The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1890-09-05
A CORNER IN PORK.
Big New York Firm Wrecked
on the Chicago Board.
OLD HUTCH KNEW ABOUT 1T.
Lost Half Million on One Deal-New
England Financial Circles Alarmed
Over Recent Failures.

NEW York, Sept 4-The firm of Sawyer,
Wallace & Co., importers of breadstuhs
and cotton, and dealers in leaf tobacco.
created great surprise in business circles
today by making an assignment to Mar
shall Aryes. The firm was estimated to
be worth from million and quarter TO q
million and half, above all Liabilities.
They were prompt about paying tor
local purchases. and responded
promptly alse when called upon
to margin their contracts. A
short time ago Miller made statement to
the effect that the firm was worth more
than 81 800, 900; that their liabilities were
merely nominal. and that they did COM
mission business only. When the an
nouncement of the failure was made today
rumor gained circulation to the effect
that the firm had been specializing large
ly of late in cotton, and the
market had gone against them.
1t was also said that the firm had been
specializing in grain and had lost heavily.
1t is believed they have pretty well pro-
tected their interests in this country, and
their chief losses, which they think may
reach 81. 500 900, will be in London and
mainly on their pork dealings. state
ment of their liabilities and assets will be
made as soon as possible.
Houses on Wall street say the cause OF
the failure was the result of the efforts
made by the firm to squelch importers in
the commission business by doing COM
mission business with European specula-
tors without margins and small Commits
sions.
In pork deal last January the firm is
said to have sustained loss OF 81 DOC, GOO.
On this account the claims for these losses
against European spectators are among
the nominal assets. It is estimated that
the sum total of the nominal assets will
reach 81, 750, 900. The firm has undoubt-
edly immense holdings of merchandise in
the various products in which they dealt,
both in an export and import way. 1t will.
however, take some time to realize on these
holdings.
CHICAGO, Sept. 4.-The failure of Sawyer,
Wallace & Co., of New York, was a topic
of much interest here today. B. p. Hutch
inson, the well-known commission mer-
chant, says he has known for two weeks
past that the crash was coming. The prin-
cipal interest of the fated firm in this
market was pork. They had been carry
ing cash pork for about year. They I'M
dertook first to run deal in October pork,
but that wound UP disastrously. They
transferred it into January, and it is re-
ported that their loss on the deal is not less
than $500, GOO.
THE GREAT NEW ENGLAND CRASH.
BosroN, Sept. AT 10 o'clock last night
the Eureka Silk Manufacturing Company,
one of the largest in America, which has
al boz lanS a xxrxfh Go0-
vey, Foster & Bowman, announced that
it has been compelled to issue call for
a meeting of its creditors. Financial
circles are seriously alarmed over
the effect of the Potter-Lovell
failure, and it is feared that several other
firms are likely to go down. Besides the
Eureka Silk Company and Seavey, Foster
& Bowman, it is stated that the Worcester
Steel Works have announced a heavy in
debtedness to the Potter Lowell Company,
accompanied by a circular giving Its finan-
cial condition, which Is anything but as
surfing. and their suspension is momen-
tarily looked for.
The Eureka Silk Manufacturing company
did not assign today, but called special
meeting of the shareholders to consider the
financial position of the company. None
of the company's paper has been protested
yet. A Western firm which drew on the
Potter-Lovell Company on notification of
the sale of 100000 of its paper had its
drafts protested.
The Herald says the assignment in the
case of Seavey, Foster & Bowman was ex-
ecuted this forenoon.
BosroN, Sept. Att is now currently re-
ported that the total liabilities of the Pot
ter-Lovell Company will aggregate Sc, 0O0,-
600 At the state house it Is said the mat
ter of the company's not having complied
with the law in making a statement of its
condition has been placed in the hands of
the encouragement.