Daily Kennebec journal., 1900-05-25
WITH A SMASH.
Price, Mccormick & Co., New
York Cotton Brokers, Fail.
the Liabilities Placed at About Sl3,-
600, --NearIy All Secured.
One oi Largest Brokerage Houses in City, with
80 Branch Offices.

age houses in the city. failed. today,
with liabilities estimated at 81. 200 600.
The firm is a member of the Stock,
Cotton and Produce Exchanges and Of
the Chicago Stock Exchange and has
branch offices in about so cities
throughout the United States. The
failure is ascribed to the fact that the
firm was long Of cotton in the face Of
the fast falling market. A notice on
the doors Of the offices of the company
referred all inquirers to VIM. J. Cur
tis and VIM. n. Cromwell. assignees.
Mr. Cromwell said, late this afternoon,
that it was impossible to make any
statement at this hour concerning the
condition Of the firm; that its business
* very extended and covers several
branch agencies. The total liabilities,
he said. are about $13. 900 900. nearly all
Of which are secured. He added that
statement would be submitted to
creditors at the earliest possible date.
The firm Il composed Of Theodore H.
Price. VIM. G. Mccormick. r. q. NJ.
Stewart Wortlcy ana Walter w.
Price. with George Crocker Of San
francisco. as a special partner on an
invc stmcnt Of $500 600.
Mr.. Mccormick is Of the known
Chicago family Of agricultural imple-
mcrt fame anG Mr.. Stewart -Wortley is
a sor-in-lav Of Rear Admiral Schlcy.
tn" firm was organized. Jan. >. 1897.
OF the partners. Mr.. CTocker is now in
Europe and Mr.. Stewart Wortley is on
his way back from Europe.
Early in the day. rumOls We're cur
rent that a prominent firm was in
trouble ana shortly before the official
announcement of the suspension was
made it was generally understood that
Price. Mccormick i, co. was the house
referred t.. Prior tp the formal an
nouncem mcnt th- cotton market had
broken aver 20 points under terrific sell
ing for both accounts from all direc-
tions. The firm has long been regard
ed as the leading supporter Of the mar
kat. and at one time they were going
t0 rut up August cotton To 11 cents.
The decline # the past month, how
ever. WAS against them and despite
their efforts tnoy could not hold the
market up. Consequently todly's de-
velopulents ala MT come as total
surprise. though they had sufficient
force t1 temporarily demor1lize tn
cGc. The arms bullish attitude was
suruissd in the {. ttOn market and it is
thought to have stimulated the recent
activities Of cotton bears.
Following the announcement of the
failure. the cotton market became
panic stricken and broke 10 to Is
points. The extent Of the decline from
the highest price when the bull move
mcnt eliminated has been 122 points.
Later in the session. the market be-
cane more quiet. but continued to
show "A weak undcrtone on the gencr-
ally Very favorable crop accounts. The
market. at l.45 +. NJ. showed a net loss
of 10 70 II points, having recovered
from the extreme depression.
Early in the day. rumors We're cur
rent N the Stock Exchange that there
Mas some outside trouble and by the
time the failure MAS formally an
nounced from the rostrum Of the Stock
Exchange the room and the street Were
prepared for the news Nevertheless.
Il had its effect. There VA 4 rush u
sell that carried prices down sharply.
There was a decline w about per
cent. IN the standard railway shares
and from : 10 - per cent In the ~
main Ter ri the lst.
While the hrm Uas alan 4 member
~ the Produce Exchange. the cr.ct ur
the failure there was almost Wh holly
sentimental
According "a the rule ~ The TX
change the announcement Of the fail
urc was followed by the closing out w
tI
tracts on the floor Of the Exchange.
Up 10 the close Of The Exchange the
dealings for the firms account footed
up $3.50 shares.
Price Mccormick & Cos. operations
in cotton were SO extensive that ut the
Cotton Exchange it was said nothing
more than an approximate idea Of their
standing will be obtainable until after
another "a hours. The firm dealt in
cotton both ways but their long inter
est is believed to be at least 100000
bales greater than their shortage.
Price. Mccormick q Co. are believed
to have been long of the Liverpool
market. but as this was a holiday over
there operators had no means Of pro-
tecting contracts.
Assignees w. J. Curtis and VIM. Mel
son Cromwell made the following an
nouncement regarding the failure:
Ito the creditors of Price McCo1 mick
& co.: Price Mccormick & 90. have
been compelled to temporarily suspend
payment. We ask and advise that
creditors holding stocks. bonds and
other collateral to loans. ana already
well margined. hold the loans until
reasonable opportunity be afforded the
assignees to deal with the same, that
unnecessary loss thereby may be
avoided
Price. Mccormick & 60. had an ex-
tensive wire service and at times was
credited with doing fully as large a
business as any firm on the Exchange.
The representatives Of the firm on the
Exchange were r. NJ. Stuart Wort hly.
w. @. Mccormick and George Crocker.
the special partner Much Of the bust
ness Of the firm was in the Cotton Ex-
change at first. and it's senior member
and organizer was formerly Of the
firm of Hubbard Price & Co At that