Henry W. Williams, who carried on a banking and brokerage business at 33 Wall Street, assigned yesterday for the benefit of his creditors, to Mark T. Cox of the firm of Robert Winthrop & Co. Mr. Williams was the publisher of Williams’ Investors’ Manual, and is a director in several other concerns.
No figures were given out yesterday as to the extent of his liabilities, but it was said by a representative of important banking interests that no complications involving other Wall Street houses need be expected as a result of the failure. First estimates put the loss at between $5,000,000 and $10,000,000, but as the part which H. W. Williams & Co. has played recently in the money market has been steadily diminishing, it is believed that the liabilities will amount to from $1,000,000 to $2,000,000. Hawkins & Delafield are the attorneys for some of the principal creditors of the firm.
Lewis L. Delafield of this firm conferred yesterday afternoon with John L. Cadwalader of Strong & Cadwalader, the attorneys for the assignee. They gave out this statement after the conference:
Henry W. Williams, transacting business in the State of New York under the name of H. W. Williams & Co., has made a general assignment for the benefit of creditors to Mark T. Cox of Robert Winthrop & Co. There are no preferences beyond such as the statute gives to employes.
A superficial examination justifies the belief that if the creditors, who are few in number, will co-operate in enabling the assignee to effect a favorable liquidation of the assets, a large sum will be realized for their benefit. Written assurances of important financial assistance to such creditors as will co-operate to that end have been given.
Neither Mr. Cox, the assignee, nor Messrs. Robert Winthrop & Co. are interested as creditors or otherwise in the assigned estate.
None of the lawyers yesterday would make an estimate of the extent of the failure. Some surprise was expressed at the wording of the deed of assignment filed in the County Clerk’s office. It read: “H. W. Williams, trading as H. W. Williams & Co.” as though the assignor had no partners in the firm. The latest corporation directories give the firm’s personnel as H. W. Williams, Frederick A. Farrar, W. N. Phoenix, Franklyn W. Hunt, Charles F. Cushman, and Henry V. Williams. Of these Messrs. Farrar, Hunt, and Cushman live near Boston, where the firm had a branch office.