The Press. (Stafford Springs, Conn.) 1883-1935, 1903-08-06
MaAthews Apneal from Probate.

mittee In 1901 In the case of Matthews APP
peal from probate, has filed his report
with the clerk Of the superior court. The
litigation was over the intestate estate of
Julius Converse. At the time of his death
he was Indebted to brokers In the sum of
$3.50, 878.O9, on margin account, to secure
which they held certain stocks and bonds
which he had pledged to them for that
purpose.
In the inventory of the estate Of Mr..
Converse, filed in the probate court March
IS, 1898, and representing estate on hand
June IA, 1892, the administrators entered
the net value of the securities as Cash
with bankers and brokers, $45, O0O," that
amount being their estimate Of what
might be realized from sale Of the stocks
in pledge, above the amounts due on the
several accounts which the stocks Sc
cured.
The Administered ors allowed all OF the
stocks to remain In the hands of the
brokers, who held them at the time of the
death of Mr.. Converse. During the time
in which the securities remained In the
hands. of the brokers, they received direc-
tions from the administrators, either by
letter or telegraph, to sell them and re-
ports Of the sales were made to the ad
illustrators. During the months Of June
and July, 1892, all Of the parties knew of
the situation In regard to the stock
hro b ore' aoo0a1nfo
The administrators and heirs had con-
ferences regarding the unsold stocks, and
the plan of distributing such portion of
them as might remain after the indebt-
edness had been discharged by the sale of
others was considered, but nothing def
mite was adopted. Subsequently the
heirs residing in Connecticut were per-
sonally consulted regarding sales of stock,
in Chicago, claims that she was not con-
suited. No agreement was reached in re-
gard to a settlement, therefore the stock
continued in the hands of the brokers and
bankers. Sales of the stock were made
from time to time until January /, 1908,
some of them being required to protect
the brokers from loss on account of small
margins. These sales were generally
made by the administrators and the heirs
residing in Connecticut. Finally an
agreement was entered into for a distri-
button of the estate, except the stocks in
the hands of brokers, which was filed in
the probate court in June, 1898. In that
year the stock market became unsettled
and irregular, and there was little oppor-
tunity to dispose of the securities at fair
prices.
Efforts to divide the stock proved un-
successful. In the fall of 1895 the ad-
ministrators proposed the plan of having
the heirs assume the Indebtedness to the
brokers, and taking proportional share
of the stock, and wrote to Mrs. Matthews
asking her opinion of the scheme. Mrs
Matthews replied by asking II her share
In the stock In the New York accounts
could not be sold and the proceeds ap-
piled on the note which the estate held
against her. In the spring of 1896 the
administrators prepared another plan for
the distribution Of the remaining stocks
In order to effect settlement with Mrs.
Matthews and j. Carl Converse, one of
the heirs Of the estate, by the payment In
cash of their respective portions. This
plan, 1t Is said, met the approval of Mrs.
Matthews and all the heirs. In pursu-
ance of this plan, the administrators on
May 10, 1896, paid to J. Carl Converse
90, 549.26, that being one-sixth Of the bal
ance due on the stock account with Cord
ley & Co. Afterwards, In an interview,
the administrators understood the coun-
sci for Mrs. Matthews to object to the
plan, SO far as Mrs. Matthews was con-
cerned, and did not proceed further In
the settlement with her. ..
Mr.. Buck finds that the counsel did
not intend to be so understood, but only
intended to say that she would not &C.
cept the sum Of $3.50 26 for an entire
release of all her claims against the es-
tate. Afterwards the administrators filed
their accounts with the probate court,
and from the action of that court Mrs.
Matthews appealed Mr.. Buck finds that,
In the care and management of the stocks
and bonds that came into the hands of
the administrators, they acted In good
faith and In the belief that the course
which they took was for the best inter-
ests Of the estate, and he also finds that
under the circumstances they exercised
ordinary care and prudence, and took the
course which ordinary business men would
have taken under similar circumstances.
The administrators distributed to the
heirs 918 shares of stock of the Mineral
Springs Manufacturing Company, 5000
shares Of stock of the Seven Mile Beach
Company, 48 shares of stock of the With
lacoochee River Land and Lumber Com
pany, 1898 shares of stock of the Capitol
Consolidated Mining Company, 10 shares
Of the Stafford Springs Agricultural So
ciety, and 498 shares of stock of the Colo
RADIO Central Consolidated Mining Com
pany. He finds that the charges made
by the administrators for their services
were reasonable and proper. He also
finds that the item Of 81, $40 .26 for money |
paid to J. Carl Converse In settlement
should not be allowed in favor Of the ad- |
illustrators In their account; the item of
$10379 Is not proper charge against
the appellant; the item of 81 ,09S.2 ought |
not to be allowed In the account as against |
her, as 1t was paid for taxes on property |
previously distributed; $12 $50 05 paid |
on a. note held by Andrew Wilton Is al |
lowed.
Bluff That Worked.