New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-07-13
BIG FAILURE ~ SUGAR.
j. DE RIVERA & co. FORCED TO SUSPEND.


! THE LIABILITIES PERHAPS HALF a MfLION-coN-
FUSION IN THE FIRMS AFFAIRs.
The sugar trade received surprise yester-
day by the tn Salvador Ros, OF the firm
Of ]. dc Rivera e. Co.. sugar importers. at No. III
Pearl.sL had made an assignment OF thas firms a,ars
to Francis T. Sargent. Several attachments upon the
firms property were secured during the day. Mr. Ros
was with counsel all day and could be ssen aud
Henry c. do Rivera the other member OF the firm. has
| not been at the Office since Thursday last Percy X.
King who dissolved hi, interest with the firm in May.
and was In country, teegraphed for and ca me
to the city to take charge OF the office In Mr. Ross alb
sence The firm, which had been prominent among the
sugar importing houses for fortysiS years. failed In
July 1854 with large liabilities aud atterward made
settlement with the creditors paying 10 per cent OF
the liabilities every sixty days. When this settlement
was completed in May Mr. King retired from active in
tere.t Ia the business. Henry c. de Rivera and saliva
dor Ros continued the business aud malnt1ued their
branch houses Porto Rico Santo Domingo, Cuba aud
Mexico.
Since the failure two years ago tho firm have con-
tnued to receivers Of sugar but 1t is beloved
that the efforts made by MI do Rivera TO settle with
his creditors short time too great burden
to carry. and resulted in tie present emoarrassmeht
and probably the unsettlemcpt Of hs mind. Mr.. Kos
had been in santo Domingo several weeks and came
back few days ago. but had returned to business
he knew nothing of its condition. II was
,bought by some in connection with the fact that tho
firm mad recently received large consgnments of sugar.
that MI de Rivera might have obtained advances upon
1t his personal benefit but this suggestion was de-
nounced AS absurd by creditors who recalled his honor
abe action in tho settlement OF his recent troubles aud
the high standing of the firm for many years Mr. do
Rivera is wdower with Two children, and IN juno went
to country place Long Island to spend the summer
IL was not known the office where his sumner home
IL. nor IL known whether he was there or noA
All that could be said about him previous to
his last visit office Thursday was that Tor sew
ers days he seemed TO aud worried about some
thing that he did to speak Of C. de Rivera
the father Henry c., and the founder OF the hrm.
who retired several years ago. is said TO be millionaire
and has been the ndOrser for the firm lie lives IN
Ohlo but 10 the city yesterday. No dehntc idea OF
tho liabilities could be ascertainod. some estm sn2
them high 100000. and others as low as 5000
Mr. King SAID: l WAS In the country yesterday when
received dispatch summoning me TO tina city. Upon
reaching tho city was surprised to learn tnat Mr. KOS
had made assignment to Mr. Sargent IL Is not pos
sibe idea Of what the a6iTies are as every
dence of irreguarlty Mr. Rivera has been seen
since last Thursday, and cannot account or ms
remaining away Whether ne Is in the ely or IN IN. ID.
counsel all day and has not had une 10 ',,', lvrs.,
for several weeks aud presum" doe, does not
know any more OF the condition OF
ci " having been established by j. c. de Rivera forty
six years ago. and has connections IN Santo Domingo
Porto Rico. Cuba and Mexico ies We failed two years
aud agreed with the creditors to 20 on with the
business and pay ten per cent OF our oeot every shy
days. The lna payment was male Ill May ana 'n"n
ietired.
Tue records OF r @. Dun * Co.'S Mercantile Agency
show that the rm was founded January 1873 siter
the old firm of the ant lhe
retirement OF j. de Rivera. Inc PARTNERS ia the uew
nun were Henry G. de Rivera, Salvador kos aud Percy
4. king Ine previous firm had done business AT the
place and underline same nans for ten years Tue
new frIn mad capital OF 100000. aud Henry Z. 10
Rivera claimed possess rea estate valued AT sOOOOo.
thus making available capital OF S3OO.OJo The Drm
we're large OF sugar which fell III nly upon
dull market aud they had borrow heayIy from the
hauk In 4 he
tors for an extension. which granted In July OF
year arrangement was entered into whereby
the he paid OF by nsalinents every
two months BY December. 1855. they had paid on
eight nsrllments. and by March the last dollar was
pail Tho trouble due 10 the failure OF their West
India espOndens meet their obligations. aud the
honorable action aud evident business ability OF Mr.
dence In HIN at that time. About July report came
irn In trouble aud going into liquidation
Yesterday came the gnment to Francis sargent,
with preerences Tue rm claims assets In excess oi
their liabilities and hope 10 pay all.