Perth Amboy evening news. [volume] (Perth Amboy, N.J.) 1903-1959, 1912-11-22
Jamesburg is Excited.

Special TO the EVENING NEWS.
Jamesburg, Nov. 22:-William De
Arnold, president of the so-called
Excel Motor Truck Company,,a a pro-
posed industry, soon to be launched
at this place that would at once
place Jamesburg at the head of the
manufacturing industries of the
state, according to the officers of the
company. was arrested yesterday af-
ternoon following an indictment
handed down Wednesday afternoon
by the grand jury in session at New
Brunswick. DeArnold is specihcai-
ly charged with aiding and abetting
in the receiving of money under false
pretense in the authorizing as presi-
dent of the truck company of shares
of stock that are alleged to haye no
value. Mr.. De Arnold was Va \
| into custody by Constable jacob
| Gordon at Ballantyne's Hotel just as
he was about to sit down to his din
ner, and taken to New Brunswick,
where he was committed to the
county Jail In default of $500
bonds for his appearance before the
grand jury. Mr.. De Arnold still as
serts that the people Of Jamesburg
have not lost anything and that his
company is now able to go ahead and
complete the proposed buildings and
| pay every dollar due the citizens.
The arrest of De Arnold is the cul-
| mination Of carefully laid plans by
| the numerous purchasers Of stock in
the Excel Motor Truck Company,
headed by the Rev. Samuel j. Nc
Clenaghan, who was the heaviest
cash loser and who appeared before
the grand jury twice as leader of the
citizens who made an attempt to re-
cover their money advanced in the
purchase of stock In the new enter
prise, In all 1t is said that over four
thousand dollars worth of stock was
unloaded on the people by the agents
of the company.
| The first inkling that the citizens
had that the company was in finan-
cial trouble was brought to light
when Mr.. De Arnold appeared before
| Recorder William e. Paxton and is
sued a warrant for the arrest of one
| Captain Albert Engelhardt. charging
him with embezzlement in failing to
turn over to his company moneys
received from the sale of stock. En-
gelhardt was apprehended by the
| New OTk pOliCb Dul NJ GhOit " ao
ever made by De Arnold to bring
Engelhardt to justice for his wrong
doing and this fact made the local
people skeptical and started an in
vestigation which revealed the true
condition of the financial affairs of
the company. Secret meetings of the
stockholders were held and plans de-
vised for the apprehension of the
head of the Excel Motor Truck
| Company who, it is alleged, was re-
sponsible for the true state of af-
fairs. De Arnold is charged with
misrepresenting the worth of the
company he is alleged to represent.
Engelhardt protects his action in
converting a part of the money re-
ceived to his personal use with the
statement that he simply kept back
his per cent. promised but never re-
lceived.
Work has been suspended on the
lbuilding at Lake View Terrace pend
ing the bonding of the company
which is promised to be put through
in the course of few days, accord~
ing to the statements of De Arnold.
Shortly after Engelhardt's arrest
De Arnold disappeared and yesterday
was his first appearance in town
! since the disappearance of Engel-
hardt.