David Joy Wright (1851-1908) W2 - Inventory of Estate

So when I was home, I came across an investigation into the affairs of David Joy Wright.  I am transcribing it here and will wait until the next point to add some commentary.  The writer added page numbers to his letter.  This helped me realized that page 2 was missing.  I suspect it was more of the inventory of things he owned.  If someone comes across the missing page in the future, I'll post it.

3/25/08

Mr. E. E. Wood, Sr.,

     Northampton, Mass.

My Dear Sir:-

My limited investigation of the affairs of Mr. David J. Wright, deceased, indicates the following:-

The estate shows Resources as follows:-
Homestead.----------------------------------------------------------------------	$
Meadow Land - two pieces costing approximately $400.00 and $450.00 respectively - estimated value not less than---------------------------------	500.00
24-Shares capital stock Northampton Lighting Co., par values $25.00 per share, estimated value-----------------------------------------------------	840.00
Aetna Life Insurance policy, collateral with J.L. Draper.-----------------	2,000.00 2500.
Connecticut Mutual.  Ditto.----------------------------------------------------	2,000.00
New York Life. Ditto. Unable to ascertain the face of this policy. Probably--------------------------------------------------------------------------	500.00 1000.
Live stock - consisting of eight (8) Horses, two (2) Cows, two (2)  Hogs, lot of Hens, - estimated value not less than--------------------------	800.00
Carriages, Sleighs, Harness etc., estimated value not less than----------	500.00
Small strip land in Hadley near Connecticut River Bridge----------------
Accounts Receivable------------------------------------------------------------
Notes Receivable----------------------------------------------------------------

This is where the page was missing.

Note Payable to Thomas Graves.---------------------------------------------

$1,000.00

Total-------------------------------------------------------------------------------

Contingent Liabilities on

Note S.W. Reed and L.S. Sanderson at First National Bank,  Northampton, due December 30th, 1907.-----------------------------------	90.00
Note D.S. Bridgeman, due April 2nd, 1908---------------------------------	30.00
Note Cornelius Murphy, due Feb. 16th, 1908------------------------------	111.75
Note Fred T. Bardwell, due Feb. 25th, '08.---------------------------------	85.00
Note John C. Field, due May 8th, 1908-------------------------------------	57.50
Note of H. C. & W.E. Kellogg, due July 9th, 1908. Other  endorsers being F.L. Stone, J.H. Duffy and G.E. Smith.------------------	100.00

Reviewing this matter briefly, permit me to say that it is the opinion of Mrs. Wright that it may be well to offer to sell to a lady who occupies the house just south of the Homestead a strip of land the width of the one she is occupying or thereabouts and running through to Belmont Avenue. Some time ago, she approached Mr. Wright, asking a refusal on the property in case it was placed upon the market. If this is done promptly, it may seem to her mind a further inducement to purchase that, in case she buys it, the large barn will be removed from the premises, thus enhancing the value of her property.

I know nothing about the value of meadow land except from what I learn from Ned. He knows about what was paid for it.

The value of the gas stock was found on a figure made by E.H. Banister on the 23rd, when he advised me that he would give $1.40 for the stock. It seems quite mysterious that Mr. Wright has not realized on his gas stock and as the certificate on this stock has not been found, it leads me to feel that we shall find that it is in other hands, pledged for debt. It will probably develop later whether this is true or not.

I understand that the Aetna Life Insurance policy and the Connecticut Mutual are in Mr. Draper's strong box at the Northampton National Bank; that Mr. Draper has been written for a Power of Attorney so the so that proof of death may be completed; that Mr. Pierce, representing the Aetha, and Mr. Walker, representing the Connecticut Mutual, have been notified.

I do not know where the New York Life policy is but understand that it is also pledged as collateral with Mr. Draper.  Mr. Mandell, at my request on Saturday last, wrote to the Boston office, notifying them of the death of Mr. Wright and asking for blanks for proof of death. He agreed to follow this matter up. We think that the amount of the policy $500.00, as the amount of the premium paid has been about $14.00.

The book accounts are, perhaps, the most uncertain assets in the estate. Books do not seem to have been accurately kept. It is probable that a great majority of them that still show a balance have been paid. Ned had drawn off a part of them the day I left that showed several thousand dollars. I presume, however, that before we get through, we will be able to collect a few hundred dollars from the book accounts.

The figures on the Mortgage of the Homestead, Interest and Taxes due, I got from Mr. Drury, Treasurer of the Savings Bank.  Mrs. Wright is quite confident that Mr. Wright has made small payments from time to time to Mr. Draper on his noted to Mr. Draper but, as we are unable to find any proofs, we will be obliged, I presume, to take Mr. Draper's "say-so" in this matter.

I am informed by Mr. Kneeland that he thinks that there is a small contingent liability on the notes of Bridgeman, Murphy and others that have been discounted at the First National.  The note of $90.00, on which Mr. Reed appears as maker, represents a sum that Mrs. Reed owned Mr. Wright and which Mr. Wright borrowed. I suppose the note has been kept alive in hopes that Mr. Wright would ultimately pay it back. This, of course, should be arranged by the ladies interested.  

I filled out a petition yesterday, asking the Probate Court to appoint Mrs. Wright administratrix.  This position was, as I understand it, complete with the exception of the oath, which Mr. Abbott agreed to administer last evening. The bond, I saw Judge Bassett about yesterday. He said that if Ned would sign the bond with Mr. Charles B. Wright, Mr. Wright's brother, in the amount of $10,000.00 it would be satisfactory to him. This bond has been made out and signed by all the parties but Mr. Charles Wright and has been forwarded to him for his signature. If you will kindly father this matter a little and see that it goes through all right, I shall be greatly obliged.

It is probable that, at the hearing, a temporary guardian will have to be appointed for the younger son, so as to conform to the legal technicalities in the case.  David, the younger son, will be of age about the middle of next month.

One thing that I did not go so far into as perhaps I ought, was the question of insurance on the real estate and chattels. The Savings Ban holds two policies of $2,000.00 each covering the house and barn.  It struck me that this was ample. I am apprehensive that Mr. Wright has allowed the insurance on the personal property to run out. If so, it may be prudent to place a policy of from $1,500.00 to $2,000.00 covering the live stock, vehicles, furniture etc. I will leave this to your and Mrs. Wright's good judgment.  

My suggestion in this matter is that all reasonable expedition be used in settling this estate; that one of the first steps that should be taken is to dispose of the live stock and vehicles, winding up this part of the business with an auction; but, before going far into this matter, Mademoiselle, the French lady, be approached in regard to the purchase of the strip south and in the rear; that the large barn at least should be gotten rid of as best it can; that, as soon as the barn is disposed of, the other lot on the corner in the rear should be offered for sale.

I hope that enough may be realized from the chattels and other property to pay the depts and leave a balance to apply on the mortgage on the Homestead and that, by disposing of the land in the rear, enough may be realized in addition to entirely clear the Mortgage from the Homestead, leaving the house and full frontage clear for Mrs. Wright and the boys. If this can be done, I shall be very grateful.

I presume that Mrs. Wright and the boys will feel very sorry to dispose of some of the live stock, as some of the horses have been made pets of; but I have no doubt that their good judgement will dictate to them that this is the wise course to pursue. I have asked them to follow your judgment in regard to all matters connected with the settling of the estate and relay explicitly on your judgment.

In closing this long and rambling epistle, I wish to thank you most heartily and sincerely for the benevolent interest you have taken in this matter and to say that I appreciate it most highly.

If you have occasion to address me, please send your letters in care of Federal Company, Halsted & Fulton Strs., Chicago, Ill.

Yours sincerely, 

P.S.

I herewith enclose a list of Wright's indebtedness at the First National, given me by them, and the statement handed me by Mr. Mandell.  I neglected to say that Mr. Mandell has a bill of sale on certain vehicles, amounting to $410.00.  I think this is merely a memorandum given him by Mr. Wright as a precautionary measure and amounts to nothing in fact.