The Providence news. (Providence [R.I.]) 1891-1906, 1900-05-25
Company Regarded as One Of the Largest
Brokerage Houses 10 New York.
MARKET SLyMpEn THIRTEEN POINTS
On The announcement Of ths Failure -33, $50
Shares OF Tho Stock Held BY the Company
Bought In BY The Exchange.

ilich o W, one Oh the ldfBeSt broker
age houses in the cify. failed yester-
day, with liabilities estimated at $13,-
100000. The firm is a member OF the
Stock. Cottonsand Produce Exchanges,
and of the Chicago Stock Exchange.
ana has branch offices in about 30 cities
throughout the United States. The fall
ure is ascribed to the fact that the
firm was long OF cotton in the face OF
fast falling market. A notice on the
. doors of the offices of the company re-
ferred all inquirers TO William j. Cur
tbs and William NJ. Cromwell, assign
ees. Mr.. Cromwell said late yesterday
afternoon that IL was impossible 10
make any statement at this hour con-
cerning the condition OF the firm; that
its business is very extended. and COW
ers several branch agencies. The total
liabilities. he said. are about $4,000, 900.
nearly all OF which are secured. He
added that a statement would be sub
mitted TO creditors at the earliest possi-
BILE date.
The firm is composed of Theodore H..
Price, William G.. Mccormick. R. G.. M.
-Wortley and Walter w. Price,
with George Crocker of San Francisco
as special partner on an investment
OF 100000. Mr.. Mccormick is of the
well-known Chicago family OF agri-
cultural implement fame. and Mr..
Stewart Wortley is a son-in-law OF
Rear Admiral Schley. The firm was or
ganized Jan. T. 1892.
OF the partners, Mr.. Crocker is now
in Europe and Mr.. Stewart Wortley is
on his way back from Europe.
RUMoRS OF TROUBLE.
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 II was generally. Understood that
Price, Mccormick a. Co. was the house
referred to. Prior TO the formal an
nouncement the cotton market had
broken over 20 points under terrific
selling for both accounts from all di-
rections.
The firm has long been regarded as
the leading supporter OF the market,
and at one time IL was said il was GO
ing TO put up August cotton TO 10 cents.
The decline of the past month. how
ever, was against them and despite
their efforts they could not hold the
market up. Consequently Yesterdays
developments did not come as total
surprise, though they had sufficient
force to temporarily demoralize the
trade.
The firms bulnsh attitude was sur
thought to have stimulated the recent
activities of cotton bears.
Following the announcement of the
failure the cotton market became PAN
DC stricken and broke 10 to 13 points.
The extent OF the decline from the
highest price when the bull movement
eliminated has been 122 points. Later
in the session the market became more
quiet but continued to show a weak
undertone on the generally very favor
able crop accounts. The market AT 1:45
y. m. showed a net loss of 10 to IA
points. having recovered from the ex-
treme depression.
A RUSH TO SELL
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 announc-
ed. the room and the street were pre-
pared for the news. Nevertheless il had
its effect. There was a rush to sell that
carried prices down sharply. There was
n decline of about 1 per cent. in the
standard railway shares and from to
2h per cent. in the remainder of the
list.
While the firm was also member
Of the Produce Exchange the effect of
the failure there was almost wholly
sentimental. According TO the rule of
the Exchange the announcement of the
failure was followed by the closing out
of the suspended firms outstanding
contracts on the floor of the Exchange.
IIp To the close of the Stock Exchange
the dealings for the firms account
footed up 1880 shares.
Price Mccormick a. Co.'S operations
In cotton were so extensive that at the
Cotton Exchange IL was said that moth
ing more than an approximate idea Of
their standing Will be obtainabe until
L % G.~at laa 4
I'm cotton both ways. but their long in
terest seems TO be at least 100000 great
er than their shortage.
Price. Mccormick q Co. are believed
TO have been long Of the Liverpool mar
ket. but as this was holiday over
there operators had no means of pro-
tecting contracts.
ASSIGNEES' STATEMENTS.
Asslgnees w. ]. Curtis and w. NJ.
Cromwell made the following an
nouncement regarding the failure:
ITO the creditors of Price, McCor-
mick & Co.:
compelled to temporarily suspend pay
fnent. We ask and advise that credit
ors holding stocks. bonds and other coll
lateral loans. and already well mar
gined. hold the loans until reasonable
opportunity be afforded the assignees
10 deal with the same. that unrsces-
sary loss thereby may be avoided"
Price. Mccormick & Co. had an ex-
tensive wire service and at times were
credited with doing fully as large a
business as any firm on the Exchange.
The representatives OF the firm on the
Exchange were r.. VI. Stewart -Wortley,
w. G.. Mccormick and George Crocker.
nhe suncial partner Much Of the busi-
ness OF the firm was In the Cotton Ex-
change at FIRST and it's senior member
and organizer was formerly Of the firm
or Hubbard. Price a. Co.
At that time the Older firm had n
large southern business. The present
firm controlled much OF that southern
stock business and has been very active