The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1899-06-04

Failure On the part Of the promoters u
the big cracker combine. which was TO
have Included every factory Of consequence
on the Pacific coast. 10 f1oAs their securi-
ties IN New York. caused the Collapse Of
An enterprise which Was heralded an a sure
winner By the men interested In its pro-
motion.
The failure Of the deal was exclusively
told Ia Fridays Post In;eiligencer. A, tina;
time only the meager fac; that the final
payments on the purchase price OF the fac
tories involved has not been made In San
Francisco WAS all tina: WAS known here OF
the matter.
A. Brookes. q heavy stakeholder in the
Portland Cracker Company, and who has
charge Of thai company's business In Seat
tie. has received further news OF the fall
ure OF the enterprise. Mr. Brookes says
that IL was want OF capital that broke up
the enterprise al a time when II seemed
that its success WAS assured. Mr.. Brookes
also said that IN his opinion the factory
owners on the Pacific coast would rigidsy
scrutinixe any deal for the consolidation OF
the factories hereafter.
There was no little giee among the en-
pioyes OF the Seattle factories and branch
establishments Of outside factories IA the
city when it became known that the big
deal was OF. There was a prospect all
men employed in the industry. Even the
operatives OF the Seattle Candy and Crack
or Company felt ;imsd and apprchensive
over the outlook for there vas no certainty
that the promise CT the promoters Of the
new company to operate the Seattle fac
tory would be made good. 1t was fore
gone conclusion that some OF the agencies
would be abolished In this city.
The first iniimation that came Of the pos
sh.lity OF a failure on the par, OF the pro-
moters Of the combination TO meet their
obligations appeared in an advertisement
that was inserted in the newspapers call
ing for public subscriptions 10 the stock Of
the new concern. 1t had been generally
understood that the men who were man
aging the consolidation had ample means
at their command to carry out any under
taking In which they might become inter
ested 1t developed later. however, that
the promoters OF the trust depended upon
selling their securities in Wall street
These. for some reason. did not sell rapid
~, and as a last resor; the combine pro-
meters. after securing an extension of time
from the factory owners. made an effort to
dispose Of the stock and bonds Of the con-
Germ or the Pacific coast.
A wholesale grocer who knows all the ms
and outs OF the deal remarked yesterday
that In his opinion Wall street had become
weary OF industrials. owing to the food or
trust deals that had been promulgated In
the East. and that the New York brokers
and investors turned the Pacific coast
cracker trust down.
We are too Tar away, anyway, he said.
Wall street Is not Just now particularly
fond of Industrial trust securities at best.
and the properties OF the Coast cracker
combine being remote from the East, IL had
little show. That's the secret Of the fail
ure OF the promoters TO dispose OF their
paper in New York"
The factory owners do not believe there
will be a war OF prices as a result Of tae
failure OF the combine. This 10 no guaran-
tee. however, that there win be no clash.
The indications are all the other way.
When II seemed like there was no chance
OF the deal failing through. prices were
advanced 10 the retailer. WAC was deprived
OF his usual discount from the schedule OF
prices OF course there was a kick among
the retailers. but the joobers were pleased
At any tine confic. OF prices may be
precipitated by some too eager manufac-
turer who wishes 20 Increase his sales 10
the retail trade.