The San Francisco call., 1904-12-21
OLSON HOUSES
MEET DISASTER
Creditors Take Charge and
Prepare to Investigate
Their Financial Standing
DEBTS ARE $1O5. 900
Assets Consist of Stocks
of Goods and Leases in
This City and Oakland

Olson Bros, incorporated, of this
city and the Olson Company of San
Francisco and Oakland are in financial
trouble. The liabilities OF the two
concerns are about s105, 900, the assets
of unknown value. Henry Olson is
reported to have rated the assets at
100000, on the basis of stocks of
goods estimated at 100000. leases at
$4,000 and good will at $4,000. The
leading men in both concerns are
brothers.
The creditors seriously doubt the ac-
curacy of Henry Olson's valuation of
the assets Just what the difference
between the assets and liabilities IS
Will proba bly, not be determined in
less than a week or ten days. A meet
ing OF the creditors of both houses
was held yesterday and a committee
was appointed 10 investigate This
committee consists of +. A. Hilmer of
the firm OF Hilmer K Bredhoff; 1. L.
Brown of the City and County Bank;
George :. Wheaton OF Wheaton, Pond
x Harold; II. p. Capeli of Nj. j.
Brandenstein & Co. and r. McKinnon
OF the Union National Bank OF Oak
land.
The creditors had intimation some
days ago that there was trouble ahead.
The first meeting of the creditors was
held last Sunday. AT that time il was
understood that an Oakland grocery
man would agree to guarantee so
cents on the dollar OF the liabilities of
the Olsons and finance their business,
but this proposition was withdrawn.
Accordingly Henry Olson, the leading
man of the several Olson brothers,
1aA he araditnrc f-zllAA tnpPfhAr-
terday and appeared with his brothers
and Herbert Choynski, their attorney
The entire forenoon and much of the
afternoon was consumed. At the end
OF the proceedings Henry Olson mace
a statement for all the parties con-
cerned in the Olson Company and the
Olson Bros.
The substance of this was that some
six months or so ago his brothers, who
had been connected in business with
him, decided TO start for themselves
and they opened store in this city
or Market street. He assisted them
with loans. Business did not turn out
as we'll as the Olson brothers had ex-
pected and they were unable TO meet
bills as they fell due. The liabilities
outstanding OF the Olson Company are
$40. 900 and those of the Olson Bros.
about $55, 900 TO $4,000. Henry OIL
son claimed to have no connection
with Olson Bros. as a member of that
firm. which is incorporated.
The largest creditor of the Okon
Company is the Union National Bank
of Oakland. which loaned $4,000 to
the company. The City and County
Bank is concerned in the failure of the
Olsons to the amount of $4,000. Many
houses dealing in dairy products,
groceries. provisions. meat and general
market supplies are interested more
or less as creditors. Hilmer & Bred
hOff are creditors to the amount of
about $500, as reported. Among the
creditors are Dodge, Sweeney & Co..
who have a claim of $1,000; Pond,
Wheaton & Harold to the amount Of
$500: Harris Bros Of SpeNr street
To the reported amount OF $4,000; II.
y Tilden & Co. of 211 Sacramento
street. the amount not being stated.
Zellerbach & Sons and Haas Bros are
also in the list. 1t is reported and also
disputed that Henry Olson has held
5 per cent of the stock of Olson Bros.
This is denied by Henry Olson.
All the property of the Oisons was
turned over yesterday to F. A. Hilmer.
chairman of the creditors committee.
for the benefit of the creditors. This
consists principally of the stocks or
goods in the market at Gil Market
street and the stores at S31 Market
street and at Ninth and Washington
streets in Oakland. The leading men
in the Olson Company are Henry
Olson. president. and H. b. Hankin-
son. secretary. The principal stock
holders in Olson Bros. are n. P. Olson
and J. NJ. Olson. An inventory will be
taken as soon as possible, following
which the creditors committee will
call another meeting and make a
statement.
Speaking of the situation last night
Mr.. FIilrner said: The creditors be-
lieve in the Olson Company and are
indulgent. The company will come
out all right. because the trouble