Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-04-07
Origin Of the Report.

A dispatch from Buffalo, N. Y, yesterday
says: The Commercial publishes a story
in which 1t is alleged that Arthur r. Pen
nell, who was killed in an automobile acct
dent on March 10, was a defaulter to the
extent of from $4,000 to 100000. The
story, the Commercial says. leaked out as
the result of a legal dispute over two life
insurance policies, and is to the effect 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 invest
ment. 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 in
terest, and they would send him money.
The money which was sent to him for in
vestment, 1t Is alleged, he spent, and when
interest payments fell due, he made the
payments out of his own pocket.
Wallace Thayer, who was Pennelfs at
torney and intimate friend, is referred to
by the paper as saying he had suspected tr-
Irregularities, but that he had no proof OF
any such wrong-doing.
Incidentally, 1t has been learned that Pen
nell made provision for the payment to Mrs.
Edwin L. Burdick of $4,000 out of his life
insurance.
Pennell carried over 5000 900 life insurance
in order, the Commercial says, that after
his death the eastern estates to which he is
alleged to have been a defauter might be
able to recoup the losses which they had
sustained through him. In his will Pennell
named as administrator Of his estate his
brother, ]. Frederick Pennell. He left to
his administrator 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.
Had Long Contemplated Suicide.
The Commercial adds that Pennell had
contemplated suicide for two years, and
says the fact is known that "Pennell
planned two years ago to throw himself in
front Of train at Peekskill, and to make
it appear that his death was an accident
He stopped off at Peekskill on the way ba ok
from New York, with the intention Of COM
hitting suicide in that way, but his nerve
failed him. Recently he. told the story OF
the Peekskill incident himself. During the
Pan-American exposition he sought for
days for an opportunity to commit suicide
in a manner that would make it appear ac-
cidental
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 in front OF
a train or drop under the wheels Of a trolley
car.
1t appears. there were two life policies
which had not been handed over to the adj
ministrator. One was for $4,000, and the
other for $4,000. Those two policies had
been assigned by Pennel to Attorney Wal
lace mayer, IN trust. In one ne was re-
ferred to as Wallace Thayer, trustee, and
in the other he was designated wallace
Thayer, as trustee" The insurance COM
panies took legal counsel in the matter and
held up payments. ]. Frederick PennelI,
the administrator of the estate, was called
in and insisted on having more Information
before he would consent to the payment OF
any insurance money to Mr.. Thayer as
trustee. 1t was then that the story of PEN
nell's alleged defalcations and his plans to
commit suicide were made known.