The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1879-05-28

could be obtained, nor were AN other sus'
pensions officially announced.
WilIlnms, Brine & Co. Suspend with
Liabilities $4,000 and Assets
Nearly 81. 900, GOO---All Claims 10
be pald i'll Full.
From he IkTw!d, Of Hednesd0y.]
For the past Two days there has been con.
siderable cNclt"ilcnt in the cotton market on
account OF the enormous S:tirS Of cotton inl
future deliveries and the advance of three
lourt!S of Il cent To one cent per pound In
that article. Bui the members of the Cotton
Exchange were thundrrstruck, n aquarter lo
= l.. Nj, yesterday, when u communicates
WAS received FROM The IIrm Of Williams, ltir.
ME Co.. stating that the: were unable To
meet their liabilities. The firm is located al
~ beaver street, and was considered one OF
the most substantial in the city. 1t Is Il
branch house oi the firm of Geo. w. vii
lialns 4 Co., OF CllarlcStun,S [. Tho state
men! was made yesterday That some disSrn'
SION existed 1ctwcrn Mr.. George ". Williams
the senior member of the firm, who resides
in Charleston, and Mr.. William Birnic, the
m;tnhScr ni the branch in this city. IT WAS
said that the smaller house WAS continually
calling On the Charleston branch. and that
the latter had borne big margins. This IN
creased in suci :: manner tl;at the matter
began to get serious, considering the large
fluctuations, and Mr.. Williams came on here
10 investigate lbl HllllStll. lie arrived bl
Monday, and had Il consultation the same
day with Nr. Birnic, who, il is said, desired
to Keep short despite Mr.. Willia;ns'S protests
The latter, noticing the iiuctuation OF half q
cent on Monday andtilc further uctuatiua o
half Il cent yesterday, gave or;crS that the
firm should suspend. The liabilities arf
placed ut SILL, mn, OF which SlW3,Wn are on Tho
cotton EXcllanSr. The assets amount from
Il ,j90,U m to s., OUh,i0O.
Mr.. Btrnie said yesterday that the firm me-
.tll their fll far N ri, n, "a, thI ljpl,cSi
point OF Monday. which WAS within ten points
below the highest OF yesterday ut the ilIn(
they suspended. He Stated That all liabilities
Of the Cotton Exchange would be paid Oh
presentation, and contracts with Lhc Cotton
Exchange would bc settled under the rules
.Mr. Williams also said that all liabilitit.
would he paid in full. At the present tint
there Is in the safe of the concern Slju.Wj II
United States bonds, brought here by Mr.
Williams to S%tritightcn up affairs.
Suspension in the Cotton T'radc---Wli.
liams, Brine IL Co., Cotton Brokers'
Suspend Paymcnts---Thc Liabilities
Estimated at S3I5, 0OO---Thc Result
of SpecuiatiOns on Il "'Short'' Mar
k2t.
From the Tribune Of UIed?csd0y.l
Williams, .Birnic Il Co., cotton brokers, G.
bctNtI SlItti, StllJ IlUllCc ~ lIlC lOllbl TyN
change yesterday of their inability to meet
their mercantile engagements, Great excite
nlclIt prevailed among the cotton merchants
as the failure was entirely unlocked for, tho
firm being one OF The most prominent in tho
trade. The market, which had been rising foi
several days, suddenly received IL check unC
fell OF ten points, 10 recover again before tIt
CLOSE. 1t is acknowledged that the firm WA
short" on the market about j0,WU bales. or
estimated in money. Silj.OOO.
II * StutpI tID. Nh. lErpiN has hrpn on.
gagged in short transactions without per
mission from Nj. Williams, who has beer
absent in Charleston, taking care OF the bust
ness there; and that large houses have bccl
putting III margins for some time. These
short transactions began To- grow SO serious
that Nj. Williams CAME on from Charleston
on Sunday, and held u long consultation wit!
Mr.. Birn;c. who still believed 1t best to keel
to suspend, IL Is SAID. and carried his thrch'
into execution yesterday. Mr.. Williams Il
Stid>tO be worth more than S22,0M,OUl, ant
promises To pa% the creditors in full; but IL !:
stated that the firm will be dissolved. McSsrs
Marley and Walker, Charles hlcnic., ant
Henry Goldthwai,c. who have been broker:
for the firm, had their margins made goot
yesterday. " other brokers, T.. l.. Donncil
II creditor to the amount OF $o,JjO, and Len
man Brothers for abou: SD,UD. probably vii
have their margins covered to-day. Fix
claims of the creditors will be settled, ii !!
said, III the Average price for July options
which. yesterday were about II ccntS Il pound
or five points below the closing quotation
Much sym patliy was expressed In the trade
for the inn. IL Is stated that two or three
other firms were saved from embarrassment
only by the Intervention OF friends.
The cotton market has been iluctuatin4
greatly for the Past six months, and since the
Isl Of May there has been a decided bull
movement, Il result OF the reports of Short
foreign crops, with an expected dcInaEd from
the United States. II has been handled en-
tircly by II clique of New York spectators
Last October cotton fell to II cents, and thcI
the failure of THO Glasgow Bank and the pass
ing of the dividend of the Colonial TrdS,
Company disturbed exchange and unsettled
the market and ii fell to 81 cents. The New
York clique then began to bull the market
and after advancing the price To !0l. cents
attempted to break ii, but the Southern Gle
nent came in and put it up. Within the l"Si
two days august options advanced from IL.
y to li.lS cents Il pound. Great excitement
prevailed on the Exchange yesterday, tho
shorts" rushing in to ~"cuvcr'' on their on
tracts. The sales amounted to 1jO,GUO bales
Cotton has advanced = cents Il pound in two
weeks.
The Feeling III Charleston.
There was not cvcna rippleof excitement r
Charleston yesterday, every particle Of uii
casincSs being removed By the publication o
the tclcgrIlnS of Mr. Williams in the .Ncm.
und Courier. At the Carolina Savings Bank
about SiO.GW WAS paid out to snail drrnSit0rS
II Is not too much TO say that the firm of &
W. WilliunIS& CO.. and the Carolina Savings
Bank stand higher in plIhIic cStin'HfiOn aut