The Portland daily press., 1883-07-31
TWO LARGE FAILURES.
Suspension OF r. Shaw g. Co, Tax
ners
And the Boot and Shoe Firm Of c. ".
Copeland & Co.

Boston, July 30-.The firm of Il. Shaw ~
Bros 26s Purchase street, the largest tanning
concern in the world, to-day made an assign-
ment to f. A. Wyman. The cause of the sns-
pension is the fact that the immense assets OF
the firm are so involved that they cannot be
utilized to cancel present liabilities An I'M
mediate cause Of the suspension is the failure
of G.. w. Copeland 81 Co. Messrs. Shasg ~
Brothers are creditors OF the former firm to The
amount of about 100000. The firm D! T.
Shaw & Bros. is rated at about 80, 900, 600, and
the assets will reach fully that amount. Cred
itors may reasonably expect settlement IN full,
and 1t is hoped that the embarrassed firm viii
soon resume on its former solid basis.
1t cannot be learned who are the heaviest
creditors, bat no other large honses are expect
ed to be- involved.
The first news Of the embarrassment or the
street came from the return OF the firms
checks from the Clearing House indorsed nc
iunds." An hours time after the regular oet.
tlement honr q o'clockl was asked ami granted
but although the funds at hand almost suffiee0
TO cancel immediate obligations II was found TO
be impossible to permanently tide over the en-
barrassment.
Shaw q Bros. created a profound sensation
here. They did an extensive business witF
manufacturers in this section. Fayette Shaw
Is special partner with Charles W. Clement,
manufacturer of boots and shoes, 15o Federal
street, Boston, who has factories here in Dow
or, Brockton, Randolph, Rockland, Haverhill
and Lynn. Clement commenced to manufac-
ture shoes and slippers in Strong and Burt's
factory here which has been idle some time,
III WAS only after great Inducements that Gle.
ment came here.
LATER.
The liabilities of Shaw & Bro theirs are So,
5000 600; nominal assets 5000. The assets
consists of tanneries in Northern Maine, New
York, New Brunswick, Quebec The company
owns one and million acres of land In Maine.
The cause of the suspension was the failure
OF Copeland & Co., who owe them $500 900
The remote cause OF the failure was the sus-
pension of the Pacific Bank a year ago. Shaw
Bros, at the time the bank collapsed, held
number of boot and shoe firms above water
who lost on the failure of the Pacific Bank.
These firms they have been carrying ever since
and perhaps they will be heard from in o day
or two.
The creditors are chiefly Maine, Boston, and
New York banks, and some of the largest hide
and leather houses in Boston. The tanneries
controlled by the concern will be Kept to work
up the stock on hand and will probably con-
tinue for six months.
Heavy Failure in the Boot and Shoe
Trade.
BOSTON, July 30.--The Journal sayg--The
rumored extensive failure 20 which allusion
has been made is announced to-day as that of
the boot and shoe manufacturers Charles w.
Copeland & Co. The firm consists of Charles
w. Copeland and Arthur W. Stedman,
branch firm being located in New York under.
the title of Stedman 81 Co. Mr. Copeland
states that his liabilities amount to about three
quarters of million, and his assets of certain
large claims which he will not at present speo-
ify, which, If they could be secured, would
leave a surplus of $4,000. 1t was in view of
these claims, and in order to protect their cred
itors, that the firm decided to close Saturday
last. The factories are located in Brockton,
Natick and North AbiRgton. Copeland is not
prepared to assign any special cause of the fall
ure beyond the claims referred to, but it is
learned from other sources it was largely due
to the failure OF Hofferman & Son, of New
York, and Toler s. Co. Relief was expected
from these sources.
New YoRK, July 30.--Mr. Stedman, of Sted-
man 81 Co., mentioned in connection with the
Copeland failure declined to give any infor-
nation on the subject further than that L. &
G. Wise, auctioneers, of so Read street, had
taken charge of Charles w. Copeland's New
York interest The Messrs. Wise said sissy
been announced in tc-days papers. The fall
ure of Mr.. Copeland will not affect New York
merchants, as the business done was very
small No anxiety therefore is felt among the
wholesale dealers of this city.