The Savannah morning news. (Savannah, Ga.) 1900-current, 1903-10-20
XTENSION GRANTED.

From the Manufacturers Record.
The announcement that the creditors
OF Messrs. John L. Williams & Sons Of
Richmond and J. William Middendorf
& Co. of Baltimore have consented to
grant the extension of time asked by
those firms, whose financial emUarrass-
ment was recently announced, is reason
for congratulation generally through
out the South, with the interests of
which the two houses are so deeply
and extensively concerned. The TACT
that already creditors representing
more than rs per cent of the liabilities
of the firms have given consent to an
extension until next May strongly tes-
titles the high esteem in which the
firms of Williams and Middendorf are
held. This insures the success of the
plan prepared by the committee OF
bankers in whose hands the affairs of
the two concerns were placed a fort
night ago, and the news of this graft
Tying result which was communicated
Immediately to the Baltimore Stock
Exchange, was received with generous
satisfaction, the immediate result OF
the announcement being d general inn
proVement of feeling in financial cir
cles.
Now that the plan becomes opera
tive, Messrs. Williams and Middendorf
resume business and will proceed to
carry out in various parts of the Souta
the plans which We're interrupted by
market conditions that obliged than to
request the indulgence of their credit
ors. They are principally known for
their prominence in the Seaboard Air
Line Railway, but they are also largely
and widely concerned in street railway,
electric light and power companies in
various Southern cities, as well as in
different industrial enterprises; conse-
quently, the encouragement and re-
newed vigor which follows the an
nouncement that the extension plan
will be carried out must necessarily be
widespread.
For years the firms bearing the
names of Williams and Middendorf
have devoted their entire resources to
enterprises of Southern development.
TO this work they gave their best eff
forts, sparing naught of brains and
capital which would contribute to sue
cess. Their faith in the future of the
South has never wavered, and they
have at all times brought forth evil
dence upon evidence that the great de-
velopment to come to the United States
will be in the section which is their
chosen field of endeavor. That they did
not err in this judgment is proven by
the daily records of advancement in
this part of the country in its Increased
production, agricultural, mineral and
industrial, and in it's swelling popula-
ton. In every quarter the facts JUS
tify their expectations, and nowhere
can be found aught to indicate that
the future will not be as they have an
ticipated. With such a glorious record
as this it would have been a calamity
to the entire South for these gentlemen
to have been forced to the wall. There
fore, this section should not only eK-
perience a sense of profound gratitude
and satisfaction that they will be per-
mitted to continue their work along
the lines marked out, but it should also
not lack in appreciation of the discern
ment of their creditors who have
shown their understanding and broad
comprehension of the situation by
promptly consenting to the plan sub
mitted by the committee. 1t is unnec-
essary to contemplate what would
have been the consequences had the
result been otherwise, except to note
the fact that rejection of the plan could
have been followed only by severe dis
enlargement to new enterprises every
where in the Southern States. 1t would
have been a blow from the effect of
which the South would not have re-
covered for long time.
This financial episode also possesses
other characteristics by which it is
particularly distinguished, and which
should serve to remind everyone of the
imperishable value that attaches TO the
reputation of men whose careers are
marked by answering integrity as
we'll as by discernment, energy, liberal
ity and pluck. When the epbarrass-
ment of these houses was first made
public the Commercial and Financial
Chronicle of New York, in an editorial
said that the news would everywhere
be received with deep regret" Also
THE South can never repay them for
what they have done to further its de-
velopment," and Furthermore, that be-
cause of extraordinary and unexpected
financial conditions they must be con-
sidered the victims of an abnormal sit
uatlon," or, in other words, that no
act of the firms was responsible for
thelr em barrassment, but the remark
able state of the financial world
everyone" concluded the Chronicle
will join in the wish that their affairs
may be quickly adjusted.
THESE utterances from a source which
Is remote as compared with the region
IN which the two houses worked tend
to show the extent to which their rem
utation has travelled.
More recently the Common Council of
Richmond and the Chamber of Com
merce OF that city both adopted resolu
tons of sympathy with reference to
John L. Williams & Sons, whose head
quarters are there. The Council re-
ferred TO the firm as being among our
most enterprising, generous and pro-
gressive citizens. we'll worthy Of our
highest esteem" while the trade or
ganization characterized them as 'gen
tilemen who, by their correct dealings
and liberal public spirit, have won the
confidence and esteem of the entire
community"
Incidents such as these might we'll
inspire any man with ambition to win
by similar career of sagacity, capacity
and probity the respect and good
wishes Of his contemporaries. And
those who are the recipients of these
expressions of sympathy and profound
appreciation may be pardoned if they
experience a sense of pride while they
are endeavoring to bring about a sue
cessful solution of the problem which
confronts them. The worth Of many
men is not openly recognized until
they have passed away, but these bank
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