The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1896-01-14
USED TRUST FUNDS.
And Sunk Them in the Sea Of Speeu.
latiOn.

A Hundred Thousand Dollars Swallowed
Up. Captain Jack" Allen Caught on a
Fatal Friday.
Manchester the Sea, Mass, January
49, Captain John Allen, well known
citizen, familiarly called Captain Jack, ;"
lineal descendant of captain Benjamin
Allen, Revolutionary soldier, admits
having lost 100000. partly trust funds.
n stock speculation.
About six years ago, Henry Roberts,
one of Manchester's leading citizens died
leaving an estate of about $3.50, 900, q
widow and four sons. Henry G.
Batchelder, cashier OF the mercantile
bank Of Salem, was appointed guardian
of two of the sons and Captain Allen of
the other two, whose ages are thirteen
and fourteen.
The estate left in trust for these two
boys amounted to 500, 900 or $50, 600
apiece, and the widow had $4,000 In
order to secure this portion of the estate
the executors of the will required bond
for $110, 600, but Captain Allen had no
trouble in securing this, and the names
of Samuel Knight and Nehemiah g.
Marshall were put on the bound for $780,
900 each, Mrs. Roberts the widow being
held for the other $4,000. The estate
owned by Captain Allen himself was
know itself rs extensive and valuable.
At the time OF his appointment to the
trusteeship Captain Allen had no special
business expect in looking after his own
estate and that of his relatives.
-Four years ago Mrs. Roberts, the
widow, died and S52, 900 each was added
to the trust funds in the hands Of CAPTAIN
Allen and Mr.. Batchelder. Besides this
M ISIS Hannah Allen. an aged aunt of
control of her property amounting to
$40, 900.
With these sums at his disposal 1t Is
said CAPTAIN Allen turned his attention
to the stock market 1t is said on good
authority that he was fairly successful for
a while, clearing $40, 600 one year.
Just when reyerses overlook him is not
known, but 1t is known that for some
ii inc he has been dealing in margins 1t
was on margins, it is alleged that the
trust funds were pledged for collateral 80
they could be turned into money at an
instants notice.
The panic Of three week ago, following
| the Presidents Venezuelan message,
proved a black Friday to Captain Allen
his brokers. ~
| Rumors of the affair soon reached his
native place and his bondsmen hastened
| to his home, to ascertain the truth or
! falsity of the stories. The facts as above
detailed came out and the bondsmen
learned that over $40, 900 had been lost.
| The bundsmen will be- req uired to make
| up the amount of 10000 between them,
as that is the. amount Captain Allen
acknowledges to have taken from the
Roberts estate, although upon investiga-
ton 1t may prove larger.
There is question whether the estate
of the deceased widow, who was also on
the bond, can be held for portion of
this amount
Samuel Knight. one of the bondsmen,
is much disturbed over the amount. He
said he had looked upon Captain Allen
as the soul of honor and trusted him as
he would one of his own family. He said
the report that Captain Allen made over
his property to him to secure him when
he signed the bond was untrue and that
it was solely the friendship of lifetime
that induced him to go on the bond. The
payment of the amount of his share on
the bond he said would wipe out all his
property.
N. G. Marshall, the other bondsman,
could not be seen. but his family feel the
blow very keenly. His son, T. NJ. Mar
ondils 10 uhO IubliSiiCi "a uAO ViltuSc pdp6E
the Manchester Cricket. 1t is not be-
lieyed that the whole of his estate par
ticularly under forced sale, would
realize the amount for which he is held
The family is very much distressed and
have secured counsel.
1t is reported that Captain Allen has
turned over to his counsel, Fl. p. Moul-
ton of Salem, property and securities to
tho value of about $50, 600. Whether this
is the residue of the Roberts estate or his
personal estate is not known.
Several attempts we're made to gain
audience with Captain Allen without
| avail and repeated rings at the door bell
summons. Captain Allen has eight chill
dren, all living. His wife and daughter
live with him here.