The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1888-05-11
FAILURE IN FRISCO.

The Great Commission House of william
L. Coleman s Co. Assigns, with Liabil-
tiles of S2,000,0O0 = Cause of the Col
lapse.
SAN FRANCISCO, May S-The assignment
of the old established commission house of
William I. Coleman & Co. yesterday caused
big sensation among merchants. A cir
cular issued by the firm declares that press
ing demands for money forced them to sus-
pend in order to save the creditors, and that
the liabilities of S2,000000 are covered by
assets of $4,0O0,000. One of the causes of
the failure is given as an investment
of s., 600 900 in borax works which they had
negotiated to SELL but the sale of which
was spoiled by the proposal tot put borax on
the free list. The assignment was made to
L. L. Baker, of Baker & Hamilton, agri.
cultural implement makers, and Louis
Sloss, president of the Alaska Commercial
Company. The firm declare they can
pay 100 cents ON the dollar If
they are given little time. The causes of
the failure will De deeper than given in this
circular. During the last five years the
firm has branched out and tried to control
the trade in dried fruits, nuts, salmon and
borax Coleman retired from active
management several years ago and
the business had been run by Frank
johnson, young man of Ferdinand
Wards stripe, who INDUCED in large spec
ulation. He had so much success that he
believed his luck could not turn, but last
year he lost heavily in fruit and salmon.
Experts place his losses in the big salmon
corner that he engineered at 100000 The
borax speculation would have been good
| one if the firm had larger capital, butevery-
thing put in was dead money and when
they tried to realize they failed. The finish
ishing blow was given to the firm by the
Nevada Bank, which held call loan for a
large amount and in pursuance of the re
cent policy demanded immediate settle
ment. The demand was met, and the as
signment took place. OF Coleman's personal
integrity no one has any doubt, but his
friends say he has been to blame in allow
ing others to manage the speculative bust
ness under credit given by his name. Cole
man would never accept a public Office
/ from the Democratic party, to which he be-
longed, and the only position he ever held
was leader of the vigilantss that hanged
the murderer of Editor King and
cleared this city Of ruffians and ballot
box suffers in the early days. Last year
Dana, Of the New York San, proposed Cole
man as candidate for the Presidency,
and devoted many articles to the subject.
Coleman is still in the prime of life and is
q large man of fine presence. He has given
up his costly residence, but his wife has
large fortune in her own right.
The banks mentioned as creditors are the
Bank of California, the Bank of British Co
lumbia, the Nevada Bank and the Bank of
British North America. The firm is in
debted to the Bank of California TO tho
amount of $190,000 of which $4,000 is.
secured. 1t is estimated that the firm
owes the Bank of British Columbia
500, 900, the Nevada Bank $4,000 and the
Bank of British North America 100000. 1t
is said that of the whole amount of Cole
man &c Co.'s Indebtedness one-half is in
this State and the other half in the East,
the greater part of the latter being held by
New England banks.
The founding of the firm of William T.
Coleman dates back to 1S49. Since that
time the house has taken the foremost
place in the business interests of the
coast. 1t has agencies in Astoria, Ore,
New York, Chicago and London. 1t
also acts as the agent for large
number of manufacturing and producing
establishments, and for the principal sal
mon canneries of the Paci1.O coast The
shipping department is the agent for sew
eral lines of clippers to and from Australia,
China and other ports The business of the
firm is said to amount to Sl4,0OO,000.