The Portland daily press., 1883-11-02
S510.315Oo

wise, as set forth in report.
Total assets ,.,..,..... ...,.....S2 664. .359 90
Available assets =. ........ so, 154 ,044 90
Thess-fgures were received with great aston
ishment, because the firms estimate Of their
assets ct the time of failure, made at the first
meeting OF creditors, showed total of So, ,262,- :
1877 and the sworn statement Of the firm, made
Jan. 5, and on which is based the warrant
now pending for Mr.. Shaw's arrest, showed q
surplus of $5,362, ,256.
COMMITTEES REPLY.
Your committee passed on Oct. %, the fol-
lowing vote:
Resolved, That tho committee will not ad-
wise the creditors to take less than fifty per
cent of their respective claims and all expenses
With the right to claim the full amount of
their notes against indorsers and of ether par
ties liable on the paper.
And we Immediately sent O copy OF it to
Messrs. f. Shaw & Bros, through the hands
of their attorney, Geo. w. Morse. Soon after
ward, Mr., Morse, on behalf of +. Shaw &
Bros, applied to your committee for a hearing
by us, with view to persuade us to reduce
the amount fixed upon in our vote. The re-
quest was granted, and on Oct. Both Mr. Morse
appeared and read to us q statement and argu-
ment in behalf of the firm, and gave notice
that he should present the same to you to-day.
We have carefully examined Mr.. Morse's
statement and argument, and have decided
not to change our vote, and in view of all the
facts and OF all the difficulties and comphca-
tions OF the case, we recommend to you TO ac-
cept any offer oi the payment of 80 per cent of
your respective claims against the Boston firm
OF 4. Shaw q Bros, reserving the right to
prove your claims for the full amount of your
notes against the indorsers and other persons
liable on the same, and we do not advise you
to take less.
In regard to the appointment of Mr.. Forgan
as co-trustee of the Boston firm. the committee
that the constant Of .3f1 cra0it0rg
senting claims aggregating over S4,000000,
was obtained, and Mr.. Forgan was duly ep-
pointed.
A very large majority in value of the
creditors of the Vanceboro firm have signed
the-requests, but we have not yet been able to
ascertain whether the requisite number have
signed
At the conclusion of the reading creditor
asked what the firms interest was in the
Montreal firm of Shaw Brothers s. Cassils.
Mr.. Morse replied that they owned the tan
neries only, and that the capital was supplied
by Mr.. Cassils.
In answer to a question, the committee re.
piled that no response had yet been made to
The papers served on the firm in regard to the
appointment of Mr.. Forgan as co-trustee.
Chairman Dunn said further that the commit
tee had done nothing to antagonize the Shaws.
In statement made by the Shaws in January
last, among the assets were "quick assets in the
Canadian house, 1864, ,000." This in answer to
the Shaws statement that our only inquiry was
In regard to property where none existed. We
sent two men to Montreal to inquire about this
Canada item, and they returned as wise as
they went. You have before you four reports
of condition of Shaw & Bros--one made in
January showing surplus of S5,664, 600; an
other IN July showing assets of $5,620,000; an
other by your committee showing assets of
about $4 100000; and now one from the Shaws
showing assets qts saalY ", 100000. Gentlemen,
your Choice >s>7st--vaHd you can take
n N E.. a..
PLANTATION of the work of that body. The COM
nnittee made their estimates with the
derstanding that that was what was wanted
and not the debtors estimates. We believe we
have given you approximately the market
value of the assets. The only item which it is
charged is misstated. farm valued at $4,000,
was taken from the firms January statement,
but now they say it was sold years ago. The
only thing the committee didn't succeed in
getting was the value of Shaw's interest in the
Montreal firm of Shaw Bros & Cassils We
reduced the firms August valuation by ST.
270,O09, and they now reduce our valuation
about S2,O00,000 more. The committee has
taken into consideration all 1.-The difficulties
and complications involved in advising the ac-
ceptance not less than so per cent. We reckon
ed all the fees, all the plunder, all the waste
that can probably be reached in the
course of settlement. The damage b. mis-
chievous creditors, who are seeking pre-
cedence is large, but we have included it all in
our estimate. A great many have assured US
that they would withdraw their suits if a set
tlement was made at or about 90 cents on the
dollar. In recommending the acceptance of
so per cent. we have reduced the schedule
which we presented to you two weeks ago by
81, ,183,0 900, and we still say there will be lib
eral margin after the payment of 90 per cent.
There have been various persons all along who
have offered to form combination TO take the
property and pay the creditors per cent, bat
no concerted action has yet been taken
Ii the Shaws will not offer 80 per cent. we Can
accept an offer from other persons. If no such
proposition IS accepted the property will re-
main with the trustees. The creditors would
have to wait, but they would have the benefit
of the surplus which would doubtless re-
main. The application for the Appointment of
Mr.. Forgan as co-trustee does not in any way
reflect upon Mr.. Wyman or his administration.
Mr.. Sherman said such affairs were not new
to him, but in all his experience he never heard
such report or proposition as this one pre-
sented by the Shaws at this meeting. He
thought it showed good Judgment on the part
of the Shaw counsel to say that the report
was furnished by the Shaws instead of by him
(Morse). He considered it the most astonish-
ing instrument he had ever heard read. Six
months ago the Shaws said they had million
dollars above their liabilities, and that the
creditors could not afford to compromise with
commercial rascality. II the statement was an
honest one, and they had actually lost $6,OOO,-
600, and honorably offered 50 per cent, he
the creditors can, and don't think you will,
accept 33A per cent. l am willing to accept 90
per cent, because the committee recommended
it, Turning to the assignee he said, 81 want
you to recolect that while you are trustees of
the firm you are also trustees for the creditors"
Mr.. Forgan resigned, as a member of the
committee, and his appointment as co-trusJee
with Wyman was left in allegiance, it being
claimed by Wyman that every creditor,
including the laborers in the tanneries, were
entitled TO vote on the question
The offer of 80 per cent. made by the Shaws
was unanimously rejected.
1t was voted that the advisory committee be
retained, and that they eDdeavor to form a
syndicate to take charge of and develop the
assets, and report in two weeks 1t was also
voted that the trustee be instructed not to ex-
pend any money in making additions or re-
pairs on buildings unless absolutely necessary
and that he wind up the tanneres and extract
works, and dispose of the barks and land, and
also take steps to be put in possession of the
property in Canada and Newtonville.
Mr.. Brooks stated that the attachments on
the real estate in the latter place were mach
more than the property was worth.
N. w. Rice of Boston was appointed in place
of Mr.. Forgan on the committee.
Adjourned for two weeks.
FEMALE FIEND.