New-York tribune., 1900-05-28
AT WORK ON PRICE BOOKS.
ACCOUNTANTS LABOR SUNDAY TO
HURRY THROUGH ESTIMATE OF
FAILED FIRMS CONDITION.

In the offices of Price Mccormick & Co. the
large force OF accountants and clerks who are
working upon the books OF the insolvent banking
mouse at their desks all day yesterday. Will
lam Nelson Cromwell the assgnee's law partner
and legal adviser. experimenting the investi-
cations. Although OF the partners Of the
firm were at the offices yesterday afternoon, ii was
said that W w. Price and r. VI. StuartWortley
had spent some time there in the morning. When
Mr. Stuart Wortley was seen last night by Trib-
une reporter he admitted that he had been in
consultation with Mr.. Price. but declined to answer
any inquiries as TO the matters which were dis
cussed- He added however. that a conference
would take place this morning. and that afterward
a statement might be issued. In the mean time. he
explained. when he asked 10 the reported
probability Of himself and Messrs. Mccormick and
Crocker organizing firm. he did not feel free
20 say anything for publication.
So far could be ascertaned Mr.. Crocker has
not yet replied to Theodore H. Prices cabled re-
quest 10 withdraw the statement which Mr. Crocker
was reported 10 have made, wherein he expressed
the opinion that "the failure probably caused
by the private specuiations in cotton OF member
of the firm. unknown the other partners and
contrary TO the rules OF the firm which absolutely
forbid speculation MIR Crocker is in Rome. and
Saturday Mr.. Price cabled TO him asking him
60 retract the statement If he had actually spoken
ne had been quoted. In the absence OF Theodore
II Price. who after his marriage on Saturday left
the city for a brief honeymoon, IL was arranged
that his brother. ". ". Price should receive the
reply II At the latter's apartments, IN
the Rutland Tribune reporter informed
early IN the afternoon that Mr. Price had shortly
before started to catch out-of-town train. In
quirfes made at other sources were met with the
s-esponse that. far known. Mr.. Crocker's
answer had not Yet been received.
MIR. Cromwell when he was seen yesterday said
that there had been developments in the situa-
sion since sthe previous day. He said he had kept
the accountants and clerks work Sunday
because of his desire complete the examination
~of the books possible. Asked If he
ipected 10 have statement ready for the creditors
tn the next few days he replied:
1t Is impossible TO say just yet when shall
he in a position prepare statement. You see.
'before this be done il will be necessary for
of the firm in this country. but from the branch in
liverpool ] know that the creditors be
l1ous for statement, but il would be unwise TO
ISSUE one until the precise condition of affairs has
been ascertained.
Mr.. Cromwell said he had heard nothing of the
reported plan TO reorganize the firm, leaving out
the Messrs. Price Such reports he said, "as
l1he future Of the firm must necessarily be prema-
ture- " hat is occupying cur attention just is
the settlement Of the affairs of the old firm.
Mr.. Cromwell repeated that he looked for good
results from the plan he had formulated, to have
the firms customers, whose stock had been hypoth
ecated for loans take up such stock at the mar
ket price IF the market price at the time the
stock is taken Up is higher than that which it
purchased. the difference goes to the assignee
If II is lower, the assignee will make good the
has been generally approved by the holders of the
collateral and by the majority OF the customers
and IL will have the effect of preventing a forced
sale of the securities Mr. Cromwell followed this
course with great success in other large failures
wherein he acted. and he looks for the plan
sceed well in the present instance.