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

Suspension Of willi:TT;i YORK. sirni' Co., OF No"
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 were said
to b. enormous. Yesterday morning it was cur
rentlHPreported that Williams, Birnie s Co.
wesefshort" of 10000 bales of Futures" invol-
wing loss Of several hundred thousand dollars.
Some an nxiety YVES felt, as Mr.. CIV 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 firm of
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 n limited partner in the New York
firm Neither the firm of G. w. Williams & Co.
nor the Carolina Savings Bank loses dollar by
the Nep York failure. 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 q halt, and "make their
loss" This was done. The firm was dissolved.
And every draft made upon Williams, Birnie
& Co. has been promptly paid.
The firm Of G. W. Williams & Co. has almost
unlimited credit, and yesterday morning the man.
aging partners here were approached by wealthy
frieuds 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 confluence in
the Bank and Mr.. Williams.
4. - Il.
how the Charleston firm stands, is best told per-
haps in the following kilograms:
TO G. W. WILLIAMS co.
New YonK, May 81.
G.. w. ITillums T. Co., Charleston:
Draw OH Drexel, Morgan & Co., and on Park
Bank as heretofore. Firm of Williams. Birne
s. Co. dissolved. g. w. WILLIAMS.
TO PRESIDENT A. sIMoNDs.
New YORK, May 81.
1ndre,o Simonds, President National Bank:
G. w. Williams Co. are not implicated in
the affairs of Birnie s. Co. They (G. w. Will
liams & Col have one and half millions of un-
encountered assets. Drexe, Morgan & Co. will
cash their drafts for any amount they wish to
draw. q. W. WILLIAMS.
TO PEsIDENT A. sIMoNDS.
New York, May 81.
The drafts of Mcssrs. G. w. Williams & Co.
on us, to the extent of 100000, will be hon
Orcu. DRESEI, MORGAN y 20.
TO THE NEWS AND COURIER.
New YORK, May 81.
To the Editor of lie Ne,rs and Courier:
Brne s. Co. did not suspend on the Cotton
Exchange for want of money.
Their friends offered them $500, 900, if need
cd.
l was unwilling to put another dollar to aid
the cotton gamblers in their demoralizing spec
ulations.
The firm did not have bale of cotton on their
own account They pay every draft drawn on
them.
Parties nre sending margins freely, rather
than lose their contracts which otherwise would
be forfeited. The friends all approve of my
prompt action. G. W. WILLIAMS.
This last dispatch discloses the whole situa-
tion. The Southern customers of Williams,
Birnie & Co. got on the wrong side of cotton,
and were unable to keep up with the rapid ad-
vance in price. Mr.. Williams insisted on stop
ping at once. This was done, every obligation
is met as it natures, and margins now COM
ing in freely from customers, which will, by so
much, reduce the losses Of the New York firm.
The house of G. w. Williams Co. of Char
lesion and the Carolina Savings Bank are as
steady as rock. This hutter in New York has
only demonstrated more clearly the stability
and impregnability of their financial POSITION
Neps and Courier.