The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1883-08-01
PRICE FIVE CENTS.

firms paper outstanding One Boston bank
alone holds for collection for Nova Scotia
banks some 100000.
a Bangor, Me, dispatch says about $780,
600 of F. Shaw d Bros. paper is held there.
A large amount was offered for sale in that
city recently. A prominent party of that
city ascrbes the failure to the fact that the
Shaws tried to do too much business, and in
thelr efforts to control the leather market
lost control of their own business.
Copeland, of Copeland IL Co., states that
lnstePd of sustaining his firm, Shaw & Co.
had leaned heavily upon it, and had re-
ceived notes and cash far in advance
OF delivery of leather, Copeland e
Co. obtaining receipted bills as equivalent.
1he extent to which the Shaw Brothers be-
came indebted in this way reached about
100000. Leather was furnished from time
to time, but not to the extent required
On Wednesday last" said Copeland, I'VE
notified Shaw d Brothers that either leather
or money must be furnished but they we're
unable to respond as desired, and we thought
1t pest to stop in justice to our creditors
In reference to the leather failure it was
sald the tanners had not been doing much
tins year and Shaw e. Brothers had very
much extended their line. The failure at
Norfolk and Baltimore was a mere bagatelle
as affecting their embarrassment the claims
III these cases not amounting to more than
1000 or $50, ,000 and being tolerably we'll
secured. The assets, it is expected, will
reach about 81, 100000 A statement will be
issued within twenty four hours.
Up to Wednesday Shaw e. Brothers re-
sponced to the firms demands for mer-
chandise, but the demands made upon that
day were not responded to. From
that time until Saturday hopes
were indulged in that Shaw IL
Brothers failure could be avoided. but
matters grew worse until Saturday, when
Copeland u Co. came to the conclusion that
the best thing they could do was to stop pay
ment and consult with their creditors Cir
culars to the creditors will shortly
be issued by the firm, and as soon as the
statement showing the status of affairs can
be prepared, a meeting of creditors will be
called What the firm will ultimately be
able to pay will, of course, depend in no
small degree upon what shall be realized
from the claims against Shaw & Bros
The Liabilities of Macomber & Greenwood
VINO VINO onn tailed to-day, are placed at between
S1OO and $3.50 900. Their factories are at
Marblehead and Milford The reported fail
ure of G. H. Ward & Co, is untrue. A note
that was protested to-day was
taken up by C. H. Ward & Co.
The firm assert that the suspen-
SION Is only temporary, and is due to the
plnched condition of affairs in their business
resulting from heavy failures. Wards fac
tory is at Brockton. He did very large
business and claimed it was profitable,
placing his gains for the past year
at $4,000 John Woodbridge, of Lynn,
is a special partner of Ward for
$4,000. Ward is considered one
OF the shrewdest manufacturers in his line of
trade. The boot and shoe men from various
parts of the country in Boston say there is
little excitement, and no embarrassment will
be occasioned to trade in their respective
sections. The members of prominent firm
in Topeka, Kas., said the announcement
will cause hardly a ripple in the North
west. No one seemed to apprehend
any failures in consequence of
the Boston insolvents. Had any big jobbing
ilrms gone under, it was thought there might
have been considerable difficulty in procur-
ing stock, but it is stated that there are
plenty of manufactured goods here at pres
ent, and that there will be no difficulty in
keeping up the supply. In the Northwest
the boot and shoe trade is said to be of about
the average volume. but somewhat peculiar
in making large demands on some classes of
goods.