New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-09-06
THE PARTNERS RUINED.
RESULTS OF SAWYER. WALLACE & cos
FAILURE.
SLIGHT EFFECTS AT THE ExcHANGES-LITTLl
KNOWN BY THE ASSIGNEE ABOUT THE
DETAILS OF THE AFFAIR.

The excitement over the failure Of the commissoa
firm OF Sawyer Wallace & Co. had largely subsided
yesterday, and far could be asccrtaned. other
firms wcre likely to down in consequence Of the
assignment. Marshall Ayres, the assignee. and NJ H.
CariOzO. OF Billings, CardozO d Coz who have charge
OF the affairs Of the suspended firm. were at its Offices
No. 1s broadway all day yesterday, examining tn,
accounts and endeavOrng to arrive at tn" exac,
amount of Indebtedness. No definite conclusion VA
reached. Mr. Ayrcs made the following statement:
What ha, already been Published covers the ground
so far as know The full extent OF the COM
plcations in London is not yet known, and until We
get specific advces from that quarter We can really
give nothing To the public. 80 far as We nave VET
been able learn looks like pretty serious FAILURE
The hanks may hold OF the firms indebtedness,
but largely think the liabilities are confined 70 pri'
vatc individuals Outside OF the London business the
firm, Indebtedness will probably he largely on paper
held in this country. l am afraid that the failure
means absolute ruin to the partners
There was great hustle and excitement at the onreS
of the unfortunate firm. 1t was with the greatest
dniculty that reporters or any one else could GAIN
access to the member. OF the firm or tn those VINO
have the affair, In charge. a representative OF IN"
firm said that its members perfectly willing TO
acauaint the public with the details OF the failre'
but that they were themselves unable to get at the
exact situation 1t asserted In the Offices that
the belief that the indebtedness would not reach
above Al OOOOOO Samuel a. sawyer and D. i.
Wallace said that they had nothing 70 AID 10 the
statements published. They could not tell who held
their paper which was scattered among large num-
Der Of creditors.
II WAS learned that Theodore ItLg. the Berlin asehs
OF the nrm committed suicide account of hi, large
ilde btcdne>S To the London house. although 10 tue
American branch lie owed practically nothing.
Tho failure had effect % the Produce EXCHANGE
beyond causing o fractional weakening OF the grain
market But the market recovered Immediately aitef
SAWYER Wallace d Co made the announcement that the
firm was even tho market. and that on tine nrss
call ordered by the Grain Committee other contracts
Of the firm would be settled. accordingly men on the
Exchange holding contracts 81 the company held
meeting and agreed to settle at price, ruling Wien
the call made. II 80 p. ~. the same asrrenicnt
holding on oats and tontIa't> were di>p'~''l
Of no follows rhrs, loads OF Janiiary wheat. AT
vi o. bl,hel len of May, at IL rs la ~ Oo Is
one Of Noycm'tr at ~ o3 :. and Lwcnty-four Of
December, W ~ o. Is. In corn the following wero
sold one load Of May, at % Il cents biishc: three,
Of september. 81 L. and four Of october. AZ o. 10
cents. Fifty thousand bushel, OF oat, were >'h AZ
40 and 40 rents bn>hel. over 1000 tierce, ot
Lard were DISPOSE, 81. and 1000 bags OF coffee were Sod
the Coffee Enc '.an2c.
The failure of sawyer. Wallace Il Co. had no cfcct
upuu the toil>lda c,l sock and Petroleum ENchanse
II was said thar the firm Ind translated business In
I'll" shipping 81 bulk refined petroleum. bat the failure
would not affect tie trade There general agree
fr thar any possible losses In oil could not count ~
factor ~ Importance In the causes which led t. the