The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-05-26
BOSTON BANKERS
IN HUGE FAILURE:
Nearly Two millions Liabilities
with Less Than 100000
Assets. s.e

Boston, May 26.-Seventy one banks
and trust companies, most OF them IN
Massachusetts, but several located in
the creditors Of the banking, firm Of
Burnett, Cummings & Co., this city,
which has filed voluntary petition in
bankruptcy, with liabilities placed at
$1,7l4,348.
The assets are stated to be uncer-1
tain. The creditors have been given
to understand that they. will not ex-
coed 100000, if, indeed, they prove,
bankruptcy petition is the heaviest ever
filed in this district.
.. Explains the Cause.
J. T. Auebach, counsel for the bank
rupt firm, said that the cause Of the
failure was the building and financing
Of the Concord & Boston Street Rail
way company, the Middleboro, Ware
ham & Buzzards Bay Street Railway.
company, the Lowell & Boston Street
railway and the Bristol County Rail
thinly settled districts and were IN.
able to make suitable connections with
roads running to Boston. The four
companies We're placed in the hands Of
receivers and theis. notes became value-
less. = '. ~ -
Auebach said also that the bank s
financial crisis was fastened by the
buying of the Hampde9 Trust compa-
ny, of Springfield and of the.Iaun IT.
ton, both of which, unknown to the
firm, were in serious financial straits
and were placed in the hands of re-,
ceivers. The refusal of extension OF
credits then made continuance OF
business impossible, .s-.-.,..
Banks as Creditors.
The secured creditors number eighty
seven and the unsecured eighty one.
There are thirty=two MASSACHUSETTS,
savings banks in the list Of creditors
/ banks. One Of the heaviest creditors
is the Worcester Five Cents Savings
bank, with claim Of $50 500, Other
banking creditors are the
Danvers Savings bank of Danvers for
$26,7OO, the Millbury Savings bank of
Millbury for $26,6OO, and the Interna-
tional Trust, company Of Boston for
| $44, 495. All these claims are in the
secured list, :-:. =, 40 ..@s~. ~.
fected are the Chicago Savings bank,
Chicago, 10000; the State Savings
bank, Ann Arbor, Mich, $2o,3l4; the
Western Trust & Savings bank, Chica-
go, ST., 1896; Fort Dearborn National
bank, Chicago, 1885,, and the State
Bank of Chicago, Chicago, $40, 1925. =
f. Helen Gould a: Loser RI
New York, May 26.-Chief among
the developm ents from the failure of
the Merchants ) Trust company is the
statement that Miss Helen Gould and
her brother Frank were induced by
securities Of the Virginia Passenger &
Power company of Richmond, Va, on
the securities Of which the trust COM
pany made heavy loans, and that they
have charged George E: Fisher with
taking $2,000,000 to which he is not
entitled. Their charge is in answer to
his suit for a receiyership for the, Vir.
(which he was a. prom oteryssa n5 ,a:o5
T." Mineral City Bank Closed IS ! >
Canton, May 26.-The People 8 De-
post Bank of Mineral City, Ohio, closed
it's doors today The president of the
institution says loans Of about $50, 900
have been made by the, bank to WI.
Davis of Canton, whose heavy loans
are said to have caused the suspension
or the cannon state: DanK. yesterday.
Directors of the Mineral City bank say
it will resume business in day or two.
i Failure in Cincinnati. =
Cincinnati, May 26.-Ho1zman & Co.,
bankers. and brokers' inj..athe x Union,
n Trust building and members 5of the
/ New York Stock exchange, assigned to:
day to Lepman & Levi I Alfred Holz.
man, member of the firm, says their
assets and liabilities are about equal
at 100000. He attributes their EN-
barrassment to the rumors concerning
the loss of $4,000 from the reserve
fund of the German National bank anC
to the recent run on the Union Trust
company bank. go ''
Now Another Ohio Bank.
Washington, May 2e.----The First Ma
tional Bank Of Barberton, Ohio, has
been ordered closed BY the controller
of the currency on the ground that thu
bank is insolvent. The capital stock
is $4,000.
HH n mn r YN>rNY n nY YEH M WIN