The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1894-06-13
operator; were found guilty this after
noon. Judge F. B. Hall sentenced them
to twelve years in the state prison.
E. b. MALLET'S PROPERTY.
He Turns it Over to Assignees for the
Benefit of His Creditors.

| Messrs. Joseph w. SymOnds and Charles S.
Cook the Assignees-A Large Note in
the First National Bank the Cause
| Mr.. Mallet's Large Inheritance and
His Business Operations.
| The announcement was made yester-
| day afternoon that Edmund B. Mallet,
| Jr., of Freeport, had during the day
made voluntary assignment for the
benefit of his creditors. The assignment
is made to ex-Judge Joseph W. Symonds
and Charles Sumner Cook, Esq.
| This step, which will undoubtedly
cause considerable surprise, is said to
| have been caused blythe refusal of the
| First National Bank to extend the time
of payment on large amount of paper
| which Mr.. Mallet had in the bank. 1t
| tended to Mr.. MalIet accommodation to
| the extent of about $4,000 In ordinary
times and under ordinary conditions MIR.
Mallet would have felt perfectly able to
meet this sum. But the financial de-
preston acting upon his large invest
BILE for him to obtain the ready money.
1t is understood that he was in position
to secure the bank by mortgage OF real
| estate in Freepeort, valued at fully four
times the debt, to the bank, but this
was declined.
1t was the opinion yesterday in quar-
ters where considerable is known of Mr..
Mallet's affairs, that the difficulty will
be only temporary ;ythat he will pay dol
lar for dollar, and. have comfortable
property left.
There will be no little sympathy for
Mr.. Mallet, for the people of Maine have
very generally known Of the fortune
tentions with which he set about using
it in his native town.
Mr., Mallet was born in 1868, on board
the ship Devonshire, in the English
Channel. His father was captain ofssthe
vessel. A portion of Mr.. Mallet's youth
was spent in Bath. He started early in
life in the grocery business 1ns.Elizabeth,
Nj, but was obliged to give it up on
account of his health. He then went to
Pownal, Maine, where he lived on
farm for seven years. He then removed
to Freeport. In Freeport he has been
towE clerk three years and chairman of
the school committee three years; rep
resentative to the legislature from Free
port in 1887 and 1889; state senator in
1891; alternate to the National Republi-
can Convention held at Chicago in 1888;
and delegate to the Minneapolis con-
vention in 1899.
Mr.. Mallet is very high up in Masonry
and has reached the thirty-third degree.
Any mention of Mr.. Mallet would be
incomplete without reference to the re-
markable fortune which awaited upon
him about eight or nine years ago. He
was in very moderate circumstances
when the sudden information was
brought him that the death of an uncle
in New York had left him as the residu-
ary legatee of large estate. The exact
amount of property which fell to MIR.
Mallet is not generally known. 1t is
not believed to have beer less than
$3.50, 600, and some have estimated it as
probably nearer the correct ones.
Mr.. Mallet, upon coming into possession
of this handsome property, acted in
way that won much appreciation. He
main sained his former simple and sober
habits of life, and determined to use
the property for the upbuilding of indus
tries in Freeport. In the years since he
received the property he has done much
in that village. One of his first opera
tions was the building of large shoe
factory, of which he practically gave the
use to Shaw, Cooling & Co.. for a term
of years. This was done to establish
manufacturing and give employment to
labor. Several years later he built an
other shoe factory, which he has let out
in similar way to Mr.. Charlie. A. CushL
ing. This was not all. He established a
brickyard; opened a granite quarry, and
stone-cutting works. operated saw and
grist mill, and finally opened stores flor
the sale of various lines of goods To
accommodate the increase of population
occasioned by these works, he built up-
wards of thirty or forty houses, which
are rented and bring him in large an
nual return. H,api
Mr.. Malleu's last operation was the
building of a system of waterworks for
Freeport. OF this system, which must
have cost from $4,000 to $4,000, he
owns the stock, but the bonds issued are
owned elsewhere. This property is said
to be on paying basis.
All these operations in Freeport have
demanded large outlay in form of
property which is not readily convertible
in case the owner has a call for ready
money. 1t is probable Mr.. Mallet made
in these investments an error which a
man more experienced in financial affairs
would not have made. He was un-
doubtedlys looking, however, more to the
building up of Freeport than to increas-
ing his own fortune.
Mr.. Mallet's investments are not all in
Freeport, however. The craze for invest
ments in the West made an impression