The times. [volume] (Richmond, Va.) 1890-1903, 1900-05-25
BIG FAILURE IN
.AEEls,, YORK CITY
P,5ce, Mccormick and Co. Go Under
With Large Liabilities.
THEY WERE LONG ON COTTON
The Firm Was One of the Largest
Brokerage Houses in New YORK,
aud Had Branch offices ira
About Thirty Ciacs.
THEY WERE LONG ON COTTON

NEW YORK, May 24.-Price McCor-
mick & Co. one OF the largest brokerage
houses in tse city, failed to-day with la
silities estimated at $l3,0o0,eo1- The firm
IS a member of the Stock, Cotton and
Produce Ecilanses, and Of the Chicago
Stock Exchange. and has branch offices
In about thirty cities throughout the
United States.
The failure is ascribed to the fact that
the firm was long of cotton IN the face
OF a fast falling market. A notice on the
doors of the offices of the company re-
ferrcd all inquirers to William j. Curtis
end William NJ. Cromwell, assignees. Mr..
Cromwell said late this afternoon that 1t
was impossible 10 make any statement at
this hour concerning the condition OF the
firm: that its business is very extended,
and covers several branch agencies. The
total liabilities, he said. are about S13,Go0,-
ooe nearly all of which was secured
He added that a statement would be
submitted to the creditors at the earliest
possible date.
The firm is composed of Theodore H.
Price, William G. Mccormick, p. G. NJ
Stewart Wortley and Walter w. Price,
with George Croker, of San Francisco, a
special partner. on an investment of
$3.50. 900
Mr. Mccormick is of the we'll known
Chicago family of agricultural implement
fame. End Mr.. Stewart-Wortley is SON
in-law OF Rear-Admiral Schley. The firm
was organized January 2. 1897 OF the
partners, Mr.. Crocker is now IN Europe
and Mr.. Stewart-W ortley is on his way
back from Europe.
TERRIFIC SELLING.
Early in the day rumors were current
that prominent firm was in trouble and
shortly before the official announcement
of the suspension was made. it was gen.
orally understood that Price, Mccormick
& Company was the house referred to.
Prior TO the formal announcement the cot
ton market had broken over twenty points
under terrific selling, for both accounts.
from all directions. 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 I'D
70 ten cents. The decline of the past
month, however. was against them. and
despite their efforts, could not hold the
market UP. Consequently to-day's devel-
opments did not come as a total surprise
though they had sufficient force to tam
Dorarize the trade.
The firms bullish attitude was surmisel
in the cotton market, and it is thought to
have stimulated the recent activities OF
cotton bears.
Following the announcement of the fall
ure the cotton market became panic
stricken. and broke 10 to 30 point. The
extent Of the decline from the highest
price. when the bull movement culmi-
mated, has been 122 points.
Later in the session the market became
more quiet and recovered from the ex-
IRENE depression. Nevertheless ii had its
effect. There was a rush to sell that car
ried prices down sharply. There was a
decline of about one per cent in the
standard railway shares. and from two to
two and a half per cent. in the balance
of the list
MOSTLY SENTIMENTAL.
While the firm was also a member Of
the Produce Exchange, the effect of the
failure there was almost wholly sentiment
tai.
According TO the rule of the Exchange
the announcement of the failure was fol-
lowed 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 fer the firms ac-
count footed up 1850 shares.
Assignees William ]. Curtis and William
Nelson Cromwell make the following an
nouncement regarding the failure:
ITO the Creditors of Price, Mccormick
6, Company:
Price. Mccormick & Company have
been compelled to temporarily suspend
payment. We ask and advise that credi-
tors holding stocks, bonds and other col
lateral to loans and already well-mar-
gined. TO hold the loans until reasonable
opportunity be afforded the assignees TO
deal with the same; that unnecessary
loss thereby may be avoided
Price. Mccormick & Company had an
extensive wire service and al times were
credited with doing fully as large a bust
ness as any firm on the Exchange. The
representatives of the firm on The Ex-
change were r. NJ. Stcwart-Wortley. ".
G.. Mccormick, and George Crociler, the
special partner. Much Of the business Of
the firm was IN the Cott7n Exchange
and its senior member and organizer was
formerly of the firm OF Hubbard. Price *
Company At that time the older firm
had large Southern business. The pres
ent firm controlled much OF this Southern
stock business, and has been very active
at times in stocks favored by southern
operators, although this line OF trade has
been far less in volume than its regular
commission business obtained through its
wire service to outside cities.
THEIR ACCOUNT SMALL.
BOSTON. May 24.-Price Mccormick &
Cocanany have several branches in New
England At one time they had a wire
agency in this city, but of late the local
business has been transacted through Va
rious brokers' houses, including the firms
of George A. Fernald & Company, Sloan,
Hayden & Company, Towle & Fitzgerald,
Lee H;ggfnson & Company, and others
,Tr,e Fernald firm stated this evening that
price Mccormick & Conpany's account
small.