New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-06-23
A BIG COFFEE FIRM SUSPENDS'
HENRY SHELDON 4 CO. WILL aooi"N'
TIGHT MONEY CHIEFLY TO BLAME-RuNo'' of
4 DOMESTIC TROUBLE.

DOMESTIC TROUBLE.
The coffee trade and number Of banking concerns
were shocked yesterday TO learn tha' 'he 'o'. ,,i
Of Henry sheldon d Go. one OF inc hios' SUI, -,
I'm that line In this city. was In hnahcH S"''' ',
was likely 70 90 into the hands OF an assignee i
firm had always been locked upon rs being one %
the soundcst coffee houses in the city. IL dea. o'N
In cogoc and WIS not cngag ed In any spccuE''o''
The announcement that 1t likely to 90 uhu'r "''
discledited until inquiries al the hrms o'co, -
100 Frcnt-st proved the rumors TO be true '".'
wore many theories advanced as 10 'he I''' "
the troulIe and the general impression among COME
r,en was that the strngcncy Of the money market
was the primary cause ,,o o,o
sheldon A. CO. had a wording capital OF T:'o'ooo'
hut If WAS thought that most Of this was ted up III
coffee purchases. People who made inquiries ~ VIZ
Front. ST. Office told that no assignment hau oc"
made The firm had only suspended, but an aSSisi'
mont would PROBABLY he made today. seekers lor
i,oruo,,cn wore referred TO the law firm OF Taylor
G Parker No. Is Wall-st., which has the 1rm : aharS
in charge. u
La,e in the afternoon II was rumored that FAMILY
difficulty had prccipitaed the trouble anu 'hh' vi"
Of the members Of the firm was Responsible 1or It,
Tribune reporter saw Mr.. Parker and asked him apon'
This report. He would not say "he'"o' " wac "
or not.
Horny sheldon was seen last evening at his home
in Rrcollvn No l24 Pic,repont-st. Il have are"dS
given out all the information with regard 10 '''c
failure to which the public is entitled he SAID. A.
far as family matters are concerned decme u
make any statement.
Henry sheldon d Co. Is Of the Oldest cofee
firms in this city The head Of the firm Is seventy
two years old and lie has been in business IN New
York for nearly half Il century. The hrn wa
formerly known as sheldon Banks 4 Co., hut several
vcais ago the changed To Henry nhciooh
A. Co. The firm Is made up Of Henry sheldon MS
sons Charles +. and Alexander, and O. Theodore
D,,ckwith The sons We're taken into partnership
oftcr the dissolution Of sheldon. Banks Co 'harie"
F. sheldon Is member of the Coffee Exchange
Henry sheldon d 60 bought coffee In the ioi"'sh
markets and sold It here The firm placed i'll
a difficult position by the stringency IN the money
.narkct which made II hard to secure advances on
its papec TO carry it, coffee dealings n 'ohSio'r"""
number of customers too have failed 10 make paw
mcnis and 10 respond to the demands upon 'h'm
for funds The coffee market has been on steady
able amount OF coffee hand which was contracted
for when the market was much higher than II now L.
When Mr. Sheldon found that he could get 10 further
extensions on the paper that the firm had onlStand
Ing Lc went Immediately to Robert VI. Galloway. The
pJo SIdpnt u the Merchants National BANK. ana 'A
i.anrd the situation to him. He also saw stephen
i;akcr the vice-Dresdcn Of the Manhattan Company
Neither Mr. Galloway nor Mr.. Baker would confirm
the statement that their banks were carrying ihr-,
amount OF the paper OF sheldon Co. II was learned
were said 10 be the Merchants National Bank me
Manhattan Company and Boring. Magonn q 20.
Many Of the firms purchase, were carried by barhe'
Mr. Parker. the attorney said that The habiincS
would greatly exceed the assets but he did not mink
that the deficit would be more than sioo.oo lie
i'm The value Of coffee had caused the trouble. which
had been prcciptated in the last two or three days