The morning call., 1890-09-06
SAWYER, WALLACE & co.
The Markets Not Very Much Affected by the


Failure.
CHICAGO, Sept. 5.-The failure OF Sawyer,
Wallace & Co. of New York is topic of
much interest here. L. P. Hutchinson,
well-known commission merchant, says
that he knew for two weeks past the crash
was coming The principal interest OF the
failed tlrm in this market was pork. They
have been carrying cash pork for about
year. They undertook first to run a deal in
October pork, but that wound up disastrous
ly. They transferred it unto January and
it is reported that their loss On the deal is
not less than half million.
There was some excitement at the opening
on Change this moln.ng, consequent upon
the failure OF Sawyer, Wallace & Co. of New
York, but it did not turn out to be as con-
siderable as was expected as the holdings
by the Gefunct firm were not so heavy as at
first reported
Pork opened at s11 80 for January anl
declined 10 SI1 H. but by 10 O'Clock had adj
yanced TO ell 40; October was 7212 cents
lower than at the opening. Lard and short
ribs partook OF the excitement i'll less de-
gree, prices being stedder. Wheat showed
considerable loss over night December
opened al 81 oCsa, about ! Z cents under the
last prices Of yesterday, ana IL soon became
firm and recovered. The quotations at 10
o'clock being 81 0i5s. The sales in both
wheat and provisions were rot heavy. Other
markets were not yisibly affected.
FEELING IN LONDON.
LONDON, Sept. 5.-Lucien Sawyer, who
had charge OF the business here of Sawyer,
Wallace x Co. OF New York, says: The
failure surprises me as much as it does
others. II is true large losses have been sus-
tanned in both the home and foreign busi-
ness conducted through the London house;
but t is not true that my private specula-
fiOnS have pauSpd the ii-q stpr - Tho foil
ure caused much excitement IN c0mmeSeial
circles in London.
PROTECTED IN NEW YORK.
NEW YORK, Sept. 5.-On the Produce Ex-
change there was for a while this morning
some depression and lower prices than last
night for wheat, because Of the exaggerated
statements ot losses In this country through
the failure Of Sawyer, Wallace d Co. AS
stated by the Associated Press yesterday,
they were well protected in this country,
aud their liabilities are chiefly in London.
December wheat, which opened at 81 0i,
SOLD off to 81 o3A, but quickly recovered to
81 04k.
The firm gave notice shortly after the
opening that it was even Oh the market here
for articles aud any outstanding contracts
would be settled on to-day's market. At
meeting of the creditors at the Coffee Ex-
change there was no excitement whatever.
At the Cotton Exchange the market was
batter, since tue firm had no interest there
of consequence. Generally speaking the
firm is ahead in all its New York dealings.
At 40 this afternoon the grain trade
had cali TO settle Sawyer, Wallace S Co.'s
grain contracts. They found they had di-
rect interestin only two boat-loads of wheat,
but required the dealings to the extent of
fOrty-four loads to harmoniZe the trade.
Wide estimates of their present interest in
pork, Which will have to be closed out, run
to 100, 000 barrels or more. The price of pork
declined 60 cents per barrel and recovered
20 cents.