The Billings gazette., 1903-04-10
SAID TO BE SHORT IN ACCOUNTS
WITH ESTATES.
LONG NEGOTIATED SUICIDE
Carried Large Life Insurance to Make
Good Amount of His De.
faIcatons.

S~ASSAAAOOAA k]SDNHS~AO~
story in which it is alleged that
Arthur H. Pennell, who was killed in
an automobile accident March 10, was
a defaulter to the extent of $15O,OOO
to 100000. The story, the CONNER
cial says, leaked out as the result OF
a legal dispute over two life insurance
policies.
Wallace Thayer, who was PennelIs
attorney and intimate friend, is re-
ferred to by the paper as saying he
had suspected irregularities, but that
he had no proof of any such wrong
doing.
Incidentally, it has been learned
that Pennell made provision for the
payment to Mrs. Edwin l.. Burdick OF
$4,000 out of his life insurance. Pen
nell carried more than 100000 life
insurance, the Commercial says, In
order, after his death, that the eastern
estates to which he is alleged to have
been a defaulter might be able to
recoup the losses which they had sus-
tanned through him. In his will Pen
nell named as executor his brother,
]. Frank Pennell. He left to his ad-
ministrator sealed instructions that
upon his death he should make good
in full out of his estate all the losses
which had been sustained through
his defalcations.
The papers statement is to the ef-
feet that Pennell induced friends in
the east who had known his family
and the family of his wife to place
money in his hands for investment.
He acted, in fact, as their financial
agent He would inform them OF some
good investment which he had come
across which would pay an excellent
rate of interest, and they would send
him money. The money which was
sent to him for investment, it is al
legged. he spent, and when interest
payments fell due he made the pay
ments out of his own pocket.
The Commercial adds that Pennell
had contemplated suicide for two
years.
"The fact is known" it adds, that
Pennell planned two years ago to
throw himself in front of a train at
Peekskill and to make it appear that
his death was an accident He STOP
ped off at Peekskill on the way back
from New York with the intention of
committing suicide in that way, but
his nerve failed him. Recently he
told the story OF the Peellskill incident
himself. During the Pan-American
exposition he sought for days for an
oportunity to commit suicide in a
manner that would make it appear
accidental. He had an idea that he
could be run over in some way While
at the exposition, but he never could
nerve himself up to the point where
he could throw himself under train
or drop under the wheels Oh trolley
car
1t appears that there were two life
insurance policies which had not been
handed over to the administrator
One was for $4,000 and the other for
$4,000. These two policies had been
assigned by Pennell to Attorney Wal
lace Tnayer in trust. In one he was
referred to as wallace rhayer trus
tee." and in the other he was desig
mated Wallace Thayer, as trustee.
The insurance companies took legal
counsel in the matter and held uL
payments.
J. Frank Pennel, the administrator
of the estate, was called in and in
sisted on having more information be
fore he would consent to the payment
of any insurance money to Mr.. Thay
er as trustee 1t was then that the
story of Pennell's alleged defalca
tions and his plans to commit suicide
were made known. The $25,OOO IN
surance money assigned to Thayel
by Pennell in trust is supposed to be
paid over to Mrs. Burdick in accord
ance with the provisions OF the bono
for $4,000 which Pennell gave priol
to his death. Mr.: Thayer will not tall
about it. In fact, he has declined tt
give even the administrator OF Pen
nelrs estate any information concern
ing it.
The administrator went to Mr.
Thayer for the purpose of finding ou'
the. nature of his trust, as it was MS
duty as administrator to do. Mr.
Thayer would not talk. He said Fen
nell had left sealed instructions ad
visinr him as to how he was to dis