The Portland daily press., 1896-11-14

tate VaIued at $71. 10 be
Inso1vent-Many Small Capitalists In
vested.
The inventory of the estate of the late
Samuel A. Holbrook of Freeport has
been filed in the probate office, and 1T is
probable that before long the question
of the settlement of the claims against
1T will come up.
Mr.. Holbrook was an old and much
trusted citizen of Freeport. He had been
state treasurer, and his reputation for
financial sagaoiry and business probity
stood high among the people of his own
town and other towns.
So far as has been heard nothing has
occurred to break. the.high opinionslwhich
were held as to his honesty; but 1T is
quite evident that his business sagacity
was much overIated.
The people of Freeport and vicinity
placed more reliance on Mr.. Holbrook
| than they did in the banks. When they
would save little money, instead of
taking it to savings bank they would
take it 20 Mr.. Holbrook.
| He would give his personal note for
the money and then would turn around
and invest it. These notes seem to have
been written at 5 per cent interest, which
is one per cent more than the savings
banks have been paying for many years.
The amounts of money which were
Invested with him in this way are un-
doubtedly large. Common report in Free
port places them In the hundreds Of thou
sands. Due allowance must be made for
the exaggerated reports which arise in
such cases where many persons in n
country community are interested. The
amounts borrowed from each person
seem to have been small. SO that the ag-
gregate will probably fall much below
what rumor planes it.
Distrust as. to Mr.. Holbrook g solvency
were abroad before Mr.. Holbrook's
death, and some who had deposited
money with him became uneasy enough
to take legal action.
| No one impugned his honesty, but it
was generally recognized that he had
invested the money loaned to him in
southern and western securities which
were nearly, If not entirely, valueless.
| He. had made the same mistake which
WAS made by many other business men
thigh standingsin Maine; but under the
peculiar circumstances his mistakes
have turned out to be distressing to a
largegnum berEof people.
The inventory of Mr.. Holbrook's estate
will show quito accurately, it is probable
the character of his business operations;
and the amount of property there is to
meet the obligations which he incurred
when he acted as banker for the com mu-
nifty.
| The appraisers of the estate are Fl. O.
Brewer and Edwin @. Townsend of
Freeport. and Albert E. Neal of Port
land. They return the total value as fol-
lows:
Real estate, $27, 1856
foods and ch attels, 1859
Rights and CREDITS, Al, 1858
Total, S7l, 572
This is the appraised value of the es-
tate. The securities and properties are
valued separately, and whatever are
and do not enter into the totals
1t seems to be generally assumed that
this 81, b7s of property will not meet the
demands against the estate and that
commissioners are likely to be appointed
to receive the outstanding claims and
make a settlement. This is not certain.
however. Mr.. William l.. Lowell of
~, i,,-I 10 nd lin
| istIator.
The 1877, 355 worth of real estate men
toned in the inventory, is largely land
and buildings in Freeport. The goods
and chattels are his household goods
largely.
When the itsm of rights and credits is
reached the source Of Mr.. Holbrook's
financial misfortunes becomes evident.
Thsre is long list of worthless securi-
ties which must represent a large ag-
gregate, surely more than 100000 and
probably more than $500, 600.
| To begin with, the good securities, the
totals of which make up the S41, s58. at
which the right aud credits aro placed
by the appraisers, there are sundry notes
of people in Freeport, whom the ap-
praisers consider good. These amount to
over $500. Then there is long list of
securities which are pledged to the Port
land Savings bank for loan now
amounting to SI7, 600, and on which
there remains value above this amount
of 1924, 965 for the estate, as the appraisers
compute. These pledged securities con-
sist of 100 shares of the capital stock of
the Portland Trust Company, 81, 600; rs
shares Canal bank, sl2, 600; 200 shares
American Loan and Trust Company of
Iowa, $500; 40 shares of the Amer ON
National bank of Kansas City, $500;
100 shares Northern Pacific preferred,
81, 500; notes of James Flisheim of
Menominee, Mimi, 81, 500, secured by
note of Carroll Iron and Mining Compa-
ny, ION which Is due balance of S14, 900.
also secured by $4,000 of the capital stock
of the Menomlnee Brass and Iron Com
many and 5000 af tho canfta1 et0c k of the