The morning call., 1893-09-15
A HEAVY FAILURE.
Moore & Smith Unable to
Settle.
ACCOUNTS UNCOLLECTED.
Creditors Will Be Merely Asked for
Extension of Time - Liabilities
5000, 900, Assets 100000

Moore & Smith, one of the oldest and
largest lumber firms in San Francisco.
| gave notice yesterday that they were un-
| able to meet their engagements. amount
ing to about 100000.
| The firm has called a meeting of cred.
itors for to-day. when an extension of time
will be asked for 10 enable it to collect
| outstanding accounts.
The failure is one Of the heaviest that
has occurred in San Francisco, and when
it became known on California street late
i in the day caused quite a sensation in
financial and business circles.
| The Kings River Lumber Company in
| Fresno County ana the Port Discovery
! Mill Company. which are both ineor-
pOrated with the parent institution of
Moore S Smith, are involved equally in
| the embarrassment
Until all the facts are made known at
the creditors meeting to-day complete in
formation regarding the company's affairs
| is withheld.
| 1t is known, however, that the total liza
/ bill ties 10 banks and Others amount TO q
| trlfie under 100000.
The principal creditors are: The Bank
| OF British Columbia, which stands in for
! 100000; Alfred Borel & Co, $780, 600 ;
| Bank OF California and others for various
/ amounts aggregatng the balance of the
/ S6OO.OO0 The greater part OF this is fully
| secured.
In addition to this there are large claims
against the company by individual stock
! holders, the largest of which is that of A
ID. Moore, the president.
The other principal stockholders are
Patrick a. Ducey, John Lynch, Charles a.
Moore, A. Grim and Z. P. Moore.
No of hn
more than large enough TO effectually
quiet any alarm on the part of the credi-
tors, amounting at conservative estimate
to fully 100000 This is represen ted by
the various properties and large lumber
stocks of the concern, outstanding ac-
counts. etc. The principal properties of
| the company are situated at Puget Sound
and in Fresno County. The Kings River
Lumber Company is the largest and best
paying branch of the corporation. This
IS situated at Sanger, in the San Joaquin
Valley, and rams two large sawmlllS
and three factories. Between the differ
ent properties the company gives EMPLOY
ment to from 400 10 600 men.
The original firm of Moore & Smith was
established In 1868, and steadily ptospered
and increased. until in 1888 the two other
companies, the Kings River Lumber Com
Dany and the Port Discovery Mill Com
pany were established and incorporated
with the old firm.
The founders of the original business
were A. ID. Moore and II. {. Smith. OF
the incorporated concern these two gentle
men hold the offices of president and vice
president respectively, while Charles A.
Moore Is secretary aud manager. The
company declares itself 10 be manufactur-
ers and dealers in Puget Sound pine, red
wood lumber and building materials.
This company is also interested largely
as stockholders in the San Francisco Lum-
Der Company, Grays Harbor Mill Com
pany and other concerns.
A. ID. Moore, the president. was seen by
CALL reporter last night, when he spoke
in a very easy and reassuring manner of
the position of his institution.
The company is In perfectly solvent
condition." he said, land there is not the
slightest reason for alarm. For every dol
lar owing we are worth three. Our assets
at the lowest calculation exceed two mil
lions, all made up of properties which
will never deDrecate in value.
''For the last two years business has
been falling off steadily, and the terrible
financial strngency of the last few months
has made il so difficult to collect large
sums owing all over the Pacific Coast
that we find it impossible to keep our en-
gagements.
at is difficult to keep paying out when
nothing is coming in, and we just ask our
creditors to wait little, while we get the
funds TO pay them.
81 cannot make public the detailed state
ment of affairs until the creditors have
been acquainted with all the facts.
81 do not anticipate the slightest diff
Guilty with the creditors, nor that there
will be any assessment. All that is want
ed is little time: when things will regu-
late themselves"