New-York tribune., 1905-07-09
Mr.. PRICE DISTURBED.
Declares Report Outrage0as-State-
meHt bB Yan Riper.


Theodore H. Price was greatly disturbed and in
eensed over the mention of his name in the report
OF the Secretary of Agriculture on the cotton
leak" scandal. When the first dispatches outlining
the report reached New York they were shown by
reporters to Mr Price who promptly consulted his
attorney. William NJ. Wins. of No. q Wflliam-st
An attempt made at once to get Secretary VII
the telephone at Washington, but word
came back that the offices of the Department of
Agriculture were closed, and Mr. Wilson could not
be reached by telephone.
Mr.. Price and Mr.. WINS beth declared that the
mention OF Mr.. Prices entirely unwar-
ranted, especially later dispatches about the re-
port made it clear that the only way in which his
had come in had been through statement,
at second hand. that Haas had told another man
that he furnished the department figures to Price
Mr.. Prices attorney characterized the reference
to his client in the report given out by Secretary
Wilson as "a gratuitous. abominable, outrageous
and malicious statement" and declared that Mr.
Price knew nothing about the investigation until
he saw the press dispatch The lawyer expressed
surprise that the Secretary had not seen MT 10 can
on Mr.. Price before duplicating him in the report
Mr.. yesterday afternoon issued the following
statement
Mr.. Price. when seen at his Office. said that the
Washington dispatch referred 10 was a complete
surprise to him; that he had received no intima-
ton from the department in any way that his name
had been brought into the matter: that ne had
received information from Mr.. Holmes or the
department IN regard 10 any OF lts reporls, uec1E
or indirectly that the alleged stateInet OF Seere-
name into the matter only through the testimony
of one Van Ripper whom he did not know and had
never seen or previously heard Of: that until he
able TO secure fun report on the subject he
in the mean time any paper mentioning his
in the matter did so at its risk
Mr.. Price reiterated that this outrageous report
about him he called it, had excuse. espe-
cially he had never been even questioned
referred in the investigation.
I spend many thousands of dollars every wear
in making my investigation Of the cotton
ditions, he added, and I base my predictions on
my figures"
Theodore H Price. although still young man.
has for many years been of the
spieuOus figures in the cotton markets of the
try. He is a Virginian, and first engaged in the
cotton business in Norfolk. In 1884 he became
member of the Cotton Exchange and at about the
same time formed with s. T. and w. c. Hubbard
the firm of Hubbard Price & Co. In 1895 the firm
of Price. Mccormick & Co, was organized, with
Mr.. Price as its senior partner This firm, which
did large brokerage business in cotton. stocks
and grain, failed May a. 1900 with liabilities Of
about $l9 000000 Its collapse due to inability
10 maintain its position the cotton market
against powerful bear pressure although the price
of the staple a month after the failure vindcated
Mr.. Prices Judgment OF probable course of the
market Mr.. Price had planned to marry May
2S Miss Harriet E. Dyer. but instead of postpOning
the ceremony, hastened it, and the marriage
celebrated May 26, days after the failure.
The assignee of his firm was ex-Judge William
J. Curtis of Sullivan &. Cromwell, whose counsel
William Nelson Cromwell. OF the same firm
and these two so skilfuIly managed the affairs
of the failed house secure the payment in full
of the claims of secured creditors, aggregatIng
more than $4,000, 600; TIA per cent to the
cured creditors and nearly 50 per cent to creditors
who were members Of the Stock Exchange. A few
months ago il announced that Mr.. Price had
discharged in full the balance of the claims of the
unsecured creditors. for which he had regarded
himself morally responsible, although legal
obligation rested upon him to discharge those
debts Since the failure Of Price Mccormick &
Co Mr.. Price has been actively engaged in the di-
recton Of cotton campaigns, and has been credited
with being the leader of powerful party of opera
tors in the staple. He has maintained elabo-
rate system Of correspondence. and has frequently
sent out predictions and estimates based upon
ports to him from scores of correspondents In
the Cotton Belt. A few months ago Mr. Price be-
came president Of the Eagle Fire Company of
New-York, control Of which had been acquired by
him and his associates
Lewis c. Van Ripper who mentioned in Sec
retary Wilson's report having received advance
information the condition of the cotton crop.
made public statement after the publication of
the report, in which he declared that he had had
nothing whatever 10 do with plans manipulate
the government cotton report. He amplifed secre-
tary Wilson's report, and called upon the Secretary
TO make pubic Mr.. Van Ripers entire statement
to him That statement is : follows:
It came to my knowledge early in the year, with
out solicitation on my part, that plans being
laid TO influence or manipulate the figures Of the
government reports on cotton during the
months beginning. with June. 1t was planned by
certain interests including persons in responsible
positions In the Bureau-of Statistics to in
fuence TO have Mr. Hyde sent to Europe SO that
Mr.. Holmes would be the acting head of the Bu-
free hand to furnish such reports as wanted.
/ was also cOgnizanu Of the fact that said Holmes
had previously furnished advance information to
certain brokers' from time to time but when their
plans for changing or manipulating the cotton re-
port figures We're exposed me l immediately
consulted my attorney regarding the matter and
upon his advice listened their stories and kent
@ rfash oI , lev phS IA t IA some some cases having wit
acreage and condition on cotton out
WANTED BEAR FIGURES
It was planned. early as March, to use every
effort they could to secure figures that would be
IS bearish possible. a to break the price of
cotton low point, where certain interests could
make large profits the short side and then load
up and make an enormous scoop the long side
1t understood that, in some cases. government
agents reports would be Influenced in that direc-
ton, or even fictitious reports used
On June 1 was informed that it was impossible
to get the condition higher than rs per cent and
the acreage reduction to show decrease of less
than 3 per cent in spite of all they had do
operator, the go-between was going back to Wash
ington that night to try TO have the figures
stretched little further. and. to my knowledge
Baltimore and Ohio Railroad for Washington
the night of June l. rather the morning Of
June 2. On the morning of June g. said go-between
have the condition figures given u or higher and
the acreage reduction about I1l2 per cent. which
would be construed as bearish. and enable them
break, break the market received this advice before
figures We're when announced at noon
NOTORIETY NOT AGREEABLE
The notoriety attached to this matter is far from
agreeable TO me, and l was personally assured by
Secretary Wilson that in bringing this matter
service and that my would not be mentioned
in any way. Now that he has seen fit publish
documents that were entrusted to him confidential
" think It only fair to ask him 10 give for pub