The times. [volume] (Washington [D.C.]) 1897-1901, 1900-05-26
WILL PAY ALL DEBTS.
Price. Mccormick & Co.'s Assets Ex-
c.cd ItobjIittea.

1
NEW YORK, May 25.-First steps were
taken today by the firm of Price, McCor-
mick G. Co., the brokers who failed yes
.erday for s13. 900 900. to effect reorgan-
ization at once. Reports were sent to the
agents and correspondents Of the hrm
stating that unless some unexpected irreg-
ularity in cotton stocks occurred the in
debtedness would be paid, dollar Tor dol
lar. The liabilities were said to be large
| ly fictitious, being to a large extent Sc
| curities on margins held in bank. One
| authority, who is close to the firm, said
that the assets would probably be found
| to be worth s15.000000. The assignment
was made for fear that these assets could
not be realized upon, though it is still
held by at least one member Of the firm
that the suspension was unnecessary.
All Of the working force in the Office has
been retained, salaries have been con-
tinued and no intimation has been given
any of the clerks that business would be
suspended. 1t was said that Messrs. Nc
Cormick and Croker were personally in
vestigating the books of the company this
morning.
Charles d. Freeman, 1t was learned to-
day, has not been doing any Of the recent
cotton business for the firm. He has been
away. After a winter of great activity. he
cleared up in February and went abroad
for vacation. returning Sunday.
A number of the largest downtown banks
hold considerable industrial collateral be-
longing to the firm, but there does not ap-
pear to be any disposition to sell out these
securities or deal hastily with them until
the assignee makes some statement. 1t is
possible. however. that one or two banks
may call in the loan and sell the stocks
out. turning over the equity in them to
the assignee. 1t was said this morning by
one Of the best-known bank presidents
that the embarrassed firm had exhibited
little nervousness for some days past, and
the banks had, therefore, in precaution-
airy way, increased their margins. No
bank, 1t is thought, will lose any money by
the firms failure.
A report was circulated this afternoon
that the assignee had already collected
about 100000 from stock settlements.
This rumor could not be confirmed. and
some, who asserted that they had inside
information. discredited it. 1t is prob
able, however, that considerable sum
has been secured from these settlements
and from the margins OF customers which
were on the way to the offices OF the firm
before 1t suspended. The president Of a
large bank said this afternoon that the
firm put up some OF the best railroad
collateral, and. as there was 20 per cent
margin On the loans made. most of them
being time loans. the banks did not care
to have them paid of before maturity.
Some, and probably many Of the loans
were made early in the spring when rates
were high, a fact which, Of course. will
cause no banker to try to have the loans
taken up.
On the Stock Exchange prices opened a
trif1e higher than last nights closing, but
soon afterward fell off. and the members
listlessly chatted over yesterdays expert |
ences.
At the Office of William J. Curtis. the /
assignee, 1t was said that no statement |
would be given out at present, for the rea-
son that SO many branch Offices had to be
heard from and investigated. The assignee
hoped, however. to prepare some sort OF
for the creditors in a day or
two