Los Angeles daily herald., 1888-05-09
THE COLEMAN ASSIGNMENT.
How IL Was Received In Chicago
and the East.

sessss shso
CHICAGO, May S.-W. T. Coleman
& Co.. have had no agency in Chicago
or New York since January 1st, their
business in both cities having passed
into the hands OF Delafield, McGovern,
Kissell & Co., OF which firm 7. B. Nc
Govern, the former Chicago agent OF
Coleman & Co., is member. Nc
Govern was seen late last night, and
said that he first heard Of the failure
only few hours before. 1t was
great surprise to him as he knew it
would be to the business community
generally. He estimated the liabilities
at S2,000,000, nearly all of
which would fall upon New York
City. Not dollar would be lost in
Chicago through the failure. The
firm has been considered thoroughly
reliable and its credit was excellent.
It's paper has been on the market
and was chiefly in the hands Of vari-
Gus New York bankers, upon whom
the loss would fall. The collapse
would also involve many salmon and
fruit canning establishments of the
Pacific coast and many of those con-
Germs would be unable to survive the
crash.
McGovern was the attorney as
well as local agent OF the Coleman
Company. and wound up its affairs
before they withdrew from this point.
He had seen some things that he did
not exactly like, but was not prepared
for any such outcome. He thought
the firm would be able to make good
showing towards a settlement. His
firm, he said, often had advanced
money to the San Francisco house, but
had taken goods. for every dollar of it,
& Co. have done business in Chicago
amounting to as much as $4,000, 900 a
year.
CREATED SURPRISE AT NEW YORK.
New York, May 8.-The failure Of
w. T. Coleman & Co. was a complete
surprise in this city, where the firm
was we'll and favorably known. The
representative of Dix & Phizbe, who
acted as brokers of the firm in the
East and negotiated their paper in
the East, said that he had distributed
lists of the paper OF the San Francisco
house among his clients as late as
Saturday, and yesterday kilograms
came in from various banks outside
of the city announcing the acceptance
of $40, 900 worth Of paper Of the Cole
man house. The notice of assign
ment, however, was received and
stopped nego iations. The paper OF
Coleman was considered A No. l, and
was held all over the Fast to the
amount Of about 100000.
STATEMENT OF ASSIGNEE sLoss.
SAN Francisco, May 8.-Louis
Sloss, one of the assignees of William
T. Coleman & Co., stated to-day
that Mr.. Coleman had informed him
he would furnish all the assignees
with complete and correct inventory
of the assets and liat lities as soon as
the clerks could perform the work. III
regard to the condition of the firms
affairs, Mr.. Sloss said everything
looked favorable. Mr.. Coleman In
formed him that he felt confident the
firm would be able to resume business
as soon as affairs were settled.
Manager Frank S. johnson said to-
night about the business of the firm
"Our affairs are in even better condi
ton than we thought. We know iha
our liabilities will fall short OF $2 600,
900, while our assets will. on til,
other hand, certainly exceed $4,000,
900. Things do not look at all blacl
for us yet"
HOW 1T AFFECTS ASTORIA.
ASTORIA, March 8.-W. 7. Colema