New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-12-09
sEorELs oF NE FAILURE.

IN, st the sole topic of conversation among those
engaged in the coffee trade. Following closely the
sudden death OF o. G. Kimball which Is believed at
least TO have hasteRed 1t, the failure
has resulted in the complete prostra-
ton Of the coffee market lt IS feared by
many that other firms may be so involved IN the
complications arising from these t"o events that
they will be unable TO survive the trial. No othef
failures in the trade were announced Yesterday, and
generally it was hoped that the se7erest cohse-
quences of the failure had been felt
No statement of the financial condition of 3. u.
Arnold & Co. has yet been prepared An inventory
of the assets of the firm is being taken
under the supervision of the assignee,
James Lawrence NcKeever but It is not
expected that il VIII be compile ed for several
DAYS general meeting of the creditors VIII then
be held but no date for this meeting can yet be
fixed. MI Arnold was at his Office yesterday. but
in reply TO .nquiries relative TO his ahurs stated
that he WAS not ip position to make puDhc paf'lc-
ulars of the failure. The belief Is general among
persons familiar with Mr.. Arnold and his business
affairs thar the OF the firm Will be more than
sufficient TO meet the liabilities Mr. Arnold ana
his friends are confident Of the ability of the firm to
nav all It's debts IN full and it is claimed by some
that a large surplus viii remain.
THE LIABILITIES IN EXCESS OF Sl,OOOO0O.
by those we'll informed If is estimated that they
vii considerably exceed 81. 100000 large part
Of the debts are secured by warehouse receipts and
the losses If any should be sustained. will be sui
fercd by the holders Of the trims mercantile paper.
The amount OF this paper which Is outstanding IS
believed not to be large and very little of appears
to be held in this city. Ii Is distributed IN small
lots among banks IN the Eastern States among
which il has been for many years a idvori,e pui-
chase
month or two ago a bank in this CITY received
an order from a country bank to buy 500 600 OF d.
G. Arnold Il Co.'s paper if 1t could be ought at not
less than per cent But short time before the
director OF The city bank instructed itr officers 10
buy SO, 600 Of 1t when II could be- bought at that
rate. In seeking 70 ill me order of its country
CORES ondents the bank secured Just $4,000 Of
the paper at the desired rate but 1t divided II, and
keeping one-haif itself sent me remaining $4,000
10 the eastern bank The paper has NOT matured,
and the officers Of the city bank are contemplating
letter TO heir correspondent II apology for their
rudene.s and offer hold the paper FOR the account
of the eastern bank.
The greatest difficulty that IS likely to be met In
settling the liza IS of the suspended hrm Is believed
10 be the adjustment of IT'S relations with o. g.
Kimball 4 Co.. OF Boston. The death of MIR. KIM
ball who had business partner, s likely to result
In long delays the settlement OF his business anG
especially Of the transactions on the joint accounts
OF B. c. Arnold & Co., aud of Bowie Dash " Co. Ii
is understood that in the course bis visit TO this
city last week MIR. Kmball sought to secure further
assistance from some of his largest creditors. Ar
rancements were completed which, 1t WAS believed,
would enable him to meet his own engagements and
AT the same time protect tine interests
OF his creditors. his unexpected death, how
ever pnt summary end to these
expectations and led 10 an application by those who
had made large advances 10 nina for an injunction
restraining his associates IN the coffee syndicate
and others who held properly or his account IRON
disposing of the control of il. The immediate re-
suit of the granting Of this application VIII be
delay IN selling the merchandise held on JOINT ac-
eouot OF the three houses. 1t probable that other
Legal delays will be put in the way OF an early set
Element OF the transactions Of Mr. klmDalPs asso-
cates
On the Joint application of Kdder. Peabody d
Co., of Boston, Russell Sturges James Hodgson and
Barring Brothers & Co.. an injunction was granted
by Judge Daniels, Of the Supreme Court, yeSter-
day against b. G. Arnold & Co., Bowie Dash & Co.,
the National Bank of NewYork, and certain ware
housemea. restraining them from selling the prop
ertv IN their possession delivered to them by o. G..
Kimbau q Co.. or by their agents. The plaintiffs
gave bonds in the sum of $4,000. The store
keepers against whom the injunction was granted
are Elliott f. Drugs. No. 113 Water-st.; Bartlett
& Greene. No. 1O6 Wall-st.: Martin a Fay, No 81
Warer-st: Crossman Lyons d Sons, William Styles,
and John NOakes.
EFFECT OF THE SUSPENSION.
The effect of these complications on the coffee
market has been TO throw it into condition OF
complete sraguation The demand Is small. except
at lower values. and prices of " far Rio coffee de-
clned yesterday to II and l214 cents. By the re-
cent failures in the trade q large amount of coffee
IL held IN suspense the market. That owned
by e. Risey * Co, at the time OF their failure has
not been sold. The amount IL said u be equiv alen
to about 30 600 bags. and in addition. the amount
held by the members Of the syndicate, which VIII
be thrown Oh the market by the death OF Mr. klm-
ball aud the failure of b. G. Arnold Il Coz
Is estimated 10 be equal 10 nearly 5O,OOO
;baOs I'm the uncertainty attending the future
ronrse of the market IN consequence or THESE events
prices are SAID 10 DC unsettled and nearly nominal
A prominent dealer SAID yesterday. however. that
fbe worst had been passed that these results had
been alre ady " discounted" anc that prices were
likely now 90 advance from natural influences.
The demand from country dealers IL stld 10 Dc III
proyluR and the stock IN the hands OF distributors
sTe known 70 De small. =,
: ne assigprn ent TO J. Lawrence Mckeever was
fla ia tbe County Clerks Office yesterday. Prefer
snces are gwen to creditors whose CLAIMS are speci-
fed 10 the amount Of S2l5,312 81 The rent OF the
store now occupied by che firm. Tor such length oil
time as lt may be needed 20 protest the property
assigned and the pay OF clerks ana eulPlofes are
u,a.ie pferred debts The deed 1T trust pro-
yIdes that other creditors Oh transactions similar 10
those named in the instrument shall be entitled 10
payment as If their claims had been specified IN the
sc6eduie The preferred creditors, whose names are
gwen. and the amount OF their ciaimS are as loi-
lows
% -, r uoC,llocb A Co ..... 1924 OF
49, ts.o ~ ~ ~, ....... 2456O 80
80, t.''.h..s A. ~ ....... 1865 20
xrlo',.,t.r, T-ahau A. On ....... 5.474 90
$500 49, a.. ~ 40 - Erancisco .. 81 .6s7 81
- $3.50 n ---......... $500 90
1,es,y1s Stara. 4, "a ..... 53,357 II
wr,Jnf Hro,Tn g ~, .... s,s74 %
Total .S2I 5,3l2 "a
Excepting the debt 10 Mrs. Perry, OF Brooklyn
YhicE Is balance due her on deposits WIN
The firm. these liabilities are for advances
on imported merchandise. These importatons
are specified on the bills OF ladng az
follows: c. McCulloch Beecher 81 Co.. 1000 bags
of coffee by steamship Alpers and 1000 bags oy
I.a..cLL. RLnLa Rruthar. A an.uts of the