Norwich bulletin., 1911-09-22
Willimantic, Danielson and Putnam

/ ticker, private telephone, and seven
clerks.
Big Holdings.
Examined regarding his real estate
holdings June -, 1910, Arnold said he
owned ~ houses and 81 tenements.
100000 One piece of property
brought to his attention was a barn
he built on Farrows street at a cost
of between. $4,000 and $4,000. E. NJ.
Wheaton, he, said, received $4,000 for
building houses. AS an example of
his real estate investments, he gave
that of the Methodist church prop
erty, for which he paid $1,000. After
deducting all expenses (taxes, insur-
ance, etc.), the profit was 40 per cent.
or $500 a year. Investments like these
enabled him to build two houses a
year without taking anything out of
his pocket.
:. Admitted Mistake.
On redirect examination Arnold
admitted he made a mistake in put
ting SO much money in real estate,
and that this false step was factor
in his subsequent bankruptcy, al
though business in general was sue
cesSful. He said If he We're let alone
he would have been all right, but for
some reason people began to make a
ruin on him June Is. Andems mort
gage of $4,000 he said was the first
to materially shake public confidence
in him. Bankruptcy was fastened by
clients in Keene, N H, who pressed
him for cash to the extent of $250.000.
These clients had got his notes for
thousands of shares of stocks of lit
tie value which he was to dispose of,
if it took ten years.
How He Got Real Estate.
Regarding the. way in which he got
his real seate, Arnold said he paid no
cash for the Rabbit property. In
January, 1910, he. said, he got a, deed
on property belonging to E NJ. Wheat
on, and gaveza $4,000, mortgage to the
Norwich Savings bank and a second
mortgage for the same amount to Mr..
Wheaton. For the n. A Ballard farm
he paid no cash, but gave Mr.. Ballard
a $500 participating" account.
Defendants Testimony.
Charles S. Blackmar, the defendant,
was the next witness. He testified
that he had given Arnold about $4,000
up to May IA, 1910. and in this time
he had drawn out, $46950 On May
ArnoId's note for 1854, dated June 1.
This check Blaekmar presented at the
bank, where he was told there were
not enough funds to Arnold's credit
to honor the check. He went at once
to see Arnold concerning it. Arnold
said he expected funds with which to
pay the check, and paid 5000 by check
June 15s
Could Not Get Money.
Regarding the creditors meeting, on
June 3d. Blackmar testified he was
present, but knew nothing of the An
dem mortgage before the meeting. He
said he had applied for money to Ar
mold several times and was unable to
get it, and had heard rumors from
June l to IA that Arnold was shy"
On cross examination Mr.. Blacl<mar
testified he. had had several dealings
with Arnold and, curious to know what
Arnold would do if sudden run
had $4,000 quick assets, consisting of
gilt-edge stocks and bonds, in his
vaults. Backmar said he had no
knowledge of Arnolds affairs on July
Is, 1910. and had no idea the payment
of 5000 was made with the intention
of making him preferred creditor.
Trustee Examined.
& George F. HoIbrook, the trustee of
Arnold's estate, testified that by order
of the court he had sold most of Ar
nold's real and personal property, and
had received $3.50 for. it.
Worth $s4,s7o.
James B. Tatem, ST., and William
S. Johnson of the board of appraisers
of the estate testified that on June
Is, 1910, Arnold's real and personal
property was worth S94S70.
Court adjourned to 1920 this morn
ing.
sixty-Foot Dive.
Harry Garrepy. the famous cross
country walker, sthrilled hundreds on
Thursday evening by his sensational
free dive into the canal at Pomfret
street. This is a 60-foot dive made
with his clothing afire. Garrepy also
sings catchy songs at the Bradley
before the dive.
Mashapaug.-Apple picking com