Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-08-15
BANK Ct0SING$END
So FAR AS PONZES
ACTIVITY IS TRACED
Commissioner Allen Declares
But Two Institutions
Are Affected.
By the Associated Press.

BOSTON, August l4.-Assurance
That no further bank ciosings are
likely as a result of the collapse of
the financial dealings of Charles
1onZi was given tonight by Joseph
Y. Alien. state bank commissioner.
In response to repeated inquiries"
the commissioner said. Il again state
! that the Hanover Trust Comparv ana
the Polish Industrial Associ alton are
the only banking Institutions in New
england known to be in any way
anected by the Ponzi failure"
The Polish Industrial Association,
conducting private bank, steamship
agency and other accommodations
TOT Immigrants was taken over by
the commissioners today. Henry ii.
Chm1elinski, president of the asso-
clatlon, also is president of the Ham
over trust Company, closed: by the
commissioner earlier in the week.
Mr.. Allen said that affairs of the
two institutions were "hopelsssly in
terwoven. that the Polish associa-
| ton had exhausted practically all
OF its cash and that it's loans were
either bad or of doubtful value
No Bondsmen Forthcoming.
NO bondsmen were forthcoming to-
day for Ponzi or for the three Off
GERS of the Old Colony Foreign Elk
change Company. the '100 per cent in
six months" concern, who were ar
| rested yesterday. Ponzi remained in
the Middlesex county jail at East
Charles M. Brightwell. Raymond
Meyers and Fred Meyers-rn the
Charles street jail. Samuel Zorn, an
agent of the Foreign Exchange Com
pany. was released in $4,000 bonds.
Definite Qualification of. Ponzi's
tangled affairs is looked for If petit
| tons for receivers for his Securities
Exchange Company are granted by,
the federal court. A hearing will be
| given on these petitions next Tuesday
| forenoon. ."
| Bankruptcy petitions were filed
against the Old Colony Foreign ES-
change Company today. Branch Of
! fees in several New England cities
were closed by county authorities.
The offices of Attorney General v.
Weston Allen at the stateheuse We're
crowded throughout The day with hete
holders OF the Securities Exchange
| Company and the Old Colony Foreign
Exchange Company. 'si aE =
Their names and particulars, qasl TO
| their notes were taken. Many Of the
/, visitors were greatly excited and
turn Of the money which they had in
vested. s. tlko -.
Presentation Of these notes; already
has disclosed liabilities on scPenzfs
| company to the extent of y, 00e, 900.
A large number of notes sento by
| attorney generals dffice Will be- kept
| open TOMORROW for further work In
| this connection. -. s!iraIsroH
The possibility of a shaAe-yp, in the
police department. as 2 result OF the
| bursting of the Ponzi Hnaficial ;bub-
BILE was seen in statement ISSUED by
Police Commissioner Edwin u, sGpr-
| tbs. --sT{z = ss .as.sy--
The commissioner said 1t had :, been
called to the attention eft the .dspaTt-'
ment officials that members Vf the de.
partment, including superior officers.
had invested with Pon8i, and that II
was being conducted. 1.-The b .IH0m7
had even acted as agents and ge-
| ceived comm issions., An investigAttQR
ton was, being conducted. the, 1879
missioner said. and .Hlembe rs, foNnSh to
have broken the rules of the, dePSf41
ment regarding engaging in outside
businesses or accepting .fewAfdssier
gifts without: permission woAld pc
dealt with as a matter of disciDlina
in the usual manner. f r1-bna-t
AGENT HELD In New Bedf0rlKnss 9
NEW BEDFORD, Mass. August Sft.s-
Lawrence Weiher, one Of the agents
who solicited money in this city fof
| the Old Colony Foreign Ekehafsse
Company of Boston, was arrested to-
day on q charge of larceny Of 81, 2QD,
The compliments were eight Greek
residents of this city. Weinsrn ma =
held in 81, 600 bonds. csaeqttj
i MONTREAL, August Alt became.
| known today that detectives froH tba
United States were in this citkql0ek >
ing for a man alleged to have threat
ened the life of Charles PonziT Bots
ton financial wizard" whoSs tntere
national exchange bubble iAasT JbEen.
pricked. -e us oszl
| Commenting on statements efItAsse
detectives that Ponzi has Deceived
threatening letters ever since ne .Afas
sent to the penitentiary here sevefSl
years ago after another spectacular
financial venture, Captain Ainsley e.,
Armstrong, chief of the bureau OF
investigation at police headquaftefs.
advanced the theory that these. 1ettars
were written by a. man who lost .his
money through .PonM. ---g;-so 8
Refused wisconsin Charfefsb ~
MADISON, Wis, August 1lEfhe
Hanover Trust Company Of Boston, m,
volved in the Investigation OF, the
financial affairs Of Charles Ponzi. made
application several months ago FOR
permission to organize a bank in Mil,
waukee and was refused, according to
announcement today by NaEshal
Cousins, Wisconsin commissioner; ef
banking. Mr.. Cousins said the trsst
company's plans was to get baGkiHGs
and patronage among the Polish pes-
] pie Of Milwaukee. ..-, ~ =ds- =
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