The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1904-04-09
EXTENSION
IS GRANTED.
Williams and Middcndorf Firms
Have aYcar Longer for
Rehabilitation.
CONFIDENCE y " (. OF CREDITORS
Thoroughly Satisfied Of 1nteg-
fifty and Business Capacity
Of the Firms. Il.

Hon. Eppa lfunton, Jr., returned to
tho city on yesterday from his recent
visit, to Baltimore, where he went to
attend. ns q member OF The advisory
committee. 1.-THE meeting Of the creditors
OF the two firms OF John T.. williams
and Sors and j. William Middendorf and
Company When seen by q reporter for
The Times Dispatch. Mr.. Huntop ess-
pressed himself as greatly gratfied at
the action OF the creditors, and as very
much impressed With the spirit mani.
tested BY all who participated In the
meeting. $
#1n response to the question as to the
probable effect upon the financial for
tunes OF the two firlhs Of the action
Of the creditors. Mr.. Hunton said that
Ehe regarded It as OF the highest inn
sportance and as a long step forward to-
ward accomplishing the complete rc+5
es To blishnlert OF the two concerns. He
said the extension heretofore granted
only covered the period between October
#1st last and May 1st, during which the
work Of realizing Upon the securities
held d had been embarrassed by the un-
favorable financial conditions prevailing.
the Baltimore fire, and several other un-
foroseen difficulties. Tho extension which
Is now proposed is for period OF twelve
mont this, from May !. 1904, and was ac-
corded with enthusiasm BY all tho cred
7ltors present at the meeting, after full
exposition of what had been mplished
towards the payment OF their debts by
the two firms during the past six months,
and of the present financial condition of
their affairs.
This long extension will enable the
m EN- ers OF the two firms, with the as
sistaEce OF the advisory committee. to
make tho most advantageous sales Of
securities owned, which. had they been
forced upon the market, would have re-
suited III great loss. In addition, the
very fact that the period OF seven months
extension heretofore granted was nearing
Its completion. had suggested to would-be
purchasers the thought that forced
sale OF these securities might be ex-
pected. This circumstance had had n
bad effect upon their market prices,
while the new arrangement will be very
helpful in streEgt hening end appreciatinE
their value.
Mr.. Hurton further stated that what
especially impressed and gratlficd him
was the cordial and unanimous express
sion- OF confidence In the integrity and
business capacity of the individual menu
bers OF the two firms. Their warmest
friends could rot have wished for more
ccrdlal encomiums on this point.
Fl In reply to the further question whether
this action OF. the creditors at Baltimore
bound all OF the creditors OF the two
firms, Mr.. FIunton said that, OF course.
such was not the case. though he felt
satisfied that 1t would have a most per-
suasive influence upon their action: that
the creditors present had acted after the
fullest exposition Of the affairs OF the
two concerns, and only In view OF what
was demonstrate thar such action was
really for the best interests of the credi-
tors themselves. Many OF the leading
firanciers OF Baltimore and other cities
gave expression 10 their views. and were
unanimous in the conviction that any
creditor refusing to unite In the extern
sion would while embarrassing the two
firms to some extent, inflict an even
greater injury upon himself and other
creditors similarly situated. So potent
were these presentations that in several
instances creditors who desired to ac-
cord the extension, coupled with some
modification Of the general plan, withdrew
their objectiors and executed the extern
sion agreement