, 1880-12-08


ground TINT ho Knew nothing or tho bnnkr'lpt
iErm, not having had tftno to mako m exttnlnn.
uon Of its boGka.
AMoN1 THE THAnE
tho frm'e liabilities nso snrlously esttnnted all
tho way from 100000 to fs,o0 900; hut tho op!n"
io. or those tnost llkc'S to know f'iacea ahom
nolow $l.Hn,0o0 There 1s q genera! impression,
TINT tho FIRMS nsscfs nud sfIoso OF its inlf-
vtdtaal Mctnbera will toReshor mcet everything
TINT IS owinR, md that, II ita enormous
atock OF co1eu bo nos foFscd Upon tho nnskot.
4 hufplds Will rotnain, Estimated ~ nigh "a
*Uuu' EVERYBODY ID aRfcca ~ 10 INC csisso Ut
tho fail'iro Tho original firm dates pnok boyon'l
lHD when It WINS In oxIscnco tti'sler tho t1tle Ut
Heed 1sen. This tsas nftcrwafd cnafgc'l to
Heed. tIcinpstc'd e Btufgla. tho Inst hnnlctl be"
Ing tho famoss Jonntllan atur9ls; then 10 STIR
Ets. iseed d 13nrker, nnd Then to stnfRs. uennete
d 20. Ih!s WIS Tho htylo In lb4o, when
Nh. AIsSoLp
camo 10 thls city FROM tfofiacnce, 1ls f'atlrd
place, ann becat'o bookkopcr In tho concortl.
IN ls94 no Was admitted 70 pnrtncrshlt,. on
Dec 81. 1se0t Mr. Josiah Bcilnctt rcttfot, tho
firm was dissolved. and a now firm fornedt under
tho tatlo of sturGis, Arnold 4 70. Tho mombcrs
tlon woro Jo'athnn bturkIs, 1fonjanltn u. Arm
Old. Lyman It. Gtocno, Adford Eddy, Fret'orick
st'lrgts' Edward sturK1e, and Christian Christthf-
son. lts cap!tnl was *o'usn' ant' Mt. Arnold was
reporten to hnse 1ar9c lhoivlal1h' lnehhs hcsidoa
In lAoo Jonntlinn aHd Frederick shirgls rotlrcd,
ana tho etyte WINS chanEct 10 Afhol'i. etnrRs q
Co.. Mt. Arnold becoming tho head OF tho eon-
ceril' . ..-..-
F7DA TClh TINE FORWARD
tho htta oeeamo hotca Tor ita hoavy Operations
IN cohec. IN lHo II "as cffs'1tcd WIN hhV'f,s
naue very larRe sum thfo1i9h apocu'auons'
In l8'l Ffancis 3. Arnold was admitted. In tho
tolio"lng gear tho partnership exp'fca ny linz
tnt1on' anu tho 1trnl 1hAt Ahs s!neo o1'steu Was
OfHAntxGa HnflGf bfJiG jNyt AfTfnti O. AB.1
stlwatI stnFEla ahu AaIofu Eady fetltsng. III
NAY. 16'ss the 1tetn maoo u ata1omcnt 70 tho
teade 10 tto enoft tdat, on JIM IL IL hnn 14ul.
dated a'! lts olu .aaente"'less ana nna
caplta! VI fl'~U"nt tula ttas ~
gross pfohta ~ mo 'ntefSai a'aouhseu 10
*aOs"l. Io verify tnose nasotuohs' tho mem
ocFs Of tho flftn iaVitoa iour prominent oanKefs
70 mnke MI examination ot taotr BOOKS Da,f-
ing THO eame Sehf II ~hs Hno"h th"] thoy n'a
$500, 600 or PAPER ArLoAT.
MI Of which had boon Issued for tho purchase OF
| coffeo* In May, 1877, Mr.. Christlnnecn withdrew
| to nccopt position rs Cashior Of tho Dahk nf
| nevada Mt n salary Of $N,0oo por nnrlIT. lie
received ESQ 000 as his share. 11e has since ro-
tlIrs1o1 TO this city ma EastoEn Agent
| Of tho bnnk. and Ia now President OF tho Mining
Trust Company. Tho ilrr to-dny consists or
l}oujaniu q. Arnold, FraHcsa u. Arnold, aud
Lyman l. Greene.
ABOUT BHvEN YEARS AGO
! q. @. Arnold & Co. md nnWIc, Dash 4 Co.. of
| this city, formed combination With O. q. KIM
balf Co.. ct boston, to control tho market for
Java cotlee In tho United Statca- This WIS In
tho hight Of tholr prosperity, when sfr. notl}a-
| min 9. Aro0l1'a Individual wealth WINS pnputnrly
estimated ut 8, ,7o0, ,00o. Dowia l. Co. wpra sec-
ond onlF to D. G. Arnold Il TO. In prominence In
tho trade. To-dnys faluro leaves thom at its
head. It was gcncFa]ly beloved TINT
| THE 81 SYNDICATE"
| TIM r0tnb[nNt[nu known tn fhN tfnIS. hO1
boon very successful, oxceps during 1916. When
| tnolr ot'erstlons "cfo known 10 nave proven
| very DISASTROUS. Last year tiloy }7Cre supposed
| to hayn Hlado 0rcat deal Of money. though. at
| ono pDriod, they owctl ns in1lch aH $d7G,0O0 on
purchases Of coffee. Tho consumption Of coffco
hua boon increasing 50 rapidly since tho War
thnt tho production tna baEcly Kept pnco With 1t.
On Jan. =, 1874, tho highest prlco ever
known to tho trade WIS rcnchcd, tho
| quotations fur FUR Rio on thht day being
n ccuta per pound. The high prices naturally
| had stimulating effect nnon tho production Of
coffeo+ hut, rs It takes five yours for tho trce
| to mature.
IT WAS ONLY RECENTLY
TINT tho effect began to 10 noticeable on tho
consumption. which has continued to Bhow q
atondy incruase. During tho past year, Instead
uf buying from tho 1argc importers, as former
ly, thoy, have bncn Importing direct them
selves. Thls change is mot contnc,l
1 10 fno 1GDpeFH OF tnl9 cNy+ puk
Ia nearly universal Throughout tho country.
Tho result Is that tiore bus been nn excessive
ovorfu.portation ot coffee, ind everybody III
tho buslncaa has suffered through tito cOnse.
qu1nt decline In prices. Tho consumption Of
cottcc In tho United sta.es during tho pust ecv.
Gu months hns amounted to 100000 bags. aver
aging thirty poan3 70 the pass or less than Nv.
QUO bags " month, whilo tho vielble supply u
etoro. or to arrtvo to-day wns di1,ooo or aso, ,o0
bags. Inst spring tho pf7co OF fatr co1co hac
fRllen 10 lah centa per pound.
TIE LARGE OPERATIONS, HOWEVER, DID NOT
pRsrAiI.
In vlew OF tho general pros0crlty OF tho cotll,'
try, thoy hopet Tor n reaction, md took boil
ngasn VII great conf,tonco, which seemed fol
slme to bo warranted, for, by scpf. IT. the,
had forced tho quotation up to 10 cunts. Thit
was more than tho needs of cnnsunet7s wonlt
stand, aud. on Sept. "a, the prlca had droppel
to bA cents, OF Oct. to III eoufs, on Oct
+ IS TO II cents. and on Oct II 10 l3l0f9h cents
On Oct. g 1t roso tn 1t cets' but oh NOV !: cue
quotation waa 134 ccnts, aud. t1ny or two later
It had fallen to u oants, Mt which prlco It ro'
inn!ncd until Saturday lust.