Putnam patriot., 1924-08-15

by the directors as s262, 900, but this amount Is in excess Of the loss.
 Discussed Donahue Affair
 With respect to reports that there had been forgeries on mortgage deed given by Mfr. Gilpatrie to James Don ahue, to the Cutler estate and to other interests in this city who had gwen him an aggregate of approximateiy S2On 600 to invest for them, Walter h. Gilpatrie said that his brother assured him specifically in the case of the Don ahue and Cutler instances that the transactions were entirely regular.
 My brother told me that he hand, ed the mortgage for the Hartford property to DOnahue for him to re- eord.p Mr. Gilpatrie said. TT Dona- hue failed to record 1t we cannot help t. He (Donahue) has run to the state attorney for prosecution. we are sorry. We are concerned now In getting together all possible assets to make up the losses. If these losses amount to anything like S2o2.Ooo shall be greatly surprised.
 Nr Giipatric indicated that by the .ssignment to the bank he felt that no wrong was being done to individuals .gho had entrusted funds to the state treasurer for safe keeping, because ba believed his brothers accounts in this connection would be found cor rect. t., L., Nr GiIpatrie with disturbing condl- tions in recent days to the point "hefe an effort to effect a settlement with the bank that would maintain it's soi- yencv had been obstrueted
 "They are trying to make my broth CT goat for a great many thihs5 9.. sa9' never took place, he sand m discus. sing reports of mortgage and trust fund irregularities.
 Prepared For Courts
 "When this thing is finished up T ! fbfrE that Putnam viii iind that aii I5z-ps have been Hade good. T. VIII ha frue 4 they let us get thiags to- eather. If they pet Harold in paHA- rItpfev no one knows what MI nap
 sHe has to face the courts on this. Wa me prepared for this. We are ,.feeared t8 let the law take tts raarse. We are not concerned go g5,5fb With the past as we are iH mak- inq 4p for the consequences ot the past.
 Events Develop Rapidly
 Developments came thick and fast Tuesday Afternoon. one of them be- inc inc announcement by Walter Gil- natrir that his brother had assigned IL peraanal property to the bank to cover any losses he may have caused Una, institution. The statement was as follows:
 sG. Harold Gilpatrie has today exc cuted and delivered to the First Na- tional Bank. an assignment Of all ms property to meet any loss sustained by reason of his acts. From an est mate of his assets, it Is believed that they will go a considerable way m offsetting such loses.
 Mr. Gilpatric indicated that by the assignment Go the bank he felt that no wrong was being done to indi- viduals who had entrusted funds to the man for safe keeping. because nc believed his brothers accounts Tn this connection would be found correct
 Trying 10 Raise Money
 It is known that MT. Gilpatrie's brothers have been working day and night for q week now. in an endeayor To determine what property and enter prises their brother had been tinanei- ally interested in and which could be turned quickly into cash, to meet obligations disclosed by his operations
 His assets included real estate and automobiles which are assessed for SlO.lSs in Putnam; his share tn tho island at Juniper Point, Maine, which Mir. Gilpatric owned jointly with Key Harry Fosdick. the famous New ork preacher; the rrumbull building pro perty in Hartford, said to have mar. ket value today of at least Sloo, uOo but encountered with mortgages of STs,G25: Worcester real estate hav- ing reported value upwards of S20O. 900; his bank stock, Putnam Woolen Co.,. stock. the Gilpatrie summer home et Juniper Point, and in all probability many more items about which the public is uninformed.
 cilpatrie Heavily Bonded
 Bonds of S150.0o0 carried by the American Surety Company of New York City and the Hartford Accident and Indemnity Company are protee- tion for the State of Connecticut of the funds over which Mir s.sas Si Xgh s,,ayv7s anus wnIcn are unaer the q " Ano" state treasurer are carr . pf neNs New ork company to tf at tne u"nn S100 900. while the Hartt