Putnam patriot., 1924-09-12

have nothing that can be seized and the others cannot pay now. but may be able to if given little time. This part of the banks loss is accounted for on the basis of 'misjudgement but not misrepresentation. for the simple reason that 6ilpatrie did not himself take the money for his per sonal use. but almost literally gave it away to those who negotiated loans through him.
 Done Some Salvaging
 Mir. Coffin has said that he has al- ready received a considerable refund from the Worcester and the Monson factories but there remains a large sum of money still due the bank from them and which will be recov- cred later The Monson mill is own ed in part and managed by Thomas p Coreoran, Jr, formerly of this city.
 The bank loss of s7oo, GOO. added to Mr Morse's estimate of Mir. Gii- patric's personal liabilities of not more than Slo0.000, would make the total loss to everyone through the former state treasurer's acts, ss00.000.
 A committee representing the stockholders of the First National Bank. consisting of Attorney John F. Carpenter. State Bank Commis- sioner John B. Byrne and Nathan D. Prince. is engaged in looking over the assets and liabilities of the in. stitution. to determine if some of the paper that is regarded as bad IS not in truth. "doubtfur' and there fore realizable on either in full or in part.
 Gardner Estate S2o.ooo shor,
 There will be a hearing tomorrow on the petition that has been filed with the Probate Court of Putnam hv Miss Fannie Barber of Ellington for the removal of Mr Gilpatrie as cxecutar Of the estate of Mary Gar dner. Mir Gtlpatrie has offered h. resignation as eNeeutor. but tt has net been accented. The reason, it is stated. Is this: That fl it was ae csntea. the bondsman would be re- lieved Of responsibility. In this ease it is stated that Henry Wheeloek, hrether-in-law of the eXecut0r. IS the bondsman and that the bond amounts to $500. By removing Gilnatsie from bis exeeutorship, the bond is not re- leased, but court has the opportunity of appointing someone else.
 From an examination of the af- fairs of the Gardner estate. it an- pears that there is shortage of 500. .000 How the estate has been tempered with t0 make this loss, is not stated Mir. Gilpatnic's estate IS alone liable for any loss in this case (except the bondsmanl for he acted as an indisdual and not as an o!ii- cer of the bank.
 Cutler Fund Wiped Out
 Gilpatric has also resigned as trus- tee of the trust fund of S30,00o set up under the will of the late Joseph Cutler for his daughter, Annie Cut Ter, an incompetent. The resigna- ton, however. has not been accepted as yet This fund Is in even worse shape than the Gardner estate. for Gilpatric's extraetions have practie- ally wiped out the Cutler trust fund, the shortage appearing to aggregate S25. 0n0 In this instance, however, Miss Cutler will. in all probability, not suffer. for it is stated that the Fidelity and Guaranty Co. of Balti- more, went on Gilpatrie's bond for S44.000. If this Is the case Miss Cutler will very likely recover her loss and the bonding company will be held responsible.
 Giipatrie Assets $250. 900
 That at least $250.000 is going 10 be realized on the personal assets of Mr. Gilpatrie, is the assertion made in a formal public statement, given out on Wednesday forenoon by Att torney Ernest C. Morse. general eou- nsel for the Gilpatric family. Mir. Morse also expresses the hope that. eventually, that as much as SAo0, 900 may be secured from Ar. 6ilpatric $ divers investments. to be applied to reducing the loss he occasioned the bank
 That Mir Gilpatric's personal lia- b.lities will not exceed SiO0,0O0 is the conviction of Mr. Morse. It is rather early to make a definite state ment in this regard. he states, but personal creditors who have come for ward to date. have claims aggregat- ing only about s60,000,
 Mir. Morse's Statement
 Mir. Morse's statement is as follows
 Ernest c. Morse, counsel for the Gilpatric family. gave out the fol- lowing statement when told that the bank losses had been given out as aggregating S700 900.
 People have naturally wondered where Harold Gilpatric put the money and how much restitution will prob ably be made. He put S350,O00 in round figures into four business pro jects. l. does not seem wise to men ton the names of these, with one ex- ception. because those who owe the money might be embarrassed in theii efforts to repay what they owe fl their names were mentioned in print.
 ''The one exception is John J. Burns of Hartford whose name has already frequently been mentioned in the newspapers in this connection. Mr. Burns was originally the owner of several pieces of real estate, incluc ing what is known as the Trumb'ili Market in Hartford Harold Gil patric put upwards of Si00,0 900 into the Burns project.
 'In the second enterprise he plac- ed Sl03 900; in the other two he put in roughly S75.O0O each thus mak- ing total of $353, ,000 In addition to these four large projects it is un- necessary Co say to those who have