Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1888-05-08
PACIFIC COAST.
THE SUBTERRANEAN MYSTERIES
OF Ell PASO.
The Prewett Murder Case Com
menced-Hydraulic Miners
EDjoined-Etc.
ESPECIAL DIsPArCHEs TO THE REcoED-uNIoN. !,
A FINANCIAL SURPRISE.
Unexpected Suspension of the Firm {
William T. Coleman & Co.

Unexpected Suspension of the Firm of
William t. Coleman & Co.
SAN Francisco, May 7th.-[Special IA
great surprise was created here to-day when
the suspension of William T. Coleman &
Co. was announced. Mr.. Coleman made
an assignment of his property to L. L.
Baker and Louis Sloss for the benefit of
his creditors, and at the same time an as
signment was made by the firm of William
I. Coleman & Co. to the same gentlemen
for similar purpose.
An assignment was also made by Mr..
Coleman of block of land to the Bank of
California. The following statement has
been issued by the firm:
STATEMENT BY THE FIRM.
Being unable to Immediately realize
upon our assets. and in view of press
ing engagements in New York, where the
call on US for money is urgent, we have
dccided-in order to prevent dissipation
of our property, to assign at this end. Our
assignees are Messrs. Louis Sloss and L. L.
Baker. Our assets are from 81 900 900 to
81, 500 900, and our liabilities about 81 0O0,-
600. Our Indebtedness IN California, with
the exception of sums of no magnitude, is
confined to four banks and two individuals.
Until lately we have had hopes of being
able to meet everything and place ourselves
in excellent shape. Our assets are proper
ties in which we have heavy investments
The borax property we value at $4,000, COO,
and have had until recently great hope
OF selling it. In fact negotiations were in
fair way to be consummated when the
tariff bill placing borax on the free list
tended to defeat our efforts in this direc-
tion. We are, therefore, reluctantly COM
PEELED to assign, and Mr.. Coleman conf
IDENTIFY feels that our resources are suffi-
clent, with proper administration, to more
than meet all our engagements"
WHAT THE BANK OF CALIFORNIA SAYS.
The Bank of California is one of the
principal creditors, and regarding the mat
ter Cashier Thomas Brown, of that institu-
ton, makes the following statement :
Mr.. Coleman's liabilities are fully $1,000
900, one-half of which is here and one
half East. That at the East is
mostly held by New England banks.
He owes US $4,000, of which we have
$4,000 secured. Three other banks here
are the principal creditors-the Bank of
British Columbia, the Nevada Bank and
the Bank of British North America. His
assets, nearly all of which are not at once
available, aggregate fully $4,000 600. He is
good for the money he owes, but he had
no way to meet it Immediately, and he had
to assign. He has been extending his
business in all directions. He has a great
deal of real estate-about 1000 acres IN
San Mateo county, 1000 acres near
San Rafael, and valuable borax prop
erty in Death Valley. His in
come from the borax property last year
was, 1 understood, fully 100000. 1t is
estimated that the firm owes the Bank of
British Columbia 100000, the Nevada
Bank $220,0O0, and the Bank of British
North America 800 600. "The firm did
business of $1400G,000 year. Among the
establishments for which the firm is agent
are: ]. Lusk Canning Company, The
Riverside Fruit Company, Golden Gate
Packing Company, j. NJ. Dawson Packing
Company, of San Jose, San Lorenzo Pack
ing Company, California Packing Com
pany, Sierra Madre Packing Company, and
the Live Oak Packing Company. The
firm is also agent for the principal salmon
canneries on the Columbia, Frazer, Skeen,
Sacramento and Umpqua rivers, aside from
several in Alaska. The shipping depart
ment is agent for several well-known lines
OF clippers to and from Australia, China
au6 .Sodth America. The insurance de-
partment holds the agencies of the Globe
Marine. Insurance Company Of London,
and the Chinese Insurance Company of
Hongkong.
Aside from these departments, the COM
mission department handles the Royal and
Standard baking powders, Walter, Baker
d Co. s chocolate, Kingsford's starch, Ar
mours meats, various teas and candles,
coal, iron and metals, and the borax de-
partment is the headquarters for Pacific
Coast productions. The firm also handles
immense stocks of cereals, distilled liquors
and wines. The foundation of the house
Of William T. Coleman & Co. dates back to
the days of 1S49, when Mr.. Coleman opened
a store in Placerville. In the following
year he removed to this city, and his house
Immediately took place among the fore
most. The firm is now composed of
William T. Coleman, Frank s. johnson,
Carlton G. Coleman, and Richard Delafeld
The house has extensive agencies at AS
toria. Oregon, New York City, Chicago and
London.