The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1883-08-23
THE SHAW FAILURE.
Examination of the Firms Affairs in
Maine and New Brunswick.


AUGUSTA, Me-, Aug 22.-Mr. George w.
Morse, attorney for f. Shaw & Bros, returned
this morning from trip to the principal points
in Maine and New Brunswick, where the
property OF the firm is situated, and mere
particularly the points where the local attor-
neys of the firm have places of business. Tbe
trip was taken for the purpose OF hndiDg ont
the precise legal status and what suits ana
attachments have been brought against the
firm. In an interview with the Journals
representative Mr. Morse stated that he has
found the feeling in Maine especially friendly,
and has assurances from all the counsel repre-
sentiDg the creditors, both local and foreign,
that they will come into any reasonable settle
ment proposed by the Shaws At least they
will advise their clients to do so, and the
kindly feeling manifested is doubtless inspired
by the wishes of their clients. One of the
leading attorneys of Maine, who represents
a large amount of the present Indebtedness
thinks the assignment will hold in Maine as
well as well as elsewhere in favor OF the cred
itors who have assente0 to it, though perhaps
not as against the local attaching creditors,
who actually attached before such assent The
amount Of such attachments before assent Of
the creditors s about one million dollars,
which is comparatively tritllng The recent
case of Chafee against the Fourth National
Bank in list Maine, settles conclusiyely
enough that the assignment will hold against
all foreign creditors. The local attorneys are
greatly annoyed at the large number OF bank
lien suits threatened-perhaps two hundred In
all. These claims represent several thousand
cords OF bark, and as the total amount OF the
liens will be only some five thousand dollars,
as near as Can be estimated, probably not one
half the value Of the bark, and as the costs OF
fhar cn4T xuill h0
Mr.. Morse thinks the creditors will expect Mr..
Wyman to discharge these clients If he can
get the funds to do so. There has been very
little other litigation since the Spring a. Case
bank attachments and the Spring mortgage,
which every one who knew the generous and
equitable nature OF Mr.. Spring feels assured is
done for the benefit of all interested in
the general sentiment whether Mr., Spring
has so expressed it In writing or not.
Mr.. Morse has taken the opinion OF the
leading lawyers of New Brunswick upon
the validity of the assignments there. They
have undertaken to examine the question
thoroughly, and have given the unqualified
opinion that the assignment is valic there
New Brunswick has n bankrupt or 1nsolvent
law and no attachment on lien process; SO
nothing can be done in the way of attachments
upon the ass gnment even If such an attack Is
premeditated, until some party has recovered
judgment, which cannot be before November
Substantially the only party which is suing in
New Brunswick is the Bank of Nova Scotia,
whose representative is upon the general COM
mittee of creditors. This bank is bringing suit
upon each note as ii becomes due, through
Fisher & Council of Woodstock n. b. This
will necessitate from fifty to one hundred
suits, with large costs, and under the circum-
stances this action seems hardly justifable, as
the bank, through representative, gives assur-
ance that il is desirdus of no preference. The
suits, however, can do no harm except to make
costs. The feeling in New Brunswick is also
70 IIaf u Gk.orx Xr DrOd md Ia hp-
lieved no great difficulty will be found in set
tling with the creditors there for such reasona-
BILE sum as the committee and Mr.. Shaw can
agree upon. Mr.. Morse expects to make ar
rangements with the creditors attaching per-
sonal property in Maine for the release of the
attachments upon such personality and let the
attachments rest on real estate alone, which
can 10 no harm at present.