Telegram-herald., 1890-09-06
BIG TRADERS FAIL.
Suspension Of the Commission
Firm Of Sawyer, Wallace 6Oo.
I Rough Estimate Places Their Iia-
bihsies al Over $4,000. 900
Causes Leading to the Crash.

InE tVl4AAEcA . hAR VI
Ngw YogK. sept 5-Samuel A. Saw
yer. Daniel l. Wallace and Thomas
Miller. comprising the frm Of Sawyer.
Wallace { Co, exporters OF breadstufs
and cottons and dealers in leaf tobacco
az Is Broadway. caused great surprise
in business circles Thursday by making
an assignment 70 Marshal Ayres. Tho
hrm did large expert trade IN grain
and aid a very large business In cotton
and coffee options, principally for Euro
pean account, aad were the leading
commisslon merchants in this city IN
heavy leaf tobacco. which they sold 70
manufacturers and in porterS
It is an absolute and irretrievable col
lapse, and the large capital of the con-
Germ is completely wiped out IL IS I'M
possible as yet 70 ascertain the extent
OF the Arms liabilities, but they are
roughly estimated by members OF the
house 10 be upward Of S2.ooo,o0a
The present firm commenced bushes
on September /, 1874, at ~ Broad street.
succeeding the firm of the same name
established in 1853. and taking in as
partner Mr.. Miller, who had been
for many years cashier of the
old firm. In October, 1853, the
firm opened a branch and ware
house in Louisville. John Wallace,
who is a nephew OF David /. Wallace,
and who had been acting as book keeper
for she firm, took charge. The estab-
lishment at Louisville had always been
considered valuable acquisition by
SAWYER, Wallace & Co. The firm at one
time, besides being exporters OF bread
stuGs and cotton and dealers in leaf to-
bacco, exported fine petroleum. They
were interested in the firm of Lombard,
Ayres & Co, and disposed of their sur
plus product. They sold out their in
Ierest in LON bard, Ayres & Co. some
years ago.
Tho firm OF Sawyer, Wallace & Co.
was estimated TO be worth between
1880, 600 and 81, 500, 900 above all lia-
bilities. They were prompt in paying
for local purchases and responded
promptly also when called upon
10 margin their contracts. Mr.
Wallace attended TO the leaf
tobacco branch of tho business, Mr..
Sawyer looked after the export trade
and Mr.. Miller to the finances. A short
time ago Mr.. Miller made a statement
TO the effect that the firm were worth
more than 81, SOC, 900, and that their LA
bilities were merely nominal and that
they did a commission business only.
When the announcement Of the srm' S
failure was made runor gained circu-
lation 10 the effect that the firm were
speculating largely of late in cotton
and that the market had gone against
them. Ii was also said that the
firm had been speculating in grain
and lost heavily. 1t is believed
that the frm have pretty we'll
protected their interests in THIS coun-
try, and that their chief losses. whith
they think may reach nearly $1,000, 900,
will be in London and mainly on their
pork dealings The elder Mr.. Sawyer
has just returned from Europe and is
not positive as 20 the exact situation Of
his concerns affairs there.
Houses on Wall street say the cause
of the failure was the result of the eff
forts made by the firm TO squelch COM
doing their commission business with
European spectators without margin
and a small commission. In the pork deal
last January the firm are said 10 have
sustained loss of $1,000, 600 on this ac-
count. The claims for these losses
against European spectators are among
the nominal assets 1t is estimated that
the sum total of nominal assets will
reach 81. $50, 600. among which are in
cluded the $1,000, 600 lost in the pork
deal
In 1852 the firm made an attempt 20
corner corn in the New York market,
but made failure OF IL The firm
have undoubtedly immense holdings Of
merchandise in the various products in
which they dealt. both in an export and
import way. II viii, however. take
some time 70 realize on these holdings,
and the general opinion is that the as
signment vas made 70 limit the loss on
speculative options
THE PoTTEH-LovELL FAILURE
Bosrox. Sept 5-Itis now currently
reported that the total liabilities Of The
Potter-Dovcll Company Will aggregate
s., 900 coo The charge that the com.
paay did not comply with the lsw in
making a statement OF its condition al
the proper tirne has. 10 is claimed. been
placed in 80 hands Of the Attorney
General
WV fTRsEY EANErn FAILS
NEW YORK. Sept 5.-Wlliam :. n
Drrne, = local banker ard financial
agent Of Englcwool. y. =. has made ar
assignment % T. r Wor;endyke. :
lavyer 81 New Jersey City. Mr
Worte ndySs savs that Nr Byrns''
Liabilities Suoant % So coo While hi'
assets viii nos fall short of slo.ooo
The caase Of tae failure Is not yef
known
rsakers' omcers Ctosca.
SARAroaA. y y. sept 5.-At th'
Bankers convention THURSDAY tae tol
lowing oHeers were elected fer tae En-
suing year President Merton Ne
Michael 81 Philadelphia. Chsirman q.
Execatsvs Coancil. Joan jag Knox o.
NeN Nork. Treasurer. Gporge Il Baker
- Ns1 Yorks Secretary. Willisu q
Greene. of New Yers