The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1888-05-30
OUR SAN FRANCISCO LETTER.
Per =. 3. australia Sam Francisco,
May 22nd, 1858.
From our Special Correspondence

From our Spcclal COrreSpOnQent.)
The most important commercial event
since the departure of the last steamer has
been the failure of VIM. T. Coleman & Co.,
with liabilities amounting to $1,000 90,
| and assets nOmInally estimated at 81 900 coo.
This fIilure was an intense surprise to
everybody, as the name of Coleman was
one of the best known, and considered the
most honorable on the Pacific Coast
They dealt mainly in California produce,
for which they found a market in every
quarter of the globe. They had made
large sums in handling salmon and raisins,
but lost heavily on last years fruit crop, as
we'll as in bOrax. The assets include large
tracts of borax land valued at 50, 900, 900,
but worth probably only $5OO,OOO The
other real estate assets are also estimated
above their market value. People begin
now to think that if the firm pays 10 or %
cents on the dollar, they will do well.
With the exception of two banks and two
individuals, all the creditors are in the East
or abroad. Two salmon canneries and one
fruit packing establishment-the J. Rush
Canning CO.-were also involved in Cole
mans affairs and have since made assign
mentS. While there is universal regret and
sympathy felt for Mr.. w. T. Coleman, it is
generally conceded that affairs must have
been badly managed by young Frank
Johnson, who was given charge of all the
business.
The tariff bill is still before Congress.
Mckinley has denied that he was prepar-
ing any bill at all.
Hawaiian Commercial Stock has been
firm at from $l7 to $18 per share. Another
dividend of 20 cents per share has been de-
clared.
Raw sugar has remained without change
at 81 cents. But refined sugars have been
marked down Il cent on white grades and
% cents on yellow grades in San Francisco.
The British brig DOnalena has been pur-
chased for the Hawaiian trade by J. d.
Spreckels Il Bros. She has been placed
under the Hawaiian flag and her name
changed to the Geo. H. Douglass, after the
we'll known and popular Superintendent
of the Oceanic COmpany's dock. She is a
staunch little vessel, built at Prince Ed
ward Island, and the purchase price is
stated to have been very low one. She
will carry $50 tons freight and is in COM
mand of Captain Howard.
The Oceanic Steamship Company has
made a special reduction of so per cent. on
all exhibits shipped to the Melbourne Ex-
position. This freight rate also covers
goods that may be returned at the close of
the Exposition.
The following is the latest shipping news.
SAN FRANCIsCO-Arrived: May 9th, brig
w. u. Irwin IL days, bark Lady Lampson
p days, May 10th, bark Natuna 10 days,
May 18th, S. S. Alameda days. all from
Honolulu; scar. Geo. c. Perkins 90 days
from HilO; May 18th, S. S. Australia IA
days, May 10Th, ship Ivy 10 days, bktne
Discovery % days, all from Honolulu;
bktne. w. III. DiInond Is days from IA
hului; May Doth, Schr. Golden Fleece %
days from HilO.
DEPARTUREs-Ma 5th, S. S. Zealandia
for Honolulu. brig COnsuelo for Kahului;
May 9Th, ship Alex. Mcneil and bktnp
Planter for Honolulu; May 18th. brig w
g. irwin for Kahului; May 18th, brig Geo.
H. Douglass for Kahului; May 18th, bark
Alden BesSe for Honolulu, brig j. d.
Spreckels for Kahulni; May 10Th. bark
Sonoma and bktne. S. G. Wilder for IIo-
nOlulu.
PROJECTED DEPARTUREs-For Honolulu
S. S. Alameda on June I'd: bktnes Dis.
eoYery and 5. n. Castle, bark Lady Lamp