New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-03-16
BIG DROP ~ COFFEE.
A DECLINING MARKET CAUSES THE FAILURE
WOLFF & SELIG>BERG.

A DECLINING MARKET CAUSES THE FAILURE OF
WOLFF sEIIG>BERG.
The recent Dull speculation i'll coffee col
lansed Yesterday and carried down with It OF the
largest speculative houses connected with The Coice TX
change. soyeT, months ago syndicate OF merchants
and operators in Rio de Jaueiro and Hayre France was
formed 10 advance the price OF coffee, their operations
being based upon the deficiency in the crop ID Brazil When
they began purchases the price was about 7s ceht
1t was put up ll2 cents but at the high figures the
speculative trade generally became "benish ana iee
Gales were made to the syndicate. The movement now
ever had the effect Of greatly stimulating the dealings al
the Coffee Exchange which Was organized IN January
1852. and started with dealings i1 the next month
amounting TO only $500 bags. L. December 1922 the
business mad grown 81 300 bags and the years bust
ness was represented hy sales OF 5li7Jo bags Last year
the speculative transactions steadily increased and the
record for the year 1921 $50 bags In January last
s695OO bags changed hands and in February 6l4250
For the last weeks the market has been declining
The price opened yesterday at 1OAi cents pound, de
cined TO GIG cents and closed al 9 cents The tran7ae
lions were the largest ever known Oh any single dag al
The Exchange. About noon notice was received from
Wolf & Segsberg, OF No. 1876 Frontst that they were
unable to respond to any calls FOR margins in conse
uuence OF the nOnaryal OF remittances by cable from
Rio de Janeiro" Later the failure OF L. :. Risley,
broker doing business at No 80 Walst, announced
This failure small one, a. the broker was "lonS
only 10000 bags OF coffee lie said that he would prob
ably resume in a few days Mr.. Rislcy has been in bust
ness many years. his operations welc not on large
scale.
Wolf senesberg have been the New York AGENTS OF
the foreign syndicate The firm composed of Lee
Wolf and Louis Seugsberg. They came from Baltimore
about five years ago. aud have spcculatgd largely here
snce the organization OF the Coffee Exchange. Among
importers hover they not well known and the failure
will cause no commercial disturbance. The amount OF
cannot he determined until thcr contracts
are settled They declined 10 make any statement
Rrokres however, credit them with carrying about
175OOO bags Of coffee. but their margins were
kent well ND and the extent OF their nominal
under-t God that the firm informed committee or the
Exchange that they had c3hled 10 Rio dc Jaucr0 FOR ts
amount and Il was received they expected II 10 be-
they would be- able TO resume IN a few days Ihey eX
fyed by trouble with the cable, and calls Tor additional
margins on their from the Bank OF New YORK aud
other banks Friday cOmpc let them 10 suspend IDC
General oiuipu of the coffee brokers that the firm viii
lie able to pay creditors nearly in fun unless there are
{urtber uuiaVorAbe developments IN the market
A member of prominent importing mousse shW: -
never heard firm but II IL cOnncctOi IN any
WAY with the French spectators II must have lost
wear or two have been immense have felt lear that
Havre ship some coffee because the price mere
has been nearly cent pound higher than IN the
uavre market suppose that the speculation ha, been
pushed here"
Among Inc coffee brokers in Wall Street it said
that The by the failure would be small 70 tie mem
bers OF the Coffee Exchange We have been watching
the firms operations carefully it was said, and III point
OF fact the failure been anticipated for weeks There
AZ deficiency the Brazil crop TINS season ana every
man In Brazil um ped the conclusion that the crop
Abort everywhere. The visible supply OF coffee - over
million bags larger than u last year but by the
q pound higher There could be Only end 10 such
speculation