The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1880-12-12

ANOTHER HEAVY FAILURE IN THE COFFEE
| TRADE--BOwIE DASH co. SUsPENDED-LI
ABILITIES ONE MILLION FOUR HUNDRED
THOUSAND DOLLARS.
| New York Journal OF Commerce, yesterday
IL was announced yesterday that The well
known firm of Bowie Dash &CO., tea anC
coffee merchants. No. 1873 Pearl street. bad
suspended payment. AS the trade gene
rally knew that the tirm was embarrassed,
owing to the death OF D. q. Kimbal, OF
Boston, and the failure OF b. q. ArpoId 4
Co., the announcement created but little
surprise. MIR. Dash confirmed the report OF
| the suspension, but declined to make any
statement rs to their aifIirs at present. Mr..
| Isaac p. Martin. the counsel OF the firm,
slated that no assignment wouId>be made, as
| it was considered unnecessary. A statement
OF the condition OF the firm would be prepared
as soon as possible, and a meeting Of the
creditors would then be called. and what.
ever course they thought best would be
taken. Mr. Martin stated that tue liabill-
ties were about 81, 1905 OF this amount
about $500, 900 are due TO private bankers
upon importations OF coffee on letters Of
credit, over and above coffee on hand, ill.,
ported under these letters OF credit, aud
proceeds OF sales in the nature OF open &C.
counts and bills receivable. About ST.
200, 900 OF the obligatiors consist OF notes
aud open accounts, chiefly held by banks In
New York aud New England. AIT OF this
indebtedness is unsecured. He could give
no statement as TO the value OF the assets.
Among the trade it was thought that
there would possibly be considerable de-
ficiency. II was also asserted that the Of
fers OF assistance that Mr.. Dash is reported
to have declined were offered only on con-
dition that he could show that he was nomi-
nally solvent. and that he declined because
he was unable TO comply with this cond.
ton.
The firm was one OF the largest coffee
distributing houses in the trade, and in adj
dition were large importers. They have
been connected with Messrs. b. G.. Arnold
Il Co. and y. q. Kimball IL Co., OF Boston.
in their speculatiOns. and have for some
time carried an enormous ok OF coffee,
in the face of d notwithstanding market.
These three firms constituted the syndicate
TO control this seasons coffee crop, which
has resulted so disastrouslg to Themselves.
The sudden death Of Mr.. Kimball broke up
the pool" and precipi'ated crash that
has been expected for some time in the cof.
fee trade. 1t is not vet Known whether the
affairs Of Mr., K,mbali are IN o solyep, con-
di,ion. His friends assert that they are,
while wellinformed dealers have grave
doubts, and some predict large deficiency.
On the settlement OF his estate depends
greatly the settlement Of the affairs OF both
B. q. Arnold & Co. and Bowie Dash d. Co.
The firm whichtuspended yesterday was
one of the oldest 10 the trade, having been
established over thirty years ago under the
name OF Scott d Winser. In 1855 it became
Scott, Winser Il Co., and in 1862 Scott,
Dash a. Co. Mir. Dash had previously been
connected with the firm as travelling
salesman. Ia 1854 the firm was Scott &
Dash, and continued under that name until
1871, when 1t was dissolved. Mr. Dash
continued in business alone until 1874,
when he admitted his book. keeper, X. +.
Anthony, to partnership.