The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1895-09-28

CONAN ed r.o,n FIRST rage.

E"n';n ed F,on First Page.
iunbo company it is only the Moses
estate which failed 10 take all the STOCK
to which they were entitled. Ahat SHOWS
WhaG honest, prudent busin SIS men 40.
They DO not permit outside part'es 10
take stock worth 100 at par. And that is
what careful trustees should &c. Anu
theJ did do it in this case but not Tor the
benefit uf my client 1t was done for the
benefit of the executors and the sisters OF
one Of them.
Mr.. Williams objected in toto to the
subscription OF $4,000 to the stock OF the
Goss Marine Iron Works, claiming that
it was an Investment which careIul tfus-
tees should not make, even for the pur-
pose of helping a city and thereby
improving the property OF the estate,
Mr.. Williams also objected to the allow
ance of ST., 800 to the executors as COM
missions fer settling the estate There
was. he said,
A DEFICIT
of over $4,000.
| Mr.. Moses interposed with the state
ment that the executors did not admit
| this.
Mr.. Williams continuing. said that to
allow these commissions would be to put
a premium upon improper administra-
ton. More than that, Mr.. Williams did
not believe that this amount would nave
been allowed by the court even had. the
executors expeditiouslyHsettled up s.the
| estate. They had only to transfer the ac-
counts to themselves as trustees. For th1s
$4,000 each, Mr.. Williams thought, swould
have been amply sufficient. This estate
had been held open SO long on the pre-,
text of a law suit, law suit which had
never gottensout of the state courts,
| which had never been tried and which
seemed to be an afterthought.
! Mr. Moses again interposed to say thaI
it was not an afterthought and referred
Mr.. Williams to Judge Putnam who had
charge of the case. ! =
Mr. Williams closed with presentation
of the claims of his client who wanted
every cent to which he was entitled and
only that.
Mr. Larrabee then spoke for the
trustees. Mr.. Larrabee began by vlgor-
Gus denunciation of what he termed an
attempt to give notoriety to the proceed
| ings. He said in substance:
II this whole matter were before Your
Honor, / might make an effort to cover
the whole case, but as regarded this
| question from the first it was a family
matter and should not have been dragged
before the public. For that reason
shall not touch upon some features OF the
case. I have long known the parties to
| this case and have had a great regard
for them. This being family matter, !
am surprised to see here the mem bers OF
| the press. / can not understand this
desire to give notoriety to this case which
concerns only a family matter unless
there is some malignity towards some
party TO the case.
The estate, said Mr.. Larrabee, was left
entirely to the family and when the $64,-
| 600 was distributed among them it was to
relieye the EMBARRASSMENT of some OF the
| members. 1t is fair to assume that the
parents did
NOT DESIRE TO DEFRAUD
their own children. Mr.. Frank O. Moses,
who left four children, was party to
this vision and every word which has
been uttered by counsel for Mr.. Orv1lle
| B. Moses in malediction of these children
| of DIV er Moses is uttered against the
plaintiffs own father. There is much of
| this matter which is not now before the
court. What may appear in subsequent
proceedings by the plaintiff and his
honorable assignee, Mr.. Charles W..
| Morse. I cannot say.
Mr. Larrabee took up the contention
that under the law the parties were act
ing as executors and read from the will
| to show that the executors when they be-
camse trustees were to give onlyssa formal
| bond but when the number of trustees
| was reduced to one then the usual bond
was to be given. 1t is not going far to
say that by the usual bond was Emeant
| the Estatute bond. When they Pc
| gan to act as trustees in accordance with
| the terms of the WILL the fact that they
began to perform the acts which the will
provided they should perform trustees,
made them trustees even although they
did not file the formal bond which was
for only $685. 600 without suretles, sum
hardly mora than nominal for an estate
worth nearly half Il million OF dollars.
Mr.. Larrabee contended that in an estate
of this kind where the duties OF executors
and trustees mingled and ran together
the fact that the duties properly pertain
ing to the trustees were done honestly
and in accordance with the best Judgment
of the executors or trustees should be
taken into account in determining when
they began to act as trustees, even al
though they neglected certain OF the re-
quiremsrUs. .
In regard to the stock transactions, the
cases cited here he submitted were not
parallel cases at all. Now you must recur
again to the situation of these parties
They were all children of Oliver Moses.
The trustees or executors did not feel that
they could take the new stock, but the
brothers and sisters took it for themselves
not as stock dividend, but as stock
which they paid for out of their own
pockets. There is no stock dividend here;
there is nothing to give color to the in
situation of conversion of property; not
a syllable to give the appearance that
anything was wrong; not thing done
in secret, but
ALL OPENLY PERFORMED.
1t was stock issue to enlarge the
Worumbo mills SO that they might retain
their custom. 1t was not intended to
make the directors rich 1t succeeded in
it's real purpose for the mill is in good
shape today.
In regard to the Investments in the
stock Of the Androscoggin Water COM
pany, Mr. Larrabee said that the transac-
tions in that stock had increased the
value of the estate holdings from SIG, 900
to over $50, 600. Does that show any lack
of cara and foresight ON the part of the
executors? Does it not show that they
were doing what was best for the estate?
But when the stock of the company was
increased from SIS, 900 to 800, 600, the
executors were not in position to take
the share OF the increase belonging to the
estate and SO in this case, the stock was
-