New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-12-14
EFFECTS OF THE COFFEE FAILURE.
CONDITION OF THE FIRMS SUSPENDED.

CONDITION OF THE FIRMS SUSPENDED.
STATEMENT OF Il. G. ARNOLD # CO. COMPLETED
CHARGES AG INST BOWIE DASH CO.-sTATE
o. The MARKET.
The statement of b. G.. Arnold 81 Co.'S financial
condition. which has been in preparation for nearly
A week was virtually completed yesterday. Ii Will
not be made public, however, untll II has been eX-
ahmed carefully by the members of the firm. y
meeting OF the creditors will then be called, and the
statement Will be submitted to them.
The statement of Bowie Dash q Co. has not been
preparrd and although II Is III active progress II Is
doubtful if It Will be completed before the last OF
the week In regard 10 the affairs of the firm its
counsel Isaac +. Martin, stated yesterday that the
liabilities which lie first reported were somewhat
EXAGGERATED and would not amount 10 more than
81 poe. 900. Tie statement which was being pre-
pared wonlj show. IN addition To decreased liablll-
Ties additional assets above those first reported
The German Bank of London tlimted and the
English Bank of Rio Janelro limited, through
Charles NJ. Fry, their NcW-NOrk agent and CORE
spondcnt, have obtained ATTACHMENTS from Judge
Donohue, of the supreme Court. against Bowie
Dash * Co.. the ground that the firm alleged,
refused to pay over certain money collected 10y j,
that the par ncIs have DISPOSED of the money TO
persons unknown to the plaintiff, ard have
threatened to dispose of the rest OF their
PROPERTY to unsecured creditor, with
intent to defTaTd the plaintiffs g., who
the English Bank of Rio JaneTO IS for Tlo,1G0 Mr..
Fry in his affidavit, as agent Of the English BANK
Rio JaneirO, alleges that on November bis OF
exchange were drawn for the account OF Bowie
Dash N Go. to the amount o. q, 105 6s., on which
the firm PAID $4,000, IS. 3D., leaving over &l.O0O
now due and unpaid. 10 secure the payment OF the
bills of exchange the firm pledged the bank 1000
bags of coffee which were IN possession OF the dc-
pouent rs agent of the bank; that on November i
The deponeut delivered the coffee TO tie rn on an
agreement or trust receipt, winch provided
that Bowie Dash ~ Co. would hold the
coffee on storage as the property OF the
bank, with liberty TO sell and to account
for the proceeds TO Mr Fry, un,ll all the bills of cX
change drawn for the firm Oh account OF the BANK
should be paid satisfactorily provided for, the m
tent finn n
preserve unimpaircd the lien of the bank on the
pToperty that III an interview on december be-
tween he depOnent and Mr.. Dash the latter stated
that his firm had sold the coffee described IN the
trust receipt and had received the proceeds ainouni-
Ing to more than $1,000; that the depOn"n
demanded payment IRON the nrm oil
the E1O00, IN accordance with the terms
aud conditions of the agreement, which was
| refused; that the partners have disposed OF
Che proceeds for tnc purposes Of their business and
to persons unknown 10 the bank, and III violation
OF the terms of the agreement, and threaten to
! GiStlhuC the rest OF tuer property To unscCnieu
| creditors pro rata.
MI Fry. IN his aft layit az aren't of the German
| Bank OF London, makes similar allegations, TIE
| mlis of exchange being drawn on November ! TOR
! $4,000 against which 4 SO bags of coffee were
pledged and delivered between October 1o ana No
vembrr and OF this sum no part has b.cn paid.
The coffee market WAS greatly depressed Yestcr-
| day. aid although prices were almost nominal q
! further decline of 4 cent on Rio was believed
fairly 10 represent the market. prominent biRkef
SAID that Wnc he could not sell Tor more than u
cents he could not buy at less than II cents. Ac-
| cprdlng to the weekly statement of William scott
| * sons, the arrivals of Brazil cotiees
| for the week ended last night were
l2,795 bags. and the sales 1882 bags:
The stock in first hands is stated to be l3s l II
bags. aud the total 81 ,ck in Ncw-York III first and
| second hands 2J3G33 bags. The total visible sup
ply to-day is 600, 070 bags against G5I.323 Decen-
| Dor T. The deliveries from warehouse have Dee
| for the week: At Baltimore, 1925 ANA AT New
| York 81 800 ba2s, making the total deliveries Ton
| the week 1860 AGAINST 1851 last week. The
market is quoted dull at II c"nts for far.
OF the stock OF Brazil coffee III this market, II II
| estimated that AT least 60 900 bags have been
tied up" by the recent failures, and by some The
| amount is believed 10 he nuctf larger