The times. [volume] (Washington [D.C.]) 1897-1901, 1900-05-27
THE ASSIGNEE AT WORK.
Hopeful Condition of Price, McCOr-
mick & Co.'S Annirs.

i
mick & Co.'s Affairs.
| NEW YORK, May 26.-Theodore H
| Price, OF the suspended firm of Price. Nc
Cormick G. Co., made the following state
ment this morning: IN regard to the cable
despatch in this mornings papers from
Mr.. Croker. in which he is alleged to
! have stated that the suspension Of our
firm was due to unjustifabie speculations
on the part of a certain member of the
firm desire to say that doubt the We
racity of the despatch. and have cabled
to Mr.. Croker insisting that ne withdraw
it."
Assuming the despatch 20 be true, is
there any truth in the allegation
las to that l have nothing to say. I
have, / repeat, cabled to Mr.. Croker, in
sisting upon a withdrawal of the alleged
statement"
Mr.. Price refused to say another word
about the affairs of the firm.
w. ]. Curtis, the assignee, was at his
Office early but he declined to say word
about the firms affairs, pleading that
matters were not in such shape that he
could make a statement just at present.
Nelson Cromwell, the assignee's counsel,
failure is much more serious than was at
first expected is not generally believed.
While the firms failure is. Of course.
heavy, and liabilities may reach SIC, 000. 600.
yet the assets are believed to be large.
and some bankers said today that they
believed the firm would pay at least Is
cents on the dollar. and, with 1udicious
realizations. nearly 100 cents. One OF the
best indicatives that the firms affairs are
not in desperate shape, say the bankers
and the brokers, is the ease and COM
placency with which the banks view the
situation, only one or two loans having
been peremptorily called, and those by
small bankers that needed the money. Not
loan has been called in through fear.
Nearly every big bank downtown has the
firms collateral. some as high as 5000. coo.
1t is said that the firm will not lack finan-
cial assistance when 1t resumes business.
One estimate gives s4,0o0.000 as the
amount of the firms collateral held by the
New York banks, but 1t is difficult to tell
precisely what the aggregate is. AS evil
dence of the standing of the firm and the
expectation that the failure will not be ex-
tremely disastrous, it is pointed out that SO
far the failure has not dragged down other
houses except two obscure concerns, one in
Liverpool, England, and the other in Geor-
g;a.
1t was learned today that the actual
capital OF the firm was S1,5OO,OO VI this.
$500, 600 was contributed by Theodore H.
Price, $780, by George Croker, as spe-
cal partner, and the remaining 100000
by W. G. Mccormick and R. NJ. Stuart
Wortley, this last sum also including the
nominal amount put in by w. w. Price,
another partner.
Reports Of other pending failures were
circulated, but they were generally dis
credited. Mr.. Cromwell said later that
the corps OF clerks and others were very
busy 1t was slow work and he still
thought that the liabilities would not ex-
coed $13,000,000.
Among the passengers of the Cunard
Line steamship Lucania, which arrived to-
day, was Mr.. Stuart Wortley. When seen
at Quarantine Mr.. Wortley appeared TO be |
overcome by the news Of the disaster, and !
for some time could not respond to ques- |
tions concerning his affairs. He finally |
said:
II am all at sea in this matter. 1t is
the first intimation Of the affair l have |
heard, and am unable to say anything at !
present, as do not know the details. l |
have just returned from a visit to my |
brother, who was one of the beleaguered |
garrison at Ladysmith. He was sent home
from dysentery and wound in
the eye, caused by splinter thrown by a
bullet. must ask you to excuse me from
giving any statement about business"