Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1880-12-08
HEAVY FAILURE.
d. G. Arnold & Sons Make an Assignment
liabilities Al OOO.OCO.

Vt'NSNsOSN'
New York, December 7.-B. G. Ar
mold < Sons, coffee dealers, l25 Front
street, made an assignmen mt to-day to j.
Lawrence Mckeever, IDS Pearl street.
The rumOr became known before noon,
but no credence was placed upon II un-
til 1890 o'clock or so, when 1t was au-
thentativ, ly stated the assignment had
been made. The unsecured liabilities
are placed at between $50, 900 and ST.
OOO,00O between this city and Philadel.
phia. For some months the credit OF
the house has been impaired. owned to
its known connection with vast coffee
speculations and the shrinkage in that
article seriously affected the standing
OF the house, but failure was
not considered ior an in
slant. Its transactions have
been on the grandest scale. II tried to
control the entire coilte market OF the
world. The suspension created little
excitement. 1t is reported that several
large Philadelphia houses have been
compromised with. a friend .oi the
firm stated this afternoon that they
would pay every penny they owed; that
Arnold owned large amount OF first
class stocks and a large block of valuable
real estate. He stated that the firm
held over 100000 surplus. The sole
cause Of the failure il attributed 10 spec
ulation in coffee As soon as the failure
became known many expressions OF re-
gret from prominent business men
and bankers poured into the
office AMI several telegraphic
communications were received from
Philadelphia. B. &. Arnold has always
been regarded as one OF the foremost and
Thoroughly practical business men in
New York. The firm were the largest
operators in cotiees and teas in this city
and, possibly, in the country. The
original firm was Reed a. Tay, which was
established about the opening OF the
present century. Soon aiterward Tay
wen, out and the firm name was
changed to Reed, Hempstel * Sturgis.
Later, B. G. Arnold, the head of the
present house, became partner under
the firm Of Sturgiss, Bennett * Co. Ben
nett aiterward went ont and the
firm name became Arnold, Sturgis d Co.,
and about ten years ago, when Sturgis
retired, Mr.. Arnold became head OF the
house under the present firm name. A
rumor of suspension spread quickly
about the lower part Of the city and
caused considerable sarprise. Coffee
dealers on Front and Wall streets ex.
pressed sympathy for Arnold in his
misfortune, slthouch the opinion seems
to be general that after the accounting
had been made the assets would be- suf-
iicient to cover all liabilities. In some
OF the banks, before the suspension OF
the firm had been publicly announced,
il was said that B. Il. Arnold and 20.
were expected TO fail bv three
o'clock. Lat. skrinkage in the valne
OF coffee and tea Was assigned az the
principal cause OF their misfortune. Ii
was stated that the sudden death on
Saturday night of q. kimball. oil Bos-
ton. had probably effected their credit
and accelerated the suspension. Kim.
ball wass large operator in coffee, and
was known 10 be an extensive holder,
His business relations with Arnold d
Co. were understood 10 have been very
intimate for number o! years. lie had
important business connections in this
city, where he passed much OF his time,
and vas well known throughout the
coffee trade. He q was member OF the
Union League Club. II is said that
nineteen cars, each holding twelve tons
of coGee, were consigned to one firm in
St. Louis this morning.