Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1879-05-24
SUSPENSION OF ACOTTON FIRM
Williams, Birnle 4 Co. Suspended, with
Liabilities $Sl5, OOO--,Al Claims to
be Paid in Full.

New York Herald, 2lst.l
For the past two days there has
been considerable excitement in the
Gotten market on account Of the
enormous sales of cotton for future
deliveries and the advance of three
fourths of a cent to one cent per
pound in that article. But the mem
bers of the cotton exchange we're
thunderstruck at a quarter to 2 pm.
yesterday, when a communication was
received from the firm of Williams,
Brine 4 Co. stating that they were
unable to meet their liabilities. This
firm is located at No. rs Beaver
street and was considered one of the
most substantial in the city. 1t is a
branch house of the firm of George
w. Williams Il Co., Of Charleston, s.
G. The statement was made yester-
day that some dissensiOn existed be-
tween Mr.. George w. Williams and
the senior member of the firm, who
resides in Charleston, and Mr.. Will
liam Brine, the manager of the
branch in this city. 1t was said that
the smaller house was continually
calling on the Charleston branch, and
that the latter has borne big margins.
This increased in such a manner that
the matter began to get serious, con-
sidering the large fluctuations, and
Mr.. Williams came on here to %investi-
gate for himself. He arrived on Mon
day, and had a consultation the same
day with Mr.. Birnie, who, it is said.
desired to keep short despite Mr..
Williams protests. The latter, MOTTO
ing the fluctuations Of half a cent
on Monday and the further iuctuation
of halt a cent yesterday, gave orders
that the firm should suspend. The
liabilities are placed at $3l5,G0 of
which 100000 are on the cotton ex-
change. The assets amount to from
81, 800 900 to $1,000, 000..
Mr.. Birnie said yesterday that the
firm met all their calls for margins up
to the highest point of Monday, which
was within ten points below the high
est of yesterday at the time they sus-
pended. lie stated that all liabilities
outside OF the cotton exchange would
be paid on presentation, and contracts
with the cotton exchange would be
settled under the rules. Mr.. Williams
also said that all liabilities would be
paid in full. AT the present time
there is in the safe of the concern
Sl50,O00 in United States bonds.
brought here by Mr.. Williams to
straighten up the firms affairs.
The market went down thirty points
on the announcement of the firms
suspension, and closed forty-three
points higher,
Mr.. George w. Williams, the senior
member of the firm, first started in.
business in Augusta, Ga, as a whole
sale grocer, under the firm name of
Hand, Williams X Wilcox. He went
to Charleston. s.. g., in 1851, and
founded the firm of George w. Will
llams a To-, Wholesale grOcers. Mr..
William BRINE, the manager of the
New York branch, is a son of presi-
dent Brine, of the old South Carolina
Bank. He entered the firm in 1859.
and at the outbreak of the civil war
the house was reputed to be very.
wealth. At the end Of the war the
firm went into the cotton business.
the partners at that time being George
W. Williams, Edward Williams. his
brother William Brine and G. Hol
lingsworth. In 1866 a branch house
was established in this city, Of which
Mr.. Edward Williams became mana
ger. The latter retired from the bust
ness in 1870, and since that time Mr..
William Birnie has been in charge.