Norwich bulletin., 1921-11-30

tc put in in straightening it out was giv- l en on Tuesday In the. superior court at New London. before Judge Allyn l.. l Brown. when the hearing was opened on i the appeal from Groton probate judges l allcwance for the executors fees. Probate Judge Arthur P. Anderson all lowed the United States Trust Co.,, George I. Shearer and Francis dec. Sul- lvan, the three active executors, the sum of s25s,092.25 each anu Henry E. Plant and Mrs. Mae Caldwell Plant Hay ward. the two passive executors the sum of s12S.04s.13 each.
 The three active exeStors asked for an allowance of s30o,O0O each and sug- gested BIT allowance of s100, 900 each for Henry R. Plant and Mrs. Hayward. Judge Waiter C. Moves of counsel for of S55,0o each for the five executors. or a lump sum of s100, O00 to be divided among them as they desired.
 Attorney Stewart, counsel for the United States Trust Co.,, and C. E. Whit tlesey Of New London are. counsel for the three executors and Judge Walter c. Moves Of New York and Tull. McGuire & Hull of New London are counsel for Mrs. Hayward.
 Charles F. Holconb of the tax office Of the stat of Connecticut was present Y the allowances asked for, and Tax Coma missioner ". IT. Blodeett. representing the state of Connecticut is party to the appeal. Attorney Genera; Frank r. HcalT and Mir Ho,comb are counsel fer Commissioner Blodgett.
 shesrer Says Estate Involved.
 George l.. Sheater of New York one ot tre executors, was called as the first wit NV art. MT Shearer went into detail as to his duties as executor and the amount of time which he occupied in the discharge of his duties.
 Attorney Shearer testified that he had known Mfr. Plant many years and had acted as his counsel from 1896 until his death in 1918. He said that he had nev- CT received a cent of compensation as executor of the estate.
 He then testified as to the condition Of the estate as he found it. He said that the estate of Mir. Plant was ap- praised at S32 900. 900. consisting of cor porate bonds. S1o,00O 900; corporate stocks, s1S.750, ,00o mortgages. SS50,oOo; notes s9370oo open accounts, S41,900 | miscellaneous. so00 000: large farm with large amount of stock at Eastern Point and another at East Lyme and other real estate in Connecticut, valued at 800. 900. There were also personal effects in New York and real estate in New York and Florida.
 Mir. Shearer said that the estate was very much involved at the time of Mir Plants dea tn: much more so than any estate which had. ever before come to his attention. He said that it was found that he had outstanding loans amount ing to ahcut Ss.OOoo0n. including one of s5 ono eco to tho Old Colony Trust Co.,, of Boston The remainder were for small CT amounts Mir Plant had many out | standing obligations for paintings, furn- | ishinEs. bills of jewellers, art dealers in ! enormous amounts.
 | Money in Many Enterprises. | Attorney shearer recited many enter | prises in which Commodore Plant was in terested which included the large farm at Eastern Point which was stocked with 2 large amrrA of fancy live stock swine and chickens: he held the entire ownership of the Shore Line Electric Railway CO. he had undertaken the con ! Struction of power plant at Montville 1 in which at the time of his death he had invested two and half million of dol lars and which was only half complete at the time of his death he was the owner of two resort hotels, the Griswold at Eastern Point and the Belleview at Bel leair Florida both of which did a sea- son business only of about two and 3 half and three months 8 year.
 Commodore Plant had invested 2 great deal of money in numerous enterprises. Mr. Shearer testified. He said that Mir. Plant had invested a large amount of money In the Ciysmic sprlEg Co.,. which
 manufa ctured Clysmic water; he was ln-
 terested in a tract of land in Mexico
 he had a large interest In the Boston
 Herald in Boston and was interested in
 many smaller Enterprises. Mn Plant
 was also interested as a creditor in other ! cornpanies in which he held no stock: he
 was a holder of stock in companies which
 were not in 3 satisfactory condition, in-
 cuding the Interborough Railway Co.,, oi
 New York and the Adams Express Co.,
 The witness said that all the execu-
 tors qualified in November, 1918, and
 thstthey held their first meeting on No
 venber 20. 1918 at which meeting Mir
 Sullivan. MT. Shearer and the United
 States Trust CO, were appointed to act
 for all the executors.
 Work Took Much Time
 MT. Shearer declared that for the first
 year after Mir. Plants death. his duties
 as executor had occupied about two-tlnird! Of his entire time. q testified in the probate court. that I gave about one half of time" said Mir. Shearer. "Sinct then, however. have gone over my rec
 ords more carefully and after propel consideration. I find that I gave two thirds of my time. During the succeed ing years I have given a quarter of m! time"
 Mfr. shearer then testified that at th very beginning the executors were con; fronted with perplexing problems sucl as securing money with which to mee . pressing demands; the taking of the in
 vcntory and the appraisal which wer onerous tasks and occupied great dea of time; then there were valuations O ! stocks and bonds to be arrived at il
 the case of listed stocks and bonds, thi
 was a comparatively easy matter, but |
 the case of many others which were un n listed and had no market value, it wa s necessary to secure information frqr . other sources
 ' Estate Had to Borrow Money. l. The question of raising money had { ' be taken uD immediately was the test r n1ony of the witness. It was found tha n it would be necessary to raise $1s,ooo, ,o0 T to pay off obligations and there wa . available only s300,00o in cash. Tn
 raising of the money required constar f care an attention.
 r In connection with the liquidation