Daily globe., 1883-08-01
BUSINESS TROUBLES.
The Recent Failures in Boston and Else.
where-The Liabilities Large.

where-The Liabilities Large.
THE GREAT LEATHER FIRM FAILURE.
BosToN, July 31.-There was some unea-
siness this morning in anticipation of
other failures which might follow yester-
days suspensions, but none were an
nounced except that of Macom5er &
Greenwood, and there is a feeling that the
worst is over. The members of the two
largest firms affected by the Shaw failure
express the opinion they will come out
without trouble. It will be some days and
perhaps weeks before detailed statement
of Shaw & Bros condition can be pre-
pared. The property covers an immense
territory and is in so many forms it must
necessarily be long time before
an account of stock can!.be taken. From
the talk among the leather men and
others, tt is learned in some quarters the
failure did not cause great surprise. The
paper of Shaw and Bros.' with a single
name for some time has ranked rather
below irst-class, by the largest banks, and
the firm has been obliged to pay about 8
per cent. for funds. There is an immense
amount Of the firms paper. outstanding.
One Boston bank alone holds for collec-
tions for Nova Scotia banks some $780,
600.
TRYING TO DO TOO MUCH BUSINESS.
Boston, July 31.-A Bangor, Maine, dis
patch says that about $780, of the Shaw
& Bro. paper is held there, large amount
being offered for sale in that city recently.
A prominent party of that city ascribes
the failure to the fact that the Shaws tried
tO do t00 rouob huaiDaco opd =, tLo;- Il
to control the leather market lost control
of their own business. Copeland, of Cope
land Co., states that instead of sus-
tanning his firm, Shaw & Co., of Boston,
had leaned heavy upon it and had received
notes and cash far in advance of delivery
of leather. Copeland & Co., obtaining
recelpted bills as equivalent. The extent
to which Shaw Bros, became indebted in
this way reached about 100000. The
leather was furnished from time to time
but not to the extent required. On Wednes-
day last said Copeland, "We notified
Shaw Bros, that either leather or money
must be furnished, but they were unable
to respond as desired and
we thought it best to stop in
justice to our creditors. In reference to
the leather failure, it was said the tanners
had not been doing much this year, and
Shaw & Bros. very much extended paper
of firms in Norfolk and Baltimore, was
mere bagatelle as affecting their embar-
rassment, the claims in these cases not
amounting to more than $4,000 or $780,
600, and tolerably we'll secured. The as
sets are expected to reach about $1,OOO,OOO
and statement will be issued within
twenty-four hours.
WILL NOT AFFECT THE MONTREAL FIRM.
MONTREAL, Que, July 31.-The failure
of the great leather firm of Shaw & Bros,
of Boston, created considerable excitement
here on account of a member of wealthy
house here of the same name and bust
ness, being partner in the Boston house.
1t is ascertained beyond all doubt that the
failure will not affect the house in any way
Boston, July 31.-C. H, Ward & Co.,
wholesale shoe dealers, who were reported
as failed in connection with the shoe fail
ure, state positively that they have not
suspended, and though hampered by other
failures, they say they will be able to pull
through.