New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-08-01
THOMPSON MAY
SAVE PELL FIRM
Colonel Expected to Use
Personal Fortune for
Debts of Millions.

S. II. p. Pell e. Co.. whose liabilities
are i'm the millions, expect TO pay NV
cents on every dollar, according u
Rowland Pell, one of the members.
Ordinarily the statement that q
failed house will pay in full IS accept
ed with at least grain OF salt, even oy
the more inexperienced and hopeful
The Pell statement, however, was &C
cepted as representing the actual OUT
come as nearly as any one could pre-
dict. Colonel r. N. Thompson, a spe,,
cial partner in the firm, was expected
20 see it through its troubles.
What the firm owed or what u mao
no one could say yesterday. Iheodore
II Price. who as a cotton broker failed
in 1900 for S13,000,000, and later PAID
dollar for dollar, though not legally
obliged to do so, was in charge OIL the
firms Offices as assignee with j. Ed
wards Wyckoff. He said it would be
some days before any statement couId
be issued.
William Allen Butler. counsel for the
assignees, later in the day made an an
nouncement which in substance bade
the creditors hope for the best
The hope of the creditors, and, in
cidentally of many members OF the
New York Cotton Exchange and South
ern exchanges, rests on Colonel
Thompson. Though he wears an army
title, having been on the staff OF Gov
ernor Hill, he is a graduate of Annapo'
lis. and is reputed to be many times a
millionaire. His interest in making
good the firms debts is confined to the
amount of capital he has in the hrm
understood TO be 100000, but It was
generally understood yesterday that he
would waive the right 10 avoid th'
firms debts his special partnership
gives him, and, if necessary. devote
every dollar of his personal fortune 10
paying off the creditors.
Colonel Thompson has always done
the square thing" said Rowland Pell
when this understanding was called 10
his attention yesterday, "and he can
be depended upon TO do the right thing
now"
The position taken by Colonel
Thompson is understood to be that, as
the firm was generally recognized as
his. and as hundreds of its creditors
felt more secure because of his con-
nection with it, he should see to il
that their faith in him and the firm
did not cost them money. The other
members of the firm are 5. II. 7. Pei
and Charles A. Kittle.
If the Cotton Exchange opens or
Tuesday. the contracts of Pell & Co
will be filled under the rules. The un-
Outstanding yesterday was that these
would amount to nearly 10000 bales
The house has long been known as
IL Ill -,
world and its followers in the South
we're numbered by thousands. 1t fig.
ured largely in the Patten- Sacles
Haynes corner of three years ago. Fol
years it has preached higher prices OF
cotton.
Flower & 60. was formed years ago
by Governor Roswell p. Flower. and in
his time it was known as the STANDARD
Oil" house. 1t was Flower e. Co. that
engineered many big deals in Brook
Ign Rapid Transit. The firm was ia
the midst of a B. r. 7. deal when the
Ex-Governor died suddenly, and a small
panic resulted from the consequent
shrinkage in the price of that stock
The present members Of the firm are
Frederick Flower, John S. George anC
Charles s. George. Since the death o.
Arson r. Flower, a partner. t ha'
gradually been liquidating and was do
ing but fraction of its former bust
ness.
No statement was made as TO is
liabilities, but they are known to b.
small
J. +. Fredericton was the only mem
Der of Frederickson & Co. He says h,
owes S150,000, and expects to pay II
full when normal markets for 2ecuri
ties are offered again.