The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1890-09-05
BUSINESS FAILURES.
Serious Effects Of the Potter, Lowell & Co
Suspersion

Serious Effects Of the Potter, Lowell Co.
Suspension.
CHICAGO, Sept. 4.-The Times Boston spe
cial says at 10 o'clock last night the Eureka
Silk Manufacturing Company. one of the
largest in America. which has all along
been closely identified with Seavey, Foster
& Bowman, announces that it has been
compelled to issue call for a meeting of
its creditors.
Boston financial circles are seriously
alarmed over the effect of the Potter, Lowell
& Co. failure, and it is feared several other
firms are likely to 60 down. Besides the
Eureka Silk Company and Seavey. Foster 81
Bowman, it is stated now that the Worces-
ter Steel Works have announced a heavy
Indebtedness to Potter, Lowell IL Co., ac-
companied by circular giving its financial
condition, which is anything but assuring,
and suspension is mOmentarlly looked for.
BOSTON, Sept 4-Ihe Eureka Silk Man.
ufacturing Company did not assign to-day,
but there las been called a special meeting
of the shareholders to con slider the financial
position of the company. None of the COM
pany's paper has been protested yet. The
d Co. on notification Of the sale of 500, COO
of its paper had its drafts protested.
The Herald says: The assignment in the
case of Seavey, Foster & Bowman was exc
cuteu tnlS afternoon.
1t is now currently reported that the total
liabilities of the Potter-Lovell company will
aggregate S5,000,000 AT the State House it
is sad that the matter of the cOmpaDyS not
having complied with the law in making
statement Of its condition has been placed
in the hands of the Attorney-General.
New YORK, Sept. 4.-The firm of Sawyer,
Wallace & Co., exporters of breadstuffs and
cotton and dealers in leaf tobacco, created
great surprise in business circles to-day by
making an assignment TO Marshall Ayres.
The firm was estimated to be worth between
a million and quarter and a million and
half of dollars above all liabilities. They
were prompt in paying for local purchases.
and responded promptly when called upon
to margin thel contracts. A short time ago
Miller made statement to the effect that
the firm was worth more than 81, 500, 600;
their liabilities were merely nominal, and
that they did commission business only.
When the announcement of the failure was
made to-day. a rumor gained circulation to
the effect that the firm had been specializing
largely of late in cotton and the market had
gone against them. 1t was also said that
the firm had been specializing in grain ana
lost heavily. 1t is believed the firm has
pretty well protected their interests in this
country, and their chief losses, which they
think may reach S1,500,000, will be in Lon
don, and mainly on their pork dealings. A
statement of liabilities and assets will be
made as soon as possible. Houses on Wall
street say the cause of the failure was the
result of efforts mado by the firm to squelch
competition in the commission business by
doing commission business with European
spectators without margin and small
commission. In FORK deal last January
the firm is said to have sustained loss OF
ST. ,OGO, 600 on this account Claims for these
losses against the European spectators
are among the nominal assets. 1t is esti-
mated the sum total of nominal assets will
reach S1,75O,00O. The firm have undoubt-
edly immense holdings of merchandise in
tho various products in which they dealt,
both in the export and import way. 1t will,
however, take some time TO realize on these
hnIiinUs