Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1903-04-07
1t Is Alleged He Stole Sums Ag-
gregating 100000 From
Eastern Estates
WOULD PAY WITH INSURANCE
Carried Large Policies by Which He
Expected the Estates to Reeoup
When He Ended His Life-often
Planned suicide-Left $4,000 to Mrs.
Burdck. I

Buffalo, N. Y, April 1.-THE Com
mercial yesterday afternoon published
a story in which it is alleged that Ar
thur E. Pennell. who was killed in an
automobile accident on March 10th,
was a defaulter to the extent of from
$4,000 to 100000. The story, the
Commercial says, leaked out as the re-
suit of legal dispute over two life in
surance 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 investment. He acted, in fact, as
their financial agent. He would inform
them of some good investment that 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,
1T is alleged, he spent, and when inter
est payments fell due, he paid them out
of his own pocket.
Wallace Thayer, who was Pencils
attorney and intimate friend, is referr-
ed to by the paper as saying that he
had suspected irregularities, but that
he had no proof of any such wrong do
ing.
incidentally, it has been learned that
Pencil made provision for the pay
ment to Mrs. Edwin l.. Burdick of $25,-
600 out of his life insurance.
Pennell carried over 100000 life In
surance in order, the Commercial says.
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 thru him.
In his will Pencil named as admins
traitor Of his estate his brother, j. Fred
erick Pennell. He left to his admin
istrator sealed instructions that upon
his death he should make good In full!
out of his estate all the losses which
he'd been sustained thru his defalca-
tons.
The Commercials adds that Pencil
had contemplated suicide for two years,
and says the fact is known that Pen
nell planned two years ago to throw
himself in front of train at Peekskill,
and to make it appear that his death
was accidental stopped off at Peekskil!
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 Peeks-
kill incident himself During the Pan
American exposition he sought for days
for an opportunity to commit suicide
IN manner that would make 1t APP
pear accidental. He had an idea that
he could be run over in some way at
the exposition, but he never could nerve
himself UP to the point where he could
throw himself under train or drop I'M
der the wheels of trolley car
It appears there were two policies
which had not been handed over to the
and the other for $4,000. These two
policies had been assigned by Pennell
10 Attorney Wallace Thayer, in trust,
In one 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 and
held up payments. J. Frederick Pen
nell, as administrator of the estate,
was called In and insisted on having
more information before he would con-
sent to any payment OF any insurance
money to Mr.. Thayer as trustee. II
was then that the story of Pennell's al
legged defalcations and his plans to
commit suicide were made known. The
$4,000 insurance money, assigned to
Thayer by Pencil in trust is supposed
to be paid over to Mrs. Burdick, in ac-
cordance with the provisions of the
bond for $4,000 which Pencil gave
prior to his death. Mr.. Thayer won't
talk about it. In fact he has declined
to give even the administrator of PEN
nell's estate any information concern
Ing 1T, saying that Pencil had left
sealed in structions advising him of
how he was to dispose of the $4,000,
and that as a lawyer he could not di-
vulge the nature of that transaction.
Thomas Penney, attorney for the
Pencil estate, accordingly charged the
Insurance companies to pay over no
money to Mr.. Thayer. The probability
is that the $4,000 will be paid into the
courts.
Mr.. Penney stated yesterday after.
noon that IL Pencil swindled any es-
tates in the east, he was absolutely ig-
norant of it,