chicago stock exchange, and has
branch offices in about thirty cities
throughout the United States. The
failure is ascribed to the fact that the
firm was long of cotton in the face of
a fast falling market. "A notice on the
doors of the offices of the company re-
ferred all enquirers to William j..
Curtis, and William N. Cromwell, as
signees.
Mr.. Cromwell aid late this after
noon that it was impossible to make
any statement at this hour concerning
the condition of the firm; that its bus
mess is very extended and covers sew
eral branch agencies. The total lla-
bilities, he said, are about s13,G "
nearly all of which are secured. He
added that a statement WOULD be SUBJ
mitted to creditors at the earliest pos
sible date.
The firm is composed of Theodore
H. Price, William G.. Mccormick, r. q.
NJ. Stewart-Wortley and Walter w.
Price, with George Croker, of San
Francisco, a special partner on an in
vestment of $500, 900. Mr.. Mccormick
is of the we'll known Chicago family
of agricultural implement fame, n
Mr.. Stewart-Wortley is a son-in-laW
of Rear Admiral Schley. The firm
was organized January 2, 1897. OF the
partners, Mr.. Croker is now in Eu-
rope inc Mr.. Stewart-Wortley is on
his way back from Europe.
EARLY in the day rumors were cur
rent that a prominent firm was in
trouble, and shortly before the Official
announcement of the suspension was
made, it was generally understood that
Price, Mccormick & Co. was the house
referred to. Prior to the formal an
ent the cotton market broke
over 20 points under terrific selling for
both accounts from all directions. The
firm has long been regarded as the
leading supporter of the market, and
at one time it was said they were going
to put August cotton up to 10 cents.
The decline of the past month, howeV-
efforts they could not hold the market
up. Consequently, today's develop
ments did not come as a total surprise,
though they had sufficient force to
temporarily demoralize the trade.
The firms bullish attitude was sur
missed in the cotton market and it is
thought to lave stimulated the recent
activities of cotton bears.
Following the announcement OF the
failure the cotton market became pan
ic-stricken, and broke 10 to IL points.
The extent of the decline from the
highest price, when the bull movement
eliminated, has been 122 points. Later
in the session the market became more
quiet n recovered from the extreme
depression. Nevertheless it had its
effect. There was a RUS to sell that
carried prices down sharply.
Assignees William J. Curtis and Will
liam Nelson Cromwell make the fol-
lowing announcement regarding the
failure:
ITO the creditors of Price. Mccormick
& Co.:
Price Mccormick & Co. have been
compelled to temporarily suspend
payment. We ask and advise that
creditors moulding stocks, bonds and
other collateral to loans, and already
we'll margined, hold the loans until
reasonable opportunity be afforded the
a~ssignees to lea with the same, that
unnecessary loss thereby may be avoid
ed"
Price, Mccormick & Co. had an ex-
tensive wire service and at times were
credited with doing fully as large a
business as any firm on the
The representatives of the firm on the
exchange We're R.. G.. NJ. Stewart-Wort-
ley, w. G.. Mccormick and George
Croker, the special partner. Much OF
the business of the firm was in cotton
exchange at first, and its senior mem
Der and organizer was formerly of the
firm of Hubbard. Price & Co.. At that
time the older firm a a large south
ern business. The present firm con-
controlled much of this southern
stock business and a been very ac-
tive at times in stocks favored by
southern operators, although this line
of trade has been far less in volume
than it's regular commission business
obtained through it's wire service to
outside cities.