New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-10-19
THE FAILURE OF sH4W E. BROTHERS.
THE ASSETS AND NEUTRALITY-SUSPICIOUS. DEALINGS IN

NOTES.
Boston, Oct. 1S.-The committee of cred
ltors Of f. Shaw Brothers, tanners who recently failed
reported TO meeting Of creditors this afternoon that 1t
appeared that the assets Of the firm worth 1885,
900, and that the liabilities were S53i4OOO. The firm,
the committee believed could pay ~ cents the dollar
The report showed that from April to July the firm had
issued or Endorsed notes amounting to SO, 1OsO 00
Ofthe firms dealings In notes the report says "Prlor
TO January l. 1882 there had been few received by
F. Shaw Brothers. solely for their accommodation In
comparison with the amount subsequently shown. The
notes Of other persons received by the firm which
sold and the proceeds used by themselves IF. Shaw
Brothers, treated on tho books as their own
payables they giving receipts to the firms individuals
for the notes, in which expressly stated that F.
Shaw Brothers would pay them at maturity, and such
notes were in many instances made payable at No 265
Purchasest. Boston. The notes received by the firm
account Of leather treated recevabs and duly
credited to tho respective promsors Another class Of
notes receivable notes received from persons to
whom they advanced money and took notes from them,
practically dscOunng their Taper. Each OF these sep
aTate classes appears upon the books but there
other class OF liability which only appears as memoranda
and that where the firm Endorsed notes Of other firms
sale OF the Endorsed notes. the proceeds OF which were
used by the prOmsos ana not pass through the hands
OF +. Shaw & Brothers. The committee finds that f.
Shaw Brothers have been lndOrscrs upon notes where
there understanding between them and the prom
sderaou being onehalf the brokerage As appears by
the bills Of sale this went to Fayee Shaws private
count books the existence of which only to the
mtces knowledge incidentally and just at tho close OF
IFS Investigations Whether the prOmsOr got any benefit
in rate who did profit by these Endorsements does not
appear. The committee nominated James r. FOTgan, Of
Nova Scotia, for cOtrstee Of the property, with f. A
Wyman."
James Forgan. ofNOva Scotia was elected co-trusee
with Wyman. George +. Morse counsel for the Shaws
addressed the meeting He said that unjust
criticisms Of Mr. shaw's conduct had been
published. His departure for Canada, Mr.
Morse said in consequence or an
arrangement made several weeks before he went and
that he would have gone anyway He confessed that Il
Guild not he wise for shaw 10 return Just aud said
that he staying away in the interest OF his creditors
Several persons have threatened that they got hold Of
shaw there would be any settlement Of the Shaw
property They could not arrest him criminal charge
but could civil process for large An amount thAt
bail could not be- procured II they wanted
HIM however, Mr. Morse pledged his word that he would
MI Morse said that he did not reply To the news
paper attacks Shaw because he thought he Woul not
attempt "o clear out the path. until II stopped showing
He submitted that the report made by the committee
cNCulpaC- Nj. Shaw upon all but ono or two points
The convey Of the real estate I'm accordance
with Il promise made several years before, and only
through CIrulcS.no-- Il had not been donc before
A, 10 the $4,000 which Mr. Shaw Withdrew
the day before the failure, he knew that Mr. shaw owed
private debts, and presumed sufficient 10 pay
these bills and To I've taken Win these eNcelr
fiUus and some business mistakes Mt Shaw may nave
made. ne thought the reports CXuucraed Mr shaw.
Mr.. sherman OF PIWWrkrt, said De- Wu- Wiling To allow
Tayrttr Shaw unreasonable margin fprcoHTcg au'r, OF real
the firm knew just what coming but ~ would D" am
cult convince Jury OF the quality ~ good ialth IN
which Nj Morse said the transfers we're made.
The meeting adjourned for two weeks.