Daily globe., 1883-08-08
FINANCIAL WRECKS.
ANOTHER BATCH OF FAILURES RE
PORTED FROM NEW ENGLAND;
The Liabilities in Most Cases Very Heavy
Each Seems to Hinge Upon the Other to
Great Extent-A General Fe cling of I'm
easiness in Commercial Circles.

were reports IN Lynn this morning of
several failures, on account of the suspen-
sion of Chas. w. Clements, among small
manufacturers. Most of the shoes made
by them were for Clements trade. Samuel
Gale is amorg those reported embarrassed.
None of the factories affected by the
Clements failure employ over thirty or
forty hands, and it is said their suspen-
sion is contemporary. The Shaw failure is
thought to be more far reaching in effe ct
on some of Lynn's business men than the
public has been given to under
stand G. H. Mars states
that he thought the failure places
one of the city's inanc1ers in a position
he was not thought to occupy. Itis assert
ed that several suspensions will occur
among the linen manufacturers during the
ensuing few days, but it is thought no large
amounts will be involved in any case.
New YORK, Aug. THE commercial
Advertiser says there is big run on the
Second National bank of Elmira in con-
sequence of its president, D. R. Pratt,
having lost $1500OO in pork speculation.
The bank is believed to be solvent and has
a president able to stand the loss of $780,
600 or 100000.
BosToN, Aug. 7.-W. G. & R. M. Silsby,
tanners of Troy, N. H, have failed, in con.
sequence of the failure of Hersey, Whittier
d WymaD, of Boston. They will make no
assignment E. II. Mcclure, tanner and
currier of Peabody, Mass, has also failed.
The liabilities of these firms are not def
nitely known.
Wright, Wooster & Co., wool dealers of
Federal street, have failed and made an
assignment of all their property to Lester
Goodwin, an employe. The firm is one
of the prominent wool houses of Boston,
and has done large business. The liabil-
ties are thought to aggregate heavy
figure. The concern has stood in very
good credit and been considered worth
from 100000 to $150,O00. The failure
causes surprise in the trade.
AS regards the liabilities, nothing as yet is
known definitely, but those coEversant
with the firms business are of the opinion
that they will not exceed 100000, the bulk
of which it is thought to be owed to banks,
which have, in the majority of cases, the
endorsement of Jno. Worster, father of the
| Worster of the firm, and who is currently
reported to be worth 100000 and who is
not, as far as known, engaged in any out
side business, having retired from trade
several years since. The failure is looked
upon as due in a great part to a general
feeling of distrust now prevalent in the
mercantile community.
ST. AIBANs, VT, August president
Brainerd of the Trust company says the
deposltors will not lose much. The last
statement showed 9, 100 depositors with de-
posits of 100000. Several railroad men
including Gov. Fairbanks, held a confer
ence to-day at Barlow's residence. The
statement that the comptroller approved
of a bank loan to the South Eastern road
was incorrect. The comptroller said it
was too large and suggested its reduction.
The First National bank prepared for an
unexpected run which did not take place.
e IZ-MONTREAL, Aug. 7.--Barlow's failure Gre
ates no embarrassment here. The local
banks are said to have some of the insolv-
ent paper, but are amply secured The
Canadian Pacific railroad has claims
against the Southeastern for $1,250OOO for
money lent lately, but fully secured by
$1,750,000 first mortgage bonds. The re-
port that the Investment association has
suspended from loss by failure is not con-
firmed.
BANGOR, Me-, Aug. 7,-Just prior to the
mortgage of F. Shaw & Bros of their
personal property in Maine to S. E. Ring,
of Portland, being recorded, attachments
py Telegraph were put on by Bangor par
ties to the amount of about $4,000, on
bark at Kingman, Vanceboro and Poulton.
A dispatch from Boston was received to-
day asking the release of 100 cords of
bark at Kingman, so that The taunery there
might not be obliged to suspend, bnt the
request was refused. Should they not be
able to obtain the bark the tanneries
might have to shut down, and the loss to
hides in the process OF tanning would be
very great.
ELMIRA, N. Y, Aug. There was some
anxiety in business circles yesterday
morning on account of rumors as to the
soundness of the Second National bank,
caused by the rumored speculations of its
president. When it was ascertained that
the president had settled all the demands
against himself from his private fortune,
leaving him still several hundred thousand
dollars, and that the bank had money
ready to pay every deposition, a reaction
took place. Now there is no excitement,
and other banks assert there is no cause
! for alarm.