The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1888-05-09

1t Was Caused by m Immediate Demand for
Large Sum-No Outside Speculation.
SAN Francisco, May S-Wm. T. Coleman, in
an interview regarding the assignment of his
firm yesterday, said II needed $500. 600 to meet
obligations in New York due within few days.
and could not raise the amount without making
promises and assuming obligations that 1 saw
no probability of meeting" Mr.. Coleman stated
positively that the failure was not duo TO outside
speculation.
CHICAGO. May s.-W. T. Coleman & Co. have
had agency in sither Chicago New York
aimee JAM !, their business in both cities having
passed into the hands of Dslaield. Morgan,
Kissen g. Co., Of which firm T. B. McGovern.
the former Chicago agent Of Coleman & Co., is
member. Mr.. McGovern was seen at his
house by reporter. and said that he first heard
Of che failure few hours before 1t was as great
. surprise to him, as he knew it would be to the
business community generally. He estimated the
liabilities at 81, 00O. 600, nearly all of which
would fall upon New York city. Not dollar
The firm bad been Considered thoroughly re.
liable and its credit was excellent It's paper
had been on the market and was chiefly in the
hands OF various New York banks, upon whom
the loss would fall The collapse would also in
msnts of the Pacific coast, and many of those
concerns would be unable to survive the crash.
Mr.. McGovern was the attorney we'll as the
local agent of the Coleman company, and wound
up its affairs before they withdrew from this
point He hadSSesn 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 toward a settlement. Mr.
Coleman. be said, was wealthy man. He Was
a large Pacific coast landowner, besides being
extensively interested 10 other enterprises. His
firm. he said, had often advanced money to the
San Francisco house, but he was good for every
dollar of 1t and would not lose cent. Coleman
q Co. have done business in Chicago amounting
to as much as $500. 900 year.
NEW YORK, May 8-The failure Of the big
commercial house of w. T. Coleman e. Co.. Of
San Francisco, was complete surprise in this
city. where the firm was well and favorably
known. The amount Of the surprise is shown
by . statement made at the Office of Dix e Pyle,
the pape. in the East One of the representa-
tives OF this firm said that he had distributed
lists of paper of the San Francisco house among
his clients as late as Saturday, and yesterday
kilograms from various banks outside the city
announced the acceptance of SAC, 900 Of the paper
OF the Coleman house. The notice of the as
signment, however, was received. and stopped
the negotiations The paper Of w. T. Coleman
& Co. was considered A l. and was held in the
East from Baltimore in the South, Buffalo on
the west to Boston on the east-to the amount
of about 5000. 900
The liabilities are about g. 900, 900 and nom
inal assets g. 500 000 one-haf of which is repre-
sented in borax properties. The firm was the
largest producers of borax in the world and
owned l3 600 acres of borax land in San Ber-
nardino and in Inyora Counties California
They also owned several thousand acres of land
ir San Rafael county. William T. Coleman,
the senior partner, was supposed to be worth
81, 600, 900. The firm is composed Of W. T. Cole
man. Frank l.. Johnson and Carlton G. Cole
man.