New-York tribune., 1900-05-27
HEARS OF HIS FIRMS FALL
MR. STUART -WORTLEY LEARNS OF
PRICE, MCCORMICK & co. FAIL
URE AT QUARANTINE

Theodore H. Price the senior member Of the in
solvent banking house of Price Mccormick & Co
replied yesterday morning to the alleged statement
of his special partner George Crocker that in the
latter's opinion the failure probably caused
by the private speculations in of a mem
her of the firm. unknown to the other partners
and contrary to the rules of the firm. which abso-
lUtey forbid speculation
In the first place" said Mr.. Price IT doubt
very much its veracity 1 have cabIed to Mr.
Crocker requesting that he withdraw it,"
Mr. Price was asked as to the truth of alleged
terms in Mr.. Crockers reported charge. and he an
swered: Il have nothing say. You must ex-
cuse me this morning. This is going to be very
busy day for It is true that I am going TO be
married to-day. Do you know. I have not had
my breakfast YETI
Then Mr.. Price went into a conference with
William J. Curtis. the assignee.
r. NJ. Stuart-Wortley, who abroad on
April 1S returned yesterday on the steamship Lu-
cania only TO learn from the newspapers brought
on board by the pilot that the firm of Price Nc
Cormick & Co, in which he a partner. had
failed. Mr.. Stuart Wortley was much overcome bv
the news, and when c. D. Freeman and Walter W.
Price also interested in the firm boarded the ship
at Quarantine from the revenue cutter to tell him
the news he replied II have already heard of it
The two men accompanied him up the Bay the
ship. and held earnest conversation with him on
deCS
When Mr. Stuart-WortIey was met at Quarantine
by the reporters, he said in reply TO inquiries;
am ali at sea in this matter. II is the first in
umation Of the affair L have heard, and I
unable to say anything at present, I do
know the details. 1 have just returned from
visit my brother who of the beIea guered
garrison Ladysmith. He home suffer
ing from dysentery and wound in the eye caused
by splinter thrown by a bullet. I ask you
TO excuse me from giving any statement about
business.
Mr.. Stuart-WortIey was again seen last night at
his home No. 80 West Sixty-eghth-st.. by d Trib-
une reporter, but he still refused discuss in any
way the affairs of the firm.
Il arrived from England only to-day" he ex-
planned land 1 have not yet been able TO make
myself conversant with the condition of things
consequently l say nothing present"
Mr.. Stuart-Wortley was at the Office of the firm
for brief time in the afternoon, and was clos
eted with the assignee.
According TO the latest reports, the liabilities Of
Price. Mccormick & Co. may be greater
than originally estimated, but the indications are
that the assets will De large enough TO pay at
least 75 the dollar. This statement was
authorized by a member of the firm.
The capitalization Of the firm said TO have
been a.5000O0 instead OF 81 100000 as originally
named. OF this T. H. Price credited with
having 100000; George Crocker. S5OOO00, repre-
sentng his special interest. and Messrs Mccormick
and StuartWortley, s25O,OOo each Walter W Prices
interest said TO have been nominal
Mr.. Curtis. the assignee. decided yesterday after
TO defer until this week the formal statement
which ii had been expected he would issue regard
ing the result of his examination far as it has
proceeded into the condition of the firm. He ex-
pressed his qualification. however, at the generous
treatment accorded him and the nrm by the cred
itors. OF the large amount of loans standing
against the firm only two each of $100,00O. had been
called in. All the other creditors had expressed
their Willingness TO wait reasonable time IN order
that fair prices might be realized for the firm $
securities. Mr. Curtis was asked as 70 lhe truth
prove to be in excess of SlS,OeoOOO He would not
deny that this might prove TO be the case oHt de-
thing like correct estimate of the indeDJednesss
could not be arrived at until all the accounts
William Nelson Cromwell, the assignees law
Price set' McGorniek t5o & CO.'S arars. conrmed the
firms customers whose stock has been hypothe-
Gated for loans take up such stock az the market
collateral This plan has been accepted by ma
Dected will greatly hasten the settlement of claims
Mr.. Cromwell pursued this plan when ne acted as
assignee for several large financial institutions and
banking houses. among them Decker. Howell & Co.
The loans contracted by the firm aggregate; Mr. Mr.
divided among scores of banks. banking houses.
that Mr.. Cromweus plan wlll enable the assignee %
to realize round sum over and above the hrn $
currency loans and the residue VIII De applied 10
As for the firms cotton transactions. Mr.. Crom-
result. there will in all probability be further
II was said downtown yesterday that the firm OF
Price Mccormick & Co would in all probability
not business under it's present style, but
that Messrs. Mccormick, Stuart-Wortley and
Grocker might organize new firm. Theodore H I.
Price going into business for himself, with perhaps
timations have been given 70 not few of the Office
employees that they would better be looking for
Gossip affecting the solvency OF other big houses
vcstardaV b,,, ~ %+ ~ waI "e S u u
rumors were without foundation.
the volume of business being the smallest for any
visible -''-'''' were