Cameron County press. [volume] (Emporium, Cameron County, Pa.) 1866-1922, 1900-05-31
A GREAT FAILURE.
a Now York Firm Makes az
Assignment.
Price, Mccormick ~ Co., Cotton and
stock Brokers, suspend Payment
liabilities are Said TO Aggre-
gate Nearly Si3,OOO,OOO.

New York, May 25.-Price, McCor-
mick & Co., one of the largest brols-
erage houses in the city, failed Thurs
day with liabilities estimated at $13,-
OOO. 900. The firm is "A member of the
stock, cotton and produce exchanges
and of the Chicago stock exchange,
and has branch offices in about 50
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 referred all inquiries to
William j. Curtis and William N.
Cromwell, assignees. Mr.. Cromwell
said the total liabilities are about
13.OO0.0OO, nearly all of which is Sc
cured.
The firm is composed of Theodore
II. Price, William q. Mccormick, r.
G. NJ Stewart-Wortley and Walter w.
Price, with George Crocker, of San
Francisco, a special partner, on an
investment of $50O,OOO Mr.. Mccormick
Is of the well-known Chicago family
of agricultural implement fame, and
Stewart-WortIey is Il son-in-law of
Rear Admiral SchIey. The firm was
organized January 2, 1897. OF the
partners Mr.. Crocker is now in Eu-
rope and Mr.. Stewart-Wortley is on
his way back from Europe.
Early in the day rumors were cur
rent that a prominent firm was in
trouble and shortly before the official
announcement of the suspension was
made, it was generally understood
that Price, Mccormick & Co. was the
house referred to. Prior TO the for
NAL announcement the cotton mar
lIet had broken over 20 points under
terrific selling for both accounts from
all directions. The firm has long
been regarded as the leading support
er of the market, and at one time it
was said they were going to put Au-
gust cotton up to ten cents. The de-
cline of the past month, however,
was against them, and despite their
efforts they could not hold the mar
ket up.
Following the announcement of
the failure the cotton market became
panic-stricken and broke 10 to 13
points. The extent of the decline
from the highest price when the bull
movement cUllllllditu mas bten LIZ
points. Later in the session the
market became more quiet, but con-
tinued to show a weak undertone on
the generally very favorable crop ac-
counts.
Early in the day rumors were cur
rent on the stock exchange that there
was some outside trouble, and by the
time the failure was formally an
nOunced from the rostrum of the
stock exchange the room and the
street were prepared for the news.
Nevertheless. it had it's effect.
There was rush to sell that carried
prices down sharply. There was a
decline of about 1 per cent. in the
standard railway shares and from 2
to ~, per cent. in the balance of the
list.
While the firm was also member
of the produce exchange, the effect
of the failure there was almost Who'll
ly sentimental.
Assignees Curtis and Cromwell
make the following announcement
regarding the failure:
"To the creditors of Price, McCor-
mick & Co.. We ask and advise that
creditors holding stocks, bonds and
other collateral to loans, and already
well margined, hold the loans until
reasonable opportunity be afforded
the assignees to deal with the same,
that unnecessary loss may be avoid
ed "