New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-07-14
CAUSES OF THE DE RIVERA FAILURE.
THE DROP IN THE PRICE OF SUGAR-wnERE Is THE
sFXIoR MEMBER OF THE FIRM

/
SENIOR MEMBER OF THE FIRM
The failure of J. de Rivera q Co.. and the
rumored absence of Ii. {. de Rivera. the senior
member OF the firm. were the cause of much COM
ment in business circles Yesterday. member of
the Produce Exchange said that lie was sure that
he had seen Mr. dc Rivera III Bcavcr-st yesterday
morning. There also rnmor that the miss ng
merchant had been heard from IN Montreal. Mr.:
Hurry the attorney for the suspended firm, said
that he knew where Mr.. de Rivera was but he
woad not tell. For the last ten years Mr. de
Rivera has been living with his aher-in law, Her
bert d. Ward of No. 3s last lhlItieth-st, who is
the head member of the coal firm ot Ward * Oily
phant at No. II Cort! audt-st. He was last seen by
his friends on saturday; I've M spent danay night
country home in Rockawav, yesterday. Salvador
Ros sent word to tie reporters Yesterday that he
had moth ing 10 say to the Press When TnB-
I'NE reporter called at the office clerk said
There are 10 members of the nrm present"
The cause of the failure was said in business
circles To he undou htedly due 10 the drop in the
A. Swift a Co.. bankers who had advanced money
to sugar houses have been uneasy and pressing
regard to such advances he cstaG lshnent hy
BrazIi OF heavily subsidized "central factories
Tor making raw sugar bas 30 reduced tie price of
that art Gle that The merchants here who have been
buylng sugar for a have Suffered heavy losses
This Is probably the cause OF the failure of both II.
H. Swift aud J. de Rivera ~ Co. For the last few
years tho firm of J. de Rivera x Co. has been IN
terested in the Poultney slate quarrIes of Vermont
but it is dcnieh that they have suffered loss by
reason of this connection. Francis l. Sargent. the
president of the POnitncy slate Company, is the
assignee OF the suspended brm.
Mr.. Sargent, the assignee took charge of the
assets aud accounts of the firm IN the afternoon.
1t was soon apparent from an informal examine
ton of the books That the deficiency was 10y no
means as large had been feared. At the Off of
the firm. No. III rearl-st.. last night The book
keeper said:
letter received here today from Mr.. de Rivera
He Ia WE'LL but does wish To have his present place
Of abode made public. Tnsre appears To lie ground
this mystery and SECRECY. AMI the only reasonable
Hypothesis IL that his mind has become unsettled Tor
strain which knowledge of the do
tendency OF his affairs wOult produce. cannot. with
Instructions from the assignee. state the exact
OF The assets and liabilities but official stale.
iuent win be published tomorrow In the meantime
you safe In pr-sumng that The assets will equal the
liabilities and the creditors he paid In fu There not
the slightest ground for suppOsing that any dcfacao
or preparation OF funds Will he disclosed. The
failure caused by the decline In the price sugar
combined with serious losses OF tho unfavOr
able market for hemp of when the firm has beer
carrying a large quantity for Their customers
Percy k. King, who was asked to take charge Of
the office, a former retired partner of the firm
aud is not concerned III tue suspension.