The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1900-05-25
COTTON BROKERS GO DOWN
PRICE. MCCORMICK & co. FAIL FO
$4,000. 900.
Were Long on Cotton in the Face
"a Rapidly Falling Narkct-Fail
ure Causes a small Panic ON II

NEW YORK. May ei.-Price, McCormic
Y 10, one OF the largest brokerage hous
In the city. failed today with liabiitiS
estimated at sls.ooaoa, The firm il men
Der Of the stock cotton and produce *
changes and OF the Chicago exchange . n
has branch Offices in about thirty citia
throughout the United States
The failure is ascrihed to the fact this
the firm was long on cotton in the fad
of fast falling market
notice on the doors Of the offices a
the company referred all nquirers TO WIZ
lam ]. Curtis and William " CROMWELL
assignees. Mr.. Cromwell said late this id
ternoon that II was impossible TO mako
any statement Mt this hour concerning Tho
condition Of the firm. The total iabili,ics
he said, are about $1,000 900 nearly all II
which was secured.
The firm Ia composed OF Theodore III
Price, William G.. Mccormick, II. q. MI
wart-Wortley and walter w Pricacd
with George Croker, OF San Francisco ~
special partner on an Investment OF IS o.a0A3
Mr.. Mccormick is OF the well known Cnfe1
cago family Of agricultural implement faud]
and Mr.. Stewart wortcy is son-in-,av<'
of Rear Admiral Schley. The firm wa
organized January 2. 1897
OF the partners Mr., Croker Is now n
Europe and Mr.. Stewart wortley Is on hi1
way back from Europe,
FsftN III the uHN tnfnOfS were ruTTSUI
that prominent firm was in trouble and
shortly before the official announcement 81
suspension was made IL was generally un&i
derstood Price. Mccormick n Co was th1
house referred TO. Prior TO the formN1S
announcement, the cotton market had gon4I
down twenty points on terrific selling Ted
both accounts from all directions #, "a
firm has long been regarded as the leadin4|
supporters of the market and at one timel
~ Gail thpy going n AtiutlaM1
cotton up TO 10 cents. The decline OF tho
past month. however. was against theu4
and despite their efforts they could not holJS
the market up. Consequently today's dc&'
velopment did not come as total surrriA&'
though they had sufficient force TO temts
porarly demoralze the trade
Following the announcement of the faiIs
ure the cotton market became ranic striek.
en- and broke 10 to i3 points, The extent Of
the decline from the highest price whcuA
the breaking movement eliminated bag
been 1872 points. The market at AS ". ma
showed net loss Of 10 to II points. having
recovered from the extreme depression.
There was a decline Of about | per cent.
In the Standard railway shares and from .
to 2,s per cent. on the balance OF the listss
While the firm was also member ofs
the produce exchange the effect OF the fail~s
ure there was almost wholly sentimental |
According to the rule OF the exchange tt a
announcement OF the failure was foiloWcs(4
by the closing out of the suspended fiEmst|
outstanding contracts on the floor ~ The
exchange. Ulp to the close OF the exchange
the dealings for the firms account footets
up 1850 shares. III
Assignees William J. Curtis and Wilt1r1
Nelson Cromwell make the following ans
nouncement regarding the failure!
ITO the creditors OF Price, Mccormick ~
Co:
Price. Mccormick n Co have heen
compelled to temporarily suspend payment
We ask and advise that creditors holding
stocks, bonds and other collateral FOR loans
already wen margined hold tho loans until !
a reasonable opportunity be afforded the
assignees to- deal with the same that un-
necessary loss thereby may DE avoided"
Price, Mccormick Il Co had an extensive l
wire service and NJ times were credited
with doing fully az large a business as my
firm on the exchange. The representatives
OF the trm on the exchange were Mr. stew
art Wortley w. o. Mccormick and ueprgs
Croeker. the special partner. Most of tha
business OF the Arm was In the cotton
exchange ut first and it's senior meinner
and organizer was formerly OF the firm 81
Hubbard Price & Go. At that time tho
older firm had a large southern business.
The present arm controlled much OF this
Southern stock business and has been very
active at times In stocks favored by South-
ern operators. although this line OF t-adb
has been far less In volume than itH fes-
,ll.r commission business obtained shrousn3
t,x v,iy, ,..ryigo to outs side Cltier