The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1884-12-17
SHAW BROS.
A Plan to Aid the Compromise With
Creditors.

OfeUfE1FSs
BOSTON sDec. 16.-There was an interesting hear
ing today before Judge Field of the Supreme Court
on the petition of Ferdinand A. Wyman, who was
appointed by the Supreme Court assignee of the in
solvent estate of #. Shaw & Brothers under a deed
of trust executed for the general benefit of cred-
tors within and outside The Commonwealth, to be
allowed TO sell tannery property outside the State
for $500, 900 and turn over that amount to tbs In
solsency Court of Middlesex county to carry OUT
proposed compromise with creditors by the pay
ment OF 80 cents on the dollar. There was quite
an array OF legal talent, consisting of Judge Hoar
Samuel Hoar and Geo. M Morse Tor Shaw Il Broth
ers, and Mr.. Wyman, Judge Lowell, Wm. G. Rus
sell, Hutchns g. Wheeler, Train q Teele b.
Brooks and Richard Stone representing The inter
ests OF creditors 1t was stated that three-fourths
of the creditors, representing between $4,000 900
and 81 900 were anxious to carry the pro-
posed composition under the law of 1884, believing
that thereby they would realize larger dividend
than if the litigation were longer protracted. 1t
also appeared that there was now in the hands of
Mr.. w man about $500, 900 in cash. aud that Mr..
Joseph N. Fiske, who WAS creditor to the amouat
of between 5000 Ot0 and 500 600 wou ad vance
S400,OUO towards the full amount of 81 A 0,000
which would be required to provide for he lnteGded
comp sitisn of 80 per cent provided that the same
was con ummated by the first of January, 1885.
I he objection to the scheme came from the Merri-
mac National Bank of Haverhill represented by
Mr. Richard Stone. which claimed the right to have
its interests protected under the trust in fol
by order OF he Supreme Court instead OF by the
proceedings now pending in insolvency. In the
course OF the discussion it was intmated that the
session of the legislature designed to meet the
case If Shaw g. hrothers, and Judge Lowell in his
argument said that in no previous legislation, either
in Engla, or America. had such careful provision
been made TOR the rights of creditors Gas con-
tanned in the SO called composition act. Mr.. Stone
claimed that the case should be sent master to
determine the exact position of AFFAIRS and Judge
Hoar in opposing that proposition said that the de-
lay that would ensue by such disposition of the
case would defeat the composition and would result
in frtttering away the estate. To bring about the
present plan large portion of the creditors had
avaied themselves of the besi legal talent offered
by the Suffolk bar, and one cor two creditors who
wanted TO get more than their equitable share ought
not TO be allowed to defeat it In answer to Judge
analogous reported in the books, and so far as
known no such trust deed the one under which
Mr.. Wyman had acted had ever been drawn. Judge
Field decided TO send the to a master with The
understanding that he should hear evidence and
make report by Tuesday mcrning next, at which
time the Judge Will hear views of council sever
al questions OF law which he said were novel to
him.