New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-12-11
THE LAST OF A COFFEE SYNDICATE.


ton which occurred last Saturday. 1t has been I'M
mnent since that time and the announcement oft
Yesterday caused little excitement in the trade. aid
had no effect Oh the market. The affairs Of the two
firms were 50 closely joined that any disaster 70 one
involved the other. The suits begun by kldder,
Peabody & Co., who were Mr. KimbalPs bankers,
added to the complications by taking from Bowie
Dash Gs Co. the control of property OF which the
firm was joint owner. The probable delay in the
settlement of these transactions and the uncertainty
as to the solvency Of Mr.. KmbaPs estate rendered
this suspension absolutely necessary. FricDdso the
firm came forward with offers Of ample assistance,
but they were declined. The f1n was unwilling to
involve its friends if it could not aelf survive tho
trial Among those who Offered aid were William
L. Dodge, IT,. Rufus Story. and the Continental
National Bank of which Bowie D3sh has been
director for several years.
The failure received with deep regret through
ont the coffee trade and generally IN mercantile
circles. The house has occupied an envable post
ton for many years, and the popularity and integ-
rty of Mr. Dash were great and undoubted. Attic
same time the event was regarded as relief, as IL
removed the last vestIge of the combination which
had attempted, at times successfully, TO rule tho
coffee market Rumors affecting other houses in the
trade were circulated yesterday, but they were be-
lieved to be unfounded; the opinion was general
among both importers and dealers that the crisis in
the coffee trade had now been passed. The market
was not affected unfavorably by the public an-
nouncement Of the failure and large sale of Brazil
coffee was reported from Baltimore on the basis OF
g cents for - fair"
The firm has made no assignment, and IL Is be
leved that it will be to do state
ment of Its condition will be made soon as 1t can
be completed at general meeting OF the creditors,
when it will be determined what course to follow.
The Liabilities not known accurately, but ii Is es-
imated that they will fall little short 100000
Mr. Dash was unwilling yesterday TO say anything
IN regard to his aft rs IL is doubtful, IN view Of
the complications with the Boston house. if he him
self knows the extent of his Indebtedness. 1t is
| derstood that the firm is an indorser of Mr.. KIM
balls paper to the extent of nearly 100000, aud
until the uncertainty regarding his liability is re-
moved it is impossible to ascertain exactly the finan
| cial condition of Bowie Dash & Co. IL is claimed
by friends Of the firm that its assets will be
than sufficient to pay its debts, provided Mr. Kim
| balls estate shall prove to be solvent.
| Of the total liabilities a considerable amannt
| Is due on foreign credits on iDp0rtations
of coffee; but the greater part is in the shape Of
| mercantile paper. Some of this Is held by banks In
this city, but the most of 1t is III the hands OF Bos
| ton and other Eastern banks. The names of these
| banks could not be ascertained yesterday. Presi-
| den. Fry, of the National Bank OF New York which
is supposed to hold a considerable amount said yes
| terday thar the bark held none of Bowie Dash a.
Co.'s sin ge-name paper. 1t was rumored also that
| William Scott & Sons. coffee brokers at No. Ill
| Wall-st who connected with Mr. Dash BY mar.
rage. were affected BY the failure II was denied
| by members of the firm that they were involved
either by Endorsement otherwise TO the smallest
| amount.
| REMOTE CAUSES OF THE FAILURE.
| While the immediate occasion o. the suspension
| was the death Of Mr.. Kimba AMI the confusion
caused by it, it is known that the recent sDecnla-
| tive ventures made by the firm Jointly with the
| Boston house have not been successful The depre-
| citation i'm the value of coiees has been great and
the losses sustained on the large stocks held by the
| syndicate have been also large. year ago the
| three firms, which had been intimately associated
in business transactions for several yeas were un-
| doubtedly wealthy. The death OF Mr. kmball.
who was the ruling spirit OF the combination, was
| followed almost Immediately by the failure of B.
! G. Arnold * Co.. and now by tine suspension Of
| Bowie Dash & Co. This lasi event asnot brought
| about by the previous failure of b. g.
| Arnold & Co. for the two firms have
had no business connection for Scveral mouths
Mr. Kimbal was closely connected WIN
| both. however and his death has resn tel In tho
| fallure Of both. Bowie Dash u Co. lald the iouada
ton of their reputation in the trade IN mid cohces.
but for the past few years nave operated iare'v u
| Brazil cofees.
| Isaac p Martin of the law firm of Marta d Smith.
| counsel OF Bowie Dash N Co., said:
| .The liabilities of the firm amount to about
81 400. 900 the creditors being PRINCIPALLY
| the banks of New-York and the
East. More than 100000 OF this is on
| the Joint account with Kimbal. and # the
estate of Mr.. kimba Is sOlycng, the rin VIII DC 80
| much the better ofi Mr. Dash assumed that he WAS
responsibe for the entire debt, aud took the most
honorable steps to meet II. Anout 100000 is duo
to priyate bankers upon importa'loas OF coffee on
letters of credit About 81 200, 900 Of the obga-
tions consists OF notes and open accounts ali OF
! paper falls due to-day. and large amonht of KIM
| balps paper falls due IN January and February.
The assets consist Of coffee, tea and ohev mercha-
| disc and open accounts. leasehoid property, tne
| resdencs Of Mr. Dash next 70 the Manhattan Club.
| and his summer home IN Westchester
HISTORY OF TaE FIRM.
| The original firm established IN 1911 al
| tbouoh Mr. Dash had no connection with it nntil
| 1862. He had been formerly member OF the hard
| ware house of Wolfe Dash l. Fisher whose trade
was almost entirely in the Southern States. Bowie
| Dash had travelled in the South and was exceed.
| ;,ylv popular; he was also familiar with the JOB
hing busiuess When the business OF the hardware
6ouse was destroyed by the war the firm was dis
.o,vod and Mr. Dash entered the firm Of Scott
Dash g. Co.
q. ARNOLD & CO.'S AFFAIRS.
The statement of b. G.. Arnold g. Co..
condition has not yet been completed. Mr. McKsever
the assignee has to Boston To coner with those
mold sad yes ertsy that nothing regard 10 the AnAnr
Of the firm could yet be made pubic