Norwich bulletin., 1910-11-21


 the matter was within his power he would probably appoint a Willimantic man as trustee, but as it was he would: affirm the appointment of MT. Hol- brook as trustee. Judge Bowen then fixed bonds of 15,OG8. By request of Attorney Samuel B.. Harvey of this city and several creditors who had come long distance, the meeting was then adjourned to 1 o'clock Saturday afternoon, at which time the examna- tion of MT. Arnold by the creditors was taken up.
 Afternoon Session.
 The afternoon session was called to order at 1.25 by Judge Bowen. Attor- ney Geissler was sworn in as stenog- rapher. Attorney Samuel B. Harvey began the examination for the credit OTIS.
 MT. Arnold said he started in ten years ago, selling stock for Douglas, Lacey & Go. a New York company, and he continued in that business for three years and since then had been doing general investment business. He found that the New Y ork company was not giving him a>sQuare- deal and consequently withdrew and notified his customers to bring stock to him and he would get them out of it. He had had twenty years experience in in- vestrnents. When he went to Putnam in 1901 he was 43 years of age and ildU 9O,tUu. Ine I>GN Ork company failed about six months later. It was then that he started his participating account. The money was left with him on his note. He claimed that he kept up real estate for participating accounts. The participating account amounted to s1720o0. and his real es- tate when he went into bankruptcy amounted to Sz13,00e. MT. Arnold then went into a detailed account of his line of investments. showing how he was better fitted to make money than most banks. Mir. Arnold said he had kept himself clean, morally and finan- cially, and every other way and he had not squandered any money in high living or wildcat sc1-emes.
 Outside of the participating account he had had accounts that paid good deal better, even above the regular per cent. dividend. MT. Arnold admit ted that he had solicited funds. He had offices in Whitinsville, Mass. and in Keene, N. Fl. The office in Keene was managed by Naan named Thrall, who formerly worked for the Douglas, Lacey company and is now employed by the Middlesex Banking company. who solicited some of the money. He had not solicited money from any min ister. He believed he could make good if he had been allowed to go on. He had not been running behind right along. He had S large number of ac- 
 cent. and half of profits above that. He had never given any creditors note for double what was due them. He had s763 900 liabilities. The notes amounted to sbout s5os,000- Of this $1T400O was on the participating ac- count. sS35,0 on the special account, in which interest of per cent. was paid, or more if earned
 Earned Big interest.
 Of that S335.0a0 there was about S123,000 interest earned in the past three years. There was also nearly s250,o90 in notes out He never bought any mining stock. Most of the stock and Worcester, Mass. He didn't think that he had borrowed in all more than s3e0,00o in actual cash from his cus- toners. Of this amount s21o, 600 to $220,000 had gone into real estate, principally in Putnam. MT. Arnold said that the difference was probably caused by the sacrifices of stock he had to make as 8 result of the attach nent for s1,0S5 on his property in June.
 Up to that time he had been mak- ing money, but since then had been going behind He didn't know how much equity was in the real estate, but he couldn't see why property costing S210O00 shouldn't sell for more than the mortgage of s9s,000. He put the participating money into real estate. He had bought railroad stock with good, responsible brokers for the last i've years and had bought stock when low and sold it at a profit. The s250, 900 life insurance was to stand back of the special accounts. All Of the insurance was payable to the estate. Up until last January there was but. s16000 in mortgages on property and the amount today is but sS8,000. MT. Arnold then went into lengthy ex- pIanation of some of his creditors ac- counts.
 Much Worthless Stock.
 Mr. Arnold finally admitted that practically all the assets that he pos sessed was an equity in real estate and the worthless stock for which many people held his notes that would mature in two years. There was S250, 900 worth of this mining stock that the owners could not sell and he said that he could and they had turned it over to him on his notes and stead ia stly maintained until the end of the hearing that if he had been left alone he could have sold and the creditors would have received their money.
 May Receive Per Gent.
 The appraisers were not appointed at the hearing Saturday afternoon, but will be named at later date. It is believed. that something like per cent may be realized by the creditors ultima tely.
 Decision Reserved.
 The civil suit of A. R. Burnham and wife vs. Charles E. White of AndoVer. an action to collect 8 claim of S4s, was tried Saturday forenoon before Justice of the Peace Samuel B. liar vey Attorney P. J. Dsnahey repre- sented MT and Mrs. Burnham and Attorney F. Y. YeomanE of Andover appeared for Mir White. Decision was reserved.
 Large Audience Witnessed The Thief.
 The Thief played return engage alent at Loomers opera house Satur- day evening. The production that so delighted a large audience last season met with. renewed success this year, and proved even more interesting to many who witnessed the presentation. The house was one Of the largest of the season
 Old Home Day.
 Old Home day was observed at the Methodist Episcopal church Sunday with special services. There were many of the older members of the congregation present. Handsome but tonhole bouquets were presented the older members, both women and men.
 STOLE RING, LockET, CASE. Benjamin and Hannah kalbera Arrest
 ed for Theft in Ressette's Jewelry
 Stare