The Portland daily press., 1883-11-16
SHAW BROS, FAILURE.
Adjourned Creditors Meetiug-The Com
mittee Reports Prsgress-An Offer From
the shaws.


mittee Reports Prsgress-An Offer From
the shaws.
BOSTON, Nov. 15,-An adjourned meeting of
the creditors of r. Shaw s. Bros. was held at
2 dock this afternoon at the Shoe and Leather
Exchange, Mr. R. s. Dunn presiding. Mr. @.
0. Billings, chairman of the advisory commit
tee, read the following report:
Your committee beg leave to further report
that we notified Mr.. f. A. Wyman of your re.
quest at your last meeting that he should rem
der to US previous to this meeting an account
OF his doings as trustee, but he has not as yet
done so, stating to us that he Is still engaged
in the preparation of the report. Mr.. Wyman
has questioned the fact of Mr.. Forgan's ap-
pointment as ce-trustee and he yesterday pro-
duced to your committee large number of
names OF persons whom be claims to be cred
ilors OF +. Shaw g Bros. They are nearly all
OF them Tor very small amounts. and consid-
eraple portion OF them do not appear upon the
firms books. Your committee have not had
time since yesterday to make so thorough an
examination as we wish to do. The question
relates entirely to the number Of the existing
creditors, who were creditors July %, 1885,
very large majority in value of the creditors
having sigued the request. No proposition for
settlement of the debts owing by f. Shaw &
Bros. or for the purchase of the trust property
has been made to US since your last meeting,
and the Indications are that the estate must be-
converted into money and distributed by the
trustees. In view OF these facts we respectful
ly recommend that Mr.. Ell. A. Piper be ap-
pointed Dy you to examine and audit the ac-
counts OF the trustee and trustees from July
rs, 1883, to the present time, and hereafter day
by day, and to report to an advisory committee
appointed by you.
For the committee, C.O BILLINGS,
Chairman.
Mr.. Billings added that since the committee
oda tad thaa ahs,va ba huA uad
following offer:
81 am authorized by Shaw & Bros. to offer
for the assets Of the firm the sum of $2,200,00
This is upon condition that they shall get
little free OF all attachments and other incum-
brances made or suffered since July 28th last.
This Is to include the assets OF the Vanceboro
firm. This form of offer will give the cred-
Itors the advantage OF such diminuton as can
be secured in the deductions set forth in the
last part of our schedule of assets, submitted at
the last meeting. GEORGE W. MORSE"
The committee stated that they had had no
opportunity to consider this offer. Mr.. M. f.
Dickinson, Jr moved the offer be referred to
the committee. they TO report at meeting to
be called when they are ready to recommend
definite form of settlement.
Mr.. Hale OF Northampton moved as sub
stitute this resolution:
Resolved, That the offer this day made by f.
Shaw q Bros. is wholly inadequate and is
therefore declined
Mr.. Hale said it was folly to consider such
an offer. For his part, he would charge the
whole debt to profit and loss rather than COM
promise on such terms and thus encourage
other failures
Mr.. B. W. Cole indorsed Mr.. Hale's views,
saying that it might be inferred that the credit
ors would consider such an offer.
Mr.. Dickinson said he believed the offer
could be increased by the committee very
much, but the committee should do all the
negotiation. He had no doubt the creditors
would undoubtedly adopt any Recommendation
Of the committee.
Mr.. Putnam believed in compromise, but not
until the Shaws came to the creditors in
very different spirit. The matter is in worse
legal ENHANCEMENT than the Sprague estate
ever was, and compromise was the only way
ont But until the Sbaws act like men nothing
OF course can be accomplished.
Mr.. Hale replied that if the creditors even
considered such proposition they would never
get red cent in advance of the present offer.
Mr.. B. f. Brooks said that wrong impress
sion existed that if the matter was not COM
promised the creditors would realize but little
from the closing up of the estate by the
tr1stees. The estate in charge OF trustees
would yield good dividend.
Mr.. Pike said that he did not believe the
offer OF S2,0O0O0O was as good as 33 per cent,
and he was prepared to vote against it.
The chairman called attention to the fact
that the terms of the offer required the pay
ment of something like $4,000 in attach
menfs and legal expenses by the creditors be-
fore the offer took effect.
Mr. Billings regarded the offer on its face as
amounting to 40 per cent. of the liabilities.
de was not, however, prepared to say that it
was more advantageous than the first offer of 33
per cent The list of creditors submitted by
Mr.. Wyman contained some 1900 names, some
of them for claims as gmali as four cents
Abont 400 had been paid, and The bulk of the
debt was owed to 500 of the remaining 1900.
MY. Morse, counsel for Shaw & Bros, grant
ed thai some claims could be settled by the
committee cheaper than by the Shaws. The
last offer, he believed was an increase of $40,-
600 to $4,000, and it was all they could afford
TO pay on the assets. On the committees esti-
mate the present offer amounted to Al cents on
the dollar. He thought it would net the cred
itors sc cents on the dollar.
Mr. King asked If it was not true that
large contingent claim would not have 10 be
recognized in the acceptance of the last offer.
Mr.. Brooks. for the committee, replied that
such claims would have to be- admitted in some
way, but it was impossible to appreciate the
offer without close study of it.
Mr., Whitmore, of Whitmore & Winslow, of
New Brunswick, thought too large an estimate
was made on the assets in New Brunswick.
Mr.. Cole raised the point of order that the
creditors did not want to listen to paid attor-
ney of +. Shaw & Bros. He moved that the
gentleman be prohibited from speaking
e Mr.. Billings hoped the creditors would listen
to how T. Shaw & Bros. deprecated their as
sets.
The motion prevailed and Mr. Whitmore re-
marked: I'm obliged to You, gentlemen, for
your display Of fair play
Mr.. Hale's resolution was then passed.
Mr.. King again argued that it was financial
ly and morally wrong to treat with debtors
who had fled the country and who persisted in
concesling portion of their assets He be-
heved the estate would eventually be settled in
bankruptcy. He had Plan WI ich he believed
would rescue all the assets from the possession
of E. Shaw & Bros, from f. A. Wyman or any
one antagonistic to the interests of the credit
Ors.
The meeting adopted the recommendation of
the committee that Mr.. Piper be employed to
audit the accounts of the trustees. The meet
ing adjourned, subject to the call of the COM
mittee.
MONTREAL, Nov. ia circular signed by
Shaw Brothers & Cassels has been issued, cali
ing meeting of prominent houses of the leath-
er trade in the Dominion TO be held here to-
morrow afternoon to consider the question of
limiting the maximum time for credit to four
months with discount of Der cent. for cash
and per cent. for cash in &c, days