The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1900-05-28
Price, Mccormick & Go.
Go To the Wall With
Big Liabilities
FIRM LONG ON COTTON
OBLIGATIONS Are Said To BE Wei
Secured, and Declaration Is Made
That Losses May Be Pre-
vented IL Assignee is
Given Time.

New York. May A-Price. McCorniiSA
& Co. one OF the largest brokerage
houses in the city. failei today with Ia
tiitrles estimated at Sl3og1.@s'- The hTin
Isa member q the stock. Cotton and Pro-
auce Exchanges and OF the Chicago Stock
Exchange. and has branch offices in about
thirty cities Throughout tho United states
The failure is ascribed 10 the TACT th'
the firm was long OF cotton IN the face OF
a fast-fa,Itnr market. a notice on the
doors OF the Offices u the company re-
ferred all inquiries 10 William J. Curtis
ar,I William y Cromwell. assignces- klr-
Cromwell said late this afternoon that Il
v-ss impossible 10 make any statement At
this hour conserving the condition Of the
firm. that it, business is very extended
and covers several branch agencies. The
total liabilities he said. are about Sl3.-
CJa.a nearly all of which was secured
He addei that statement would Ice SUD
ru!tteI TO the creditors NJ the earliest
possible date
Tha frus is composed Of Theodore H.
Price. william Il Mccormick. r. G. NJ
Stewart Wortley and Walter w Price
with George Croker. ~ Sar. Francisco.
speclal partner on an investment 81 S5.'.".-
o.. Mr. LIcCorm!cl i- 81 the vell-knnWn
Chica 90 family 90 agricultural implement
fame. AMI lir. Stevar1-NF orlley - a SON
in-Iaw ~ Rea- AdEuirlI S-hley- The iirn
was organized January .. lesl- OF the
partners. Mr. Croker IS now in furol'e
and Mr. Stewart-W lrtiey II on his way
back from Europe
Early in the Gay TuTuors Were current
tina; p-1uincu- r-gA was ~ tr1-s.e. and
shortly legore the uftle.ll announcement
Of the Suspension Was made. il WIS gem
orally understood that Price Mccormick
= - was the firm referred t. Frior 10
the formal announcement. the cotton mar
kct hlt broken Owe - points under ter
Tirc selling from al directions The nrm
has long been rega- led - tle leading
support of Tie market. and - ons time
Il was ~eid they were going a put August
cotton W 10 j. cents. TIE decline Ut the
past month. however. Was against them,
and despite their efforts they could not
hold the market up Consequently today
development did not come "a total sur
prise. though they had sufficient Io-ce ~
temporarily dempralize TIE Trade
The firm = hI.4.sA attitude Was surnised
IN the cotton market. ami u Is thought
10 have stsFuc l.IeI thc Icceu. = -tiyItiss
81 cotton bears
Following the announcement OF the
failure tl- cotton market became panic
stricken. and broke 10 e. u points. Tho
extent - JEe dec.4u. iE1.a Jhc highs u
h.. leel - points
Later iu thc cay the market became
more uulct ard rc uve-ed irpus the le-
Tr,ssl1l- Nevertheless. 4 lisa its cfie-t-
II,E. was rllsh :u SCH lha- CaIr.el
prize lar sharply Th--e W.Es "a ce..inc
~ eDult per cent in Ghc standard rail-
va sl4-r. .ll ~ ga = tp - PER cent Boa
the 44.4ula oI th- lIat. Is ni.e the nrm
vas also g. f--ml-r az an. frctucc TX
chan. .nrr
almost wholly ssutiuleusli-
According 10 abe rule OF the exchange.
the auuolu. elI.essJ ~ tIe fai.ure was foi-
l0Nv4 Is th- c..slue out u tine suspend
81 lru-> outstanding eoutr.l,ts
nuor gf tle Exchange III a. the close ~
the Guidance tEe dealings Tor tne Aru's
account l.llel ~ 1855 shares
Ass-sle-- Wl..-Is;l j. Curtis and William
Nc-s1E Cromwell made the following an
E0uuceutut IegasCim- the failure.
''Eu ths Creditors ~ Prise. Mccormick
& CO. Prise. Mccormick q Co lavc heen
CONF ~4-el Lt t"ini. sE-Art-y suspend paw
ulelI y e. as.l and advise THAI creditors
holding t-e -.u.h rs. bonds ana other cfl-
latrra. % $40 and already vel In.sI-
Etue-. hull tle loans unit. re-lSusla3-,. aIs-
EortdE4ty .fz Afforded iue assignee a. rst ~
with tle same. rhll uuIgcfsz-lry loss =
Thereby iuas he avoided"
Price. Nct-0r-nicz x 20. had an extend
ell wire seEvf.e and NJ times were cred
TIED as doing fll.y - large a business as
any firtl On tA@ exchange Tsseir repre-
sentatives u1 the exchange We're X. N
stewart -Wurt-cy. w g. Mccormick AMI
George Crrsze-- the special partner. Mach
OF tho bus ees ~ che firm vas n the
Cotton ExChauee At first. and its senior
member AMI urEaniZcr was formally Of
the firm ~ Hubbard. Price * Co. ~ that
time the older firm had large southern
busincss- The present nrm controlled
nF rfF err 1tasr~ usm-rw business aud
has been very active a. times in stocks
favored by southern operators. although
its lines ~ trado have been far less IN
volume than IT'S regular commission bust
ness obtained through its wire service To
outside cities.