New Britain herald., 1924-09-10
BANK SHORT
 s700,OOO, ANNOUNCED
tcontlnued from First Page,

by MT. Gilpatric. Is still . complete mystery, which only he can make clear. The former state treasurer is now at the home of his aged parents here. in complete seclusion. He was removed there from the hospital, where he had remained since Aug ust [, when he shot himself through the temple at his home, causing to- tai blindness. He is under heavy bonds on warrant issued by fed- eral Assistant District Attorney George H. Cohen. His case is ex- pected to come before the grand jury at the approaching term of the federal district court. r
 The assessment against stockhold- CTS amounts to 100 per cent of their holdings. In addition to the s1b0.- 900 thus obtainable, will be added the proceeds of Gilpatric's bonds, totailing s4O,o0o and the value of Gilpatric's estate, believed to be s260,0Qo. Liquidation will take O long time, and 1t is believed the, loss to the banks depositors will be small; loss to the stockholders, how ever. will be heavy.
 Investments of more or less du- bious character tock at least s353,- 900 Of the s7Oo,oOo missing from the funds of the First National bank, as a result of the peculations of G. Harold Gilpatric, cashier of the in- stitution and former state treasurer, according to a statement made for MT. Gilpatric's family by Ernest c. Morse, attorney for the family. to- day. Salvage from these investments | will total minimum of $250, 900 which will be available for creditors, according to MT. Morse. And if other projects in which money was invested by Gilpatric enable realiza- ton the total salvage may reach be- tween s35o,oo0 and s4Oo.o00, the attorney indicated in this statement
 Of the funds taken from the bank, Mir. Morse declares approximately sSbS,0e0 was invested in four busi- ness projects. Mir. Morse declines to mention, with one exception, the names of the four projects, for the reason that 1t might embarrass the projects which took considerable portion of the Gilpatric defalcations. The exception is made in the case of John J. Burns of Hartford, pro- prietor of the Trumbull market of Hartford and other real estate pro- jects. It would appear according to Mir. Morse that Gilpatric put approx imately s1o0,0oo into the Burns project.
 The second enterprise, the identity of which is not revealed, drew about $l03,ooo from Mir. Gilpatric's mis- appropriated funds. Mir. Morse indi- cates, while the remaining two are said to have absorbed roughly about S75,000 each.
 In addition to these four ma jor projects MT. Morse says Gilpatric made numerous other smaller invest. ments over period of years, "the aggregate of which would sum up to an appreciable amount" Added tc the s353,0o0 they would appreciably swell that sum, he says.
 | MT. Morse declares that most of the money invested in the Burns projects in Hartford will be realized upon within short time and that another of the largs investments mentioned will undoubtedly repay in full.
 These together with the Putnam and Maine real estate go to make ur the $250.000 estimate of audits which would be available to credi. tors of Gilpatnc, according to the attorney. Other concerns in which he sunk money are successful the attorney declares and realization or these assets will cause the total salv. age to reach the $S60,OO0 or $400,. 900 mentioned as a possibility. Mir. Morse says he Is unable to al present make any statement as tt Gilpatric's personal creditors, bu estimates total liabilities from knowl edge already in hand of from $75, ,O0t to $100,000.
 Included in this personal liability he says. are what appear to bt shortages in the estates which MT Giipatric handled. One of these fl the Mary Gardner estate of whicf he was executor, and in which ap plication has been made to the loca probate court for his removal. I would appear that the shortage il this estate is s20,000. MT. Mors, indicated the total value of tn, estate being reported at ssO,OoO Mir. 'Gilpatric was bonded for tn, nominal sum of $500 as executor O this estate.
 Tn the Annie Cutler trust funt
 of which he was trustee, Mir. Mors
 says there is a shortage of $S5, ,00, ! which substantially wipes out tn, trust. This. however, will not caus
 any loss to the Cutler woman wht Is an incompetent in charge of |; : conservator. Mir. Gilpatric havinl been bonded in the sum of $+O0, by the U. S. Fidelity and Guarsnt,
 Co.,, of Baltimore, which will b.
 asked to repay the bond.
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