The herald., 1897-05-12
Can't Be Used for Present
Needs
PRICES or PACKED SALMON
HAVE FALLEN SINCE THE SEA-
SON CLOSED
Brown q Co., Salmon Pack
ers and Commission Merchants,
in Financial Deep Water


SAN FRANCISCO. May 1.-THE old
established firm OF Williams. Brown q
Co., wholesale shipping and commission
merchants, is In financial difficulties. Its
liabilities are said to be about $6Ooooo'
but its assets are believed to be sumcient
to meet most of its obligations II the
creditors will grant an extension or time
the firm hopes to resume business.
For the past eight years the firm has
been recognised as one of the most ac-
tive houses in the Australian import
trade. In the salmon canning business
Williams, Brown & Co. were the hackers
of enterprises of immense proportions.
In handling the Alaska fish output they
conducted operations that annually rep
resented from 150 900 to 100000 cases OF
salmon, and in their export grain trade
to Australia their shipments In season
often amounted to from thirty-hve TO
forty cargoes. Since December the
concern has loaded seven vessels Tor the
Antipodes whose joint cargoes are val
ued at half million dollars.
The direct cause of the failure of the
firm is said to have been the failure of
Australian cosignees to meet bills drawn
against them for shipments Of grain.
A great deal of money was lost by the
firm in its fruit operations in the Fresno
market and in the Columbia river can
neries in which they were interested.
Last year they were large packers of sal
,ot, fv.nv
dozen tins Much Of this stock was car
ried over for this years sales and at the
beginning of the season the market
opened at price of about $1.O5 per dozen
tins
The creditors Of the firm are numerous
in this city, and among the institutions
of prominence here which are known to
have been financially interested are the
Bank Of California, the London, Paris
and American bank, the French bank,
and Crocker- Woolworth banking COM
pany.
The personnel of the firm had much to
DO with it's high financial standing. 1t
was originally composed of William
Grown, son of Thomas Brown, the cash.
ier of the Bank of California, and Henry
A. Williams, son of Henry F. Williams.
the we'll known banker and president of
the California Safe Deposit company.
William Brown died about two years
ago, and his share in the business was
bought over by Henry A. Williams. who
is now the only member of the firm.
About two months Henry A. Williams
left this city for Australia on the steamer
Alameda for the purpose of consulting
with Falk & Co., the Australian repre-
sentatives of the house, about the firm y
business. Mr.. Williams was to leave
Sydney on his return to San Francisco
on May 10th, but no word as to that has
been received.
The creditors of the insolvent firm of
Williams, Brown & Co. have appointed
a committee of four to investigate and
make a statement of the business Of the
firm. The committee will make its re-
port in ten days. 1t is the general opin-
ion of the creditors that the FIRMS assets
will more than cover the liabilities, and
some believe that $50, 900 would have seen
the firm through. A few of the creditors
are Of the opinion that Mr.. Thane, the
manager, acted too hastily in bringing
the business of the firm to a crisis, but
Mr.. Thane is of different opinion, an
says that the creditors do not understand
the situation.
THE business of the firm has been bad
for several years" said he, land Mr.. WILL
Jams knew the state of affairs when he
left for Australia on March II. I have
only been with the firm three years, and
] will not be made the scape goat in this
affair. Most Of the firms loses were oc-
casioned by our eastern business in
canned salmon, ralsins and dried fruits
Our Australian business has always been
profitable"
From statement prepared by one Of
the creditors the following Ia deduced:
Assets. s23O,105; liabilities $191, ,O5O.
Mr.. Thane says this statement is not
correct, and that matters are In 2 much
worse state than the above figures show.