The Mitchell capital. (Mitchell, Dakota [S.D.]) 1879-1918, 1903-04-10
WAS A %DEFAuLTER.
euffalo Paper Alleges PenneI Had
Long Sought to Kill Himself.

ouHa.o Paper Alleges PenneI Had
Long Sought to Kill Himself.
Buffalo, N. Y, April s.-The Com
tnereial Yesterday published a story in
winch 1t is alleged that Arthur r. Pen
nell VINO was killed in an automobile
accident on March 10 was a. defaults.
900. YAo''ooo . s1Vc'
story, h Comercial says.
1891 OUT as the result Of a legal dis
p - yer Two life insurance policies
anu Is TO d effect that Pennell Induced
trends in the east who had known his
latnlly and the family of his wife to
pace money in his hands for invest
ment. He acted, in fact, as their finan-
claI agent. He would inform them Of
some good investment which he had
come across which would pay an excel
ient rate OF interest, and they would
send him money. The money which
was sent to him for investment. It is
alieged, he spent, n when interest
payments fell due he made the paw
ments out of his own pocket.
wallace Thayer, who was Pennell,s
attorney and intimate friend, is re-
Ierred to by the paper as saying he had
suspected Irregularities, but that he
haa no proof OF any such wrongdoing.
OSCll lSdIIlGO lQdJ
Pennell had provision for the payment,
10 Mrs. Edwin l.. Burdick of SOS, 600 out.
Of his life insurance.
Had Heavy Insurance.
Pennell carried over $500, 600 life insur.
ance in order, the Commercial saws
that after his death the eastern estates
to which he is alleged to have been a
defaulter might be able to recoup the
losses which they sustained trough
him. In his will Pennell named as adj
mlnlstrator of his estate his brother,
). Frederick Pencil. He left to his adj
m1n1strator 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 defal-
cations.
The Commercial adds that Pennel,
had contemplated suicide for two years
inc says the fact is known that pen
nell planned two years ago to throw
himself in front of a train at Peekssiil
n to make it appear that his death
was an accident. He stopped off al
Peekskill on his 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
Peekskill incident himself. During the
Pan-American exposition he sought for
days for an opportunity to commit sui
SAAE IL a AAdllIlSl ludI II WOulu appear
ACCIDENTAL II e 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 a train or drop un.
der the wheels of a trolley car
Policies Assigned in Trust.
1t appears there We're two life insul
ance policies which had not been hand
ed over to the administrator One was
for $4,000 and the other for $40, 900.
Those two policies had been assigned
by Pencil to Attorney Wallace Thayer,
IN trust. In n he was referred to as
Wallace Thayer, trustee" and in the
other he was designated wallace
Thayer, as trustee" The insurance
companies took legal counsel in the
matter n held up the payments. J.
Frederick Pencil, the administrator OF
the estate, was called in and insisted
on having more information before he
would consent to the payment of any
insurance trust money to MI. >Thaye1
as trustee. 1t was then that the story
of PennelI's alleged defalcation and his
plans to commit suicide were made
Known. The $4,000 insurance money
assigned to Thayer by Pennell in trust
is supposed to be paid over to Mrs. Bur
dick, in accordance with the provisions
of the bond for $50, GOO which Pennel
gave prior to his DEATH:
Mr.. Thayer will not talk about it. In
fact, he has declined to given even the
administrator of Pennelfs estate any
information concerning it, saying tina
Pencil had left sealed instructions ad.
yising him as to how he was to dis
pose of the $25, 900, and that, as g
lawyer, he could not diyulge the nature
| of, that transaction.
Thomas Penney, attorney for the Pen.
nell estate, accordingly charged the in.
surance companies to pay owe nc
money to Mr.. Thayer. The probability
is that the $4,000 will be paid into, the
courts.
Mr.. Penney stated yesterday after.
noon that if Pennell swindled n es.
tates in the east he was absolutely ig