The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1900-05-25
Big HOUSE FAILED.
Price, Mccormick { Co. Made an As.
Signment.
TWO ASSlGNEES APPOINTED.
No Creditors We're Preferred and No
Statement Was Made.
LIABILITIES WILL REACH $4,000, 900,
Conservative Estimates Place Them a
that Enormous Amount.
CONCERN WAS HEAVILY LONG ON COTTON
Rapidly Declining Markets Proved
Too Much for tt--Had Been the
Leader of the Hull Campaign.

New York. May 2i--price, Mccormick
& Co.. one OF the largest brokerage houses
in the city. failed today, with llabilties
estimated at $4,000 900. The Arm is
member OF the New York stock. cotton
and produce exchanges and ot the Chicago
stock exchange and has branch offices in
about thirty ciMes throughout the United
Spltes.
The failure Is sscrsbed to the tsct that
the firm was long on cotton in. the face OF
a fast falling market notice on the
doors Of the offices OF the company refer
red all Inquiries to William j. Curtis and
William N. Crcnmcll assignees. Mr..
Cromwell said lete this afternoon that II
was Impossible % make any statement at
that hour concerning the condition Of the
firm that Its business Is very extended
and covers several brunch agencies. The
total liabilities. he said, are about Si3,-
600 900, nearly all OF which are secured
He added than statement would be sub
mittod to creditors at the earliest post
BILE date.
! The Arm Is composed OF Theodore II
/ Price william G. Mccormick, r. C. NJ,
Stewnrt- Wortley and Walter w Price.
with George Crocker OF San Francisco a
speciat partner, on an investment of $500,
COO Mr., Mccormick Is of the we'll known
Chicago fam!ly OF agricultural Implement
fame and Mr.. stewart-Wirtley is a son
in-lsw OF Rear Admiral Smiley. The firm
was organized January 2. 1897. OF the
PaTtners. MIR. Croker is now in Europe
and Mr. Extraordinarily is on his way
back from Europe.
! 9ary in the day rumors were current
/ that prominent firm was in trouble ana
I shortly before the o'fclal announcement
! Of the suspension was made 1t Was gener-
\ ally understood that Price, Mccormick g
Co. was the house referred 10. Prior to
the formal announcement, the cotton mar
ket had broken over 20 points under terlt-
fc selling for both accounts from all d.
rections. The firm has long been regarded
as the heading supporter OF the market
and at one time ID was said II was going
| to pu' August cotton up 10 10 cents. The
declines OF the past month, however, were
against them aud despite their efforts
they could not hold the market up Con-
sequently, today's development did not
come as a total surprise, though they had
sufficient force 10 temporarily demoralize
the trade,
! The FIRMS bulllsh altitude was suunised
in the cotton market and II IS thought to
have stimulated the recest activities Of
cotton bears
/ FNdlowlng the announcement OF the fall
ure the couton market became panic
stricken The extent OF the decline from
the highest price when the bun movement
eliminated has been 125 points.
Later in the session the market became
more quiet but continued TO show weak
undertone on the gencrsfly very favora-
BILE crop accounts. 'rhe market at l,45
p M showed a net loss OF 10 TO IA points
having recovered from the extreme de-
preston.
Early in the day ruuors were current
on the stock exchange that there was s0mo
outside trouble and by the time the fell
ure was formally announced from tho
roa,rum Of the stock exchange the room
and The street we're prepared for the news
Nevertheless it had It's effect There
was rush 10 sell ihst carried pflces down
sharply. There was a decline Of about
/ cont IN tie STANDARD railway share7 ma
from 2 to IL points in the balance o.
the l!st
While the firm was also member al
the produce exchange the effect Of the
bihre tharc was almost wholly sonti-
mental
According TO the rule Of the exchange.
the announcement was followed by the
closing out of The suspended nrn's ouf-
standing contracts on The floor OF The ek'
change. Up to the close OF the eHchansn
the dealings for the firms account foo;ei
Up 1880 shares.
Assignees william j. Curtis and william
Nelson Cromwell make the following aT-
nounceinent regarding the tuturet
/ ITO the creditors OF Price. Mccormick
/ & Co: price. Mccormick & Co. have bscn
compelled TO temporarily suspend pay
ment. We ask and ADVISE that creditors
holdirf stocks. bonds aud other collateral
10 leans and already well-margined. hold
the loans un,il RESPONSIBLE opportunity be
afforded the asslgnees 10 deal with me
~.me, that unnecessary loss may therepf
be avoided"
Price. MeCos7nisk 6 Co, had an extern
sive wire service and al times we've cred
tied with doing fully as large business
as any firm on the exchange The repre-
senuatiyes Of the firm on the exchange
were r. ~ rt-Wortley w. O. NC
cormiek ana George Croker. the special
pirtner. Most OF the business OF the
Arm was IN the cotton exchange at first
It's sepior and orgaizer, IVES formerly Of
the Arm OF Hubbard, Price & co. AZ thar
time the older Arm had large southern
bGsinfrs This present firm oonsr litd
much OF this Southern stock business ana
has been very active az times in stocks
favored by Southern operators, although
this line OF trade has been FAR less IN
! volume than It's regular commission blsl-
7 ness obtglned through its wire service to
outside eitses.
LasNes M Frisco.