The spring of 1890 brought with it two great sorrows. Following closely on the death of my beloved mother came the death at "Sunnyside" of Frank Slater. The latter was unexpected in its suddenness and a terrible shock to all his friends. I had become so deeply attached to Frank that he seemed like a dear brother and my grief was most profound.
The day after his death, Mr. Pell, Mrs. Slater's father, asked me to represent the family in the settlement of the business affairs. There was no will and there were many complications.
Mr. Pell, entirely without reason, I thought, had not the fullest confidence in Frank's partner, Mr. Wood. He did not believe he would be any too liberal to the estate in the settlement of the firm's affairs. It was in compliance with Mr. Pell's earnest request that I took charge and my doing so was entirely acceptable to Mr. Wood.
Although I regret the test of my reader's patience, it is essential to my defense in certain matters to be related in later chapters, that the complications and settlement of this estate should be set forth. In reading these pages I beg that the footnote on page 112 may be remembered.
The business of Wood and Slater for several years had been the acquiring and holding of certain corporate properties, some of which the firm managed. With the exception of one property, a recent acquisition, the interest of each partner was defined by the individual holdings of stock. In the one property referred to the interest was equal but the stock had not been issued.
At the time of Mr. Slater's death he had a joint liability on the firm account in certain notes which had been discounted at the firm's bank, and also in a loan made to the firm by the Standard Oil Company. His individual liabilities were nearly seventy-five thousand dollars. Only a few of these need be specified.
For several years he had profitable business relations with me and carried an account in our office, drawing on it at his convenience. At the time of his death this account was overdrawn nine thousand dollars. In addition our name was on his paper, falling due after his death, to the extent of eleven thousand dollars. Another liability was a note for forty-seven hundred dollars discounted by a Pennsylvania banker, a personal friend. There was also an agreement to refund to a friend under certain conditions ten thousand dollars which he had invested in a manufacturing plant in Connecticut which Mr. Slater was backing.
The assets consisted almost entirely of the interest in the corporate properties which the firm had acquired and stock in the Connecticut concern. There was also a library which realized, when sold at auction, about five thousand dollars.
The real estate was in Mrs. Slater's name and belonged to her.
In the most valuable properties of the firm Wood & Slater owned but two-thirds interest, the remaining third being held by the original owner, a Mr. Mallison.