The Providence news. (Providence [R.I.]) 1891-1906, 1899-02-28


the petiti9n of Warren Fletcher one OF
the heirs OF the late Joseph Fletcher
Who died i'm 1885,, for the removal OF
William Ames, George A. Wooley ana
Thomas +. Arnold. trustees under the
will OF Joseph Fletcher. The hearing
was long one and much detail was
gone into in regard TO the manage
ment of the big estate left by the late
prominent and successful North Enu
manufacturer.
The bill charged among other things
s,,at Aha trustees named had not per-
souaily performed the duties imposed
npon them by the will. That william
l,mes has acted "a the principal trus-
zee. receiving large sums OF MONEY
only q small portion OF winch ne ap-
piled to purposes adyantsSeous 70 IN
trusts i'm posed on him; that the money,
or a large part OF Il, was appleo 10
surposes detrimental 10 the trusts ana
shat much money was used by the trus-
ices 10 move a house which remained
without any revenue being aeriveo
from il for over year. IL Is ALSO
charged that Thomas Il. Arnold. one
~ the trustees. has not taken any part
in the management on the estate, az ~
was bound TO do as trustee anu hae
neglected his duty as trustee As %
Trustee n.
that he is incapable by reason OF
1ack Of suitable business training OF
fakfne part of the management OF tue
stnportant interests involved, auu mas ="
fact acted simply as clerk TOT VIII
lam Ames and been simply an ihstru
,uent under him 90 do aS he Wished
sar. The trustees are collectively
charged with having invested the pro-
cfeds OF the estate in stocks that ~
not commended by shrewd ana care'ul "a
brokers' with an abuse OF the trust III
failing 10 collect certain notes. in nav
49, rnade Investments In corporations
shat do not make an annual return az
nv law required. 10 the secretary ni
state. Again IL is charged that VIII
fam Ames has used the trust estate III
manner advantageous To himsell
financially and 10 advance MS stah"i'e
in the community.
The prayer OF the bill asks Tor the
= removal OF the trustees Tor tne aP-
pointment of new trustees anu TOT tle
appointment by the court ol some ou|
10 have charge of the property pe&<Ins
the appontment of new trustees Inc Inc
last will of Mr. Fletcher was read me
invartorv fled i'm the municipal court
some dozen or more years ago shomeu
the personal estate 10 be worth s!S,
S2A.l0 The charges are pronouhcsu Wy
sha trustees as wholly unfounded and
thav declare the estate TO have been
imprudently managed. ,.
Franz = Arnold and Arthur w. Davis
are attorneys for the plaintiff ana Ar
mold Green attorney for the detehuah''
AZ, pavis said that the grand under
current of the bill of complaint was that
Gen Ames had entirely controlled lhe
management OF the estate. rms state
nenf was made i'm answer TO JuuEe
Rogers Mr. Greene wanted 10 KNOW !,
no understood Il Alright that the grand
,,,,d..rcurrent of the bill of complaint
was that Gen Ames had practically
controlled Tho estate" On receiving
an affirmative reply IL was plain TO see
the language which was origihailS 'ha'
of Judge Rogers pleased hlm
Warren Fletcher the complainant
tastifed he was the grandson of Joseph
Fletcher and said that William Ames
alwavs did everything 20 suit himseiI
and none OF the other trustees WOULD
answer questions. II Mr.. Ames was OUT
OF town you had 10 wait
Mr. Dayis--Do you know What MI
Ames has done with the stock or the
New York. Providence a. Boston kali-
road company?
The witness did not apparently un-
derstand this question and MT treen
said. I'VE admit IL was sold
Witness said that the stock was SOLO
and $40 900 of the proceeds put I'm the
business of the Fletcher Manufactuf
inp comnanv that railroad ana water
bonds we're bought with other portions
of the proceeds and he UNDERSTOOD there
stocks Were not secured.
An account OF the trustees was mere
presented IL showed the receipts fol
The real estate To be $1,000 and the re.
nairs x93OA The complainant identlnec
the account and taking out the tax ah'
water rates. as well as the compehsa'
ton OF trustees. about $500 was lost OF
the real estate last year.
trustees
very seldom TO talk matters over Rn'
said Mr. Wooley had told him MI
Omer tended TO balancing the books
and saying when dividends should ~
paid Witness said Mr. Arnold toi'
him he did not understand bookkeepin;
and anyway there was not enough IL
A. 10 bother much. Mr.. Fletcher sal
Gem Ames received $500 last year a
trustee and MIR. Arnold SIS.
Witness was asked the way th
money received from the sale of Bosto
a Providence stocks was invested an
said he gained information from
broker that bonds OF the Pawtuxet Nal
lev Water Works were not a hrsi
class Investment. the chicago, Bun
lington q Northern railroad, m whic
more OF this money was invested, Wa
not "a nrst-class investment. IL WAS az
initted that this road which is "A l2-mi
one has been made part OF the Ch
cago. burlington < quincy rairoa
Mr. Fletcher said that moro Of tl
money was invested In Illinois Centr
Railroad.
To Judge Noger. witness admit,
that Illinois Central common stock w,
selling at 1i5. Witness thought this II
vestment not "a good one because "a
stock fiuctuated from day ~ dsy. 81
other parts Of the money were Invest
in the Bank OF Commerce stock anu
the Fletcher Manufacturing CO.
The way Cen. Ames had used a
stock % his trust estate 90 his own "a
vantage WAS by voting uu M witne
ssid and Mr. Green said ne underst0,
Cen. Ames as truste.. held - shar
% the stock Of the Fletcher MInufa
turing Company of Tie par ~aluo
$1,000. These shares witness 81
brought in a revenue pf SO 400 and q
furfher shares that b. the iuiucn
given Nv - out Of 900 shares Go
Ames Increased his salary AMI VIII