The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1886-09-19
GAMBLING IN COFFEE.
The Napoleon of the Trade and How He Lost
His Money-The "Bull" Speculation.
Special to the Indianapolis Journal.

The Napoleon of the Trade and How He Lost
His Money-The "Bnll" Speculation.
Special to the indianapolis Journal.
NEW YORK, Sept. 18.-Some years ago NJ B.
G. Arnold then well-known New York mer-
chant, was called the Napoleon of the coffee
trade He was worth a million. and his social
expenses were 0,000 year He lived like a
prince. He had fine house in the city and
splendid mansion at Oak Point, near New York
to which he gave the name of Renaque. 1t was
embowered in trees, and stood at point not far
from where the British frigate Hussar was
wrecked during the Revolution. at about the en-
trance of Long Island sound He had yacht.
a good collection OF pictures, large conserva-
tory, and he entertained handsomely. He was
member of the Chamber of Commerce, and also,
l believe, of the Union League and the Down
town Club. He was natural leader of men,
and for years he ruled the coffee market with an
iron rod. This was the case when most of the
coffee was brought to this country by sail
ing vessels and the voyages SO
the supply down to manageable limits, Success
made him overbold. If he was the Napoleon of
the trade he was to meet his Waterloo He or
ganlzed clique to control the bulk of the supply
of Brazil coffee in New York and other markets
and advance the price At one time they held
more than 100000 bags, or about $4,000, 600
pounds. But steamers now began to be en-
poyed in the Rio de Janero trade, and
they brought the coffee so rapidly to New
York that the CLIQUE were swamped. very
heavy fall in the market followed, and the coffee
kings fortune was swept away. am reminded
of these occurrences by the fact that another
large speculation in coffee is now going on. Cof
fee seems queer thngsto gamble in. bpt the
gambling in it is, nevertheless, large and in
creasing, and on the Produce Exchange they are
calling for a coffee-quotation ticker" The
Coffee Exchange is dark cubby-hole on Beaver
street. at the junction with Pearl street, and
seems admirably adapted for dog fights. Here
there is a crowd Of shouting brokers daily, and
here dispatches are received several times dur
ing Change hours from Rio de Janeiro, the
great Brazil market and Havre, another large
center of the Rio coffee trade There
is good deal of scalping between
ing there, or vice versa. according to the iuc-
tuatioIs of the market The exchange pays
$40 600 year for statistical information and re-
ports of the markets. But what is more to the
point just now is that the bull speculation in
coffee is being led by Slegfried Gruner. an ex-
president OF the Cotton Exchange, and Cross
man d Co., of lower Wall street. Together
they are supposed to control not far from 200,-
600 bags of coffee, either in the actual merchan-
disc or In options. In two days of this week the
speculative excitement was SO great that the
transactions at the Exchange involved 10 less
than 49, 600 bags at decided rise in prices.
Mr.. Gruner, the commercial prototype of the
hero Of the old German epic poem the "Nibe-
lungen Lied" is dashing speculative general,
who, like the Siegfreid of Scandinavian and
Teutonlc mythology is after great treasures of
gold, and unlike his godlike ancestor no fatal
lance has yet been plunged between his shoul-
ders. He has already given the bears in coffee
something of roasting. and hopes to hold bar
becue before long He looks like German
baron, and is prominent in the highest German
circles of society He is member of the Ger
man Club. the Jerome Park Jockey Club and
the famous Liederkranz Society. He is man
of generous impulses, and very popular. He
formerly clerk in foreign exchange
house, but is now recognized power in the
down-t town business life of New York.
OSCAR WIIIOu RIGGS