The Portland daily press., 1883-08-02
whom the property of Shaw & Brothers is


Mr.. Wyman has had q business experience
which well qualities him for the responsibility.
He came to Boston to engage IN the shoe and
leather business In 1870, and was In the en-
ploy OF Low, Hersey q Co: until the firm was
dissolved In 1874, when the business was as
sumed by Mr.. Low as senior and Mr.. Wyman
as junior partner, the style being Ariel Low
q Co. This continued for five years, when
Mr.. Low retired, and Mr.. Wyman continued
two years, as Ferdinand A. Wyman q Go. AT
that time Shaw & Brothers offered him posi-
tion OF chief superintendence OF four OF their
tanneries and one extract mandatory In New
York State, with charge OF their
legal business In that State, which he
accepted. Upon the death of William
Shaw of the firm, Mr.. Wymsn
was appointed administrator of his estate, and
is still in the performance OF the duties OF that
office. For the purpose OF making an apprais-
al and inventory of that estate as administra-
tor, be has recently visited and inspected all
the business establishments, tanneries, ETC.,
which +. Shaw & Brothers have in the United
States and Canada, making proper memoranda
of the facts gathered. Besides this experience,
which, as intinated, is not carried to compile
tion, he has in the course of his business Ca
reer settled up, as administrator, assignee or
trustee, twenty-seyen different estates. This
familiarity with such affairs has given conf
dence to creditors Of shaw Il Brothers, who
are personally acquainted with him. and they,
TO an amount representing about 81, 900 600
of indebtedness, have already assented in writ
ing to the assignment Of the Shaw q Brothers
property.
The Hartford Courant says that generally
supposed correct statement Of the affairs of the
Shaws made as late as June 30, placed their
total liabilities at S750,000 and their assets at
$5,000,000. This statement was accepted as
entirely trustworthy in Hartford.
To the Bangor creditors OF the firm already
mentioned the Hinckley & Egery Iron Com
pany and the Bangor Foundry and Machine
Company are added. The firm is also under
stood to be a debtor OF the Maine Central Rail-
road Company TO the amount OF 50, 600. The
National Bell Telephone Company have re-
Gently completed and equipped with instru-
ments special telephone line for +. Shaw &
Bros, from jackson Brook to Forest Station,
distance Of four miles, for which they have
not yet received payment.
Over twenty copies Of the assignment to
Wyman were drawn up. These were deliv-
cred by special messenger In no case was one
of them entrustedito the mails. The orders
were to have them all recorded at the same
hour, p. M, Monday, The assignment in
Penobscot county was recorded in the registry
OF deeds at Bangor at 2.35 o'clock Monday af-
ternoon.
A despatch from Boston last night says it
will be several days before statement Of the
affairs Of f. Shaw & Bros, definite and exact
enough for presentation to creditors, can be
prepared. The assignment papers OF the main
house and its branches and connections, viz,
John X. Mills, who is the firms head sales
man, and who has an interest in its business;
William e. Plummer, who also has an interest
in the business, and the United States Patent
Company, of which f. Shaw is president and
E Plummer secretary, have now all been COM
pleted and the preparation of statement OF
affairs for the creditors will be enter ed upon at
once.
The Associated Press despatch OF yesterday
concerning the amount which the Shaws owed
to Bangor firms was incorrect. Their total in
debtedness to Bangor firms is only $4,000.
The following additional attachments were
recorded at the registry of deeds office in Ban
gor yesterday: w. +. Milliken, $1,000; Seth
Milliken $4,000; Twitchell, ChampliD & Co.,
$4,000; Stoddard & Hitler $500; Files &
Jones, 500; G. s. Caylin S400 and W. b.
Dole, S1200. The first three are Portland
firms and the remainder Of Bangor.
The New York Evening Post, commenting
on the failures, says:
The failures in the shoe and leather trades
yesterday were not unexpected. 1t has been
well known to all persons connected with the
business that, owing to the great increase OF
establishments, especially at the West, and
the intense competition resulting from this
cause, the production of leather and the gen.
eral trade in that article has been carried on
for two years at a loss. AS long as year age
the Post said that, owing to the "over produc-
tion," there would necessarily be a rsadjust-
ment of credits in the iron, leather, and dry
goods trades" in other words, that there must
be liquidation of their existing Indebtedness
and new credits made on q lower range of
prices because the margin OF capital had in
many cases been absorbed in the decline in
prices of the commodities. This liquidation
and readjustment of credits has been accom-
plished in the iron trade, which is now prac-
tically ON a new basis of diminished
production, and with prospect that
prices will gradually improve with
the effect of good crops In the cotton, wool
and dry goods trades it has been accomplished
to large extent, and unless the troubles be-
tween France and Chill should develop into
something that would seriously diminish the
Oriental demand for Manchester goods so as to
reflect on the cotton goods trade generally, il
may be assumed that the worst features in
that line of business have been developed, and
that the future will show an improvement.
But the leather trade had not up to the pres
ent time experienced the same renovating eff
fects of liquidation as the other great lines of
production. There was an extra struggle to
keep tanneries at work, because the general
plant of such establishments deteriorates rap
made to force the commodities upon the mar
kets. For months leather has been exported
at positive loss and sold in the western mar
kets below the cost of production. The large
crops of last year in the northwest made a
temporary alleviaton of the case and carried
the trade over to the present ftime, and large
crops throughout the whole country may help
it out again, because leather is an article of
large domestic consumption, and is promptly
affected by the prosperity of the agricultural
interests.