The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1900-05-27
CAREER OF 7. H. PRICE.
Fran ! Clerk 10 Leadership 10 the Mar
kets Of I Great Staple.
ne WAS HONEST Win HIS FOLLOWERS
PIans wen Formed, but he Grew
Inpasiept Once and waverea.
His Second hull Campaign.
Galveston Tribune.

ton trade on boths ides OF the water--have
been cunning for Price for q long time.
They got him at last The incident IL
closed as far as Price IL concerned. He
took his pitcher to the we'll once too often.
and not only his pitcher got smashed. but
he got smashed. too.
The career OF Theodore II. Price as
given to the Tribune In bits and snatches.
Is an illustration of the possibilities OF
American life. He is virginian and about
3s years old. In Norfolk he was a clerk in
the same cotton office with Thomas Taylor
Of this city. From Norfolk Price went TO
New York, and before long the firm OF
Price. Mccormick G. Co., which he estab-
lished. became one Of the best known in
the country. Price was the active man OF
the frm, Mccormick and Charles Croker,
the latter special partner. being the
monied men.
Price. Mccormick q Co, obtained their
greatest prominence not only in cotton,
but in the stock morket within the last
twelve months. Early this season Mr..
Price realized that great Injury had been
done to the cotton crop. He got the best
and so energetically and well did he work
for the establishments OF high level OF
values that he was soon recognized as the
bull leader.
He had a good cause and he had gallant
support. Bolstered by facts and with trade
in magnificent shape. It looked to he a
certainly that the short crop would COM
mand high prices.
But cotton had long been in the control
OF great bear cliqUe-a hydra be AIDED
combination just as strong in New York
as In Liverpool and as strong In New Or
leans as in either place. Against this IRE
mendouS money force Price pattIed
Yaliantly and Well. He bore the brunt OF
the attack. Time and again he had the
props knocked from under him by the
bears, bat every time he came back with
renewed energy, Il seemed that tile bull
campaign had stch merit, tina. trade was
as good nnd spinners' supplies were 50
short that The long expected boom mus;
come. fout such was the power of the great
Dear force that the lGHs made but slow
progress.
Price IS lacking in one great essential
rauenee, He lie brilliant, a fine organizer,
Qviek. and has a good logical, alert mind
He chafed because his plans didnt mature
as early as they should, He wondere /
Why the enemy didn't give up, una from
Impotence be grew to fear that perhap
his premises we're wrong.
Remember that he had millions at stake
Mt tns time. From q clerkship in Norfolk
he had blossomed out TO the leadership OF
a mighty faction in tho making OF prices
OF one OF the worlds leading products.
Thousands OF men had thousands upon
thouse nds OF dollars dependent upon
Prices movements and he was under a
fearful strain. He expected The boom In
cotton world come before the Christmas
holidays, 1t didn't come. Then he expe-
rienced change OF heart.
He called a meeting at his house in New
York on January |, 1900. OF his Intimate
friends and lieutenants. TO them he re-
viewed the whole course OF the market
explained his position and outlined a plan
he had evolved. This was that he would
publicly announce that the bull campaign
was a failure and that he would advise
his followers to liqudate their holdings
This was agreed to. The announcement
was the sensation OF the day in the cotton
world
The South, which was "long'' up to its
Ears, turned from worshlpiping Price tc
abusing him as traitor. The market
broke more than so points aud 1t looked
cure enough as though the bull campaign
was fzzle.
But, after two weeks OF depression, There
was a sudden change. Price was nov
supposed to be bear Cotton began u
advance, slowly at first. then by leaps and
bounds. Before the great bulge spent 1t.
self, cotton had jumped nearly SO bale
and this. too. all within a month or ~.
Price publicly confessed his error whet
the bull wave was well under way and h
ioined the bull forces again. but the South
was still sour on him and would not for
get his act In January.
Inst hare lie vsho.L r,.tan ~. go
ond great error OF this year. Instead o
letting things take their course he planned
corner OF the summer months. I'm
ooubtedly Ills Dlans were good and Noult
have gone through 10 success hp: for
sudden collapse in the dry goods market
ihis collapse In dry goods gave the beal
clique the club they needed with which {,
batter the liver and lights ont Of Price
They delivered cotton to him in March ant
they delivered cotton to him IN April an
they delivered cotton to him in May The,
fired the actual stuff at him aud they soit
the paper stuff in rsams. Price had I,
stand under the market all the time. TAX,
az that was offered or give up the fight
The South. with the January experience.
SIM fresh IN rs mind would not believ.
IN Price He got support from no quarter
except his own particular coterie but n,
globe. w.
The great premium at which this cror
was held over the new crop gave straddler,
an opportunity to sell the old aud buy IN,
new crop IN great Jumps without partiou
lar cost, yet their straddles threw on,
heavy log on Price and the other helpe'
the crowd that was lighting him.
Recently II became an omen secret thai
the bear leaders were going TO crucifv
Price. The manipulation OF the tnar,,e
during the last two weeks has slmp,v beer
the progression Of the work OF wraeklng
Tomorrow Is notice day In New York
Another big lot OF cotton would be thrown
OF Price tomorrow II he were stiIl IN ths
ring. Yesterday there was almost a uanis
In tho New York market hy reason OF ths
efforts TO put Price down and out" as
they say In fighting vernacular. Today
they succeeded and Price threw up tho
sponge.
There were plenty II told you SOS" when
the suspension was announced by the
firm Sad TO relate few persons expressed
sorrow over the news. The majority Of
traders are still bitter against Mr.. Price.
The Tribune believes Mr.. Price has been
misunderstood and misjudged Ne has
betn q better friend to the South than mo
South now realizes or possibly over VIII
realize. He erred early in January, but
BE was honest TO The South and publicly
Declared his chenge OF course when he
switched to the huh side Had ne not
realized his obligations to the public he
Iuxr. A.-4 n