Benjamin Green Arnold
B.G. Arnold was the first president of the New York Coffee Exchange. He was one of the founders of the Down Town Association in 1878. The president of the United States was his friend, and a guest at his luxurious home. But the high-price levels to which Arnold had forced the coffee market started a coffee-planting fever in the countries of production. Almost before he knew it, there was an overproduction that swamped the market and forced down prices with so amazing rapidity that panic seized upon the traders. Few that were caught in that memorable coffee maelstrom survived financially.
Arnold himself was a victim, but such was the man's character that his failure was regarded by many as a public misfortune. Some men differed with him as to the wisdom of promoting a coffee corner, and protested that it was against public policy; but Arnold's personal integrity was never questioned, and his mercantile ability and honorable business dealings won for him an affectionate regard that continued after his fortune had been swept away.
After the collapse of the coffee corner, Mr. Arnold resumed business with his son, F.B. Arnold. He died in New York, December 10, 1894, in his eighty-second year. The son died in Rome in 1906. The business which the father founded, however, continues today as Arnold, Dorr & Co., one of the most honored and respected names in Front Street.
Hermann Sielcken, the Last Coffee King
If B.G. Arnold was first coffee king, Hermann Sielcken was last, for it is unlikely that ever again, in the United States, will it be possible for one man to achieve so absolute a dictatorship of the green coffee business.
There never was a coffee romance like that of Hermann Sielcken's. Coming to America a poor boy in 1869, forty-five years later, he left it many times a millionaire. For a time, he ruled the coffee markets of the world with a kind of autocracy such as the trade had never seen before and probably will not see again. And when, just before the outbreak of the World War, he returned to Germany for the annual visit to his Baden-Baden estate, from which he was destined never again to sally forth to deeds of financial prowess, his subsequent involuntary retirement found him a huge commercial success, where B.G. Arnold was a colossal failure. It was the World War and a lingering illness that, at the end, stopped Hermann Sielcken. But, though he had to admit himself bested by the fortunes of war, he was still undefeated in the world of commerce. He died in his native Germany in 1917, the most commanding, and the most cordially disliked, figure ever produced by the coffee trade.
Hermann Sielcken was born in Hamburg in 1847, and so was seventy years old when he died at Baden-Baden, October 8, 1917. He was the son of a small baker in Hamburg; and before he was twenty-one, he went to Costa Rica to work for a German firm there. He did not like Costa Rica, and within a year he went to San Francisco, where, with a knowledge of English already acquired, he got a job as a shipping clerk. This was in 1869. A wool concern engaged him as buyer, and for about six years he covered the territory between the Rockies and the Pacific, buying wool. On one of these trips he was in a stage-coach wreck in Oregon and nearly lost his life. He received injuries affecting his back from which he never fully recovered, and which caused the stooped posture which marked his carriage through life thereafter. When he recovered, he came to New York seeking employment, and obtained a clerical position with L. Strauss & Sons, importers of crockery and glassware. In 1880, married Josephine Chabert, whose father kept a restaurant in Park Place.
Sielcken had learned Spanish in Costa Rica, and this knowledge aided him to a place with W.H. Crossman & Bro. (W.H. and George W. Crossman) merchandise commission merchants in Broad Street. He was sent to South America to solicit consignments for the Crossmans, and was surprisingly successful. For six or eight months every South American mail brought orders to the house. Then, as the story goes, his reports suddenly ceased. Weeks and months passed, and the firm heard nothing from him.