The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1894-02-06
tightening Of the purse-strIngs by all bankers.

tightening Of the purse-strings by all bankers
caused money panic that quickly superin-
Ouced business panic of large dimensions.
The commercial failures of The year 1898 far
exceed la number and in magnitude those
OF any previous year of which ac-
curate records exist. The total numbers of
failures, commercial and manufacturing. on the
Paci1c Coast embracing the States of Califor-
MIA, Oregon and Washington, as per Dun's Re-
ports for 1898, were 1899 ;'assets. S7,46S,700
liabilities. So, 6SS, 500. The proportion of as
sets is greater than usual. being 90 per cent.
Throughout the country great Establishments
supposed TO have unlimited resources were
swept from their rock-rcoted foundations by
the rising tide of disaster. Innumerable small
concerns, whose capital was sufficient for Or
binary times and conditions, could not with
stand the strain OF so severe a financial panic
HonoTed names that for many years in busI-
ness circles had been synonyms for stability,
sagaciIy and conservatism were frequent on
the rolls of the bankrupt in the year 1888.
Assets which were not convertible to cash Ion
call' were no better than worthless paper in
settling the demands Of creditors, and many
wealthy men engaged In business realized in
1893 for the first time that "richeS have wings"
and suddenly fly away.
That the year 1893 mas been one of the most
tying years of recent times Is undoubted. IL
is a matter for cOneratulatiOn that in the
midst of a financial storm, such as prevailed
through six months OF the past year, the mem
bers OF this association, numbering 217, have,
on the whole, enjoyed exceptional immunity
from the disasters which swept from business
circles many corporations and individual
traders. That they have generally weathered
the storm reflects credit on the sound basis on
which they conducted their business and the
prudence and Integrity which characterize its
members.
There exists a belief in many quarters that
better times are not far of. and we share this.
We may have 10 draw a little further on our
stock OF patience, but fully expect an i'm.
provement within the next sixty days. Money
Is more plentiful and easy OF access, settle
ments of accounts have been effected without
undue friction. and public confidence Is on a
ii mel footing than at any time since the
financial disturbance OF last summer. One
marked cause for cOngratuiation at the present
time Is that the mercantile interests are bur-
dened with less volume Of debt than they
were at the beginning OF 1898.
The report of ex-Secretary 81. L. Smith
sho wed total membership February 1,
1894. of 217; admitted during the year. II
resigned and retired from business, 10:
ca in hands Of treasurer, $40, 1923 go.
Donations during the year included
California Miners Association, $1,000
legislation in Washington in the interest
of California creditors, 1927 so; entertain
ing Willamette Valley merchants, $3.50 10;
lost their lives in the fire at Ashbury
Heights, $500; donation to the Cali
fornia Midwinl or In teTnational exposition,
$4,000; donation to the North American
Navigation Company, $500.
The number Of embarrassed cases re-
| ported was I'll. amount OF llaOllltleS re-
| corded, Sc, 347. 495; cases actually settled
500. still pending 406; 721 dividends had
! been paid through The Office to creditors OF
estates, amounting to 1855. 1858 90.
The following was the boards classifi-
cation of failures: Agricultural nipple.
ments 2, bakery /, boots and shoes %
books and stationery s. butchers 2, cigars
and tobacco II, cloaks 4. clothing 81, coop
erage /. crockery /, dry goods 81, drugs
| Is. fancy goods 80. foundry 3. furnishing
goods 80, furniture and carpets II, genera
merchandise 219, groceries 179, gunsmitt
/. gloves 1, hardware %, harness and sad
dlery 8, hats and caps 5, hotels Z. jewelry
etc, Is, liquors 26, lumber l, millinery IL
manufacturer /, paints and oils 2, plumb
ing /. restaurant 3, rubber goods g stove:
and tinware IS. varieties 30; total III.
The report of Z. w. Newhall. treasurer
showed a fiourishing condition of tn.
finances. The balance on hand On Feb
ruary /, 1898. was S21.0S4 Al. the total re
ceipts during the year SAT. 1904 q and tn,
total disbursements S2676 35. leaving /;
balance on hand February l. 1894. o
500. 1928 90.
TIE nominating committee Isaac Up
ham, chairman) recommended the APP
pointment of Henry Payoi, 5. Nlckelsburl
and A. L. Scott to fill the vacancies In th
board of directors. 1t also reported tn
books correct and the officers and EN-
ployes worthy OF continued confidence. |