New-York tribune., 1900-05-26
HOPE TO PAY IN FULL

ment was given out, lntlnated thal lhere was q
likelihood of the firm paying it's debts in full
He explained thac this belief was encouraged oy
the friendly attitude of the banks holding the
firms loans.
Oninious varied in the Street however. as
to the accuracy of the information which has
been received by Mr.. Curtis on this point vari-
Gus authorities declaring that the banks were
selling out Price Mccormick & Co.'S collateral
70 a large extent. There is reason to believe
that out of town banks hold large quantities or
collateral advanced by the firm for loans. Sew
eraI have written their New-York correspond
ents asking what they should do In most
cases. it is understood, they were duNseu W
sell out.
II is said that Price, Mccormick & Co owe
to banks in the financial district sums aggre-
eating nearly S40OoO0O secured by good col
lateral the value of which estimated at last
weeks low prices represents a margin of about
20 per cent above the total amount of the loans.
most of which are time loans 1t was also re-
ported yesterday that the assignee had col
lected about S2OOOOo0 through his liquidation
of stocks and bonds closed out under the rule
on the Stock Exchange for account of the Arm
since the failure. The purchases and sales yes
terday under the rule" were as follows:
BOUGHT
$4,000 Colorado Southern fours;
American
SOLD.
200 New-Yorx Central.
Peoples Gas.
sugar
ISe Io RrooEirn R1ssJIII Rsi1S Rapii Transit
loo loo fTGonS Union Bag s'anS ana PsDes preferred.
The stock market as already noted. was dull
and listess yesterday. the total transactions be-
ing less than 2T5.0O0 shares. The atmosphere
was one of uncertainty, and there were the
usual runnors of another big house in trouble"
rrmors which. if unverifed. nevertheless con-
tributed strongly to depress the market, as did
the uncertainty regarding the policy of the
banks as to closing out the Price Mccormick
loans A large part of the days trading repre-
sented the switching other houses of Price
Mccormick accounts.
COTTON EXCHANGE CHEERFUL
The sentiment on the Cotton Exchange was
cheerful and almost buoyant. in strong con-
trast TO the tone of the Stock Exchange II was
the opinion at the opening that the extent or
Price Mccormick & Co.'S outstanding contracts
would probably not exceed S4OOooO- Another
good feature as cotton men viewed the situa-
ton. was that the difference which has existed
between near and distant deliveries would be
almost obliterated-in word. that the failure
has done much TO clear the atmosphere of cot
ton speculation. Then. too. the worst had been
feared from Liverpool. where Thursday had
been a holiday as il was the Queens birth
day; but the early Liverpool cables. although. Of
course. lower than Wednesdays close were
much more favorable than the local operators
had ventured to anticipate.
As result summer cotton opened up to 20
points higher than at Thursdays close May
cotton opened at an advance of 20 to 30 points
over the preceding day, when IL broke IS points
Cotton of the crop month beginning with
September opened up from to ; points. as .
result OF Liverpool advices. There was heavy
New-Orleans selling while Liverpool bought
largely. because of the scarcity of IN that
market. Local treders operated both ways buy
ing and selling. a small failure was reported
from Liverpool. but II had absolutely no effect
in that market or this.
Liquidation OF cotton which had been car
ried over the break and selling for Southern ac-
count caused recession later in the morning.
but the cable advices from Liverpool that that
market had closed strong. with unimportant
declines compared with Wednesdays final
quotations. gave renewed strength TO the local
market. Disquetns reports from the Stock
Continued third page.
ux-pu,.,TOp VT 49,. CT