Daily Kennebec journal., 1905-05-26
Burnett, Cummings & Co.
Of Boston are Bankrupt.
Liabilities, $l,7|4;368; Assets
Not Over 100000, # Any.
A Camden, Me-, Bank Creditor for S64Su--
C.6. MoffeH, RockIand, s22,666.

Boston. Nav 25-Sevent! -one pankS
and trust companies. mCSt OF theiii III
MASSACHUSETTS, but many located i'll
various parts of the country, are a'iio'is
the creditors of the banking hrm oI
Burnett. Cummings & Co, or TINS GUY,
which. today, filed a voluntary petltion
in bankruptcy in the United States d.
rect court with liabilities placed at 81
114.S6S. The assets are stated to be un-
certain. The creditors nave been given
to u,de rstani that they Will not eX-
ceed 500, ,OO0 if indeed. they prove to
he of any value. The bankruptcy petit
ton is the earliest fled in the district
since the present bankruptcy laws went
into effect in Massachusetts,.
Attorney ]. T. Aucrbach, counsel for
the bankrupt firm. said that the cause
of the fdilura was the building and
financing of the Con",ri 6; Boston Rail-
way Co, the Midi -porU, Wareham K
BuZzaldS Bay Street halfway Co, the
Lowell & Boston Street Railway AMI
the Bristol County Railway Co. These
roads were in thiniy settled districts
ard were unable to make suitable con-
pecticns with roads cunning to Boston.
The our companies were placed in the
|
MS gwen by them became valueless.
F1gthcr, lore. the Massachusetts Sure
ties Cos. bonds, which were secured
by oil;~atiOns of these electric rail-
way, l"st their value and entai'cd
losses upon the firm. Lawyer Auerbact;
stated also that the buying of the
Hampdcn Trust Co. of Springfield, ard
of the Taunton Safe Deposit & Trust
Co, which unknown tn The firm, were
in serious financial straits and which
were placed IN the hands of receivers,
hastenod the firms financial cmbarrass-
ment.
The secured creditors number 81 and
the unsecured 81. There are 81 savings
banks in the list of creditors and Is
Massa chusctts National banks. One os
the largest creditors; is lii. Worcestcr
Five Cent Savings Bank. with a claim
Of $S",6o0. Other bank creditors arc
the Danvcrs Savings Bank. Danvers
for S26.121; Millbury Savings Bank,
AIillbury. for S26660; City National
Bank, Lynn. for l..y9: Newton Saw
ings Bank for $50, l5t; and the Inter-
national Trust Co. Boston, for $44, 495
All these claims are III the secured list
Among the other large claims, most
Of them unsecured. are the Lynn Five
Cents Savings Bank. x:1 ,S39; National
Bank of the Republic. 1900; City Saw
ings Bank. Providence, II. l., SPOIL
Kingston National Bank, Kingston. T.
l.. s2G.0O0; Megunticooil National Bank
Camden. Me-. sGiS0 and The Crocker In
stitrtion for Savings, Turner Falls
Mass, SAFES.
The largest individual Calm is tha:
of Frank e. Wood Of East Boston. cor
$4,000. G. G. NOffet+. of Rockland, Me.
has a claim for So d66.
The firm of Burnett, Cummings & Co.
is composed of Archie c. Burnett and
Charles $. Cummings, Il. The firm has
been in business three years and a hale
succeeding the firm of G.. S. Cummings
n Co. Mr.. Burnett has haG no connec-
ton with the business for over two
years. According to Lawyer Auerbach
he left the firm upon finding that its
business was devoted to financing su-
burban street railways instead of the
purchase and sale of municipal and
railroad bonds
In connection with the bankruptcy
the State savings bank commissioners
SAID. this afternoon, that so far as
| their Investigations had gone the saw
ings banks which had loaned money
upon the Massachusetts securities
| bonds had not violated Any laws of the
commonwealth. The Cffira Of the hank.
rnnt company is at 70 Milk street. this
city.