Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1886-03-28

coffee house, ct the corner Of WAL ana
Water streets. In 1917 the New York
Stock and Exchange Board was for
mally organized, and the members mot
| at the old Merchants Exchange, from
which they wsre driven by the great
FIRE of 1885; at one time they met At
| AZ Wall street, and later in the build
ing of the old Courier and Enquirer,
| Of which General James Watson weoo
was editor; in 1912 they returned TO
the new Merchants Exchange, which
is now the custom-house. The Exchange
was then q close corporation and
tried 10 keep its transactions secret.
About 1887 the Open Board OF Brokers
was organized, and failed to force itself
on tho older body, though it is related
that jealous members Of the younger
organization cut away the beams and
dog out the bricks Of the regular board
room in order to ascertain how the
market was going. In 1863 q second
open board was organized, the frst hav-
ing failed, and the later organization
brought the old.fogy body to terms 4;
the two united and now the Stock Ex-
change numbers l, 100 members. From
The buttonwood-tree Of 1892 to the aerial
Baby lonian palace OF business now pro-
posed is a a big stride upward, but if
necessary the New York stock broker
will prove equal to the occasion.
At GREAT COFFEE SPECULATION.
A speculation in coffee will strike
many as strange sort OF business
venture, yet large speculation in Rio
coffee is now in progress, and may lead
10 results more interesting than plea
SAINT to the commercial complaints
engaged therein. The leading bull "
is President Siegfried Gruner, of the
Cotton Exchange, who came originally
from Bremen years ago and began his
business life as clerk for broker in
foreign exchange, and who is well
known in German circles Of society in
New York, being member of the Ger
man Club and the Liederkranz Society,
not to mention the American Jockey
Club. lie is said to hold over 100000
bags, or nearly $4,000, 900 pounds of
Rio coffee, partly in actual merchandise
and partly in options. The market has
declined materially since he entered
upon the speculation, but he stands by
his venture with Teutonic determi-
nation. w. Ii. Crossman q Co., of
Wall street, are his allies in
the speculation, holding about as large
quantity as She round-faced
and jolly Siegfried Gruner. Opposed
to them are the Arbuckle Brothers,
who have the largest establishment in
this country for roasting coffee; it is
located in Brooklyn, and there they roast
no less than 10000 bags Of coffee in a
year, or approximately 100,000,000
pounds. John Arbuckle is worth
100000, and his brother Charles
has fortune nearly as large. They
both came to New York from Pitts
burgh about fifteen years ago, and in
this brief space Of time have made the
bulk of their large fortunes by so sim
pie matter-let painting geniuses hear
it--as roasting coffee.
COFFEE KINGS.
One of the well.known members Of
the coffee trade here is Joseph j.
0'Donohue, who has a fortune Of at
least $4,000, 900, and who is, more
over, president of the Brooklyn Ferry
Companz and Of the American Order of
Hibernians, a member of the Manhat-
tan and Down. Town Clubs, and one Of
the stockholders in the New York Sun.
Little is now heard Of b. G. Arnold,
who was formerly known as the "COf
fee King" About six years ago
he organized a clique and sought
to advance the price Of coffee
very materially; he himself held
about 100000 bags Of the Brazilian
berry. lie was ruined with the rest Of
the clique by decline Of five cents a
bag in the price. lie had in his wealth
lest days a fine mansion in New York
and a splendid country seat at Oak
Point, near the metropolis his social
expenses were 10000 year his for
tune was sl,500,000 he is still men,
Der of the Chamber Of Commerce, as
well as the Downtown Club for mer-
chants, located in Pine street, and also
Of the Union League. lie is man en-
FILTERED, not subdued, by misfortune,
and has son Yale graduate and now
coffee broker, who inheritS none of
his ability.
BULJING IN WHEAT.
The great wheat speculation to which
| lately referred is at higher tide than
ever. Philip ID. Armour, who in lS49
drove six-mule team across the plains
to reach the New Ell Dorado after having
been reared in Watertown, New York,
who sells eco, 100000 worth of food
products in year, and has 5000 men
on his pay roll, now holds, it is said,
about 100000 bushels OF. wheat,
while Baron Woerishoiler has near
ly six million. The big bears"
in Chicago lately tried to brighten
New York operators by report that
these two large holders of wheat were
secretly selling, but there proved to be
no foundation for it. Henry Clews late
ly sold 2,000,0 900 bushels or more at a
moderate profit, and William Baker,
James r. Keene's old broker, sold a
million. In referring to the speculation
in wheat "options " il is Of interest to
observe that Liverpool has adopted
system of option trading in wheat by
which she hopes to become the clearing
house for the wheat commerce of the
world, displacipg New York and
Chicago at one fell blow and making
even London second-rate market. In
London, however, merchants are con-
sideripg the ACCESSIBILITY of adopting
the American system Of option ira
ding. The New York Produce Ex-
change shows some alarm at the pros
pect of an active foreign competition in
the form of business" which has
made it such power, and is making
arrangements to secure fuller informa-
ton than heretofore respecting the state
Of foreign markets and the outlook for
foreign crops.
WALL STREET.
Stock speculation is in such condi-
| f;on that xraaG aftar mail fba ,,not 40