New-York tribune., 1900-07-17
flnaHrlaI.
headjustment of Affairs
Price, Mccormick g. Co.

40 WALL STREET. NEW YORK July s. 1900.
10 TIE Creditors of
4Hess7s. Price, McCO7-aaicE le Co.:
Forty-tWo days Messrs Price Mccormick Co
l"una II necessary to suspend payment and made q
General Assignment laws OF the State cf New
YORK 10 Mr. William J. Curtis
me business and operations Of the hrm
ensNe including the English well American
SOCK and cotton markets. The active accounts upon
uhe'r books numbered eleven hundred. hdebt-
eohess amounted to about 600 and the secured
loans to over 100000
from this statement would not be unreasonable 10
expect that the sudden Of such large organiza
uoh would necessarily involve sacrifice in
Ss's Out II is due 70 the Assignee well 10 the
members or the firm, whC have rendered possible
sssstanoe) 70 state that ssO00000 OF the loans
have been discharged; the Involving
many complications have adjusted determined;
only small amour, sold under
l0reea conditions since the Assignment: and that the
remaining loans being carried and daily dimin
ished.
Our plan. by which customers induced UP
tkeir securities prices leave
ne oeneiency thereon as general claim against the
assigned Estate, worked admirably while the banks
ana bankers holding loans have responded the most
usFa's and broad minded manner TO the requests of
the Assignee ard undersigned Withholding Of
collateral from sale To both classes Of creditors. the
Assignee, counsel, and firm record their gratitude
On the 23d utno. Assignee fled his official
schedules Of May "a 1900 I have doubt that
you will have appreciated that the Chose the
hands OF the Assignee redeemed from the loans which
he has paid OFF. well those standing col
lateral 70 the subject the
ations OF the markets. and also that the liabilities
be increased These business
OF this magnitude variety. closing
accounts believe that The liabilities viii be Increased
at least two hundred thousand dollars above all former
estimates
In this case however. is characteristic Of most
active banking Of the securities Of
kind Immediately advantageous prices,
and require sPeoia' prudence and skill we'll time
for the realization believe that If
certain OF the Of class thrown
upon the market they WILL within (and
al an early date produce much larger The chief
OF this character thousand shares
OF the Philadelphia Company Downing railroads,
natural artificial and electric light and power
properties IN Pittsburgh consolidated last under
the auspices OF the welknown banking house Of Brown
BROTHERS Coz. This Company pays dividends
per centum per upon capital The pres
market thirry-hve dollars
value fifty doars). The has sold par.
The Assignee the securities referred
the requisite period and H. therefore becomes necessary
devise other method preserving and securing
the equity this class
We might permit the law take It's wind Up
siderable period distribute such dividend might be
warranted but this process would be, in iudg-
for the best interest OF Creditors.
consider It OF far benefit to Creditors that
they promptly receive hfty per upon
counts. and that remalning equity be held realized
upon, distributed Trustees. liberal cond
desiring Join the Plan al the Creditors option
that twenty I'VE per cenrum paid cash, with a
distribution kind Of the stocks under the
conditions set forth IN the Plan and with further equity
in the remainder.
It Is not practicable for the Assignee promptly
tribute fifty per centur cash.
Recognizing, however the advantages Creditors Of
money affairs and facilt-
tate their nesds or desres ana anticipate
upon to, I negoti-
ad and arranged FOR loans TO the Trustees Of amount
which together with It De practicable
for the Assignee TO distribute at the same time, viii
afford the the immediate payment OF fifty
upon approved claims dspostng CreI-
loans severaIy by held
Plan, and 10 for the period Of least II
the Trustees desire
The annual income from assets present
than equal upon such Trust loan.
Accordingly. have prepared AID submit herewith,
Plan read1usrrnenr affairs with the
the realization OF the best and quickest results the
depostng Creditors
The Plan. effect provides for:
(a) The Immediate discharge OF all ont
standing loans, and the redemption of the
remaining collateral thereon.
(bp The prompt distribution of fifty per
centUm in cash to Creditors aVaiIing OF the
Plan, and the establishment of a trust in
respect of certain important assets which
are not immediately marketable except at
a great sacrifice, and from which securities
IL Is anticipated much better results viii he
realized during the period of the trust and
under the prudent management of the
Trustees.
Cc) Or at the option of such Creditor, to ne
exercised "a = stated in the Plan. twenty-five
per centum In cash and the distribution TO
him m kind his pro rata of certain of
the stocks under the conditions of the Plan.
td1 n either case, the further distributions
by the Trustees, from time time, of the
net proceeds of the assets embraced In the
trust, Including any further dividends paid
by the AssIgneei due allowance, of course.
being made the respective rights and
interests of Creditors avaiIing of the alter
native privileges
Ce) The prompt winding of the General
Assignment.
II is 70 be understood I assume personal
respecting the contained herein
and in the Plan and Agreement, the based
upon the reports made the Assignee and his comPe
tent experts; also. that statement and
which may be received by Creditor
being himself Judge this point. but IT viii be
substantial Will be noted thaI under this Plan
the depositing get al their equity IN the
signed Estate form another that they obtain
the major portions without waiting for
the inevitable delays law; and that all tho
maiuing equity Will be prudently managed. and in due
course distributed by tbs Trustees
earnestly advise the prompt adoption OF the Plan
Aessrs James G. v;csPfesident Of the Fourth
Nator al Bauk), Brayton president Metropolitan
Trust col and VIM Bun Cof Messrs. Edward
sweet & co.. have consented 10 act as Trustees
Already Creditors representing large percentage have
approved F1au.
You are respectfully referred the Plan Rsadust
ment Agreement which considerable satisfaction
in submitting you within weeks Of the suspension
wM NELSON oROmgELL,
Referring 70 the foregoing Communication OF Mr
Cromwell Gn % which We heartily con
cur. request Of Creditors OF MessrH. Price
Mccormick & Co We have consented trustees
AgFee