The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1888-05-19
COLEMAN AND THE MILLS BILL

The failure of w. T. Coleman u Co.,
the California wholesale grocers, Is
m 1de the pretext of Republican areu-
meats against the Dem 1cratic policy OF
tax reduction. The Mllls bill, which i,
not law, and is not likely to be law
while the Senate has a Republican
majority, is charged with the RESPONSE
biity of the failure, and this is how il
is, according to a protective organ
which feels deep sympathy for Mr.
Coleman, notwithstanding his well
known adhesion to the Democratic
party and principles:
Nearly forty years of prebity. enterprise
and success as a merchant maze the lame
of w. L. Coleman so honored on the racine
Coast that the New York sun has peen
recommending him ss the best possible
Democratic candidate for President of the
United States. Then the mere proposal OF
q Democratic tariff bill put the firm OF W;
T. Coleman & Co into bankruptcy. Athlro
IF its assets was borax properties of I'M
questioned value, and it IS stated that ar
rangements had been nearly completed Tor
realizing 81 900 600 on these alone, sum
apparently sufficient to cover ali liabilities
of the firm. But when the Mills bill pro-
posed to put boraX on the free list. the
negotiation was defeated, it became impos
sible to reaiiZs at any price, and the nrm
failed.
If this were true, we fail to see
wherein it entities the firm to any
sympathy. If Coleman & Co., con-
Quoted their affairs in such way that
the promised passage of a just and
equitable bill by Congress some time in
the distant future, could overthrow
them, their recklessness end lack of
business capacity were deserving OF
the punishment which has been inflicted
on them. But the truth is, it was not
the threat against the borax monopoly
which crushed the house. 1t was what
will crush any firm in the land, if the
New YORK Suns account Of the affair
may be relied upon. The Sun says:
During the past FIVE years the firm have
tried to control TIE trade in dried fruit, nuts,
salmon and borax. Mr.. Coleman retired
from the active management several years
ago, and the business has been run By
Frank Johnson, who INDUCED in all s1rts
of specu alton. Last year Johnson Iost
heavily in salmon and fr1it, his Losses in
attempting to corner the salmon MARKET
being placed at $2,0OQ.OOO The borax
speculation was good one If the firm had
had larger capital, but everything put In
was dead money. and when they tried TO
realize they failed.
Instead of too much borax, what
allied the company seems to have been
too much speculation-too much
gambling in food-too much effort
to prey upon the people by getting
up corners in what the public must
have. The methods employed by the
house would break the strongest firm
in the world, and should break it. The
great Nevada Bank, last fall, came near
going to wreck by practicing similar
methods IN regard 10 wheat. 1t cost
the bank all its surplus millions, and
to-day its friends are trying to save it
By a reorganization scheme. 1t is only
a question of time when any COM
mercial concern will go down which de-
parts from legitimate business and in
dulges in gambling.
But, unfortunately for the protec-
tionists who are shedding tears for
Coleman because he has been ruined by
the Mills bill, there is evidence that the
firms connection with borax was no:
she cause of its downfall. On the con-
trary borax must have kept the house
up after it was really bankrupt. Cole
man & Co., were leading members OF
the borax trust, and just what that
monopoly did was told by the Boston
Commercial Bulletin last February.
After residing it, people should praise
the Mills bill if it has broken up ring
which was robbing at shameful rate.
Here is what the Boston paper said
when Coleman & Co., were thought to
be as solid as any firm Ia the country:
Following the lead of many other indus
tries the boraX producers pooled their In
terests about two months ago. This combi-
nation will include all the proprietors OF
boraK mines in the country, and will be .
very close one, regulating the supply as welt
as the nrices The combinat on in
cIudes the sixteen producers on the Pacific
coast and under its l. f1uence the price o.
borax has BEEN advanced first to 81 cents
for refined, and ~ cents for concentrated
IL for refined and ga for con-
centrated. Prices were again advanced to
~ cents for concentrated and ~ cents for
refined They afterwsro advanced 10 "a
ceats for concentrated and to 81 cents for
refined They now stand ST ~ and s cents
for concentrated and So to 8M cents for re
foed. those interested are c0nho emily
looking forward to a 9-cent market for
quantities, an advance to this point being
parmtt6 by the duty OF cents per pound
npoa boraeic acid from the Mediterranean n.
The cost of putting up stock in packages for
family ira ie is paced at cents pound.
and lis has been selling to iobbers ut 1OH
to - cents. as to brand, for what te med
uidlu 'cy good, but a higher range vii
rraho n S0o1T he pcta b1ishad