New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-04-19
PART II.
PAGES II TO ID.
CARRIED DOWN BY COFFEE.
FAILURE OF THOMAS NJ. BARR & CO.
ALMOST A PANIC on THE ExCHANGE-MABrLI.
TIES MAY BE so75O0O.

ALMOST PANIC on THE EXCHANGE-MABrLl.
TIES MAY BE $4,000.
The Coffee Exchange the scene OF unwonted
excitement yesterday when the failure OF the biz
coffee firm Of Thomas NJ Barr & Co.. Of No. LOT
FrOnt-st., announced. 1t the first sus-
pension since IL became evident that the bull
paign started about eighteen months ago by Paris
dealers must prove failure. Thomas VI. Barr d
Co. had contracts yesterday to the extent OF about
so 900 bags in the Coffee Exchange, and were said
also to have been carrying cotton contracts
The liabilities variOusly estimated at from
100000 to $275,OOO. the latter figure being high
enough. II thought include the foreign
counts.
The decline In coffee values began about three weeks
ago. On April quotations showed a decline Of
20 points or about fifth Of cent pound.
continuous decline after that resulted In total drop
up TO last Saturday Of 40 points, about 81 10 q
bag OF coffee. On that day George Kaltenbach, OF
Paris. who had conducted the bull campaign by whch
1t was attempted to control the coffee markets Of
the world. failed to respond to a call for more mar
gins. The excitement at the Coffee Exchange began
Monday. when large holdings supposedly some Of
those Of Kaltenbach sold out. Over 100000
Rags We're sold on Kaltenbachs account, at from -
TO 20 points below Saturdays closing prices, making
the total decline since April 3 cents pound.
almost ~ a bag.
Yesterday there a general expectation that q
CRASH fntiSt come before the days trading
intense excitement prevailed when the Exchange was
opened and general the apprehension OF trouble
that many II not most, Of the contracts the Ex-
change had been closed before the failure Of
Thomas VI. Barr e. Co. was announced, at 80 p. M
The fluctuations for the day may be- Indicated by the
course Of July futures which opened 1870 cents
advanced to 1925 cents and dropped again to 1858
cents Just before the failure, closing at 1905 CENTS
making total difference in the days quotations Of
nIn II hor Tbo don MT Cd 10
100000 bags, six times the business ordinarily trans
acted The Coffee Exchange.
When the Exchange closed II was not thought that
ether firms on this side OF the Atlantic were involved
serious trouble that other failures need BE- feared.
The liabilities Of the suspended firm thought
20 Involve other American firms amount greater
than 100000 No list of creditors given. but 1t
said that the liabilities were distributed In small
amounts Barr & Co. had put up all their margins up
10 yesterday morning. that their default on
yesterdays trading only.
The business Of Thomas ". Barr e. Co. was esab-
lished by Thomas T. Barr the father OF the present
head OF the firm. The original firm Thomas T.
Carr IL Co.; then II became Barr & Miller, and In
1891, the retirement Of Thomas T. Barr, to become
president Of the National Bank, OF Brooklyn the
firm became Thomas NJ. Barr Il Co., with Victor II.
Muller and james p Rowland partners. Thomas
+. Barr retained his connection with 1t special
partner TO the amount OF 100000. The company
wa, the American representative Of Kaenbach, the
Iars operator
r. NJ Barr, the present head Of the frm said yes
teriay evening" Our foreign customers are respon-
sibl, for our Suspension. We have been the right
side OF the market light along since January !, and
made possibly $4,000 while on the bull side. When
We tried TO switch foreign customers they wouldn't
come with Us. Yesterday their margins were wiped
out. II had closed THIN out We would have been
better of to-day, but carried them along little
biz this morning on our own account. We cabled 10
Europe for more money. but got no response We
are that bonds have been deposited there to cover
theS- margins but dc not know 10 what extent.
II customers do not make 1t good We will 10
out about $275O0O We have been acting for these
customers who are tshnd for about year,
The Barr house has always borne the highest repu-
tation I'm coffee circles. Thomas T. Barr. the founder,
is director in several prominent banking and trust
institutions In this city Kaltenbach who operates In
coffee In New-York Havre, London. Hamburg and
Amsterdam, began his bull campaign about a year
and half ago. The published statements repre-
scented II a complete success. and said that n In
volved the holding In actual coffee, options and priv:
l'ges OF about 100000 bags. requiring deposits Of
S2.C0o.OOO margins. Kaltenlach, II reported.
had realized profits Of 81 OOO.OOO 81 800. 600. The
recent break. however. has completely vanquished the
bull operator