New-York tribune., 1884-01-13
GRAIN-TRADE FAILURES.
RESULT OF BEING LONG OF WHEAT.

q. W. COLEMAN co. AND J. NJ. FULLER co.
SUSPEND BUSINESS.
Wheat suddenly dropped in the Produce Exchange
yesterday morning from two to two and quarter
cents and corn from three-quarters Of cent to one
cent bushel. Business was practically suspended
Excited groups of men were eageyIE discussing
common subjects well-known grain commission
rm had been posted as unable TO meet a ss nosted
stating that q second firm had succumbed to the
failure of customers to respond to calls for margins
of E. w. Coleman & Co.,. of No 8
Waterst one of the oldest hrms in the gram a S9sl
ness. The second failure was that of j. Nj. ruler
in both cases George c. Martin, q friend of Mr.
Fuller became his assignee, and Williams Church,
the head clerk of the Water-st. firm, was chosen TO
settle its business. Mr.. Fuller declined to make
any statement regarding his liabilities, assets pref
that that il was due TO the decline in wheat. He
went to his office, he said IN the morning without
any idea Of spendng hut he was Obliged to dS
hard enS cracks" he added, Ssome Isl six weeks
ago. and practically suspended then, and since that
time we have been heavily long OF wheat, which
Our customers did not respond TO our cali for mar
gins. and We had TO go under" George Z: Martin
said that Mr.. Fuller had made his father, James Al
FuifI preferred creditor for $4,000. lie dld
not know why Mr.. Fuller had assigned his property
as he had, nor how much the creditors would re-
ceivc. -
In the office of f. W. Coleman & Co. TRIBUNE
reporter found the three members OF the
firm late In the afternoon; dhey sara 'iaf nat
fully known, but il would bc probably
$500 coo. Their assets it was lmpOsslDle 10 ap-
proximate with .any degree of certainty. Inc
assignment was filed late in the afternoon, ana
although the firm was opposed to the law allowing
preferred creditors, after consultation wlth eonsei
a list had been prepared which the firm did not
desire TO have published. letter was shown from
A. r. Orr expressing the sympathy OF himself ana
David DOws and Offering personally to be usefui ID
any way that he could be. A meeting of the cred
itors has not been called and decision had been
reached last night relative to continuing business
The firm was organized in 1S43 under the name
Of Clark d Coleman, and suspended business 10
1854. Mr.. Clark went to Washington, and MT.
Coleman carried on the business alone until 1860,
when the present firm name was assumed, CONSIDER
Parish, clerk for thirteen years, becoming part
ner. Two wears later William NJ. Gray entered
the firm, remaining in il until his death two years
ago. In 1880 A. n. Clark, who had been III the
office for many years, admitted to partnership,
the present members being Messrs Coleman, Par-
ash and Clark. -, ~,
Coleman, IL made a satisfactory settlement win
our creditors, pledsing myself TO pay large per-
eentage of the debts. This dld 70
the dollar, al hough ii took me SIX
wears The present trouble began sometime ago
when We lost 500 900 by the failure OF En0s d Co..
mllers in Buffalo; still we were going on well un-
til the recent decline IN wheat Owing to our
lenency with our customers and their iallure 10
put up the large amounts called for this week,
Chicago Board of Trade, and was one OF the organ
izers Of the Produce Exc hange in this city, man;
ager for several years and q member OF the Board
of Arbitration