The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1880-12-10

pS>uED FIRM BELIEVED TO txchsp risvVvs-
sooO -casprroRS rREFtRREp UNDER TIM
ssqaxnExr-AN INJUNCTION BY JUDGE
DANIELS IN FAVOR OF The CREDITORS of o.
a. KlMBALL.
fNe~ York Tribune, yesscrdsy.l
The excitement caused by the failure OF
n. q. Arnold 4 Co. was undated yester.
.dry Il was almost The sole topic OF CONVEX
salon among those engaged In the Gomez
trade. Following closely the sudden death
Of u. @. K,mbaII, which is believed at 'easi
10 have FASTENED n, toe failure has resulted
in the complete proslrstion OF the Gomez
market.
SO statement OF the financial condition OF
n. a. Arnold & Co. has yet been prepared.
An inventory Of the assets OF the hrm Is
being taken under the supervision OF the
sssix ues, James Lawrence Mckeever, but
Il Is not expected that II will be completed
for several days. A general meeting OF the
creditors will Thea be held, but no date Tor
this meetiug can yet be fixed. Mr. Arnold
wss 1t his Office yesterday, but In reilly TO
Inquiries relative TO his affairs stated that he
was not 10 position 10 make public particu-
lars Of the failure.
SHg LIABILITIES IN EXCESS OF sl,OO0,oOo.
The amount Of the liabilities Is not yet
known, but by those well informed II Is es.
ttrpsssd that they will considerably exceed
LOCO. 600. A large part OF the debts are
secuted by warehouse receipts, and the
Losses. II any should DC sustained, will be
suffered by the holders OF the firms mcrcan-
ftJe paper. The amount Of this paper which
n outstanding Ia believed not to be large,
aud very little OF II appears to be held in
chs city. II is distributed 10 small lets
among banks In the Eastern States, among
which II has been for many years favorite
purchase.
A month or two ago q bank in this city
received an order from country bank
70 buy $4,000 OF Il q. Arnold d Co.'s
paper n l, could be bought atsnot less than
per cent. But short time before the
directors OF the city bank instructed its
of1csrs to buy $4,000 OF 1t when IL could
be baugbt ct that rate. In seeking 10 oil
the order oi it, country correspondents the
bank secured Just S20.060 Of The paper at
the desired rates, but 1t divided il, and
keeping one-balf itself. sent the remainirg
$4,000 10 the eastern bank. The paper has
not matured, and the officers OF the city
hsnk are contemplating a letter to their cor
respondent in apology for their rudeness
and cfier TO hold the paper for the account
Of the eastern bank.
The yrt stest difficulty that Is likely to be
met Ia settling The affairs Of the suspended
6rm II believed 10 be the adjustment OF
Its relations With o. q. KimbslI Il Co., OF
Boston. Tue death OF Mr.. kimball, who
had no business partner, is likely to result
in long delays In tue settlement OF bis bust.
ness. and especlallv of toe transactions OF
the Joint accoun,s OF Il. q. Arnold Il Co.
aud Of Bowie Dash x Co. IL is stood
ks,a: ip the couise OF his visit to this city
last week Mr.. KimbaIi sought to secure
further assistance FROM some OF bis largest
creditors. Arrangements were mpleted
which IL aas believed would enable
hin TO meet his own engagements ana
at the same time protect the Interests
OF his creditors. His unexpected death, |
how.ver. put q summary end 10 these ex-
pecsatioDs. and led to an Application by !
those who had made large advances TO him |
for en- Injunction restraining his associates |
in the c,fiee syndicate and Others who held |
property 90 bis account from disposing OF
the control Of 1t. The immediate result OF |
the granting OF this application Will be de-
lay In selling tue merchandise held on joint
aceoup, Of the three houses. IL Is probable |
thu, other legal delays will be put Ia the |
wat OF an early settlement OF the transac- |
tions Of Mr. Kimbali'> associates.
On the JOINT application Of kidder, Pea |
body e. Co., Of Boston, Russell Sturges. |
james Hndgsou. and Barring Brother 4 Co.. |
An Injunction was granted 10y Judge Daniels. |
OF ibe Supreme Louif, yesterday, against
h. q. Arucid & Co Bowie Dash Co, the |
National Bank IL New York, and certain
waIebousemen. restraining them from sell
ing the property In their possession De-
Iivered TO them by 0. G. kimball 4 Co., OF
BY their agent. The plaintiffs gave bonds !
In. the SUN q $4,000. The st0rekeepers
against whom the injunction was granted |
are Elliott +. Diggs, No. 113 Water street;
NsrtIest Il Greene, No. 106 Wall street;
Martin & Fa,, No. 81 Water street; Cross
man Lyons & Sons, William Styles, and
John Eoakes.
EFFECT OF THE SUSPENSION.
The effect OF these complications on the
coffee MAJ ket has been 10 throw 1t inio q
condition OF complete slagDatiOD. The de. |
xDand is small, except at lower values. and |
prices of fair" Rio coffee declined yes
fertlay to IL and l24 cents. BY the recent |
failures m the trade large amount OF coi- |
Zee is beId in ,suspeDse over the Uarket. |
That owned by Z. Rsley 4 Co. at the time |
OF their failure has not been sold. The |
amount Il said 10 be equivalent TO about |
thif,y-fiye thousand bags, and IN addi- |
ton. the amount held by the members
of The syndl cate, which will be thrown
on Tbe maj kef by The death Of Mr.. Kim.
ball and The failure OF b. q. Arnold d. Co,
is estimated to be equal 10 nearly $4,000 |
bags. In The uncertainty attending the III. !
ture course Of the market Ia consequence |
OF these events prices are said TO be unset |
tied aud nearly nominal. A prominent
dealer said YESTERDAY, however, that the |
worst bad been passed; that these results |
had been already discounted" and that
prices were likely now to advance from
natural Influences. The demand from coun- |
try dealers Is saiu to be Improving. and thN1
stocks IN The hands OF distributors are |
known 10 be small.
The assignment to j. Lawrence McKeever |
was 6led IN the c,unty clerks Office ,ester- |
dav. PrefereLces are given to creditors
whose claims are specified to the amount OF
e2i6, 3l2 "a. The rent OF the store now &C.
cupied by the 6rm, for such length OF time |
IS Il may be needed 10 protect the property |
assigned, and the paw OF clerks and EN- |
plost Is, are also made preferred debts. The |
deed of trust provides that other creditors |
on transactions similar 10 those named In |
the instrument seall be entitled To payment |
a n their claims had been specified In the
schedule. Toe preferred creditors. whose
names arc gwen, and the amount oil their
claims. are as foIlows:
Re cher. C. McCui och 4 Co..........4 1924 90
3 AXE Broihers 60. ............."... 245tQ S0
Brown Brohcrs &co................ l1tlo w
klbnw e. Chm 4 .o...........''...' soaaoo@@ ~
Perry, Ssrxh n ...............,....... A0.DUo w
PheipS. GiOkes 4 Co... .............. &,327 ~
WrKnI. Brown tos""... ...'.'.'.'. W