The Portland daily press., 1883-12-28
SHAW BROTHERS.
Meeting Of Creditors Held in Bog
ton Yesterday.
The Firms Offer of settIeaalenti Considered
The Proposition Finally Accepted.

BosToN, Dec. 27.-The creditors of F. Shaw
& Bros met, under the call Of the advisory
committee, at the Shoe and Leather Exchange
at2 o'clock this afternoon. Mr.. G. o. Billings
presided. The attendance was larger than at
the last meetings. Mr.. Billings presented
again the three propositions for settlement
from the insolvent firm. The details of the
otter have been recently published. Mr.. Bill
hngs said the committee was satisfied that
tnere was more money in this offer than in apv
ihat the firm will make Mr. Wyman has
submitted his account of dealings to date as
trustee OF the estate. 1t appears that he has
recsiyed as cash, $598, ,116.25; paid out, S1S3,-
5ls o.; on hand, s414, 4,59S.2O; sales to date,
S60SSS464.
A creditor asked II the offer of the firm met
the approval Of Mr. Wyman, who, he said had
vetoed the creditors recent appointment of
co-trustee.
The chairman stated that the offer was made
With Mr.. Wyman's approval, and that if the
propositions were accepted, there would be no
need Of trustees thereafter.
Questions as to the legal points in the three
modes of settlement were answered BY Mr.
Bf1afs, counsel for the creditors. Those who
aelsyp sao third proposition, it was stated re-
msie simply as If 10 settlement had been
mHce. They take what is left of the assats
f*eward the payment Of their claims) after the
first and second class settlements have been
made. They incur no liability, and are not
called upon to contribute to ard the first and
second class settlements. Mr.. Brooks regard
Cd the security Tor the payment of the notes TO
be given in part payment to those who accept
the 40 per cent offer, as ample. He believed
those who accept the third proposition would
get eventually more than 40 per cent.
Mr.. Forgan wanted the meeting to bear in
mind that those creditors who accepted the
third proposition went into a Joint account
with Brackley Shaw, and he asked creditors to
remember that Brackley Shaw would keep
that account.
Mr.. Brooks stated that one of the most seri-
ous complications in the matter was the reld-
ton OF the estate of the late William Shaw to
the affairs of T. Shaw g. Bros Much proper
ty also stands in the name of individual mem
bers OF the firm. Those who accept the third
offer get the property cleared OF these diffieuI-
ties, which will help the final dividend
Mr.. Sherburn, of Pawtucket. asked il it was
true then that the representatives of William
Shaw and the individual members of the firm
will do under the settlement what they would
not do otherwise to pay the honest claims of
creditors.
Mr., Brooks replied that this property could
not be got at without this settlement, except
~ decrees of court, which would involve
much litigation. Ii it were not for this diff
Guilty the speaker would not agree to any set
tlement whatsoever. 1t would be easy to bury
the property in litigation so deep that it could
not be dug up in this generation CircuDa-
stances must be taken as they actually exist.
The necessary legal agreement to put into
enect the proposed compromise, was read by
the chairman.
Mr. Sherburn moved the acceptance OF the
proposition OF settlement as recommended by
the committee.
Mr.. Forgan asked If there was any repressn.
tative present besides himself of the creditors
OF Il. Shaw & Bros. of Vanceboro, No one
responded. Thereupon Mr.. Forgan protested
against the meeting voting to accept an offer
OF compromise made to the creditors OF +.
Shaw & Bros. OF Vanceboro, for the PROPOSE
ton includes an offer to the creditors of both
hrms Mr.. Forgan represented creditors of
both firms, but he was willing to accent the
proposition SO far as it related to claims against
Shaw & Bros. of Boston, but he would not
accept the same offer on his claims against the
Vanceboro firm.
Mr.. Brooks stated that the property could
not be divided, but that the assets of the
Vanceboro firm would pay more than 40 Der
cent. dence the objection of the creditors OF
the NaOceboro firm " accept the offer. But
Il will be necessary in making the settlement
to use the Vanceboro surplus toward paving
the claims on the Boston firm. If tho credit
ors OF the Vanceboro firm objected, then the
matter must BE- compromised.
The meeting voted-36 to Ito accent the
otier OF settlement. On motion Of Mr. Tead,
the advisory committee was continued with
lnll powers until the estate is wound up The
nesEi0g then dissolved, ana some signatures
we're obtained to the offer of settlement each
ereditor electing which of the three PROPOSE
ions he would accept.