The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1895-12-27
The Result of a Stagnant Mar
ket and Investing in Real
Estate.
TROUBLED BY THE WAR SCARE.
With Assets Double Their Liabilities
the Firm Is Unable to Realize
Speedily.

Porter Bros & Co. of 315 Davis street will
not open their doors to-day.
This morning note will be sent to the
creditors of the firm calling for meeting
in order that an extension of time NAV be
obtained. This meeting will be held at
the office of Chickering, Thomas & Greg
Dry, 206 Sansome street, at 10 o'clock on
Saturday morning. No trouble is antici-
pated in getting the desired extension of
! time, as the firm declares that its assets
will be at least double its liabilities
The liabilities, it is thought, will not ex-
coed $4,000. They may not be more than
| $4,000. Some of the larger accounts are
soon to become due and to meet them
would cause too great a sacrifice in the
present congested state of the dried fruit
market.
This and the fact that the firm has been
improving fruit farms in Fresno and Santa
Clara are given as the causes of their &C
tons by D. H. Porter.
~ saw a haif-dozen of our lie aiding cred
itors this afternoon after banking no urs,
he said. They were very m UGH surprised
when | told them the step we were about
to take, as the credit OF our house has never
before been questioned. When | explained
the situation they all said they would
agree to the extension of time gladly.
at is merely that we have not been able
to realize on stock we have on hand. We
have a splendid fruit ranch of 1867 acres
near Fresno and an 86-acre prune orchard
near San Jose. We have put large sums
into these, and they will not make us a
return till next year. These ranches have
used much of cur ready money.
Then, 100, we have branches al Fresno
and Fowler in Fresno County, Ammonia
I 7
packing houses at Fresno and Ammonia we
own. At all these places and in San Fran
cisco we purchased largely and, of course,
/ anticipated unloading largely during the
/ last two weeks OF December at good profits.
The war scare has created a decided
! furry in the financial world. This af-
! fected the dred-fruit market. In fact. abb
/ solutely nothing has been done in our line
Of business; there has been 10 mo vement
at all during the last ten days.
| Even ii we were forced to sell our stock
at once to meet obligations now becoming
due, we would be able to pay dollar for dol
lar. This would entail q sacrifice on us.
The dumping OF the great quantity OF
| goods we carry on the market would also
be a heavy blow 20 the prices of dried fruit.
/ LAS every one knows, acre property is
not selling. There is no demand tor it
even when it is planted to crops that in
! sure large incomes AT forced sale there
fore, we would not get a portion Of the
sums we have put into our two places, both
| of which will Weld handsome profits in
1856.
"Thesa facts, feel sure, will assure us
every consideration from our creditors. As
| / have said we could pay them dollar for
dollar tomorrow. Our stock alone more
than covers our liabilities. But we would
be forced to lose the profits accruing from
| eighteen years labor, close attention to
business and unvarying integrity"
Porter Bros. & Go. is one of the best
known commission and merchandising
| houses in the City. 1t consists of D. H
and A. w Porter. They are not connected
in any way with Porter Bros, the green
fruit shippers, the members of the firm not
being related. Porter BrQs. & Co. is essen
TALLY State concern, having no branches
outside Of California.
The firm started nineteen years ago as
Porter Brothers & Wing. 1t was then in
the retail and commission business. A
year later Mr.. Wing was bought out, The
firm then became Porter Brothers & Co.
1t has gradually extended its lines of
| business and has steadily grown in
! influence and credit.
At Fresno, Fowler and Armona, the firm
is largely interested in packing raisins.
! Some of these goods are bought outright
More are packed and sold on commission.
Large advances were made during the
last year to growers. A slump IL the mar
ket some forty days ago forced sales at
prices which mean that many of the grow
ers are in debt to the firm for overad-
vances.
In Los Angeles the firm handles raisins,
dried fruit, nuts and honey. During the
past year, according to Mr. Porter, the
firm has transacted business amounting to
at least 81, 100000.
In Fresno alone the firm packed from
10 of of &bac
have been disposed Of.
a member OF large produce-house was
seen last night, and said he had no doubt
the creditors would grant the extension
of time requested. He was one of the
creditors, he said, and he was sure that his
money was safe, and he would not wish to
do anything that might endanger the Sc
curity of Porter Bros. 81 Co.
1t is not known how long an extension