Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1904-02-25
GAS STOCK SALES.
n Cumberland Probate Court
on Reed Estate.

Philip ]. Larrabee's trusteeship of the
estate of Mrs. Ann NJ. Reed OF Port
land, was under consideration in the
probate court, Tuesday afternoon. Mr..
Larrab bee, who appeared as petitioner,
was unaccompanied by counsel. lion.
A. +. Moulton represented the estate
Beside him sat a blind woman, MIS-
Grace c. Pratt, who lives at the Mary
Brown home. She is the daughter OF
Mrs. Reed, who left the estate, and Is
the principal beneficiary under the
will.
Mrs. Reed died, March 2, 1897. and
left, in trust, real estate on Shepley
street and 25 shares of Portland Gas
Light Co. stock. The gas stock at that
time paid per cent. dividends.
Immediately after his appointment!
as trustee of the estate, Mr.. Larrabee
fled an inventory, which stated thai
the value of the gas stock had been ap
praised at S2375. In 1899, he filed nj
first accounts, which stated that th'
gas stock was still in his possession
and in which he had charged himself
with the regular semi-annual diVldeh'
and special 80 per cent. dividend OF
the stock. paid during the admihlStra'
tion of Mayor Randall.
The next account filed by Mr.. Lar
rah"e was in 1868. That also mention
Cd the gas stock as being in his pos
session. but at a hearing. held i'll octo
Der that account was corrected, NJ
then stating that the gas stock mac
been sold He was, accordingly. charG
ed with the stock and the dividends Il,
shown i'm his first account, plus Pc
cent. interest on the balance that th'
account stated to he i'll his hands.
Last December, Hon. A. f. Moultnt
was appointed trustee. to succeed Mr.
I,arrabce. The latter was cited to rem
der final account, showing thu
amount OF property in his hands whe,
tn" nc.v trustee WAS chosen. In thi.
account Mr. Larrabe claimed Il RICH
to have corrected the balances in hi
former accounts, stating that, instcat
or holding, the gas stock in 1899, re
ported. he had in fact sold the stOc'
! within a month from. the time that
first came into his hands. and that h
had used the money in his own bust
ness. He claimed that, instead of be
ing charged with the dividends rai'
by the gas company. he should b
| charged only per cent. interest. I'm
der this claim, he would not have t.
| rcn,,cr account for the so per ccnN
special dividend. amounting to $3.50.
| Vt was claimed for the State tina
| there was TO reason for selling the
! stock, rs it WAS earning good dividends
and if he had made the sale without
any reason except that he wanted t
use the money, the estate should b.
made Whole by charging him with boil
the stock and its dividends.
| The alleged deficiency is about $4,000
The whole matter was heard by Juds
Mattocks in October, the matter bein.
kept quiet for the sake of the partic
involved. The court decided that no
only the gas stock, but all the dividend:
should be charged against the rctirin
trustee and 6 per cent. interest on the
amount he acknowledged to have Dor
roIcd.
| Tuesdays hearing was on Mr.. LARA
bees petition to the court to reconsider
it's former decree and relieve him anG
his bondsmen from paying of the
amount of the dividends which, he says
he did no actually receive.
In defence of his petition Mr.. LARA
! bee stated that he honestly intended t.
| repurcEase and return to the estate
| the - shares of gas stock. SO that il
would not be known that he had sold
| them. This was why he charged tn,
| di. idendS against himself in his first
accounts. and included the stock in tn.
| list of property in his hands. The in
| tentiOn to return the stock he woulG
| have carried out, he said, had he not
| become financially embarrassed
| Mr.. Moulton sharply questioned Mr.
| LARA bee. The latter declined to state
what use he made of the money obtain
cd from the sale of the gas stock, but
merely admitted that he used it in his
| own business.
| MIR. Moulton asked if Mr. Larrabc..
| did not think that he and his bonds
| men should stand the loss since thu
| sale of stock was made without the
| knowledge OF the court, and the stock
for years appeared on his records as .
part of the estate Mr. Larrabee re
piled that he thought the loss should
| fall on the estate. He had a right un-
| der the will. to sell the stock.
| judge Mattocks remarked that when
| he made his decree, in December he
| thought it was satisfactory to Mr.. Lar
| rahcc; that under the law compound
| interest might have been charged
against him.
J MIR. Lnrrabec was persistent in be-
half of his position and minated that
| he should appeal to the supreme court
| if decision was rendered against him
Judge Mattocks took the matter I'M
der adNSemcnt and said he would rem
der decision in a few days.