The Portland daily press., 1883-11-02

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event he would pay the liens only on the
valuabie bark There were many of these
1 Hens which he would not pay in any event,
as the bark was absolutely without value to
tne estate. So far as these liens have been
| paid by Mr.. Wyman it, Of course depleted the
assets by so mnch The value of the estate is
estmated by the committee as of July 28th. If
We mistake nor, the committee seems not to
1 nave considered the amount of these bark-lien
mems claims; or it has assumed them to be
] ralu DY Mr.. Wynan out of the assets since
July 18th, ana no account is made of such
ammunition of the assets. If it is claimed that,
when paid, it will enhance the value of tho
estate oy SO much, we respectfully differ with
them as to much of the bark. We cannot
estimate the exact amount of such liens and
privileged labor claims. They will amount to
not less than $4,000.
The committee, in estimating the value of
the several extract works and the bark lands
and bark connected Herewith, have assumed
that the works were of value to be continued
IN operation as such in connection with the
tannerles. Now that enterprise was an expert
ment 1t was attempted to enable us to run
our large tanneries to full capacity. That ex-
pertinent has proved failure, and it is that
iailure-with other things which are given in
tue commuters report, and fully commented
upon by lts spokesman, Mr.. Brooks and we'll
known TO the public-that brought about our
dlsaster. Inc extract works, as such. are abb
solutely valueless; and if we resume business
we shall abandon them as extract works. One
| or two or them are of some value to be con-
verted into tanneries. The remainder are
valueless except for old iron and Junk: and
consequently the bark at these works is with
out value, both in the woods and on the spot
she same being too remote for profitable use at
the tanneries ana the bark-leases connected
therawith are liability, and the lands con-
nected are generally of little value. We have
not placed large estimate upon the value of
these works, as will be seen by our schedules
We have made large reductions in the esti-
mated value of tanneries and besides the rea-
sons therefor, which are apparent to every
man in the trade, we have to say that the tan
neries aro very large ones, and the bark re-
sources are insufficient to run them to their
full capacity; hence they are no more valuable
than much smaller tanneries would be in the
same locality. 1t was to supply this lack and
atone for the large size of the tanneries that
we established these extract works, which
have proved such disastrous failure. We
consider it very doubtful, and indeed improb-
able, that purchasers could readily be found to
buy these tanneries or any considerable num-
Der OF them, even at the much reduced esti-
mates which we have placed upon them.
In the committees report there appear items
OF cash on hand and in bank, and interest on
Waiter Potter's note, amounting in all to
about $4,000 We believe that in most of
these cases the parties claim to have an offset,
and we are advised that mutual accounts may
be set OF against each other in such cases.
Doubtful accounts mentioned, estimated at
some 5000 in value, are absolutely value
less so far as we know, and the accounts reek-
oned as good should be reduced to 500 900, as
we know of there being some offsets and some
failures have taken place.
In estimating the value of the raw hides at
the several tanneries, the committee have
estimated the value at the cost when purchased
by us, the market value now being about ten
per cent. lower than at that time; a deduction
OF nearly 100000 must be made in that item
alone.
In regard to the item store merchandise,
$36, 6,543.28, reckoned at seventy per cent of
the cost. the merchandise is mostly of a charac.
il is eld stock.
If these stores are giveA up, and
the business discontinued, we should ex-
pect the property would realize very much
smaller sum.
mittee have scheduled them as they appear
upon our books, as originally purchased, and
predlcated their value to considerable extent
upon the original costs, no considerable deduc-
tion In most cases beng made. The fact that
much OF this land has been stripped of its tim
Der and its bark, and large tracts have been
burned over. Valuable house and town lots
hav been sold and in one case, at least, one
OF the farms mentioned therein, and estimated
by the committee at $4,000 value, was sold
some ten years ago. and has not been possessed
by the firm since.
We ara advised that there are now pending
By and against our firm, and by and against
the assignee, about two hundred SUITS and
while, OF course, we must assume in making
an offer to our creditors, that these suits viii
end in the general settlement, the expenses
cannot help being large and If we are required
70 pay costs on both sides il these ts. l.....ad
The committee intimates "a q vote recently
passed by them, we c2n hardly expect it to be
9Jner Jnan a serious Item.
Turr -ccsssa4tsss1fsve said that the assignee,
in his successful efforts thus far to sustain the
assignment and defeat the attachments, has
incurred great expenses; and in that the COM
mittee refers mainly, we assume, to the liti-
cation which has taken place IN New York.
OF course, we have at present no means of
ascertaining with any degree OF certainty,
what the entire expense has been to this date,
or what it will be hereafter.
The creditors must further remember that, if
We resume this business we resume it in a dis
organized condition, the skilled labor being
largely scattered, and reorganization must be
made. 1t needs only to be mentioned to per-
sons skilled in this business that an interim
like that in this case is fraught with much loss
and deterioration in values. The value of this
class of property is at present involved in
doubt, and is attended with risk. Hides and
bark have decreased ten per cent. during the
past ten months, and the future does not look
at all fattering; and the same depreciation of
the assets during the next twelve months will
absorb any possible margin that may now ap-
pear to exist above the offer which we are to
make you.
We are desirous OF offering our creditors the
largest sum which we can safely assume to
pay, and feel that the business will be resumed
upon q reasonably solid foundation. We can
OBTAIN little or no help from Canada, and must
rely upon the assets and our own skill in ad-
ministering them, and upon such help as we
can get from our friends in the States. We
have reasonable assurance that we can obtain
such help; and we now offer to our creditors in
full settlement of their claims against us, peo-
vided the same Is accepted by them within 60
days from this date, the sum OF thirty-three
and onethird per cent. upon their respective
claims, the same to be paid in cash or its eqiy
alent within thirty days of acceptance by the
creditors
AS we have included the vanceboro property
in this valuation, the offer is to cover both
classes of Indebtedness. This increases the
liabilities (besides the amounts heretofore set
forth) by the amount of the Indebtedness of the
Vanceboro firm, viz, S135, 1882 above what
the latter firm owes the other firm, as esti-
mated by the committee. With all difference
to the estimates of your committee we must
say plainly that we do not believe you can
realize so much out of the property in any
form you may administer it, and your last div
idends under any assignee will naturally be
slow ones, measured by the market values of
this kind of property
Schednle of Assets.
Assets Of +. Shaw s. Bros, July %, 1888, includ-
ing assets of the Vanceboro firm:
Cash on hand and in Wyman's hands..$ 5000 90
Leather hand il. store ............ 2l7, 900 90
Open accounts receivable ..,.......... 100000 90
Open accounts, equity, receivable in oo ~
store. OBSERVATION-DISCLOSURES. oO,UOo w
KINGMAN.
Hides dry and in watts. Deduct 10 per
cent. loo, ,lUO w
Tanning on above stock .......... :. $1,000 90
Leather on hand d.............,........ 10000 90
GRAND LAKE STREAM.
Taa+l nd D12 H2O 00