The Birmingham age-herald., 1903-10-03
As Result of Embarrassment at Baltimore Shares Are Very
 Weak on the Curb
STRONG HANDS RUSH ID
 ASSISTANCE OF WILLIAMS
4 Member of the Embarrassed Firm Says There Has Been No Disposl- ton to Press Them and High
 est Hopes Are Entertained.

New Yoork, October 2.-Ladenburg, Tbalman &, Co.,, the financial representa- lives in this city of the seaboard Air Line interests, had no statement to make today regarding the affairs of the com many. Seaboard shares were very weak on the curb, opening with losses or and 2X per cent for the preferred and common stocks, later making further de- clines It is known that Ladenburg, Thalman & Go. recently took over the stock market holdings of Middendorf Ss Co of Baltimore and J. s. Williams 6 Co. of Richmond, both of which are identified with the Seaboard system This explains in part the recent heavy l,onidation of such stock as Pennsylva- mia. Baltimore and Ohio, Chesapeake and Ohio Norfolk and Western and few others of that group. The Middendorr and Williams firms are said to have held from 5000 to 100000 shares of these stocks, which they offered as collateral for Ioans The loans were closed out re- gently in this city and the stock offered for sale in the market
 Heavy Buying on Curb.
  on the decline in Seaboard Air Line was by firm that is a specialist in Standard Oil The Baltimore interests sold good deal. but at the same time bought more or less. The chief market for Seaboard stock is in Baltimore.
 A meeting of the executive committee of the Seaboard Air Line was held today and later announcement was made of the election Of B. F. Yoakum as chairman. It is understood that MT. Yoakum's cleo tion to this position took place week or more ago, but for certain reasons was not disclosed. It Is declared on excellent authority that Mir. Yoakum will not be- come president of the Seaboard system.
 No Disturbance In Baltimore
 Baltimore, October 2.-There was no dis- turbance in financial circles here today over the announcement that the well known banking house of J. William Mid dendorf & Co. and John L. Williams & Sons had asked their creditors for an extension of time. After the first surprise was over there was evidence on all sides that the local financial situation was in healthy condition. Leading bankers and brokers were ready to lend helping hands to prevent any temporary unsettlement of the market from going too far, but this was unnecessary.
 Inquiry among the heads of the banking institutions developed the fact that the general feeling was that the local situa- tion did not need any help, and as soon as people began to view things clearly it would show an improvement. This view was so widely held that the suggestion Of a meeting to take action to protect holders of securities was dropped.
 President Williams of the Seaboard Air Line and Middendorf & Co. have re- ceived during the day many telegrams of sympathy and offers of aid. Among them was the following:
 New York, October 2-Hope you will speedily arrange temporary difficulties. You have our best wishes, and we wish we could help you in some way further.
 EDWIN COULD.
 No Disposition to Press Claims.
 Richmond. October 2-Concerning the request for an extension by creditors made by John L. Williams & Sons of this city, and J. W. Middendorf & Co.,, an- nouneed this morning. a member of the firm of John l.. Williams & Sons in this city said today:
 So far very few show a disposition to press us. On the contrary we have
 
 give both of the firms time to realize on their asests and make a settlement I am satisfied we can pay out in full and leave us large surplus if we are permitted to do so, and the figures will bear me out. Middendorf & Go. and our service have been trying to carry the load and take care of the services and our friends by protecting seaboard markets. Our confi- dence in these securities has been strong always and is as strong now as ever, but we have not been able to hold them up against the mysterious and irresistible fall In prices. With the market in any, thing like normal condition for these se- curties and others selling at anywhere hear their value we would be ahead
 We are cramped merely by the impos- sibility of selling any securities no mat ter how sound in the present condition of the market. Our hope and belief is that we shall tide this over without loss to any creditor and with fair margin for our services.'