The leading New York coffee importers in 1848 were Henry and William Delafield, 108 Front Street; and Des Arts & Henser, 78 Water Street.
There were seven leading New York coffee importers in 1854, as follows: Aymar & Co., 34 South Street; Henry Coit & Son, 43 South Street; Henry Delafield, 129 Pearl Street; Howland & Aspinwall, 54 South Street; Mason & Thompson, 33 Pearl Street; J.L. Phipps & Co., 19 Cliff Street; and Moses Taylor & Co., 44 South Street.
Following the so-called "consortium" of 1868, the ramifications of which centered in Frankfort-on-the-Main—its speculations finally ending in disaster to many—the green-coffee trade was in a precarious condition until well into the eighties. "Previously," says a contemporary writer, "it had been the safest and prettiest of all colonial produce."
About 1868, "iron steamers began to be freely availed of as carriers of coffee; and later on, the telegraph became a factor, rendering the business more exciting and expensive".
Coffee consumption in the United States had, moreover, increased from one pound per capita in 1790 to nine pounds per capita in 1882.
1892–93 the biggest figure in the world's coffee trade was George Kaltenbach, a German living in Paris, whose resources were estimated at twelve million to fifteen million dollars, and whose holdings at one time were said to be one million bags. He was reported to have made $1,500,000 on his coffee corner. In September, 1892, he bested a bull clique and forced prices down to twelve cents. Aided by three other European operators, he then started a bull syndicate, and put the price up to seventeen cents. The story of this corner, and of other notable coffee booms and panics, is told in more detail in chapter XXXI.
Early Days of the Green Coffee Business.
For a long time New York was the only important entry port for green coffee. Before the rise of New Orleans and San Francisco, many inland coffee roasters and grocers had their own buyers in the New York market. The coffee district that still clings about lower Wall Street is rich in memories of by-gone merchants who once were big factors in the trade, and whose names, in many instances, have been handed down from generation to generation in the businesses that have survived them.
Any reference to the early days of the green-coffee importing, jobbing, and brokerage business in New York would not be complete without mention of a few of the pioneers:
P.C. Meehan is eighty-four years old at the time of writing (1922) and is dean of the New York green-coffee trade. With James H. Briggs he formed the firm of Briggs & Meehan. This later became Meehan & Schramm, with Arnold Schramm. The latter withdrew, and the firm became Creighton, Morrison & Meehan. Finally, Mr. Meehan established the present firm of P.C. Meehan & Co.