The Portland daily press., 1883-08-02
THE SHAW FAILURE.
Suspension of Several Allied Firms
More Attachments Recorded iu Bangor
Pertinent Comment of the New York
Post.

Farther suspensions have occurred in the
shoe trade in consequence of the Shaw and
Copeland failures, but there is no panic in
the trade, and it is believed that the effect Of
the original break will be limited substantial
ly to the concerns with which Shaw & Broth
ers were most intimately connected. So far as
now appears, the suspensions are limited to the
two houses mentioned above and Macomber &
Greenwood, John F. Mill, William E. Plum
mer, the United States Patents Company, and
Charles II. Warde. The amount involved in
the case of Shaw s. Brothers is now estimated
at S3,500,000, their assets being very large
and, althouqh not Immediately available, cap
able lof realizing under judicious manage.
ment something approximating to dollar for
dollar. The liabilities for Copeland & Co., are
still put at $4,000. with assets said to be
large, but no estimate deemed reliable as to
the amount can be given.
Mscomber & Greenwood have been whole
sale dealers in boots and shoes at No. 123 Sum-
mer street, Boston, and firm organized last
January The firm formerly was Wallace 4
Macomber. Mr.. Wallace withdrew his name
from the business title and took responsible
position in the house of Shaw & Brothers. He
contributed, however, $1,000 to the capital of
the firm Of Macomber & Greenwood, as special
partner, and each of the, active partners fur
nished $4,000. The firm ran two factories.
one at Medway and one at Medford. They are
reported to have done business Of about
100000 year and to be now involvedto the
amount OF from 800, 600 to $4,000 No esti-
mate of their assets is available, but they are
supposed to consist in part OF the promissory
notes of Shaw & Brothers. 1t is that the busi-
ness proper of the, firm has been prudently and
profitably conducted, and will show hand
some margin on the right side. No authori-
tative statement is made by the firm, however,
and neither their assets nor liabilities could
be obtained by statement at first hand
John t. Mills is a tanner and leather dealer,
and has had place OF business at No. 26S
Purchase ST., Boston. He has been reputed to be
worth from $4,000 to $4,000 and holds one
third interest In a tanDery in New York State
which has been run by the Shaws.
The United States Patents Company has
been doing business at No. 12Milk ST., Boston.
Its nominal capital is $500,000, but it is under
stood to be largely represented by the APP
praised value of the patents which il holds. 1t
has manufactured bark machines, &c., at
Salem, Mass. 1t employed about 40 hands.
Fayette Shaw is president Of the corporation
and William K. Plummer treasurer.
William II. Plummer, besides holding this
business relation with the Shsws, had a one
third interest in two of their New York tan
neries. He has been reputed to be worth $780,
900 or $4,000.
Charles III. Wsrde is manufacturer Of boots
and shoes at Brockton and at Pennington, N.
H., with headquarters at 30 High ST., Boston.
The definite fact stated is that he permitted an
acceptance of about S40o to go to protest in
one of the Boston banks. While his mercan-
tile relations with Shaw 81 Brothers were inti-
mate, it is believed that his suspension will be
Al. r. xnAa nod hat hsa
was doing profitable business to the amount
of $l,250,O00 per annum, and that he had a
surplus of from $150,000 to 100000. He is
considered TO be one of the shrewdest and best
manufacturers in his line OF trade. His re-
ported liability is S250,OOO.
The suspensionlof Copeland & Co. is now de-
clared to have been due TO the Shaw Brothers,
and the statement that the latter had carried
the former for some time is declared incorrect.
Mr. COPELAND says his firm now holds Shaw Il
Brothers notes to the amount of over S400, 900,
which his firm advanced them for merchandise
to be delivered when called for, Copeland Il
Co. now holding Shaw & Brothers receipts
for the amount mentioned. Up to last We'd
neSday Shaw & Brothers responded TO the de-
mands of Copeland & SO. for merchandise as
they were made, but the demands made on
that day were not responded to. From that
time until Saturday hopes were INDUCED in
that Shaw q Brothers. affairs were in such
shape that failure could be avoided. But mat
tsrs grew verse until Saturday, when Copeland
& Co. came to the conclusion that the best
thing they could do was to stop payment and
consult with their creditors AS soon as a
statement showing the status of affairs is pre-
pared meeting of the creditors will be called.
What the firm will ultimately be able to pay
will depend in no small degree upon what shall
be realized from the claims against Shaw &
Brothers
Information from various sources satisfactor-
lily indicates that no Boston banks hold any
large amount of the failed paper, and that no
embarrassment among those institutions will
result. The Shaw & Copeland notes and in
dorsements appear to be distributed over a
wide territory and banks in Maine, New
Hampshire, New York, Canad% and some of
the country banks of Massachusetts, come in to
share the burden with the Boston banks.
The property of Macomber Il Greenwood,
John Il. Mills, William e. Plummer, and the
United States Patent Company, including all
buildings, machinery, stock in store, patent
rights, &C., has been assigned for the benefit
OF their creditors to Ferdinand A. Wyman, to