The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1879-05-28
George ". Williams & Go.
NOT A DOLLAR LOST BY THE FIRM
OR BY THE CAROLINA BANK.

Suspension of Williams, Birnie &
Co., of New York--lIcayily "Short'
of Futures for their Customers--
Obligations Promptly Met =. No
Connection With G.. w. Williams &
Co. Of Charleston, and the Carolina
Savings Bank--These Institutions
Firm rs u Rock, and Sound as II
Dollar.
Ncus and Courier.
! There was some excitement in tho city on
Monday evening, caused by IlG anhouHcc'
Of New York, had suspended on the lottnh
Exchange. The usual rulnOrs were soon III
circulation, and the liabilities OF the sllspe1i-
died firm were said to be enormous. ies,
lcrlny morning it wascurrcntly reported that
Williams, Birn!c & Co.. were short fo,o0
bales Of Futures involving Il loss or several
hundred thousand dollars. Some anxiety was
felt, ms Mr.. &. W. Williams, Of Charleston.
was known to be conncctcd; more or less,
with the New York firm of Williams, Birhlc
e. Co.. ana IT. WAS feared that the lrln 0l,r.
| W. Williams & Co., of Charleston, and the
Carolina Savings Bank, might be involved.
This is not. the case.
Thc iixm OF Williams. Hirnie & Co., Of New
! York, had no connection Whatever win the
firm of G. W. Williams & Co. of ChAricStoh,
mn Mt. W llllllnS, lllc Sclllpl pll wv III VIZ
Charleston House, was II limited partner IN
the New York firm. Neither The firm nf H..
". Williams & to. nor the Carolinn Savings
Bank I0scxa dOil0r by The Mem York ..Jdtftrc.
trouble come on, and with characteristic
coulncsS and courage Insisted That inc New
York firm call IL halt, and make their loss,
This was done, The firm wns dissoly T;rr i a q
every drafL made upon Williams, Birhic "
Co. has been promptly paid.
The firm Of &. W. Williams T. co. has NJ
most unlimited credit, and yesterday morn
ing the managing partners here were APP
preached by wealthy friends and offered any
assistance they might need. No help was re-
uuircd, but the kindness that prompted the
oilers was appreciated and Will MOI DC inr-
gotten. At the Carolina Savings Eatrk Inc
! dollars were drawn out early IN the day, but
against this Is set the opening nf new ar-
counts by gentlemen who seized the OCCASION
Ia give practical evidence OF their confluence
in the Bank and Mr.. Williams.
The story Of what was done In New lork,
and how the Charleston firm stands, Is best
told perhaps in the following kilograms:
TO G. W. WILLIAMS & co.
New YORK, May q.
G.. ". UTNiams d Co., Charleston:
| Draw on Drexel, Morgan Q ana on lnrk
Bank us heretofore. Firm Of Williams, Biz
ME d Co.. dissolved. &. W. WILLIAMS.
To PRESIDENT a. SIMOSDs.
NEW York, May p.
.~In,lrc,r .Sim0nds, President National Dd'k:.,
7 q. W. Williams & TO-, arc not Implicated IN
the affairs OF Birnic & Go. They Ui. ". VIII
liuns Coz have enc and Il half millions OF
/ uncncumbcrcd assets. IrcXcl, Morgan Il Co.
will cash their drafts for any amount they
wish 10 draw. u. W. WILLIAMS.
TO PRESIDENT A.. sIMOSDS
New YORK, May 81.
The draftso Of Mrssrs. q. W. Williams & Co.
on us, to the extent of SlCD.NG0, will BE- bnuor-
ell. DHENEL, HoltGAN G CO..
TO TIE NEWS COURIER.
NEW YORK, Nav q.
! Editor Of the INrWs and CDuricr:
Birnic d Co. did not suspend OH tho Cotton
! Exchange for want OF money. -.
Their friends offered them S3Oo,NO. II
needed.
| was unwilling to put up another dollar TO
aid the cotton gamblers In their dcmoraiiZlug
, SpeculatiOlS.
Tie trn did NOT hare q bnir NJ cation on hei,
oum account. They pay every draft drawn on
them.
purtics are sending margins freely, rather
tilan lose their contracts which otherwise
would be- forfeited. The friends all approve
THIS last dispatch discloScs the whotc stu
alton. The southern customers Of Williams,
Birnic &tO. got on the wrong side OF cotton
and were unable to keep up with the rapid
advance III price. Mr.. Williams insisted Oh
stopping ut once. This WAS done, every
obligation is met as It, natures, and margins
are 10Y coming in freely from customers,
which will, hy SO much, reduce the losses ol
: the New York firm.
The house OF G.. w. Williams 4 Co., OF
Charleston and tho Carolina savings Bank
are us steady ;S 81 rock. This Huttcr IN New
stability and lluprcgnabiii;J Of their 1inan-
ciIl position.