Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-05-24
EIRM FAILS.
Price, McCdrmick & Co. Of New
York Acknowledgement.
ELIMINATION OF Big BEAR MOVEMENT
Their Losses Estimated at From
One to Three Million
PROMINENT MEN IN FIRM

NEW YORK, May 24.-Announcement of
the failure of Price. Mccormick & Co. was
nade today by the chairman of the New
York stock exchange. The firm consists of
Theodore H. Price. W. G. Mccormick R.
M. Stewart-Wortley. Walter w. Price and
George Croker, the latter special part
ner The firm was one of the most active
and had large out-of-town connections The
special partner. Mr. Croker. Is of the
wealthy California family of that name.
The announcement of the suspension
created great excitement on the cotton ex-
change and led to general selling, under
which August dropped from 1853 to $40. New
Orleans and Europe were conspicuous SELL
ers on the break
elimination of Big Deal.
Todays development on the cotton ex-
change marked the elimination of one Of
the biggest bear movements ever recorded
Previous to the suspension of Price, Nc
Cormick & Co. the market had broken over
20 points under terrific selling for both ac-
counts, which came from all directions.
August. the most active option. broke from
s54 to S3S. and after having rallied to S53,
fell to $40. when the failure was announced.
The Liverpool market was closed. but this
fact appeared to have no effect in restrain
Ing speculation. The excitement was in
tensified early In the afternoon by rumors
Price, Mccormick & Co. have long
been regarded as the leading supporters of
the market, and at one time 1t was said
that they were going to put August spot
month was against the firm. and despite their
efforts they could rot hold the market up.
therefore, todaysr developments did not
come as total surprise. though they had
SUFFICIENT force to temporarily demoralize
the trade.
The extent of the failure Is not known.
though it is believed that the firm mate
rally reduced it's holdings during the last
few days.
Firm is a Prominent One.
The firm is one of the most prominent IN
the street and was said to have been long
Of cotton in the face of fast-falling mar
ket. While it is impossible to get any def
mite figures various firms in Wall street
place the firms loss in cotton at from
s1,OOO,0oO to s3,OOO,OsO.
On the door of the offices of Price. Nc
Cormick & Co. notice was posted refer
ring all inquirers to VIM. j. Curtis and
VIM. N. Cromwell. assignees.
At the office of the assignees it was an
nounced that formal statement of the
assets and liabilities of the firm probably
would be made later in the day.
Mr.. Crocker, as special partner, it is I'M
derstood. contributed to the firm $50O,O0O
special capital. The present firm was Or
ganized January 2, 1897.
Up to 100 o'clock II 200 shares Of stock
had been sold and bought under the rule
of the stock exchange for account of Price,
Mccormick & Co.
Mr. Mccormick Is a member of the Chi
cagO family of agricultural implement fame
r. NJ. Stewart-Wortley- is a son-in-law Of
Rear Admiral. Schley. The firm had q
large out-of-town business.
Following the announcement OF the failure
the cotton market became panic-strcken
and Proke 10 to 13 points. The extent Of
the decline. from the highest price, when
the bull movement eliminated. has been 122
points. Other failures were said to be i'm
pending. with the name of one prominently
mentioned. but this has been since Off
cially contradicted. Later in the session the
market became more quiet, but continued to
show weak undertone on the generally
very favorable crop accounts. The mar
ket at 1:45 pm. showed net loss of 10 to
IA points, having recovered from the ex-
treme depression.
Branches In New England.
BOSTON, May 4.-Price. Mccormick &
Co. 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 various brokers' houses,
including the firms of George A Fernald &
Co., Hayden Sloan & Co, Towle & Fitz-
At Fernald & Co.'S Office this afternoon it
was stated that Price. Mccormick & Co. .
account with them was very small.