The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1884-02-28
THE SHAW FAILURE.
Delay in Effecting setilemenf-A I've
Months Extension Asked,


BosToN, Feb. 27.-The delay OF few OF the
creditors Of f. Shaw s. Bros in signing one OF
the three propositions of settlement has made
it necessary to ask for an extension of time be-
yond March 1st 1t was expected that all
would have signed some branch OF the oner
weeks ago. and then the Shaws would have
had definite knowledge of tbs amount OF
money needed for the first payment on March
1st. But as 1t is not known whether the out
standing creditors will elect to be paid 81 per
cent. cash, % per cent. cash and ID per cent.
paper, or share 10 the final settlement, it has
been impossible to arrange for the first pay
ment at the date originally specified. Those
who have chosen to pursue dog-n-the man-
ger policy have greatly embarrassed not only
the Shaws but great majority of their fellow
creditors. The creditors committee has sent
out circular to this effect:
Your committee send to you herewith form
OF agreement for extension of the time for the
completion of the settlement under the prope-
SitioDH of Mr.. Brackley Shaw. The enclosed
paper will show you the reasons for the post
ponement. III the assents to the postpone
ment by executing the enclosed paper are
given promptly, the whole os the additional
two months may not be needed to carry the
taken than is absolutely necessary. Will you,
therefore, give us an immediate response 10
this communication, and, If agreeable TO yon,
return to us forthwith the enclosed paper ex-
ecuted Feb. 26th?
This is the new agreement:
Whereas, In the instrument dated Decem-
bes 81, 1883, the offers of Brackleg Shaw are
made "upon condition that substantially all
the creditors accept the same, within sixty
days from January ], 1884"
And whereas, creditors of f. Shaw & Bros.
of Boston aud F. Shaw & Bros. OF Vanceboro'
have accepted said offers, in number and
amount sufficient to satisfy said Brackley
Shaw SO that he considers said condition as
substantially performed and dispensed with,
and he is willing that said instrument shall go
Into practical operation and take effect, not
withstanding said condition;
And whereas, 1T Is provided in said instru-
mAnt that the same shall not take effect anless
the percentage therein mentioned of 80 l-S per
cent. under the first proposition and OF 70 per
cent. nnder the second proposition shall be
paid to the parties entitled thereto, aud the
security for the payment of the notes for 10
per cent. and interest shall be given within
tw omonths from said first day of January;
And whereas, The acceptances by the credi-
tors of said Affers of said Brackley Shaw have
been delayed SO long that il is wholly imprsc-
ticable bafore the expiration of said two
months, which end on the first day of March
next. 10 make proper Investigations of titles
and descriptions of property, and to procure
releases Of dover, attachments and other in
cumbrances, and to procure the discontinuance
of insolvency and probate proceedings, where
by the titles to ths property aud securities
may be perfected SO that the agreement en-
.odied in said instrument can be carried into
practical operation and effect;
Nos, therefore, 1t is hereby declared and
agreed that in order to allow sufficient time for
the purpose last aforesaid the said term of two
months, limited as aforesaid shall bo extended
two months from said first DAY of March, SO
that said instrument shall have the same con-
struction, force, operation and effect as it
would if fonr months had been originally in
serted in lieu, and In place of two months
wherever the same occurs therein; provided
that, in case any of said payments OF any of
said percentages shall be made at any time
within said two months after said first day of
March, interest thereon from said first day of
March shall be added thereto and paid there
with, aud it is further agreed that said condi-
tion is dispensed with by said Brackley Shaw,
and is of no further effect or force.