Putnam patriot., 1910-11-25

tAa>tt% ta NNNts N&s Nt4at hN NNAAANe
 E. ', Jewett ot Norwich said that it was the belief of creditors without question that Arnold had had a good deal 10 say as to who should ec ap- pointed trustee of his estate. He won deEcd if Arnold working with the trustee would be able to save any more and added. "Neu see where he landed us alone.
 Mr. Russell then said that he knew
 that MT. Holbrook was not Arnold's choice, as hc had heard Arnold say several times that hc favored another man, but could do nothing himself in the matter. IL was simply straight forward, honorable campaign on the part of MT. Holbrook for the place. Mir. Allen interrupted to say that it sp-
 peared that there had been concerted action to have Mir. Hoibreok appoint ed. Mir, Russell agreed. but said the action was of Holbrook's making, not Of Araold's.
 Judge Bowen then said that ss up- wards Of ia6 votes had been cast in ia. yot Of Mir. Holhrook he would have to affirm his election. Mir, Russell re- quested that before he do so. Mir, Allen he given a chance to say that the matter was entirely cleared up as far as he was concerned and that he had no objection to MT. Holofook's x ap. poiaiment. Mf. Allen replied that he still objected. and would favor the ap- pointment of some lawyer. thoroughly qualified to take care af the large amount of legal work necessary, such as eN-Attorney General W. A. King or
 Attorney George l.. H;nnan of Nilli-
 mantle. Judge Bowen said that II the
 matter was within his power he would
 probably appoint n williman.ie man trustee, but as IL was he would affirm
 the appointment of Mr. Holbrook as trustee. Judge Bowen then fixed
 bonds At $i5,000.
 The afternoon session was called to order at l.2o. Attorney Geislcr was sworn In as stenographer. Attorney Harvey began the examination for the creditors. Mir. Arnold said he started
 in ten years ago, selling stock for
 Douglas, Lacey < Company, New
 York company and he continued tn
 that business foo three years and since
 then had been doing general invest- s.,as.f htxais.asa Ia f.xunA that IA.
 New York 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 oui Of it He had had
 twenty years experience In invest
 ments. When lie went to Putnam In
 1901 he was gs years of age and had
 sa,0Oo. The New York company failed about six months later. It was then
 that he started his partiei pating &C.,
 count. The money was left with him on his note. He claimed that he kept up real estate for paftici paling ac.
 counts. The participating account
 amounted to si75.Oo0, and his real es-
 tate went into bankruptcy amounted to t2l3,0U. Mir. Arnold then went
 into detailed account of his line of tn-
 vestments, showing how he was better fitted to make money than most banks Mir. Arnold said that he had kept him. self clean, morally and financially and every other way, and he had not
 squandered any money in high living or wild cat schemes.
 Outside of the participating account he had had accounts that paid good deal better, even above the regular ( per cent. dividend. MT. Arnold ad.
 mitted thst he had solicited funds. He had offices tn Whitinsyiiic. Mass, and in Kcene, N. II. lie had not so- iicited money from any minister. lie
 believed he could make good II he had been allowed to go on. lie had not
 been running behind right along. He had a large number of accounts in
 which he promised them per cent. and half os profits above that. He had
 never given any creditors note for double what was due them. He had s56J,O0 liabilities. The notes smonnt- cd to about sgs9,UD Of this tis4. .0O0 was on the participating account, ts35. .ooo on the special account, In which interest Of 6 per cent. WAS paid, or more if earned.
 Of that Sssa5, ,00O there was about tIz3s0 3s0O0 interest earned In the past three years There was also nearly tz5O ,O00 in notes out. He never bought any mining stock. Most of the stock came from Keene. x. H., Springfield and Worcester. He didn't think that he had borrowed tn aii more thsn eao0.. 000 In actual cash from hts customers. of this amount s2l0. .0oO io szssD 900 had gone into real estate, principally ia Putnam. Mr. Arnold said that tho difference was probably caused by the sacrifice. of stock he hsd to make ss
 result Of the attachment for q .esa on his property In June.
 Up to that time he had been making
 money, but since then had been going behind. He didn't knou how much equity was in the real estate, bat he cauIdn'l zee ~hy pfofsfty costing s2l0 ,,su. shouldn't veil for more than the mortgage Of sgs .1o0. lie pat the
 participating money Into real estaie. lie had bought railroad stock with 4