The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1893-12-28

/: p 'sDrexIer, 419 California St..... 10000 90
. Paefc Rolling ,nflls.. -..... l2,9O4 OF
Rtnt0n Coal Company. 4,274 rs
: G.aI. jossefyn a Co .:............. 1877 SO
Oregon E6al and y avigation Company. $50 90
20 YGifE IS TOWN Bridge Company 2.l53 80
Gd5s Gsto Lu Der Company company soSS 70
r. A.fer!y. 594 90
. :I9lrf a. R6e6iing's sons................ $40 So
'Iabhs toFdage w orks................... 229 80
:. s. thern Oregon ompany.............. $50 80
: w, NJ Montague Il Co.............,...., 577 IS
Atlas Iron WORKS .....,..,,,....,. $40 IA
: California saw Works $40 90
-: Besides the above there are sixty-six
city firms whose claims range from 81 to
$500 aud stXty-tve employees 10 whom one
!. mouth swages are due, ine total sum due
= TO workmen being about $4,000.
: "A notice was mailed yesterday to every
creditor, calling meeting to be held at
, the office of the Sheriff next Thursday.
danuary 4, for the purpose OF choosing
j.: one or more creditors as permanent as
slgnees
. - IN 1887 the COM pany was embarrassed
and took action like that Of yesterday. 1t
NHQpked Its way out, and proved the man.
I. egenQen not only to be honest and INTEL
? Igene, but.energetic. In view OF this good
record and the present embarrassment
:" being due to circumstances over which the
= Company did. not have control, it is be-
f1eved that the creditors will do whatever
:: IltsI in their power TO permit the company
TO: comp ete contracts on hand.
:: :SFhe San francisco Bridge Company is
:. engaged IN public and private works at
. yaFlons places on the Pacific Coast and in
the::aEast. The principal work in San
: Francisco is the foundation for the new
Unfon depot at the foot of Market street.
:. Ii has an enviable record for the honesE
napner in which all work is done.
asked TO give statement of the causes
. of the present embarrassment, Mr.. Nc
III ellen, president of the company. said to
"a CALL reporter:
IT he causes which led up to the failure
:: are numerous. In the first place we met
:, with number of unavoidable setbacks
within the past few years which have
weighed so heavily on the company that
. we considered an assignment for the ben
= eft of our creditors the proper step.
.:,FT he total liabilities of the company,
: large portion of which is secured by col
lateral, amount to S236.000, while the
assets probably exceed 100000, leaving
SD rplus of over quarter of a million dol
lars. From this statement you can plainly
see.that we have abundant resources with
which to meet the liabilities, but no ready
cash to take them up as they mature.
~" I'VE bad a contract with the Central IT.
rigaton District of COlusa County, which
amounted to $780,, 600. The terms of the
contract called for cash, but owing to the
failure ON the part of the canal company
TO dispose of its securities, we were unable
tQget even the first payment, which fell
due.when the work was half completed.
"A Eve had purchased an expensive dredg-
iugplant especially for that work it would
have resulted in a great loss to US if We
had discontinued, as the contract would
have been declared void. However, we
were offered in payment bonds of the
Colusa company, which bear per cent
interest," although not salable at the
present time.
stThe bridge company has also ex-
tended its hydraulic dredging business
within the past two years, for which We
have acquired plant valued al S125. 900.
t.iVe have number Of extensive con-
tracts on hand being worked at the pres
emit time, which will necessarily be sus-
pended for the present or until arrange
meEts can be made with our creditors for
their continuance. One Of these is with
the United States Govern ment for dredg-
ing the Potomac River at Washington, the
amount of which is $4,000. Another is
for dredging the st. Johns River. which
flows through Jacksonville, Fla, amount
ing TO $4,000. Several other contracts
for. bridging and dredging work are also
betHg worked. aggregatlng $4,000.
:: with reference to our contract with
the Harbor Commissioners for construct
ing the new ferry building foundation, /
may safely say that the work will be con-
tfuued within a few days, although some
delay will result from the washing ashore
of our immense log raft which was being
toWed down the coast from Coos Bay. The
wreck entailed considerable loss TO us and
will necessitate no small expense in put
ting if together, if that is at all possible.
''All we desire is an extension Of time
from our creditors and | feel certain that
every cent, with interest. will be paid as
soon as our resources can be realized
upon"
James J. Keegan, secretary of the State
9 Board Of Harbor Commissioners, is conf
dent that the assignment of the bridge
company will in no way interfere with the
work # constructing the foundation Tor
THE ferry building for which they have the
contract. The company. Is under Sl59.-
: COO bonds for The completion OF the work.
Inc sufeties being men Oh good stahoiDg
aud perfectly reliable.
- ne Harbor Commissioners VIII meet TO-
Gay, when the matter Will Do Drought up
:: for discussion.
:; Mr. sKeegan is of the opinion that the
pQndSmen Will complete The WORK OF con.
suucllon 10 case the bridge company iail
1870 so without any trouble, although tne
2: patleI, may Involve considerable delay In
:. case II parties do not agree.
e.: a iFeady there has been $4,000 worth of
: &9rk zone on The contract 1t would nave
:; peen much more if it were not for num-
E bef of: unaRoidable DELAYS.
-. - / ne large raft which was washed ashore
>soII: The coasi of Humboldt County was
:. valued at $4,000. There were $500 logs
!: 99leet*Ions composing the raft, worth In
pan: FRA nclscO 10 cents per foot
=: - ne san francisco Bridge Company was
:: oIg altzed: IN 1879 with capital stock of
!. IS :239 $50: John MeMullen is the principal
65:ocE 3 older. Other large owners of stock
!: arr e.. ~: Colt and Herman Krusi.
-. IS -------------------
.:TIfe Eruif-GroyUars