The Olneyville times. (Olneyville [Providence, R.I.]) 1887-1917, 1888-05-12
THE COLEMAN FAILURE
STILL THE TOPIC ON THE
PACIFIC COAST.
IL IL Thought That tho Tirn WIN Not Re-
sumo BusIncs, for some Time 10 Come.
How the Failure Occurred.

sumo BusiDcs, for some Time Ia Come.
How the Failure Occurred.
BAN FRASciscO, May 0-The failure OF
VIM. r. Coleman * Go. Is still the sole
topic Of conversation in commercial circlc1
The belief seems 10 prevail that the re-
sumption OF business will not be among
the events Of the near future. Frank j.
Johnson, Junior member OF the house, who
IA esteemed almost as a son by william 4.
Coleman, is openly charged with being too
entcrprising in trying 10 corner the rais.n
and salmon industries OF the Pacific coast,
and, whether justly or unJustly, much OF
the blame Of tho present condition OF the
firm is laid AT his door VIM 7. Coleman
explained the failure as follows:
1T was caused by want Of immediate
yailablc cash / needed $4,000 10 meet
obligations in New York yesterday, and
could not raise n without making promises
and assuming obligations saw no proba-
bllty Of meeting. You see, our money Is
out aud no large amount is due US, nor Will
there be for some months. One Of the
princlpal factors in the calamity was our
bOrax property IN Southern California. We
there had invested about "a million dollars,
and Wc who on the eve OF selling
for two million dollars when the
duty on that article was proposed
10 DC fcmOktl Dy NDUkIfbh. lutS pi'
vented tho sale Of the property, the pro-
cecds from which would have met all our
Obligations Our difficulty assumed Sc
rlous phase last fan when the Nayada
Bank troubles occurred. We then owed
the institution about $500, 900 and we paid
500 OOJ. Tho balance Of S2)O,COD was well
secured but some one on looking over the
banks accounts, since 10 proposed 70 place
It's stock on the market, declared tins IN
safe. or course rumOr spread and prccipi
tatcd the crash. rs matters stands no
one need loose a dollar. though our assets
should not realize over - cents on the dol
lar Should 75 cents be realized there
Will be n handsome excess OF resources,
ami with 100 on the dollar, which ought
10 be realized tho firm VIII come
out with "a largo surplus ! might have
made promises which would have prevented
the crash, but I deemed 1t better 10 lot
matters take their course, since no one will
bc injured but ourselves, aud IL was i'm
possible 10 realize on our property now.
No embarrassment will bo felt by any busi-
moss in this State nor by the poor and
needy. our creditors are all wealthy,
mostly bankers, and so generally dis
T. .,utcd are tho debts that should they lose
they would not feet II. Besides, the entire
indebtedness in California is comparatively
small, the bulk beng In New York and
Eastern Statcs.'
william r. Coleman, senior partner and
founder Of the firm, was born in Cynthiana,
Ky, Fob %, 1924. In 1919 he was the
leader Of little band of fortune seekers
who crossed the plains and came 10 Cali.
fornia. Lloyd Lovis was among the mum.
bcr He located IN sacramento, the mining
town aud started "A store, and IN II short
time was richer by several thousand dol.
lars In 1850 he not only hal successful
stores I'm placcrvillo and Sacramento, but
he founded the house of W T. Coleman a.
Coz aud few years later ho visited ~.
Louis and was united in marriage 10 Miss
Carrie Page, daughter of John ID. ID.
Page lis brides health suddenly failed,
aud being unable 10 bring her out TO Cali
fOrna with him he was forced TO remain
East, and this led 10 his founding the New
York branch OF the firm.
Mr. Coleman was tho head OF the oXecu.
tive OF the Vigilance Committee which In
this city both i'm 1851 and ln 1886 ache ycd
such wonders IN doing away with the ter.
riblc crimes which were rampant here.
Eden ns late as 1878 he was called upon &c
organize u Committee OF Safety the timo OF
the labor excitement Henry Carlton, Jr.,
was Mr. COlcmaH's first partner. After
Mr.. Carlton withdrew Edward Mott Rob
inson, father Of Mrs. lIatty Grccn, tho
wcalthiest woman in America, went into
the firm.
The firm occupies an immense building
on Market street aud ho has been doing n
business OF about $l4,0jo,0)0 n year. Its
leading agcuc cs arc at New York, ca CGgO,
London, storia, anl Los Angeles.