The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-09-28
ITALIAN BANKER BURSTS UP.
Blew In ON Brooklyn Rapid Transit DE
posts from Italians and Chinese.

posts from Italians and Chinese.
Francesca Aielo. Italian banker and specu.
lator In the stock market. posted two notices
OF assignment on the doors OF his banking
rooms. lS2 Worth street. on Tuesday night
ana left town. He had used the money depos-
tied with him by his fellow countrymen and
the Chinese residents OF Pell and Mott streets
in an effort to make his fortune by specializing
in Brooklyn Rapid Transit stock He lost and
had to close his bank and knowing the temper
Of his countrymen he loft the city in haste. so
that he would not have to explain the situation
to thom He made an assignment to Francesca
Tocci. another Italian banker. who began au
examination OF tho books yesterday. 1t Is
thought that the deposits In the bank amount
ed to $4,000 and that the assets are 1925. 600
The money was deposited by italian laborers
push cart men and small shopk eepers and by
Cinnamon.
News OF the failure OF the bank spread
through the Italian and Chinese quarters rap
idly and depositors rushed to the Worth street
counting house In the hope that they might be
able to catch Aiello. No catchee. The police
man on post sent to the station for help. Three
more policemen were despatched at once to
keep order In the bank Tocci was hard at
work on the books. Outside the Chinese de-
positors stood in groups apart from the Ital-
ians discussing heir losses. To nearly all. the
failure OF the batk meant that their plans for
going home were frustrated and they were
neither happy nor good -natured
All persons who inquired for Information In
regard to Aclio were referred to the law firm
OF Epstein Bros. Of 800 Broadway, his attor-
neys; They, gave out this statement,
Mr. francesca Aiello as an individual. under
the name OF Aieln Co. Mr.. Atello is out OF
town at present, but expects to pay the depos-
itors in full. No positive statement OF the
assets and liabilities can be made until the
books are examined. but a rough estimate OF
$4,000 or S5OOOO will cover the amount
Of tho deposits. while should say the assets at
present are about S3O.OOO. Personal specula-
tions in Brooklyn Rapid Transit stock by Mr..
Aielo. resulting in heavy losses. carscd the fail
ure. Mr.. Aiello lost hearty $5U.UOU OF his own
money during the recent drop in prices. and
Also nearly the same amount OF the banks
money went the same way. Mr. Aiello IL en-
tirely honest in this matter. and has turned
over all his property to the assignee to he used
in settling the depositors' claims. Just now
/ should say that az least 80 per cent. OF tho
loss will he covered by the assets. and Mr..
Aiello decla,esS his intention OF settling the
amounts in FULL"
Aiello has some cash in the Bowcry Bank. a
deposit OF $4,000 in the Hong Kong Bank ia
China. and a piece OF real estate in BROOKLYN
valued at 100000. He resides at 2a2 Four
teenth street. Brooklyn: 1t will take at least
a large business with foreign countries pspe-
cialy with Italy and China. and he can't tell
what drafts are outstanding or what drafts
have been presented on those countries. There
are about coo creditors Aiello's busine ss with
the Chinese was one OF the largest in the city.