The age-herald., 1900-05-25
A $13,0OO,OOO
 COTTON I ALLURE Finn of Price, McC0rn'cA C0n-
 pany Goes Under THEY WERE LONG ON COTTON In the Face of a Falling
 Market. CAUSED AN IMMENSE SENSATION l This Was One of the Largest Firms in the Market, and Carried on an Extensive Trade in the South
THEY WERE LONG ON COTTON
CAUSED AN IMMENSE SENSATION


 the South
 New York, May 2i.-Price, Mccormick & Co.,, one of the largest brokerage houses in the city, failed today, with liabilities es- timated at S13OO0,00O. The firm is a mem- Der of the stock, cotton and produce ex- changes and of the Chicago stock ex- change. and has branch offices in about thirty cities throughout the United States. The failure is inscribed to the fact that the firm was long on cotton in the face of q fast falling market. A notice on the doors of the office of the company referred all inquiries to w. J. Curtis and William N. Cromwell, assignees. Mir Cromwell said late this afternoon that it was impossible to make any statement at this hour con- corning the condition of the firm; that it's business is very extended and covers sev- eral branch agencies. The total liabilities he said, are about $13.o0o,0OO, nearly all of which was secured. He added that statement would be submitted to creditors at the earliest possible date.
 The firm is composed of T. H. Price, William G. Mccormick, R. G. M Stewart Wortley and w. w. Price, with George Crocker of San Francisco. a special part ner on an investment of S500.0OO MT Me- Cormick is of the well known Chicago family of agricultural implement fame, and MT. Stewart-Wortley is a son-in-law of Rear Admiral Schley. The firm was or ganized January 9 1S97 Of the partners Mr. Crocker is now in Europe and MT. Stewart Wortley is on his way back from Europe
 Rumors Were Current Early
 Early in the day rumors were current that prominent firm was in trouble, and shortly before the official announcement of the suspension made it was generally understood that Price, Mccormick x Co. was the house referred to. Prior to the formal announcement the cotton market had broken over 20 points under terrific selling for both accounts from all direc- tions. The firm has long been regarded as the leading supporter of the market, and at one time it was said they were going to put August cotton up tc 10 cents. The de- cline of the past month, however, was against them, and despite their efforts they could not hold the market up. Con- sequently today's development did not come as total surprise, though they had sufficient force to temporarily demoralize the trade
 The firms bullish attitude was surmised in the cotton market, and it is thought to have stimulated the recent activities of cotton bears
 Following the announcement of the fail ure the cotton market became panic-strick- en and broke 10 to IS points. The extent of the decline from the highest price when the bull movement eliminated has been 122 points.
 Weak Undeftcne
 Later in the session the market became more quiet, but continued to show a weak undertone on the generally very favorable crop accounts. The market at 1:45 D. m. showed a net loss of 10 to 46 points, having recovered from the extreme depression.
 Early in the day rumors were current the stock exchange that there was some outside trouble, and by the time the fail ure was formally announced from the ros- trum of the stock exchange the room and the street were prepared for the news.
 Nevertheless it had it's effect There was a rush to sell that carried prices down sharply. There was a decline of about per cent. in the standard railway shares, and from to 21a per cent in the balance of the list.
 While the firm was also a member of the produce exchange, the effect of the failure there was almost wholly sentimental.
 According to the rule of the exchange the announcement of the failure was followed by the closing out of the suspended firms outstanding contracts on the floor of the exchange Up to the close of the exchange the dealings of the firms account footed up S950 shares.
 Firms Announcement
 Assignees William J. Curtis and William Nelson Cromwell make the following an- nouncement regarding the failures: ITO the Creditors of Prince, Mccormick & Company:
 Price, Mccormick & Go. have been com pelled to suspend payment. We ask and ad- wise that creditors holding stocks, bonds and other collateral to loans and already well margined, hold the loans until req sonable opportunity be afforded the assign ees to deal with the same that unnecessary loss thereby may be avoided"
 Price, Mccormick & Co. had an extensive wire service, and at times were credited with doing fully as large business any firm on the exchange. representatives of the firm on the exchange were R. M. Wortley, w. c. Mccormick and George Crocker, the special partner. Most of the business of the firm was in the cot ton exchange at first, and it's senior mem- Der and organizer was formerly of the firm of Hubbard, Price & Co. At that time the older firm had large southern business.