The New York herald., 1875-08-28

Ties a"Ays compelled them TO pay full rates for money
and their paper never ranked first class In a word
they doing business Of $40 per annum on
anomnal capital ST. 600 The high standing Of the
individual members Of the firm aud their well known
energy aud capacity lmpartcd general confidence in
their stability, and their paper. although
RANKING CLASS,
was readily placed at something minimum rates
evidence Of which it may be stated that within
week the notes Of the firm have been sold per
cent Tho house OF Stirling Ahrens Il Co is composed
of Messrs William Stirling and Adolf Ahrens general
partners and II. +. Zoconer, special partner the
extent of s125, ,O00 G. A Ahrens, relative of hr.
Ahrens, a third general partner committed suicide
several months ago under most unaccountabe circum
stances. 1t is now generally believed that his know
edge of the firms embarrassment so preyed upon his
mind to temporary alteration of intellect Their
liabilities varousy estimated from 81 500 900 TO
S. 600 Ooo but approximate estimate OF their assets
be given statement has yet been prepared OF
their liabilities 1t is ascertained with toerabo
racy that 81 900 due in this city; the remainder
with the exception probably OF notes held in New
York, is due to their West Indian correspondents It
is said that the bankers through whom their letters of
credit were obtained are secured by coaterals and
much the larger portion of their uncovered liabilities is
due to the banks of this city in the form OF discounted
paper There has been
NO INDIVIDUAL FAILURE
and there Is no known embarrassment among the
chants on account of this disastrous suspension II
stated yesterday upon what was believed to be authority
that the Calvert Sugar Refining Company pcated
in the downfall of this house Later developments
unfortunately proved this statement correct An exam
nation into the affairs of the company disclosed the fact
that Stirling, Ahrens CO. debtors this corpora
ton to the extent of $S07 000 painful feature this
Indebtedness is that 1t involved breach of faith to the
company in question on the part of their agents Ser
ling, Ahrens Co., which has changed the current Of
popular sympathy and the feeling now toward the firm
s In marked contrast with the good wishes SO uni.
versaly expressed yesterday.
When this entanglement became known this morn
ing meeting of the Directors OF the Calvert Sugar
Refining Company and its principal creditors was
called The designations of Mr. Sterling us President
and Mr. Ahrens Treasurer, which had been rendered
were accepted Mr.. George J. Brown, the well known
private banker Immediately elected President and
Mr.. Robert I. Baldwin, President of the Mechanics
National Bank of this city, was elected Treasurer.
THE AFFAIRS oR CALVERT REFISISG COMPANY
The following statement Of the afa RS of the COM
pany was submitted :-Assets-Cash Sal, 1853; due by
sundry parties, Sl5S3, ,04l stock of sugar ST. lo5 sos
refining, $609,974 Total 49, $3.50 $685. Liabilities-Bls
payable, $25s5,7 ,747 current Indebtedness, 500 2s4
Total, So, ,03l. Capital Stock 5000 600; surplus
$54, 932; due from Sterling, Ahrens Co., $sO7 600
included IN amount above Of In view of this
showing 1t deemed advisable, in order to
protect the interests of all parties concerned suspend
payment committee selected, composed of
b. +. Newcomer, c. Morton, Stewart and Henry
Jones' to further investigate and furnish proper
men of the affairs of the company general meeting
of the creditors 1t further determined to continue
the operations of the refinery prevent loss
at least until their present stock hand consumed
There has been
MEETING CREDITORS
OF Sterling, Ahrens Co., but since the meeting de-
scrbed above there is growing feeling in the
tile community that the failure OF this firm will be much
more disastrous than at first supposed and that
the assets will pay but small percentage the un-
secured liabilities This feeling is increased by fact
which came to light to-day, viz, that Sterling,
/ Ahrens Co., when they made their last
l purchase of -four in Richmond, stipulated that
the paper given in payment should not be placed upor
the Baltimore market and 1t is said that 1t nego
tated in New York. The immediate
RFPEcT THIS FAILURE
will BIO depressing, and for some time the interests In
which they largely engaged will be or less
paralyzed. The remote effects, however will probably
be advantageous TO the general business prosperity
business which had grown unmanageabe from its varied
character and immense extent, will be subdvided and
will consequently he more easily controlled An un
wiedly combination OF pursuits amounting almost to
monopoly will be broken, and in its stead competition
will give lively and healthy impetus to the different
branches in which the late firm OF Stirling Ahrens Co.
engaged.
THE CITY SUGAR MERCHANTS ON THE FAILURE.
In conversation yesterday among the leading sugar
merchants the HERALD representative discovered gener
ally feeling of dependency in regard to trade and
trade prospects; business in New York dull, and
at present there did not seem to be much chance Of
revival from the late stagnation. In regard to the
STERLING, AHRESs AND CO.,
of Baltimore, reported in this journal yesterday the
writer visited the substantial firm of Havemeyer East
wick 4 Co., at the of Wall and Pearl streets,
and inquired OF member of the firm in regard to the
Baltimore failure, its effect values this market
&c. The gentleman said in efcct:-
'The failure OF Sterling, Ahrens & Co. does
not affect New York; at least the an
nouncement has made no percepuble difference
in the market The Baltimore house did immense
business in the importation and refining of molasses
and in this during the past year, they must have su
fered heavy losses; besides the fruit crop has great
deal to do with the consumption OF oasses and this
year, In localities IL has been good To show you
what shrnkage there is in the value of sugar, will
state that the decline of one-eghth of one cent per
pound will insure loss to some heavy New York
houses OF
oSR THOUSAND DOLLARS PER DIEM"
On conversing with partner in the firm of Booth &
Edgar, No 100 Wall street-one OF the oldest sugar
firms in New York--the gentleman said :--"Undoubt-
edly Sterling, Ahrens Co. OF the largcs.
Germs in the country their operations were not con
fined to the refining Of moasses and sugar, but they
exported Hour, bacon and American produce generally
1t seems impossible for firm extended TO keep a
watchfu eye every detail of their business and
stop leakage waste and clerical Irregularities This
firm is reported to have made last year tho
importation of
SEVENTY THOUSAND HoGsmEADs
OF sugar and about 10 900 hogsheads OF moasses Tho
shrnkagc of this alone would represent large capital
Another merchant who did wish his name used,
substantially corroborated the above sentiments, and
added 1.-THE poor and middle classes all over the
country, owing to the pressure Of the times
failing the OF coffee, tea and sugar, and
ing from these products altogether. II you will inquire
OF your grocer you will discover this to be the case
FAILURE IN THE SHOE TRADE.