The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1897-05-12
The Firm Of Williams, Brown 4 Co. in
Financial Difficulties.
Liabilities Said to be About Six Hun
bred Thousand Dollars,
But the Assets Believed to be Suffi-
cient to Meet All Obligations-Was
One of the Largest and Best Known
Wholesale Shipping and Commits
sion Firms at the Bay City.

SAN FRANCISCO, May 1.-THE
well-established firm of Williams,
Brown & Co., wholesale shipping and
commission merchants, is in financial
difficulties. It's liabilities are said to
be about S600,0O0 but its assets are be-
Iieved to be sufficient to meet most of
its obligations. If the creditors will
grant an extension of time the firm
hopes to resume business.
For the past eight years the firm has
been recognized as one of the most ac
tive houses in the Australian import
trade. In the salmon canning bust
ness Williams, Brown & Co. were the
hackers of enterprises of immense pro-
portions. In handling the Alaska fish
output they conducted operations that
annually represented from 100000 to
200, 900 cases of salmon, and in their
export grain trade to Australia their
shipments in a season often amounted to
from thirty-five to forty cargOes. Since
December the concern has loaded seven
vessels for the Antipodes, whose joint
cargoes are value at $500, 600.
The direct cause of the failure of the
firm is said to have been the failure of
Australian consignees to meet bills
drawn against them for shipments of
grain. A great deal of money was lost
by the firm in it's fruit operations in the
Fresno market and in the Columbia
River canneries. in which they were
interested. Last year they We're large
packers of salmon, which cost from
81 80 to 81 80 per dozen tins. The
stock was carried over for this years
oil hon Of ba
son the market opened at a price of
about 81 % per dozen tins.
The creditors of the firm are nu-
merous in this city, but among the
institutions of prominence here which
are known to have been financially in
terested are the Bank of California the
London, Paris and American Bank, the
French Bank and the Cracker Wool
worth Banking Company.
The personnel of the firm had much
to with his high financial standing. It
was originally composed of William
Brown, son of Thomas Brown, the
cashier of the Bank of California, and
Henry A. Williams, son of Henry F.
Williams, the well-known banker and
President of the California Safe Depos-
it 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 ago Henry A
Williams left this city for Australia on
the steamer Alameda for the purpose
of consulting with Falk & Co, the
Australian representatives of the
house, about the business of the firm
Mr.. Williams was to leave Sydney on
his return to San Francisco on Nav
10th, but no word as to that has been
received.
The creditors of the insolvent firm
of Williams, Brown q Co. have ap-
pointed a committee of four to in
vestigate and make statement of the
business of the firm. The committee
will make its report in ten days. 1t is
the general opinion of the creditors
that the firms assets will more than
cover the liabilities, and some believe
that $4,000 would have seen the firm
through. A few of the creditors are of
the opinion that Mr.. Thane the man
ager, acted too hastily in bringing the
business of the firm to a crisis, but
Mr.. Thane is of a different opinion. and
says tndl the creditors 90 not under
stand the situation.
The business of the firm has been
bad for several years. said he. land
Mr.. Williams knew the state of affairs
when he left for Australia on March
18th. | have only been with the firm
three years, and l will not be made the
scapegoat in this affair Most of the
firms losses We're occasioned by our
Eastern business in canned salmon,
raisins and dried fruits. Our Austral-
ian business has always been profita-
ble.''
From statement prepared by one
of the creditors, the following is de-
duced: Assets $50, 10o, liabilities S191.-
$50. Mr.. Thane says this statement is
not correct, and that matters are in a
much worse state than the ohove fig