The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-10-02
John L. Williams & Sons
and Middendorf & Co.
EMBARRASSMENT
NOTLASTING ONE
None Holding Their Obliga-
tions Will Suffer.
ALL PROPERTIES IN
EXCELLENT SHAPRs
Richmond Financial Institutions Arc
Fully ecured The Present Trouble
the Result of the Widespread
Financial Depression Both
at Home and Abroad.
A Statement.

.Messrs. John L. Williams & Sons, OF
this city. and j. W. Middendcrf & Co..
Of Baltimore, have become embarrassed
as result Of the widespread financial
depression, both at home and abroad.
The gratifying statement is made that
the embarrassment will be only tenn
porary and that neither the many large
and influential institutions in which tho
two firms are interested nor those hold
Ing their obligations will suffer in the
least. 5st IS y
The further assurance Is given that all !.
of the properties with which these gentle-
men are associated. including the Sea-
board Air Line and number OF large
financial institutions here, are in excel-
lent condition and that all paper held by
Richmond banks Is fully secured.
Tho rumor Of the weakness OF these
two prominent firms followed close upon
the unexplained and striking decline OF
seaboard securities yesterday, the pre-
ferred stock closing at 25 bid and tho
common at II rs. The intimate CON 4
nection OF Messrs. Williams and Midden-
gave rise to disquieting rumors, ror
these firms originated the plan and pro-
vided the means for the reorganization
and rehabilitation Of the old seabaard.
Under its new management-indeed since
it has become full-fedged systern-its
directing force has been the personality
of It's president Mr.. John Shelton Will
liams.
Ask for indulgence.
Mr. Williams was In Baltimore yester-
day in conference with his associates,
and their consultation resulted In the
appointment of an advisory coknmittes.
composed of ftnanciers of recognized
ability and influence. to ask the indul- +
gence of their creditors, and to formu-
late plan for such extension. This COM
mittee late last night sent out to all
the creditors Of the two firms and made
public the following letter:
Baltimore, Md, oct. 4, 1908.
Dear Sir: In view of the extraord-
nary and unexpected financial sltua-
tIon now existing In New York,
Messrs. j. L. Williams & Sons, Of
Richmond, and J. w. MIddendorf q
Co., of Baltimore, have found It me-
cessary to ask the temporary lndu-
gence of their creditors.
The undersigned have, at the re-
quest OF these two firms, consented
to act as an advisory committee to
examine Into their condition and
promptly report an appropriate plan
OF extension. Tho committee will
proceed to the Immediate perform.
ance Of this duty. In the meanwhile
they believe It to be to the Interest
Of all concerned that no legal or
other steps be taken by Individual
creditors to compleate tho situation,
but that the present status should,
In all respects, be maintained for
common protection and benefit. Tho
above firms estimate that their as
sets, nventorIed at current quota
tIons, exceed their liabilities by
very large amount, which will be
materially augmented by the restora-
tIon Of normal conditions.
Mr.. j. S. Williams and Of Mr.. J. w.
Mlddendorf With tho seaboard Air
Line Railway, they Instruct US to
state that neither firm nor any nom.
Der thereof Is Indebted to that COM
pany and that the Seaboard Air Lima
Railway Will be In no wise affected
by the action Of their respective
firms In this matter.
DOUGLAS II, THOMAS,
DOUGLAS II. GORDON,
ROBERT C. DAVIDSON,
JOHN B. RAMSAY,
EUGENE LEVERiNo,
all Of Baltimore, Midi
EPPA HUNToN, JR.,
OF Richmond, Va,
FRANK O, BRIGGS,
Of Trenton, N. ..