The Portland daily press., 1883-08-06
MORE FAILURES.
Two Rsosson Root and Shoe FIRMS sue.

Two RsOston Root and shoe FIRMS sue.
cumb.
BOSTON, Aug. 4.-Charles W. Clement ,mar-
ufacturer of boots and shoes at 15e to 165 Pearl
street. has made an assignment for the benent
of his creditors, to Gen. A. P. Martin and z.
A. Wyman. The liabilities of the house, in
which Mr.. Fayette Shaw, of Shaw & Bros, is
special partner, amount to over $500000. Mr..
Clements factories are at Dover, N. H.,
Brockton, Randolph, Rockland, Haverhill and
Lynn. In the busy season he employs 800 Of
1900 hands. His failure is the result OF the
Shaw collapse Mr.. Clements assets include
$780, 900 worth of stock ON hand. His factory
at Dover, N. Ell. is valued at about $4,000, Al
most the entire amount of his liabilities is on
accommodation paper of Shaw & Bros His
merchandise debts are very trifing, for, in his
own bust less, Mr.. Clement has paid cash. Fay
ette Shaw is his special partner to the amount
of $4,000.
BOSTON, Aug. 4.-The firm of Hersey, Whit
tier and Wyman, sole leather tanners and deal
ers in upper leather, 276 and 27S Purchase
street, who failed yesterday, have made an as
sgnment of their property for the beneht OF
their creditors to William +. Mullen OF the
firm of Mullen g. Brown. The failure became
known to but very few persons, and the an
nouncement will be a surprise not only to the
general public, but to the bulk of the shoe and
leather trade. The firm has as branches, Her
sey & Co.. tanners, Moose River, N. c., and
George M. Batchford, tanner. Glensdale, N. X
All three concerns go down together The
Moose River branch consists of Hersey ~ wy
man, and the Gensdale branch of Batchford
81 Hersey. The firm has done large business
both in sole leather and wax and kip, and the
combined liabilities of the main and branch
houses aggregate, the firm thinks, $500 600.
The Indebtedness is almost entirely to banks,
very few notes having been given for merchan-
disc. The assets are large, and the failure, so
ths firm states, is due to the refusal OF the
banks, ON account of the feeling of distrust
which at present prevails in preference to the
shoe and leather trade to take the firms paper
so literally as they have been acoustic med to
do. The firm is not involved at all in the ai-
fairs of II. Shaw & Bros, or any other con-
cern which has failed the last few days. Lew
is w. Mute, a Naiick boot and shoe manufac-
turer, is special partner for 100000, til
Feb. 2S, 1885. The firm has been considered
worth $780, 600 or $500, 900, and its failure will
tend to check the restoration of confidence
which had begun to take the place OF the dis
trict induced by the Shaw failure and those
growing out of it,
[LAEER.
Boston, Aug. 5.-Tbe suspension late on
Saturday of the leather house of Hersey, Whit
tier q Wyman naturally causes considerable
uneasness, as on the surface II seemed to in-
dicate a general tendency to Generalization in
the shoe and leather trade of the city. A care
tul analysis of the situation however leaves no
cause for panic or general alarm. 1t is posi-
BILE that the firm will pay all liabilities in fun
and that Lewis w. Mute of Natick, special
partner to the amount of 300. 900 will be able
TO save portion of his capital
There seems to be no necessity for alarm in
lx,oi Cofrn fha ANTI of nv
sey, Whittier and Wyman, the only real fail
ure has been that of #. Shaw Bros. Each of
the other concerns was doing solvent and
profitable business, but their statement proba-
bly, show they can pay but about 20 cents on a
dollar. In each case their liabilities are on
Shaw q Bros. appears. They are
jointly liable and absolutely as we'll
for the amount of those notes, the liabilities
of Shaw & Brothers chiefly on two name
paper. About the liabilities OF @ II. Cope
land & Co., @. H. Ward, s. @. 81 j.. u. Phin
ney, Macomber & Greenwood and @. W.
Clement the amount is nearly three millions,
but it would be entirely erroneous to say that
the total liabilities of the failed firms is six mill
lions for the debts of these last are simply
Joint liabilities for the main portion OF Shaw
Brothers debts. The banks are the principal
creditors of all the suspended firms, but the
paper is so widely distributed that no institu-
tion is at all shaken. In the Boston bank
holding the largest amount of this paper if it
should prove total loss, the profit and loss
account of the institution will wipe it all out
without having recourse to the surplus fund,
to say nothing of the capital. The failure OF
Hersey, Whittier & Wymen is not expected
to entail any fresh disasters.
The shaw Assignment Believed 10 be
Valid iu Maine.
Boston, Aug. Ain relation to the assign
ment of F. Shaw & Bros, some question has
been raised about the legality of the instru-
meDt in Maine, but it is believed by many
lawyers that when the question comes fully be-
fore the courts there whether such assignment
can be upheld against attachment by local
creditors, Maine will fall into line with Massa-
chusetts, New York, New Jersey and Rhode
Island, and declare that such assignment Is
legal The principal creditors in Maine, how
ever, have sgniied their acceptance of the as
signment.