Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1879-05-29

took into his employ William Birnie, son OF
President Birnie, of the old South Carolina
Bank. At the outbreak of the war OF the
rebellion the house was very wealthy one.
Mr.. Williams considerably increased its for
tunes during the war by ventures in block
ade-runping, and at the close of the war the
concern was regarded as the wealthiest in the
entire South. It then consisted OF George
w. Williams, William Birnie, Edward Will
liams. a brother of the senior, and Mr..
Hollingsworth, since dead: Cotton was add
ed permanently to the firms business, and IN
1866 the branch house in this city was estab-
lished, Mr.. Edward Williams taking charge.
Four wears later he retired, and Mr.. Birnie
became its manager, position he has since
held. Early last winter the great bank fall
ures on the other side, superadded to other
general causes, sent cotton down to the low
est point it had reached since the war. The
reaction brought with it an active bull spec
ulation based on estimates OF largely IN
creased consumption, which has gradually
advanced;the price between and 6 cents per
pound-i cent being very large advance in
a commodity which is packed in 50O and
600 pound bales. 1t is reported that there
are persons in this city who count their prof
its during the past five months as high as
S5O0,O00 each from this source. The New
York house of Williams, Birnie 4 Co., have
been persistent bears all through this move
ment. Mr.. Williams, it seems, was not con-
suited in regard to these speculations, which
were carried on on the individual responsible
ity of Mr.. Birnie. At length, unable to OBJ
tain satisfactory explanations of the large
and repeated drafts upon him for advances to
meet margins, Mr.: Williams came to this
city, arriving here on Monday. He had
long, and it is reported, stormy, interview
with his New York partner. The bull move
ment did not culminate until that day, when,
on reports of short acreage and an unpromls.
ing outlook for the growing crop, ain upward
twist of over cent per pound was given to
the staple. This naturally aggravated mat
ters. Yesterday, when still further advance
of ] cent per pound was made, Mr.. Williams
lost patience, refused further advances, and
ordered suspension for the purpose of clear
ing up and closing out the outstanding con-
tracts of the firm. Mr.. Williams said yes
terday afternoon that all the liabilities out
side of those due on the contracts in the Ex-
cnauSe WOulu oo paiu oy I'LL ou P'eS
ton, he having brought on with him $780,
900 in Government bonds for that purpose,
and that all other differences would also be.
paid in full as soon as the contracts should be
disposed of under the rules, and the amounts
determined by the Exchange He intimated,
however, that Mr.. Birnie would suffer, re-
mark which was sufficiently explained by the
announcement that the firm had taken for
NAL proceedings towards dissolution, that
gentleman retiring. The total liabilities are
stated at $315,O00, of which 100000 is due
on differences, the number of bales involved
being about $4,000. The smaller houses hav-
ing dealings with the firm kept a very close
demand uponethem for margins, and these
were promptly met. Some of the larger houses,
however, relying on the firms standing, were
not so pressing. and the greater part of the
speculative Indebtedness will fall upon two
concerns-E. j. Donnell, $4,000, and Leh-
man Brothers, between $4,000 and S45,0 900.
Mr.. Williams private fortune is estimated at
$2OOO,OOO, and no apprehensions are enter
tanned that his promises will not be promptly
met. 1t is believed that the average settling
price will be on the basis of IA cents for
July, or five points below yesterdays closing
nuotations