The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1888-12-12
MRS. PREsLE's BONDS.
A Suit to Recover the Fortune which
Has Disappeared.

BosToN, Dec. 11.-'Preble against Bates"
was the first case called in the United States
Circuit Court this morning There was
quite large attendance. Justice Colt pre-
sided, and the counsel were Gen. Butler, for
the plaintiff, Sarah A. Preble, and Samuel
Hoar for the defendants, Henry NJ. Bates
and 1. c. Bates Valley.
The plaintiff is the widow of William Pitt
Preble, the son of the famous Commodore
Preble. William Pitt was a Judge of the
Supreme Court of Maine, one of the United
States commissioners to settle the claims
with Canada, and the United States minis
ter plenipotentiary to Holland.
The action was a suit at law by the plain
tiff. who now resides in Boston. but who
formerly lived at Portland, Me-, to recover
moneys, stocks and bonds to the value of
100000, alleged to have been wrongfully
converted by the defendants to their own
use.
A previous suit had been brought in the
Superior Court of Suffolk county. That
suit was continued along for some time and
is still pending.
The count in contract by plaintiff says that
the defendants owe her 100000 for money
received by tile defendants
Counsel Southland said that the answer of
the defendants was general denial.
In addressing the jury counsel briefly stat
ed the circumstances of the case. He told
them that the plaintiff was lady well ad-
vanced in life. She was not able sometimes
to go to the deposit vaults to cut off her cour
pons, and she sent her son, who was well
known to the people there and had the key
OF the safety box. Her son was never sent
there unless on some special occasion.
Mrs. Preble and her son went to California
for her health, and before going she placed
her stocks and bonds in the custody of Ed.
ward Richardson of Cambridge, a friend of
hers, who had acted for her financially in
many cases. In few months she received
the unwelcome news that her friend Rich
ardson had died, and letter was sent to her
by Mr.. Richardson's executors, asking her to
send on to Boston for her securities. Her
son was then about % years of age. Mrs.
Preble told him to 90 to Boston and get the
securities and engage box in her name at
the Union Deposit vaults and bring the key
to her.
While young Preble was in Boston he met
Bates VALLEY, who was young man about
his own age. Through some Inducement,
instead OF following his mothers instruc-
tlons, he placed all her securities In the Gus
tody of Bates Valley, or rather into the pos
session of the firm of Bates & Valley. These
securities were marked in envelopes.
Young Preble returned to California, and a
year after Mrs. Preble and her son came
back to Boston. Then it was that close
friendship sprung up between young Preble
and Bates Valley. The friendship flourish
ed apace, like the traditional bay tree. The
Office of VALLEY &c Bates became Preble's
headquarters, and he was there constantly
until the crash came
Shortly his friend Valley induced him to
take hiers, and in little time his stock
transactions became very frequent. In all
his stock gambling up to this time young
treble paid cash. but now. VALLEY came to
him Offering to instruct him in the art of
Duylng stocks on margin. Young Preble
became thoroughly impregnated with the
gambling spirit. He had up to this time
been using property in Greenfield marked
W.T. WIN MS name, being that which was left by
his father for his education. He was now
debt.
,Preble told Valley that his property had
all gone, Valley then suggested that Preble
should take an per cent MINNEAPOLIS bond
for $1,000 from his mothers box. This was
done and the firm gave him credit for $1,000,
although the bond was of course worth a
great deal more. From time to time now,
bond after bond was taken, until every scrap
Of security and all moneys has disappeared
IN the vortex of speculation. We claim that
these stocks, bonds and moneys were OBJ
tanned by the defendants from young Preble
unfairly, and that they were wrongfully con-
Verleu TO the use OF the firm.
We are not concerned in Preble's specula-
tlons; we don't care to inquire precisely into
his transactions with Valley, but we claim
that we have the right to a return of the
money so converted by the firm of Bates &
VALLEY. Mrs. Preble never authorized any
sale of her securities. The facts stated, the
plaintiff was able to prove.
Sarah A. Preble was called to the stand.
In reply to General Butler, witness said:
Was married in 1852, but have been wild
ow for several years. have son, Ed
ward Preble. l formerly resided in Port
land, Maine, but now live in Boston, In the
year 1875 | went to California and left nv
securities in the care of Edward Richardson,
OF Cambridge. He placed them with the
Union Safe Deposit Company. Just before
Mr.. richardson's death he wrote to me ask
Ing me to make arrangements to have my Sc
curities removed to another safe place. / re-
mained in California but sent my son to Bos.
ton to make proper disposition of my prop
erty. Edward returned to California and
informed me that the property was in safe
keeping. l do not know whether he brought
back the key of the box or not.
He told me that he had placed the box at
the Lee deposit vaults. and in care of the de-
| PENDANTS, Bates and Valley, a firm of stock
brokers. On hearing this was very much
disgusted. / remained in California two
years. ! had no securities with me there. [
saw my box In 1878, and then found my Sc
curitles all right. My son was away in Eu-
rope, | do not think went to my box again
| until 1882.
afterwards received information from
Mr.; valley that my son was in trouble
under arrest-and three days later went to
my box, accompanied by lady named Bak-
er, ana found nothing in it, except a few
empty envelopes and family papers. That
was the first knowledge had that any of my
securities were missing,