New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-08-16
ND EBTEDNESS OF p. SHAW g. BROTHERS,
TIE LIABILITIES ESTIMATED AT OVER $500 000-
STATEMENT OF THE ASSIGNEE.
[BY TELEGRAPH TO THE TRIBUNE.l

STATEMENT OF THE ASSIGNEE.
[Br TELEGRAPH TO THE TRIBUYE.l
BOSTON, Aug. 15.-Those interested in the
house OF F. Shaw Brothers. the tanners who failed
recently will be much disappointed with the Statement
made this afternoon at the meeting OF the creditors in
TINS city. When the failure first announced the
liabilities were believed to be about $500 900; at the
meeting to-day they shown to be $7500,0O
The meeting was largely attended and Fayette Shaw,
the head OF the rm made long and carefully prepared
statement OF the which had led the failure. the
liabilities and the nominal assets. The failure, has
been stated, was largely due to the breaking of the
Pacific Bank by Benyon and HE associates in crime.
Several OF the customers OF Shaw Co. heavily
involved but their assets believed to be good by
Shaw & Co. Mr. Shaw said:
Our house was strong. Our-singe name paper
In quick dem and the street low rates OF interest
We decided to the burden OF helping these unor
tunate and did la doing so, for long
time We took their paper, placed names upon
1t and got the money for them, gave to them to get
the money In most cases. for nearly year. asked
for nothing In RETURN that's we got from uem no money
and did not their paper for accommodation.
Meantime the volume OF paper which had been used to
raise for them had become large and found IL
affected our-single name paper and finally mere
temporary emergency, supposed at the time. we
Obliged ask for theIr paper own Use
The result has been that slngename paper HIS
practically driven from market and we in common
with these other concerns have had TO rely
upon the douOle'nane paper 10 rise money.
Finally suspicion cast upon this doube-name
paper this spring part from unfortunate rivalry be-
tween concerns OF brokers and partly from causes
which are familiar all OF you We continued 10
point where clearly that unless these other
houses could take care Of themselves aud paper
II mstured could longer carry the burden"
The assignee. +. A. Wyman made statement IN which
lie said hat no would hold the property IN trust to pay
from the proceeds thereof all debts Liabilities and obi
cations OF L. Shaw Brothers without preferences
priority among creditors. The statement Of liabilities
and places the unsecured liabilities at $4,0j3.
Cos ~ which includes time notes. taHnery ceptduces
open accounts for hides and supplies, indebtedness
20 in,olvent 1ms, and accommodation notes.
Tho secured Indebtedness amounts 10 Sjj3.37j 81,
making the total direct liabilities Si.612,0N II. The
contingent liability Ia S2s97,235 q. or this
Sl,s2tOS2 % spGsOlycnt and or 1873 % thongt
to have been provided FOR being trade paper Tne firm
claims have collateral amounting to Sl69JJ2 0B Tor
part OF toe cOntin- LIABILITY, OF which S17J5 81 Is
called goOi, and balance. s124sl7 49, ia usolvent
The assets are rs follows: Accommodation and other
notes deposited for held by other persons col
lateral, S3lI Acc; accommodation notes OH hand,
S5.425 IS; notes receivable on hand, 1890 %;
open accounts receivable, S39j,4O7 80 The
assets are classified thus: DJuD,fd. $685.
ATT %; failed S2503s0 80; good Sl0G,554 CO !;
cash In hank So IN 80; hides y edges as collateral
s22OOOJ hides and leather GU nand 600 900 DARK,
account, rccciyabe and cash az tanneros 81 $3.50 80
600; 10 railroad ears, ~ 5O0 estimated value OF
nrriss and buildings 5000 600 estimated value OF lands
81 900; store Nos. 26S aud go Purchasest, So
900; 10 shares OF the Exchange National Bank, Sl2OO
claims various nrnA aud houses Win whOm ney
have had dealings notes tan amount impossible 10
state tO-layJ, total assets, 80, 2O2, 1877 ~.
AT tbs conclusion OF the reading OF the staten Mt.
motion AIR Mics. representing New-YOrk creditors
the following committee was appointed TO cooperate
with the assignee in making Investigation.
and 10 report at a subsequent meeting: G. o.
Bngs of Boston, president Of the Globe National Banks
A. W. Chase. boot aud dealer OF Hayerhl; : T.
Small. 81 Portland tanner; T. H. Dunn, boot and shoe
dealer OF Boston, Nat aue Miles, yicepresideut or the
Tradesmens Bank Of New York; u. +. Brooks, of Boz
tol lawyer; f. IA. TODD. OF the ST stephens Bank, st.
Stephens. ~ b.; J. H. Forgan, representing the Nova
scotia banks; and Isaac steODins. ot Chelsea.
BANGOR, Me-. Aug l5.-ln attaching tho bark OF i.
Shaw & BtOtIere, about 75D cords, at Freuchman's
Grade the European and North American division OF
Maine Central Railroad bancroft, were passed
by, and the kingman annery Will at resume, be
ing able TO obtain bark rom this unattached lot Addi
tlunal attachCspts on the real estate OF +. SHAW
Brothers been placed in Peuobs'otC ounty fol-
iOws .. -. Hume, OF Eas port $4,000; Casoo National
Bank. Portland 100000, and samuel Greeley, vi Read
field, $4,000.