Every evening, Wilmington daily commercial., 1920-08-12
NERVES CAN'T LAST
FOREVER, "SAYS PONz|
Retires to Home After Making
Confession as to Prison
Terms in Canada.
BY Associated Press to Every Evening


Boston, Aug l2.-Charles Ponzi halted
career today to recover from the nervous
strain caused by events of the last few
DAYS He retired to his home and denied
himself to callers
"My nerves can't last forever Pongi
said I've got to rest. am not going
to give out any more statements for a
while. | am going to keep away from
people-not go down town.
Gulrds were posted around his home to
insure privacy.
Chicago, Aug. 12.-Luigi zarossi, who
SAYS he was forced into bankruptcy IN
Montreal in 1908 through the mishand-
ling of his business by Joseph Blanco,
has been located here.
He said illness forced him to leave his
business in the hands Of his manager,
Anthony Russo, and when he recovered n
few weeks later, debts totallirg $4,000
forced him into bankruptcy.
He blamed. Bianco, employed rs n
bookkeeper, for the disappearance of
funds and goods valued at $4,000 and
said that Bianco was sentenced to prison
in Montreal for forgery while he himself
was cxoneratcd in the bankruptcy pro-
ceedings.
Boston, Aug. 12-Charles Ponzi, who
has handled millions of dollaIs OF other
peoples money in the past I'm months,
confessed in formal statement Nester-
day, he was n former convict, While he
was making this statement the Han
over Trust Company, IN which Ponzi
was a director and shareholder, and
through which he had done a large check
ing business, was closed by order of
Bank Commissioner Joseph &, Allen.
Ponzi at the same time announced hls
resignation from the bank Is directorate.
Commissioner Allen said he had taken
action because his examiners had found
the bank had made loans which were
excessive and beyond the legal limit
and many loans that arc either bad or
arc Of very doubtful value lie expressed
the fear the banks capital had been Inn
paired.
The executive committee Of the Han
over Trust Company in statement
late today said the committee believed
there were few poor loans on the bank {
books, that there was no reason to believe
the bank would not continue 20 meet ITS
obligations and that il had cash reserve
Of three times the amount the law re-
qures William s. NcNary, treasur.
or Of the bank, said Ponzi did not owe
the bank a cent, that any bank IN the
country would have been glad Of hls
account and that Ponzl bad paid out Sly
million dollars through the bank.
Ponzis confession followed the pub
lication in morning newspapers of stones
Of the career Of Charles Ponzl' in Mon.
!, n.
Ponzi conferred with his attorneys anC
thcn gave to ncwspapcrmcn lengthy
statement In which he admitted he anC
POM" were the samc man, that hC
had served 20 months in prison N Mon
trcal for forgery and that subsequently,
he had served two wears IN the fedora
pcnitentiary ut Atlanta. Ga, for SNUG
Cling Italians into this country.
He asserted his sentence for forgery
resulted from his assuming the blame
for crime committed by y banker II
Montreal bv whom he had been employ
cd and who had fled to Mexico.
Replies 10 Attorney General Allen
advertisement requesting holders Of Ponzii
notes 10 communicate with HIM ContlnucC
10 be received IN large quantities
A special room set aside by the attorney
general for the accommodation Of note
holders who came to the office personally
was crowded much Of the time duuul
the forenoon In addition the first mai
brought approximately 800 letters, al
supposedly in reply to the newspaper
advertisement Postotfice authorities sal,
at least L.OO0 letters had been delivere,
to the attorney generals office durlnl
the last few days.
MIR Allen declined today to give ou
anv estimate of the total Of Ponzl'
liabilities represented by unpaid note
reported to him, but it was stated at IN
Office earlier in the week that the averag
investment of the first 100 who reported
was 500 Many holders still express
faith that Ponzi will meet all his obliga
tions, il was said