The Portland daily press., 1884-12-24
SHAW BROS AFFAIRS.

Eepart of n Special Master On ihe Pro
posed Csmprcmise of Creditors.
BOSTON, Dse. 23.-Before Judge Field of the
Supreme Court today thera was another hear
ing on the petition of creditors of It. Shaw &
Bros. that Mr.. Ferdinand A. Wyman, the
trustee of the estate, be authorized to dispose
of the same to Brackley Shaw for 100000,
aud then settlement be made under the com
position provision of the insolvency laws by
the payment OF 80 cents on the dollar to each
creditor. When the case was before Judge
Field last week it was decided to refer the
matter to Francis W. Hurd, special ma ster,
who was 10 report the condition of the trust
fubd, the number of creditors and the amount
of their claims who have joined in the compo-
sition proceedings; the number of creditors
and the amount OF claims represented by those
who have not agreed to the compromises; aud
the advisaDility of making the proposed sale.
The report of Judge Hurd was presented this
morning, and after reeiting the condition of
affairs in New York aud Maine found by the
trustee, says that an agreement has been ef
tected with the creditors in those States, by
which New York parties are to receive 80
per cent. of their claims and those in Maine 40
per cent. Notwithstanding the tendency OF
about 200 suits Mr.. Wymau has succeeded in
selling large amount of leather, from which
he had realized about ST. 200, 900. Six hundred
and forty-four creditors have filed their claims
amounting to 81 406 669.33. OF these, 523
creditors assent to the granting of the petition,
whose claims amount to S. 1862, ,324. Three
creditors object. whose claims amount to S71 =
663 81. There are 118 who neither assent nor
dissent and At of these have claims of less
than $50 each. Creditors to the amount of
about $l25 coo in Massachusetts neither assent
nor dissent. The total outstanding indebted
ness of T. Shaw q Bros. and E. Shaw & Bros
OF Vanceboro, Me-, was "a ,552 637 81, of which
$4429 81 was Indebtedness OF II Shaw & Bros.
OF Vanceboro. The master also found that
there were 30 creditors who could prove in in
solvency whose claims amounted to $780, 1000.
One OF them is outside the commonwealth
and he has signifsd his willingness TO take the
compos tiou offer of 30 per cent. on his claim
of $130 coo. a claim of George L. Piaisted of
New York for $i03,000is is in dispute, bnt his
counsel has agreed TO abide by the proposed
compromise. Judge Hnrd is of the opinion
that the composition will be for the best inter-
est of all the creditors on the whole; that the
sale for $500, 900 to Brackley Shaw is tue best
that can be obtained aud that the sals is an
advisable one.
On Wednesday Judge Field will hear the
legal questions involved
A meeting for the election of an assignee is
to be held in the Insolvency Court at East
| Cambridge next Saturday; but this meeting
| has been called merely as matter of form,
| and to comply with certain legal technicali-
ties to aid in carrying out the composition
which fas been proposed by H. Shaw & Bros,
aud assented to by over three-fourths OF the
crediters. 1t will not bs necessary for cred
itors who have already proved their claims in
connection with the composition proceedings
to prove them again at the meeting next Sat
! urday, The composition proceedings are pro-
| gfessing fsvorsbly TINS far, and the creditors
| will secure their 80 cents before the middle oi
| January. Only two creditors out of $50 arr
making any opposition to the composition pro
ceedines,