Savannah morning news. [volume] (Savannah) 1868-1887, 1883-08-01
BOsTON's HEAVY FAILURES.
Shaw & Co. Not the Mainstay of Cope
land & Co., and Ward & Co. Sound.

IdH0 a COss anu w ara 20. SOUND.
Boston, MASS, July 31.-C. K. Ward
Il Co., the wholesale shoe dealers here,
were reported to have failed in connec-
ton with the Shaw failure. state positive
ly that they have not suspended, and
though hampered by the other failures
say that they will be able to pull through.
MacOmber & Greenwood, of No. 1913
summer street, shoe dealers, have failed.
Their liabilities are not known. The con-
cern is "A new one, with capital of
$4,000.
Some uneasiness existed this morning in
anticipation of other failures which might
follow yesterdays suspensions, but none
were announced except that of Macomber
GreeneWOOd, and the feeling is that the
worst is over. The members of the two
largest firms affected by the Shaw failure
express the opinion that they will come out
without trouble. 1t will be some davs.
and perhaps weeks, before a detailed
statement of Shaw & Brothers condition
can be prepared. Their property covers
an immense territory, and is in so many
forms that 1t must necessarily be a long
time before an account of the stock can
be taken. From the talk among leather
men and others it is learned that in some
quarters the failure did not cause great
surprise. The paper of Shaw & Bros,
with single name, has for some time
ranked as rather below first-class with
the largest banks, and the firm has been
Obliged to pay about eight per cent. for
funds. There is an immense amount of
the firm S paper outstanding. One Boston
bank alone holds for collection for Nova
Scotia banks some 5000, 900.
A Bangor, Me-, dispatch says that about
?2OO,OO0 worth of F. Shaw & Bros. paper
IS held there. A large amount was Of
fered for sale of that city recently. A
prominent person in that city ascribes
the failure to the fact that the Shaws
tried to do too much business, and in their
efforts to control the leather market they
lost control OF their own business. Mr..
Copeland, of Copeland II Co., states that,
instead of sustaining his firm.
shaw ~ Co., of Boston, have
leaned heavily upon it, and had received
notes and cash far in advance of the de-
livery of leather, Mr.. Copeland OBJ
tanning receipted bills as an equivalent.
The extent to which Shaw Bros. became
indebted in this way reached about $780,
900. The leather was furnished from time
to time, but not to the extent required.
ION Wednesday last" said Mr.. Cope
land, ''we notified Shaw & Bros.
that either the leather or the money
must be furnished, but they were
unable 10 respond as desired, and
we thought it best to stop in Justice to our
creditors" In reference to the leather
failures, he said that the tanners have not
been doing much this year, and Shaw 81
Bros were very much extended. The
failure of the firms in Norfolk and Balti-
more was mere bagatelle as affecting
our embarrassment, the claims in these
cases not amounting to more than $35, 900
or $4,000, and having been tolerably well
secured. The real source Of our embar-
rassment was in these transactions with
Shaw Bros. The assets are expected
to reach about $1,00OO00. A statement,
Mr.. Copeland said, would be issued with
in twenty-fOur hours.
The liabilities of Macomber g. Green
wood are placed at between 100000 and
$l5O,0OO Their factories are at Marble
head and Milford. The report of the
failure of G. X. Ward IL Co. is untrue.