davidaulloa/AmericanStories huggingface dataset:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-07-30

WEALTH CAN'T BUY HEALTH
But nickel spent every day for Schnei-
der's famous Malt Bread will soon build
YOU up. Pure. light and nOurishing. The
best for children At your grocer's fresh. sc.
TRY "CHEON" FOR ICED TEA.
The best soc. Tea in America. Sold under
our guarantee. Sugars at cost. c. D.
Kenny Co. S City Stores.
New-York tribune., 1900-05-25

several times in years recent and remote wit
messed in cotton speculation, also In fact, those
who follow the inintesimal points year in and
year out assert that for rapidity and certainty
of disaster nothing in wheat or corn or oats or
any other agricultural product can quite equal
transportation in cotton on the bull side
Prices of cotton options shoot up and down and
back and fill with such bewildering suddenness
and in such a meteoric and explosive manner
that the oldtimers on the Cotton Exchanges of
Liverpool. New-York and New Orleans speak
of their favorite product "guncotton."
In recent years several great fortunes have
been wrecked in the cotton market. Ten or
twelve years ago the Liverpool Exchange
Solomon Ranger, a daring operator. tried to
corner the product. and for a long time held the
price up well above 10 cents a pound. Appar-
emily success was about to crown his efforts.
but the day of reckoning, though delayed. ar
rived at las, and the collapse that followed
swept Ranger into ebscurity and poverty.
In 1893 Peter LabQusse, prominent MEM
Der of the w-Orleans Cotton Exchange, ia
vored by shortage of the crop and backed by
large following who thoroughly believed that
cotton would go above 10 cents pound, got
the price of January options up to 9.44. At that
point like a house of cards. the market fell of
its weight Panic and decentralization set
in. The market dropped about hundred points
in two days, and LabOuiSse and his paper profits
disappeared from view.
The following year, 1896, with the fate Of La
bouiSSe (to whose disastrous downfall he prob
ably contributed more than any other one man.
having been on the right side and having sold
heavily at the doomed up prices) before him,
John II. Inman, by all odds up to that time the
shreWdest and most successful cotton specu-
lator and merchant in this country, who had
amassed a fortune in cotton since the close of
the Civil War, lured by the tempting 'statisti-
cal Situation'-che rock which many
others had been wrecked-attempted to corner
August cotton. He bought all the cotton that
offered him, and kept difference of hum
dred points between August and the next crop
options. All his skill and all his great resources
proved in vain. His corner failed; the deuge
of selling from planters and Operators and fair
skies and seasonable weather in the South
too much for Mr.. Inman, and he retired from
the arena of speculation, beaten and broken in
purse and health. His death from the great
strain he had undergone speedily followed.
Now Price, Mccormick e. Co. blind to the
facts of cotton history, thought the short sup
ply would certainly make cotton worth 10 cents
a pound the goal of all those who embark on
that perilous voyage, and go down with a tre-
mendouS crash.
New-York tribune., 1900-05-25
COURSE OF THE COTTON MARKET

Yesterdays cotton market was naturally excited
Sales were heavy and liquidation was general
This partly due 10 the failure OF Price Nc
Cormick co. and partly to the fact that as Nav
"a is Queen Victoria's birthday the Liverpool mar
ket was closed. and foreign houses sold heavily
mere and the August and July options declined In
manner most gratifying TO the bears as holders
continued to market cotton for whatever IL wouId
bring and there few outside the short interest
who wanted 10 buy at any price
Before noon the weak long interest was believed
10 De largely eliminated. Heavy covering of shorts
then followed, and some of the best commission
houses in the business bought freely This brought
rally, which caused many of the traders 10 take
the bull side. so that when the failure of Price
mccormick q Co. was suddenly announced II,
ploVed pro an the more surprising and astonishing and
the rising market once became stafionerv
New-York tribune., 1900-05-25
CROMWELL'S FINE RECORD
HANDLED THE s12Ooo,oo0 FAIIIrRE or rrc1,
Err HOWELL & co. WITH MAR
VELLOCS Skill,

william Nelson Cromwell. counsel for william, 7
curtis the assignee of Price Mccormick g %
has an enviabe reputation for settling affairs 80
great magnitude like this In the severe stripgarcv
OF the money market which befell in the fau Of
1881 Decker, Howell & Co. the brokers Of t4arr,
NAlaru were compelled to suspend with Iia abilities
OF $iZoo0W That was of the heavest faiIuras
wan street had seen up to that time and II was
not exceeded until yesterday. The debts of Decker
Ho"eli Co were due wholly to banks and bankers
from whom the firm had borrowed vast sun,s y,
'e security or Wizard stocks and the outlook for
hettlerheht seemed grave. But Mr.. Cromwell was
fhade assignee, and so ably did he handle the inn
Inense undertaking that in less than two months
lie was able TO make the gratifying and unusuaI
announcement that cash dividend of 100 per cent
was ready for every creditor. and that the firm
would Immediately resume business The an
houhcement was made in the following words.
IL aHords me great satisfaction TO now, an
nud dice g 70 you that ! have liqudated Combined
n 1iau managed the affairs of the estate of Messrs
1echer, hoWeil ~ Co. that I have been a Bile fhis
caS ceD, 10 s declare a cash dividend of 100 per
oent, oo, ana VIII pay on demand every Just claim
Is Tsanst the estate in full. principal and Interest
seeIns certainly ft subject for mutual CON
eaa eoaIuiaion that Notwithstanding the extent and
III iipHcatlohs OF the transactions involved this re-
'"' ihsurins the payment in fun OF an Indebted
New-York tribune., 1900-05-25
PROGRAMMES AT PRINTING SHOW.

There was great crowd at the Printing Show
last night to celebrate Irish Night The gallant
sons of Erin turned out In force The tst Regiment
Of Irish Volunteers. 800 strong, Colonel Lynch in
command. paraded up Lexington-ave. and after
ward executed fancy drills and manoeuvres on the
main floor of the exhibit hail. to the great delight
of the many visitors present. Tonight is to be
Bicycle Night" and the attendance of three
thousand uniformed wheelmen is promised Mon
day night of next week will he '"rammany Night :"
and on Tuesday nisht will be held the annual ball
of Big Six which promises be the most not
able gathering held by the union IL marks
the fiftieth anniversary of Big Six as a regu-
lary organized union, and special features com
memora tive of this will he offered.
New-York tribune., 1900-05-25
GENERAL SURPRISE IN CHICAGO.
Mr.. MCCORMICK FORMERLY IN BUSINESS
THERE-CREDITORS EXPECT TO
BE PAID IN FULL.

Chicago. May "a (SpeciaD.-There was general
surprise here to-day over the failure in New York
of Price, Mccormick Co. The firm had wide
business relations covering the grain. stock and
cotton fields The firm in good credit, because
of the fact that George Crocker, of California was
Mccormick of the concern was a Chica goan Will
lam G. Mccormick, nephew of the late Cyrus
Mccormick. He at the head of the stock and
grain house Of w. G. Mccormick & Co., which
went out of business about eight years ago. He
was at one time partner of the late N S. Jones
under the style of Jones, Mccormick & Co.
The failure is supposed to have been precipitated
by the decline in cotton, which has amounted to
1Ac a point In the last ninety days. The frm did
business with number Of Chicago houses, run
ming its private wire into three four offices. All
of them have claims for either profits margins
against the suspended house, although none of
these claims are large Several commission houses
received underground information that the firm was
heavily loaded.
1t is understood that the heaviest losses to the
firm Chicago correspondents sustained by
the Board of Trade connections Most of them
claim 70 have done but little business in
the wire. Two of the number in debt the
nothing. Another house is said to be involved to
the extent of $1,000 and another about $1,000 Tele-
grams were received after the failure was
announced saying that the firm expected to pay
dollar for dollar and have all its business settled
as soon as possible. kilograms were received
from other houses in New-York asking of
Price, McCormick's Chicago people. to establish
new private wire connections.
New-York tribune., 1900-05-25

ment in 1885. Then the public head heels
In the speculation, with pyramid cotton held in
enormous quantities. and then the crash came in
single day whereas now warning had been given
weeks in advance and nearly everybody had closed
another reason why there was less excitement
here than the magnitude of the failure would lead
to believe is that Price. Mccormick & Co. have
been looked on by the New-Orleans market as
reckless traders without great weight. Their fall
has been predicted from the apparent rashness Of
their ventures and from their wild efforts, through
the advertising columns of the press. to influence
the market Their bold plan to stampede the farm
ers some months ago and them sell
their cotton at seven cents considered the des
perate play of men deeply involved.
A number of New-Oreans operators openly an
nounced in the winter that they would get oot at
nine cents. and their lead has been followed pretty
generally by the lesser professional operators.
New-York tribune., 1900-05-25
ing the theory OF Price. Mccormick & Co. that
the crop would be comparatively light one.
SHIFTED THEIR POSITION.

In January, however. the firm suddenly shift
ed their position. and sent word to all their cor
respondents in the South that the outlook for
Gotten was bad, and that prices were likely to
decline. They did decline temporarily, as re-
suit of this move. but leading interests in the
South rallied the planters and induced them to
hold fast; the foreign spinners finally became
convinced that the Neill prediction was errone-
Gus, and that the crop would be a short one
after ali. and prices naturally advanced. On
Saturday February 10 the March option closed
at s.21 with Price, Mccormick & Co.. according
to their business associates. heavily short of the
market. Monday was Lincoln's Birthday. and
the local Cotton Exchange closed, while
Liverpool had an advance of about thirty points.
On February l3 in the New-York market the
March option advanced to SIS. with Price. Nc
Cormick G. Co. still on the short side But the
tide was running too strongly against them and
they covered their short contracts and reversed
their position. this time teiegraphing all over
the United States their opinion that the crop
would be so small that there would not be
enough cotton to supply the demand of Liver
pool.
At this time. it is said. they were chiefly
short the August option. Then they
switched over to May, June and July, going
short OF these futures and heavily long of the
August, transfer OF position which it is said
cost them 100000 TO effect But a prominent
Philadelphia house took the short side of the
August future and the demand from Ameri-
can and foreign spinners lessenng. other
houses also began to sell August short; and
under this pressure the price declined, despite
the liberal support afforded by Price McCor-
mick & Co. On May II the August option
broke from 9.31 to 927 and has not since
then been high the latter figure. Yes
terday it touched S-35 and closed at $50
New-York tribune., 1900-05-25
failure of Price Mccormick 4 Co. will be close to
the half million mark.
THE MEMBERS or THE FIRM.
GEORGE CROCKER A SPECIAL PARTNER
TO THE EXTENT OF s5OoOOO

The assignment OF Price, Mccormick & Co. was
signed by the following partners:
THEODORE H. PRICE. living at No. 154 West Fifty
eighth-st
WALTER W. PRICE. living the Rutland Broadway
and F'ifty-seventh-st.
WILLIAM G. MCCORMICK. living at No. 157 Rush-st.
Chicago.
other partner who is absent in Europe. signed
by William G. Mccormick as attorney In fact
The firm of Price. Mccormick & Co. was origl-
nally formed March IS, 1895. by Theodore H.
Price. w G. Mccormick and Il. G. M. Stuart
Wortley On January 2 1887 George Crocker. of
San Francisco. became a special partner. putting
in 100000 special capital Bernard J. Harrison be-
came partner November l. 1897, and withdrew
December l. 1899. when the firm was reorgan-
lied, Walter W. Price being admitted to the firm
end Mr.. Crocker at the time increasing his
special capital to s5O0.ooO They had III. A"
New-York tribune., 1900-05-25
THEIR VAST WIRE BUSINESS.
THOUSANDS OF TELEGRAMs OFTEN SENT
OUT IN A SINGLE NIGHT

The extent to which Price, Mccormick & Co
the country especially in the South. was consid-
cred one of the remarkable developments of the
speculative business CT Wall Street Theodore H..
Price, the senior member of the firm, was a mem
Der of a cotton firm in Norfolk before coming to
this city. His acquaintance throughout the South
in a business way extensive when Price Nc
Cormick & Co started, but in recent years the
firms business came into direct contact with prac-
tcally every cotton planter. ginner shipper specu-
lator and merchant in the entire South. These
people all kept in constant touch through the
firms telegraphic enterprise with the market, and
the business they brought back the house in re-
turn was a vast and profitable one.
Many planters, sinners, shippers, merchants and
handlers Of actual cotton in the South are inclined
TO speculate usually for rise and facilities were
aiWays al their elbows TO enable them TO follow
their inclinaIions. The information which they
tire cotton region. about the crop. conditions
and prospects. were of high value TO those who
sPecuiated In the product here or In Liverpool
Thousands of kilograms were often filed bv tba
firm in a single night. Extra operators were held
on duty at the telegraph offices when these bis
bundles or messages were expected from Price Mo
Cormick & Co, and wages of messenger bows who
were fortunate enough to the call OF the
for they got TWO cents a message, whether ii was
one message bundle of five thousand tnrned
over 10 them by Price, Mccormick & Co
LOSS IN SAN FRANCISCO.
San Francisco May 24-It is estimated that ,ba
losses in this city in cotton and stock through The
New-York tribune., 1900-05-25
THEODORE II. PRICES MARRIAGE
NO DECISION YET AS TO WHETHER OR MOI
1T SHALL BE POSTPONED

Eugenia Dyer, daughter of the late General
Alexander Dyer of the United States Army, was
set for Monday afternoon next. May 2s in the
Church of the Epiphany. Lexington-ave. and Thir-
ty-hfth-st member of the brides family last
evening said to a reporter of The Tribune that no
change had yet been made in the date of the we'd
ding, and nothing whatever had been would be
decided in reference to 1t until time to-day
Miss Dyer had invited her niece, Miss Taylor of
London to be her only attendant, and Mr. Price,
who had decided TO give his farewell bachelor din
ner tonight, had chosen his brother Walter W.
Price, TO be his best man. The ushers chosen
We're Major Bellinger of the United States Army;
Franklin A. Plummer De Witt Parshall and Cyrus
Hall Mccormick 1t was arranged to have the re-
ception at the home of the brides sister. Mrs
James F. Taylor No. So East Fifty-second-st
There were 1O6 men in the Broadway office of the
firm, and they have subscribed $575 for a silver
service to be given to their employers bride
New-York tribune., 1900-05-25
OTHER FAMOUS FAILURES.

DISASTER INVARIABLY FOLLOWED OVER
SPECULATION IN FARM PRODUCTS.
The failure of Price Mccormick & Co. Is not
by any means the first time the lesson mas oeeh
taught that danger and disaster wait upon the
spectators venturesome enough to undertake 10
corner crop, whether wheat, corn or COTTON
The gigantic speculations of j. r. Keene. "Old
Hutch" Ed" Partridge, and, more recently.
Young "Joe" Letter. are still fresh in the annals
of the wheat pit Of the Board of Trade of Chi
cago Each and every one of these great oper-
ators was at one time apparently being borne
on the wave of high prices they created to I'M
mense profits and riches, but in the end each
and every one went down to disaster and losses
that were reckoned in the millions.
What the world saw In the wheat trade 1t has
New-York tribune., 1900-05-25
FAILURE CREATES A STIR.
MARKET BREAKS. BUT FURRY is SOON
OVER. IN SPITE OF RUNfoR MONGERs.

MARKET BREAKS. BUT FURRY Is SOON
OVER. IN SPITE OF RUMoR MONGERs.
There was great excitement in the cotton Dit
when the failure Of Price, Mccormick & Co was
announced, and heavy selling followed for a
while, under which the August option declined
from sos TO $40. The news did not have so
marked an effect on the Stock Exchange but the
railway list receded / or more per cent. while
some Of the industrials broke over 4 per cent
The market soon steadied. however. and lot
after lot OF stock bought or sold for ac-
count OF the insovent firm
The suspension was announced from the ros-
trum OF the Stock Exchange at 1915 o'clock
and at the height of the subsequent excitement
Il was reported that another prominent firm of
Broadway brokers had also failed but an Off
cfsl denial Of this rumor from the rostrur1 al
layed the nervousness. So far as could be
learned. Price, Mccormick & Co. owe little to
New-York banking houses. and that little is said
20 be amply secured.
The stocks sold bought for the firm under
the rule include all the more active issues nota-
bly, American Tobacco, Continental Tobacco
Steel and Wire, Brooklyn Rapid Transit Peo-
pies Gas and some specialties. The sales in
cluded $4,000 Of Wabash debenture bonds
and among the purchases was $1,000 Of per
cent Chicago Terminal Transfer bonds Alto
gether more than 5000 Shares of stock were
bought and sold under the rule" for account of
the firm. while about 1900 shares were closed
out privately. Following is a list of the shares
bought and sold under the rule of the Exchange.
BOUGHT
10000 Chicago Terminal per cent bonds
zoo Denver and Rio Grande common
200 Northern Pacific common
400 Baltimore Ohio common
300 Third Avenue
200 Peoples
1loo Union Pacific common
100 American Sugar
900 National Tube.
200 American common
200 American Car and Foundry preferred
1.lo0 Missouri Pacific
300 Southern
100 Tennessee Coal and Iron
100 St Paul.
700 Lake Erie Western preferred
100 Delaware. I-ackawa nd Weste-,
400 American Tobacco.
New-York tribune., 1900-05-25

The twenty-ffth anniversary of the conservation
OF the Church OF the Ascension West Brighton
Staten Island. celebrated yesterday with ap-
propriate ceremonies Bishop Potter delivered
short address, in which he referred TO the rapid
growth of the church and paid a glowing tribute
to the Rev. Pascal Narrower. the rector In the
spring OF 1893 the first religious service held
on the site or the present church. The corner-
stone of the present building laid in 1870
New-York tribune., 1900-05-25
In any financial trouble. In spite Of the efforts
OF interested rumor mongers. Wall Street took
the failure calmly.
NO SPECIAL EFFECT IN NEW-ORLEANS.
PRICE, MCCORMICK CO. LOOKED ON AS
RECKLESS TRADERS IN THAT CITY.


New-Orleans. May "a (SpeciaD.-The New-Orleans
cotton market in perfect condition to-day to
Withstand the strain of the Price Mccormick fall
ure. The general declines followed the New York
market, but caused scarcely more than the usual
excitement the market and endangered no con-
in this city Ever since cotton crossed the
nine cent point liquidation for profits has been
going by the bull interests here, and the entire
deal practically closed long ago. with only
small holdings OF spots on hand. The New-O Orleans
brokers with great unanmity of opinion have been
holding down their clients in the country from
overspetulfting by strong demands for margins.
the result being that the drop brought little dis
aster 70 the farmers and unprofessiona speculating
public
The trading the curb after the close CT the
market showed slight advance The conditions
here such that further excitement In New
York cannot cause any trouble. Attention has been
repeatedly directed here to-day to the difference In
the tone of affairs in the New Orleans market now
prevailing and that of the last great bull move
New-York tribune., 1900-05-25
BRANCHES IN NEW-ENGLA.ND.

Boston May 24-Prce. Mccormick & Co.
have several branches in New-England. At one
time they had wire agency in this city, but
of late the local business has been transacted
through various brokers' houses including the
firms of George A. Fernald & Co. HAYDEN Stone
q Co, Towle & Fitzgerald, Lee, Higgnson q
Co., and others. At Fernald & Co.'S office this
afternoon it was stated that Price Mccormick
& Co.'S account with them was very small
New-York tribune., 1900-05-25

Hackensack. n. J.. May 24.-Maude VI. Darling
wife of Frank E. Darling. was convicted here to-
day of assaulting and robbing her husband. 1t
shown that she held a handkerchief saturated
with chlcroform to her husbands face while he
was held down by his bartender, and that after
robbing her husband OF SO in cash she bar
tender went away together. They were afterward
arrested in Newark
New-York tribune., 1900-05-25
MACON BROKERS CARRIED pov

MACON BROKERS CARRIED DOWN.
Macon. Ga. May A-TaIbot & Palmer brokers
OF this city, failed to-day for about $4,000 Several
months the firm failed for about $4,000. Mr.
Talbot. of the firm, made the following statement:
There Is nothing to say. except we could not con-
tinue without capital Cotton broke 100 points the
last week and we sank The Price. Mccormick &
Co. failure is really the cause of disaster
Atlanta, Ca, May A.-The office of Talbot &
Palmer. in this city, closed to-day.
New-York tribune., 1900-05-25
TWO THOUSAND QUARTS OF WATER

William Armend. forty-two years old who since
September l, 1897 had been patient in Bellevue
Hospital suffering from liver trouble. died that
institution yesterday. DR. Dougherty who had
Charge of the case says that he had In the tima
Armend was In the hospital taken two thousand
quarts OF water from him. Armend was a truck
man. of No. ll6 Fourth-ave "
New-York tribune., 1900-05-25

pes. os over ST. o0o000 been accomplished WIN
in two months of the failure
Mr. Cromwells success was achieved whohy
u,,tbout litigation and so keenly were his services
appreciated by the rehabilitated firm that MT
Cromwell besides receiving fee Of several nun, "a
dred thousand dollars assignee, had preseh'eo
10 him a testimonial OF esteem and respect
New-York tribune., 1900-05-25

Wholesale selling quickly followed. and July soon
SOLD down 20 points August 10, and later options
4 to points. The tone the close feverish
and excited. and many expect IL will remain that
way for two three days at least. The range of
prices about follows:
New-York tribune., 1900-05-25
SOLD.

50 Chicago indianapolis and Louisville common
100 Louisville and Nashville.
e 5ss@ Atehson common.
ssS 68n5nsntsI eSntnsna To5sees TssSS S29sP9
500 500 american sugar Refining.
500 Tennessee Coal and Iron
isSS SS F:ssTsi F:ssTsi Sc: Sc: s,esas5ss
loo Chicago and Great Western
500 Western Union.
oe ;ge 81 81 Paul
ssS ssS Esy5Tsrs Ssy5 Central,
100 southern Railway preferred
boo Northern Pacific.
ls" le" s. a,I1Ui Louis ana Esn Francisco common
700 Chicago Terminal common.
loo United States Rubber common
ISs Gsaerai soeraf Eieetqie eI%5PGn
iS ss RePaSiic RePfGS aRs gtss wssssn ss9spsG
sSS SS AsTiesn American sssl sssl HSoD oD G0moa
700 Pressed steel Car common.
goo goo inserastionsl n.dF Paper % common %
70 sseei and and Wire T@sa9e pPefer2ed.
200 American Tin Plate common
e7-sse
AS soon as the firms failure was announced
its Offices closed and notice was nos+ea
on the doors. saying that all inquiries would he
answered at the office of Sullivan G. Cromwell.
No 45 Wall-st, by William J. Curtis assignee
and Mr.. Curtis made the following informal
statement:
Price. Mccormick & Co. have been compelled TO
creditors holding stocks bonds and ofher COLI.
loans Until hn aesdK well maTgned to hold the
sarv ias TO deal With the that unneces-
seymour Johnson & Co.. brokers. sent letter
- '"e STOCK Exchange denying that they were