The weekly Union times. [volume] (Union C.H., South Carolina) 1871-1894, 1879-05-30
York

Suspension Of wiilieYTs;. lYnr. Birni' Co., OF Now
There was some excitement in the city on
Monday evening, caused by the announcement
that tho firm of Williams, Birnie Co., Of New
York, had suspended on the Cotton Exchange:
The usual ramors were soon in circulation, and
the liabilities of the suspended firm we're said
10 b.. enormous. Yesterday morningit was cur
rentln/reported that Williams, Birnie y GO.
we, hshort" Of 20, 900 bales of futures, invol-
wing loss Of several hundred thousand dollars:
Some an xiety wps felt, as Mr.. q. " Williams, OF
Charleston, was known to be connected, more
or less. with the New York firm Of Williams,
Birnie & Co., and it was feared that the hrin oil
g. w. Williams s. Co., of Charleston, and the
Carolina Savings Bank, might be involved
This is not the case.
The firm of Williams, Birnie & Co., of New
York. had no connection whatever with the firm
of G. w. Williams & Co., of Charleston, but MIR.
Williams the senior partner in the charleston
House, was limited partner in the New York
firm Neither the firm of q. w. Williams Co.
nor the Carolina Savings Bank loses doHdr dy
HE Ne,c York future. Mr.. Williams was in New
York when the trouble came on, and with char
ncteristic GOODNESS and courage insisted that the
New York firm call halt, and "make their
lossr This was done. The firm was dissolved.
And every draft made upon Williams, Birnie
4 Co. has been promptly paid
The firm of G.. W. Williams & Co. has almost
aging partners here were approached by wealthy
frienus and offered any assistance they might
need No help was required, but the Kindness
that prompted the offers was appreciated and
will not be forgotten. At the Carolina Savings
Bank the experience was the same. A Few
thousand dollars were drawn out early in the
day, but against this is set the opening of new
account, by gentlemen who seized the occasion
to give practical evidence of their confidence in
the Bank and Mr.. Williams.
The story Of what was done in New York and
how the Charleston firm stands, is best told per
haps in the following kilograms:
TO q. W. WILLIAMS co.
New York, May 81.
&. ". Williams f. Co., Charlcston:
Draw on Drcx cl Morgan & Co., and on rark
Bank as heretofore Firm of Williams. Birnic
& Co. dissolved. u. w. WILLIAMS.
TO PRESIDENT 4. sIMoNps.
NEW YORK, May 81.
.Indrcp Simondx, President National Bank:
g. W. Williams & Co. are not implicated in
the affairs of Birnie & Co. They (G. w. Will
Enms & Co. have one and half millions Of nn-
eucumbcrcd assets. Drcxcl, Morgan 4 Co. will
cash their drafts for any amount they wish to
draw. q. W. WILLIAMS.
TO rEsIpENr \. sIMoNps.
New York. May 81.
The drafts Of Mcssrs. q. W. Williams & Co.
on us, to the extent of 100000, will be hon
orcd DRExEL, MORGAN x Co.
TO THE NEWS AND COURIER.
New YORK, May 81.
To Tie Editor Of tie Ncws and Courier:
Birnie & Co. did not suspend on the Cotton
Exchange for want of money
Their friends offered them SjOo,OOO, if need
cd.
| was unwilling to put another dollar to aid
the cotton gamblers in their dCmorazing spec
uutions.
The firm did not hare a bale Of cotton on MeT
o,rn account. They pay every draft drawn on
them.
Parties arc scuding margins freely, rather
than lose their contracts which otherwise would
be forfeited The friends all approve Of my
prompt action. H W. MlLhlNMS.
This last dispatch dScloscs the whole situa-
ton. The Southern customers OF Williams,
Brnic 4 Co. got on the wrong side of cotton,
and were unable to keep up with the rapid adj
vance in price. Mr. Williams insisted on stop
ping ut once This was done, every obligation
is met rs it natures, and margins arc now COM
ing in freely from customers, which will. 10y SO
much reduce the losses of the New York firm.
The house of q. W. Williams 4 Go. Of Char
lesion and tic Carolina Savings Bank are as
steady as rock. This ilutter i'll New York has
only demonstrated more clearly the stability
and imprcgnabiity of their financial postion.-
.Nctrs and Courier.
WOULD BE SENATOR CoWuIN ARREsTEp.-
N,y II Il ed M