The Birmingham age-herald., 1920-08-17
.UNEARTH ASSETS
 OF PONz|'S RIVAL Find s11,OS1 of Funds of Old Colony Foreign Ex-
 change Company
By Associated Press

Boston, August 16.-Uncovering of Foreign Exchange Company was on of the developments today in the fed eral and state investigations of nnan- cial concerns promising abnormally large returns to investors. Three of ficers of this company are in jail and one of its agents is at liberty under bond on charges of larceny.
 Albert Hurwitz. assistant state at torney general, unearthed the assets, consisting of cash and checks to the amount of $11,0S1, which he took over. In the vaults of the United States Trust Company he found S9,926 in cash be- longing to the Foreign Exchange Com pany
 The remaining s1.155, in cash and checks, he, obtained at the office of J. R. McCuen. a sub agent for the com pany At this office he seized auan- tity of books and papers. which he turned bver to the police as evidence. ! Assistant Attorney General Jay Ben ton made public today some of the stories told him by note holders of the Old Colony Foreign Exchange Company regarding claims made by its agents. MT. Benton said one note holder told him that a representative of the com pany said the company was bonded for $50,000 and had deposit of $30.000 in a bank in Quincy, where the note holder lived, to back up its operations.
 Another note holder from Haverhill, MT. Benton said. informed him that an agent of the company told him August 10 the company had just received $3.000,000 from Europe, and it had turned over a million dollars to the government to show it's good faith
 Note holders of this company and of the Securities Exchange Company, operated by Charles Ponzi, who was still in Jail tonight. continued to visit the attorney generals office in large numbers today. and others made re- ports to the attorney general by mail
 EMULATION INCOMPLETE
 The officer had examined enough un- paid Ponz notes to bring his liabilities up to s2,loootO and the tabulation was incomplete.
 Mir. Benton said a Somerville Italian had informed him that his motner-in- law had sustained a shock and had be- come blind after learning that Ponzi s business had collapsed. She had invest ed $200D with Ponzi's company.
 A sidelight bearing on the states de- posit of s1z.ooo with the Hanover Trust company, SCnZls s cnieI ucpOSitOIy, Wnlcn was closed by the state bank commis- sionef last week, was the appearance or a widow at the office of the state indus trial board today with check ror Vfo on that bann This represented her weekly allowance from a trust fund granted to her under the workmeas compensation law for the death of her husband. She was informed there was no way for her to cash the check until after the banks affairs were strengthened out.
 Ponzis liabilities, as disclosed thus Yar in the audit of his accounrx De:ng mace by Edwin L. Pride for the federal au- thorities, were set today at about $ .o00, 900 exclusive of the 50 per cent interest on loans which he had promised. His as sets are problematical.
 No move was made during the day to produce bonds for the release of Ponzi or of the jailed officers of the Old coi- ony Foreign Exchange Company. Charles Nj. Brightwell, Raymond Meyers and Fred Meyers,
 Tomorrow there will be hearing on applications for a receiver for Ponzfs company.