Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1884-01-11
Heavy Failure in San Francisco

SAN FRANCI:cO January lOth.-Tt,e mercantile
community was startled this morning by the an.
nOuncement of the assignment of one Of the oldest
and best known of the shipping and commission
houses OF this city, that of NJ. Waterman & Co The
fsiure was due nike others 81 recent date, to the
decline ia charters and the fall of prices of wheat in
England. The assignment was made to Isaac
Wormser about o'clock this morning, and that
gentleman after hearing the statement of affairs de-
cied to call meeting of the creditors tomorrow
morning The announced liabilities as near as they
can be computed at present, are fully ST. 500 0C0
The assets 1t vas at first stated, would not be over
IS per cent, but member Of the firm who
seen later in the day stated that he was confident
that the firm could pay in little time almost il not
quite dollar for dollar.
report that j D. Spreckels 4 Bros heavy
losers by the failure is denied by Mr. Spreckels who
say 8 his house loses nothing thereby. Isaac Worm
SER the assignee, declines to give any detailed state
ment. He said there would be meeting Of creditors
in few days, when he would render q statement
The bulk Of the Indebtedness is San Francisco
though there were some interested at interior
points. The failure would show up the best of any
that had occurred in the city for a long time. There
was nothing to conceal, but he would make nothing
public until he had rendered a statement to the
creditors. 1t is rumored that the First National
Bank is a loser to the amount Of about SI50000, but
resident Callaghan says that the Indebtedness Of
the suspended firm to his bank, amounting TO about
5000 is fully covered by hypothetical grain and
other securities leaving a margin OF $4,000 to
900 TIE latest view of the failure is that the
firm if given reasonable extension OF time, will be
able to pay up in full.
SAN JOSE, Jan lary 1Oth.-A Pfster, the San Jose
representative of the firm of Waterman & Co., San
Francisco, is a heavy sufferer by their failure His
share OF the Indebtedness will exceed 5000 900. He
has made an assignment of his private property for
the benefit of his creditors His states that the
properly OF the firm is of sufficient value to pay all
claims, dollar for dollar. None of the banks hers
affected by the failure, and only few individu-
ais in small amounts, are losers
First-cIass Cable Laid The Chinese
Trader Cases.
SAN Francisco, January l0th.-A first class cable
was laid between This city and Oakland wharf, for
the use of the Sunset Telephone Company. 1t is
the connecting link Of the system Of telephone lines
uniting Sacramento and other interior points with
this city.
10 the Chinese trader cases to-day, the principal
point of interest the sharp exception taken by
Judge Hoffman to an interview with United States
District Attorney Hilborn in yesterdays Bulletin,
in which i, was drawn out that there would neces-
sarily be no difficulty in substituting in Court any
outside person for bailed trader. Judge Hoffman
expressed indignation that the attorney should al
low such a view of the to make its first appear
ance in the press instead of first calling the atten-
ton of the Court to the matter The cases were
troublesome enough without an attempt by the Dis
trict Attorney to discredt the proceedings of the
Court. He also strong objected to the statement
OF Hilborn in the interview that he and his assist
ant objected to admitting the traders TO bail. The
bail could be refused. Hilborn defended his view,
but bowed to the decision of the Court.
Explosion OF Gas.
SAN FRANCISCO, January l0th.-An explosion oc-
Cured this evening in the meter room OF the Cen
trial Gas Company seriously injuring George Emer-
son. the engineer and D. E. Malone, the Waterman.
The men entered the room-a low brick structure
with light, which ignited some escaping gas, and
an explosion occurred almost completely demoiish-
ing it. The men partly covered by broken
/ rgl,, lf.as 81 hi 20 -
badly scorched about the hands and face. The gas
works proper were not Injured.