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Trust Company Fails. SPRINGFIELD, Mass., Dec. 19.-The Hampden Trust Company, of this city, capital $100,000, suspended to-day.
7230. Hampden Loan & Trust Company (Springfield, MA)
Bank Information
- Episode Type
- Run โ Suspension โ Reopening
- Bank Type
- trust
- Start Date
- December 19, 1903
- Location
- Springfield, Massachusetts (42.101, -72.590)
Metadata
- Model
- gpt-5-mini
- Short Digest
d70ae465ab655727
Response Measures
None
Description
Contemporary articles (Dec 19, 1903) report a 'quiet run' with large withdrawals leading the Hampden Loan & Trust Company to suspend. The suspension was attributed both to unwise investments/insolvency risk and to rumors/out-of-town stock purchases that precipitated withdrawals. Receivers were appointed and the receivership was made permanent in early 1904, but the institution was reorganized and the receiver discharged; it resumed business (merged with Chapin National as Chapin Trust Co.) and reopened in Feb 1905. I classify the cause of the suspension as primarily bank-specific adverse information (bad investments / inability of debtors to pay) with rumors precipitating the run; the run itself was not described as a discrete misinformation hoax, so random_run is False.
Events (6)
1.
December 19, 1903
Run
- Cause
- Bank Specific Adverse Info
- Cause Details
- Withdrawals precipitated by rumors about the bank's soundness after out-of-town purchases of large blocks of stock, superimposed on unwise investments and borrowers unable to pay.
- Measures
- None specified beyond directors voting to suspend and seeking action of Savings Bank Commissioners; bank suspended operations.
- Newspaper Excerpt
- There has been a quiet run on the bank for the past week. During the past two days $130,000 was withdrawn.
- Source
- newspapers
2.
December 19, 1903
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Suspension due to unwise investments, insecure money market, inability of large borrowers to meet obligations and heavy deposit withdrawals following rumors of unsoundness; directors voted the bank was not in a position to continue operations.
- Newspaper Excerpt
- At 12 o'clock this noon the Hampden Loan and Trust Company closed its doors, the suspension being temporary, according to the officials and directors.
- Source
- newspapers
3.
January 13, 1904
Receivership
- Newspaper Excerpt
- As the receivers of the Hampden Trust company ... are satisfied that the assets will not equal the liabilities, a motion will be made in the supreme court ... to place the receivership on a permanent basis.
- Source
- newspapers
4.
February 24, 1904
Other
- Newspaper Excerpt
- By several decrees ... a large amount of the assets of the suspended Hampden Trust company ... are released and the receivers are permitted to begin the settlement of the bank's affairs.
- Source
- newspapers
5.
July 16, 1904
Other
- Newspaper Excerpt
- Judge ... has extended to Sept 15 the time in which the trust department of the Hampden Trust company ... can do business. An effort is being made to secure the necessary funds to reopen the institution.
- Source
- newspapers
6.
February 25, 1905
Reopening
- Newspaper Excerpt
- The Hampden Trust company, which closed its doors Dec. 19, 1903, and went into the hands of receivers, reopened today, the receivers having been discharged and the bank reorganized with increased capital.
- Source
- newspapers
Newspaper Articles (20)
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THE NEWS THIS MORNING. CONGRESS.-Both houses adjourned for the Senate: Mr. holiday recess until January 4. Pettus spoke against the President's Panama policy; in executive session Mr. Morgan moved reconsideration of the vote by which W. I. Buchanan was confirmed as Minister to Panama. House: A resolution was adopted asking the Postmaster General to send to the House papers in connection with the investigation of his department, the action of Friday being vacated by a mistake in counting the vote. FOREIGN.-The Dominican provisional government agreed to the demands of Minister Powell; the revolt in the island is spreading, and some firing has occurred within the capital. A dispatch from Paris said that Russia would make further proposals aiming at a peaceful solution of the difficulties with Japan. No answer has been sent by Japan to the Russian proposals, owing to the illness of the The Turkish Russian Minister at Tokio. government has instructed the Governor at Alexandretta to apologize to Mr. Davis, and the San Francisco sailed from Beirut with the consul on board. A special dispatch to The Tribune from Rome said that the settlement of the Philippine friar question had improved Archbishop Ireland's chance of being made a Admiral Glass, in a dispatch cardinal. from Colon, said that the Colombian cruiser Cartagena had sailed from Cartagena on December 17 with five hundred men to reinforce the camp in the Gulf of Darien. DOMESTIC.-Further correspondence between Secretary Hay and Minister Beauprรฉ at Bogota regarding the rejection of the Canal treaty was made public in Washington, and was regarded as being a complete defence of the President's policy against attacks made on it in the Senate. The Hampden Trust Company, of Springfield, Mass., capital $100,000, suspended. General John C. Black accepted the Civil Service Commissionership offered to him by the The trial of Senator Dietrich President. in Omaha on indictments in connection with alleged postoffice frauds was set for January 4. CITY.-Stocks were dull and strong. The new Williamsburg Bridge was formally opened by Mayor Low in the presence of city officials and thousands of sightseers on surrounding building tops; there was a parade and luncheon in Brooklyn, and at night fireworks The suspension of and a marine pageant. Laighton & Foulke, members of the Cotton and Consolidated Stock exchanges, due to defalcation, was announced; an employe disappeared. The dinner of the National Civic Federation was held in the concert hall of Madison A dinner in honor of ConSquare Garden. troller Grout was held at the Hoffman House. THE WEATHER.-Rain or snow and warmer. The temperature yesterday: Highest, 40 degrees; lowest, 13.
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HAMPOEN LOAN & TRUST CO. CLOSES ITS DOORS SPRINGFIELD. Mass, Dec. 19.-At 12 o'clock this noon the Hampden Loan and Trust Company closed its doors, the suspension being temporary, according to the officials and directors. The officials state thai the suspension is due to unwise investments, the insecurity of the money market, and the inability of those having large loans due the bank to meet their obligations. The capital stock is $100,000. Among the investments which the company has made recently was $30,000 in White Mountain Paper Pulp Company. The company has done a large business, the average deposits being $1,000,000, with loans and discounts of about the same amount.
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TRUST COMPANY CLOSES The Hampden, of Springfield, Mass., Unable to Meet Obligations. Springfield, Mass., Dec. 19.-The Hampden Trust Company, of this city, capital, $100,000, suspended this noon. The directors voted this morning that, in their opinion, the bank was not in a position to continue, and that notice should be sent to the Savings Bank Commissioners. Two reasons are given for the suspension of the bank-unfortunate investments made some time ago in the fullest confidence; the purchase by out of town persons of large blocks of the stock, creating rumors that the bank was unsound and in consequence of these rumors the withdrawal of deposits to such an extent that the bank was not able to meet its obligations. The condition of the money market is such that it has been impossible for persons owing the bank to respond immeurately to demand for payment of their loans. W. W. McClench, a director, but not a stockholder, said to "The Union" this morning: It is hoped that the suspension will be only temporary. Whether the bank ultimately proves to be solvent or insolvent cannot in the slightest degree affect its trust department, inasumch as under the law no part of the trust funds is on deposit in the bank. So confident have some of the directors been in the soundnness of the institution that purchases of stock have been made by some of them recently at a price considerably above par. The price paid by the out of town buyers was in the neighborhood of 130. It is probable that a temporary receiver will be appointed. The directors have felt for some time that the capitalization of the bank. $100,000, was not sufficiently large for the amount of business the bank has been doing. It is believed that the assets will prove sufficient, ultimately, to discharge every obligation. The amount of stock held out of town is nearly half of the total, being 445 shares out of one thousand. The stockholders are liable for assessment to the par value of their holdings. The Hampden Trust Company was formerly known as the Hampden Loan and Trust Company. It was granted a charter in 1887, but and not begin business until 1895. The officers are: President, William G. McIntyre; vice-president, Henry C. Haile: treasurer, Joseph C. Allen; directors, William E. Wright, W. W. McClench, Peter Murray, Henry C. Haile, Elihu H. Cutler, Edmund P. Kendrick, William G. McIntyre and Joseph T. Herrick, all of this city. and William B. Plunckett, of Adams. According to a statement issued to-night when the bank closed its business, it had loans and discounts amounting to $1,074,405, against which there were deposits of $890,071. As the bank has a capital stock of $100,000, a surplus of $55,000, and the stockholders are liable for another $100,000, it is believed that the depositors are amply protected. It was said that the bank bought last summer $50,000 worth of securities in the White Mountain Paper Company and $27,000 in the International Fire Engine Company. Of the former amount the bank sold $10,000 worth, leaving $40,000 on hand when the paper company became involved in litigation. The investment in the International Fire Company was charged off on the books at $2,500.
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to the House, to which he is said to have agreed. The apparent attempt on the part of Chicago hotel managers to raise rates during the National Republican Convention is to be "nipped." The committee may annul its action if excessive rates are charged. Senators Cockrell and Stone, now in Washington, will remain at the capital during the holidays. Representatives Vandiver, De Armond, Dougherty, Cowherd. Hunt, Bartholdt, Shackleford and Hamlin will return home for Christmas. Rumors that the Hampden Trust Company of Springfield, Mass., was unsound caused its depositors to withdraw money to the extent that the institution was compelled to suspend operations. The bodies of distinguished Chicago citizens were carried to the grave in plain black wagons, escorted by police, who kept strikers at bay with their clubs and acted as pallbearers. FOREIGN. King Edward and Queen Alexandra have showed the keenest interest in the children of the Prince of Wales. Children have come to be fashionable in London society once more. Hand-painted stockings are the latest fad of the English society woman. Premier Combes's plan to take away the 300 primary schools that remain under the control of the religious orders will cost France many millions for new buildings and teachers' pay. The "Emperor of the Sahara" eats Boston baked beans in a London cafe, to the amazement of the waiters A curious London student hanged himself to experience the sensation of hanging. He meant to cut himself down before death could ensue, but failed to get his knife open in time. The Paris Matin contributes $6,000 for radium investigations. The possibility of photographing muscular and nervous sensations is argued before the Paris Academy of Sciences. London literary and antiquarian circles are agitated over a report that J. Pierpont Morgan is going to buy the original manuscript of "Paradise Lost" for $250,000. The "Apocalypsis St. Johannis," a work of the monks of the Tenth Century, sold at auction for $4,750. Marine Intelligence. New York, Dec. 19.-Arrived: Amsterdam, from Rotterdam. New York, Dec. 19.-Sailed: Umbria, Liverpool; Graf Waldersee, Plymouth, Cherbourg and Hamburg: New York.Southampton; Ethiopia, Glasgow-Norge, Copenhagen. Southampton, Dec. 18.-Arrived: St. Louis, New York, passed Hurst Castle at 5:45 p. m. Havre, Dec. 18.-Sailed: Touraine, New York. Liverpool, Dec. 18.-Arrived: Devonian, Boston; Dominion, Halifax: Campania, New York; Victorian, New York. Glasgow, Dec. 18.-Sailed: Sarmatian, Boston. Moville, Dec. 19.-Sailed: Pretorian, from Liverpool, Halifax. Antwerp, Dec. 19.-Sailed: Finland, New York. Liverpool, Dec. 19.-Sailed: Etruria, New York. Southampton, Dec. 19.-Sailed: Philadelphia, New York, via Cherbourg, and passed Hurst Castle at 1:15 p. m. Liverpool, Dec. 19.-Arrived: Cretic, Boston, Cherbourg, Dec. 19.-Arrived: Noltke, New York, via Plymouth, for Hamburg, and proceeded. Naples, Dec. 19.-Arrived: Prinz Adelbert, New York. Hamburg. Dec. 19.-Arrived: Pretoria, New York, via Plymouth and Cherbourg. Trieste, Dec. 19.-Sailed: Carpathia, New York. Liverpool, Dec. 18.-Sailed: Cestiran, Boston. Cherbourg, Dec. 19.-Sailed: Philadelphia, from Southampton, New York. Yokohama, Dec. 18.-Arrived previously: Gaelic, San Francisco, via Honolulu and Hong-Kong. Hong-Kong, Dec. 19.-Arrived previously: Tartar, Vancouver, via Yorkohaina. New York, Dec. 19.-Arrived: St. Paul, Southampton,
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BANK YIELDED TO A RUN. Hampden Trust Company of Springfield Suspended. Springfield, Mass., Dec. 19.-The Hampden Trust Company of this city, capital $100,000, suspended to-day. Investments made some time ago, which have since turned out unfortunately, and the purchase by out-oftown parties of large blocks of the stock, creating rumors that the bank was unsound and the withdrawal of deposits to such an extent that the bank was not able to meet its obligations, were given as the reason for the suspension. According to a statement issued tonight, the bank had loans and discounts amounting to $1,074.05. against which there were deposits of $890,071. There has been a quiet run on the bank for the past week. During the past two days $130,000 was withdrawn.
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SPRINGFIELD. Mass. Dec. 19.-The Hampden Trust Company of this city, capital $100,000, suspended to-day.
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TRUST COMPANY BROKE. Springfield, Mass. Dec. 19.-The - Hampden Trust company of this city, capital $100,000. suspended today.
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WILL ASK FOR RECEIVER Bank Commissioners WIII Request One for the Hampden Trust Co. Springfield, Mass., Dec. 21.-Stark Whiton of Hingham and James O. Otis of Malden, savings bank commissioners continued their investigation today of the affairs of the Hampden Trust company of this city, which closed its doors on Saturday owing a million and half. Few developments of importance were expected until after the receiver appointed by the supreme court assumes charge. The bank commissioners recognized the necessity for the appointment of a. receiver and decided to apply to the court today. The commissioners in compliance with the laws governing banking affairs drew up an application for an injunction forbidding the bank to pay out or recelve money depositors. In two or three weeks' time a hearing vill be held before the supreme court on the question of making the injunction and receivership permanent,
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01 paid nun SUL en route to St. John, N. B. Gillian Abano of Liverpool, talented harpist, died at Harital at Detroit, Mich., Monday, ears. She was taken sick with fever, Dec. 11, while filling an ent at the Temple theatre at y General Crow has departed Louis, Mo., for Red Lands, remain probably six weeks for h. He has been confined to his he past two weeks suffering 'vous prostration and the efla grippe. United States district court n, Monday, Judge Lowell apJeremiah Smith, Jr., as cowith Joseph P. Morse of the Strauss Co., dealers in ladies' . Boston, recently assigned. th's bonds were placed at Stickney, a member of the of of Stickney, Conyingham & ew York, died suddenly, Monis home on 5th avenue, today. mey was a native of Concord, d was educated at the PinkerI., and Thetford, Vt., AcadeMarcus P. Knowlton of the court, on, application of Savk Commissioners Washburn late Monday, appointed W. ench and H. H. Bosworth of d, Mass., temporary receivers ampden Trust Co., which closors, Saturday. ial of Albert C. Twining and Cornell, former president and respectively of the Monrust Co. of Asbury Park, on tment charging them with on of reports and minutes of t Co., was begun, Monday, at N. J., before Judge Heisley. Ronan, aged 12, youngest son D. Ronan, a well-known lawbany, N. Y., was accidentally almost instantly killed, Sunning, by a revolver in the brother, siฤ J They were examining the d neither supposed it to be ing, Monday, at: Hamburg, of sentatives of the principal rs of Hamburg sonanimously ) a proposal for the establishin international union of sailwners, with the view of fixing 1 freight rates for homeward rmediate voyages. The minies will merely cover actual ex-
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Chicago Futures. Close Close Open High Low Today Y'day WHEAT 81% 803/4 811/6 80V4 Dec. 807/2 81% 8th 831 811 8 % 77% 78-1/1 77%% 78% 77% July. .... OORN4114 41 1/2 411/14 Dec. 414/4 41 3/4 411 44%1/2 May 441/4 4434 43%% 43% Juiy 411 437611 43%6% OATS83 35 85 35% 851/4 Dec. 871/4 8714 371/4 May 371/26 3714 34% 34% 313 31% 31% July Wichita Live Stock. 40 4 15 HOGS. CATTLE- STOCKERS 1 00 2.60 COTTERS 2) STEERS LATEST NEW IN BRIEF. The Hampden Trust Co. of Springfield, Mass., capital $100,000, has suspended. Forty-five arrests were made in a single district of Chicago of policy shop managers. The Japanese delegation at Berlin has news that Russia will concede Japan's requests. Lawrence O. Murray, of Chicago, has been chosen assistant secretary of commerce and labor. News of the recognition of the new republic by Great Britain brought forth much jubilation throughout Panama. Eighty extra clerks and carriers were kept busy during Christmas week working in and from the Kansas City postoffice. Over 100,000 men and 180,000 women are affected by the amalgamation of the two bodies of the Ancient Order of Hibernians. At a depth of 80 feet, there was struck near Joplin, Mo., an 80-foot face of rich zinc ore; causing considerable excitement. Red Cloud, the celebrated Sioux chief, almost blind and very feeble, is near his end at Pine Ridge, S. D. He is 85 years old. Children of Dowieites are excluded from the Chicago public schools, because their parents will not allow them to be vaccinated. The Colombian government has called for a voluntary loan of $600,000 at one per cent a month; the loan to be guaranteed by the customs duties. Miss Gould is to have control of the baby nursery at the St. Louis fair. Miss Gould declares that no other office could have given her more pleasure. Jackson, Miss., has tax dodgers, there being several hundred thousands of unpaid back taxes. Suits have been brought against corporations to collect the taxes. In 1881 there were but eight electric light plants in the United States as against 3,602 in 1903. The cost of their construction and equipment amounted to $504,740,352. Santa Claus and three boys who wore costumes similar to that of the saint himself were seriously burned at the Central Presbyterian church of Kansas City, Mo. Their costumes took fire. During the last fiscal year there were 112,624 persons examined for the classified civil service, and 40,423 appointments made. Rear Admiral Edwin White retired, was stricken with apoplexy at the navy yard and died before medical aid could be summoned. The three main departments of the Illinois Steel Company, at Joliet, Ill., are now Idle, the converter and billet mills having been ordered` to close. About 1,500 men are affected. Repairs and improvements will be pushed. n The Missouri, Kansas & Texas has formed a land bureau, the purpose of which will be to encourage Northern farmers to settle in the Southwest. a Pittsburg, Pa., has an epidemic of fever. Up to typhoid December A large 23 there have been 459 cases. proportion of the cases have been fatal. s Under orders from the British war t office and experiment is being made to of d learn how quickly a trainload a troops can be sent from Halifax, from ocean to ocean. to Esquimault, B.C. During the holidays President Roosevelt does not receive callers except on in urgent public business. Secretary Shaw asks congress to pass it a deficiency appropriation of 88,025.22 for the various departments. of this Senator The trial commence Dietrich, of y Nebraska is expected to in on December 28.0%He was indicted e something-akin sto boodling. nAdmiral Coghian, commanding the g force at Colon, asks that crackers in tstead of bread be sent to the isthmus as bread molds in that climate.
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ON PERMANENT BASIS. Springfield, Mass., Jan. 13.-As the receivers of the Hampden Trust company of this city are satisfied that the assets will not equal the liabilities, a. motion will be made in the supreme court here Saturday to place the receivership on a permanent basis. Some of the stockholders of the bank are in favor of putting new money into the company and re-organizing It, but no definite action has been decided upon.
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ist played "The Lost Chord," and "Crossing the Bar," the latter being the last piece the deceased sang in public. As the receivers of the Hampden Trust Co. of Springfield, Mass., are satisfied that the assets will not equal the liabilities, a motion will be made in the supreme court there, Saturday, to place the receivership on a permanent basis. Some of the stockholders of the bank are in favor of putting new money into the company and reorganizing it, but no definite action has been decided upon. The disbarment proceedings against A. J. Shores, chief counsel for the Amalgamated Copper Co. have been resumed in the district court at Butte, Mont., after a postponement of six months. It is alleged that Attorney Shores offered Judge E. W. Harney, a bribe of $250,000 to confess that he (Harney) had been bribed by F. Augustus Heinze into awarding to the latter the famous Minnie Healey mine. The committee chosen by the Knights of Columbus to select a site for the erection of a building to serve as national neadquarters of the order. has purchased property at 954 and 956 Chapel street, New Haven. Conn., for that purpose. One half of the building was formerly occupied by the Graduates Club. The Knights of Columbus will erect a building of from six to eight stories, the cost not to exceed $250,000. The men students at Cornell University apparently are harder workers than the co-eds. This is shown by the results, just announced, of the work of tab-keeping experienced some time ago. The figures are confined to the college of arts and sciences, but this is the largest college in the university and the one in which practically all of the co-eds are registered. The mass of figures gathered show that the men work 8ยฝ and the women 73/4 hours daily. In December, 1878, George W. Todd, a peddler, reached the house of George Crawford near Utica, N. Y., badly frozen. Crawford and his sister, then children, cared for the man and when he left in three weeks he had them write a contract in a book in which he, Todd, was to pay each $5000 on his death, making crosses as his mark each side of his signature. Todd died, last year, in Canada, leaving $5,000 in cash. Recently Jennie Crawford Yarwood secured a verdict of $5000 against the estate in settlement of her claim and, Wednesday, her brother was given a verdict in like amount. Seven men arrested, Tuesday, in con-
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HAMPDEN TRUST COMPANY'S AFFAIRS NOW TO BE SETTLED. Springfield, Mass.. Feb. 24.-By several decrees handed down by Chief Justice Knowlton of the supreme court a large amount of the assets of the suspended Hampden Trust company of this city are released and the receivers are permitted to begin the settlement of the bank's affairs. Among the funds released is one of $100,000. in bonds and commercial paper, held by the First National bank of New York, to secure a loan to the Hampden Trust company of $54,603. At the North American Trust company, New York, $13,529 can also be used by the receivers.
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TIME IS EXTENDED. Springfield, Mass., July 16.-Judge M. P. Knowlton has extended to Sept 15 the time in which the trust department of the Hampden Trust company enjoined by the bank commissioners, can do busimesss. A previous order allowed the trust department to operate until July 1 but the receivers asked for more time. An effort is being made to secure the acessary funds to reopen the institution.
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Hampden Trust Company Solvent. SPRINGFIELD. Mass., Feb. 16.-Chief Justiee Knowlton of the Supreme Court to-day found that the assets of the Hampden Trust Company exceed its liabilities and ordered the discharge of the receiver. The Trust company will now unite with the Chapin National Bank in the latter's present quarters under the name of the Chapin Trust Company, capital $500,000. Ex-State Treasurer E. S. Bradford will be president.
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HAMPDEN TRUST COMPANY HAS RESUMED BUSINESS Springfield, Mass.. Feb. 25.-The Hampden Trust company, which closed its doors Dec. 19, 1903, and went into the hands of receivers, reopened today, the receivers having been discharged and the bank reorganized with increased capital. The new president is ex-State Treasurer Edward S. Bradford. The former treasurer, Joseph C. Allen, was re-elected. The bank did a large business today, receiving deposits. Plans for the merger with the Chapin National bank are in progress.
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BOSTON BANKERS IN HUGE FAILURE Nearly Two Millions Liabilities with Less Than $200,000 Assets. Boston, May 26.-Seventy-one banks and trust companies, most of them in Massachusetts, but several located in various parts of the country, are among the creditors of the banking firm of Burnett, Cummings & Co., this city, which has filed a voluntary petition in bankruptcy, with liabilities placed at $1,714,348. The assets are stated to be uncertain. The creditors have been given to understand that they will not exceed $200,000, if, indeed, they prove to be of any value whatsoever. The bankruptcy petition is the heaviest ever filed in this district. Explains the Cause. J. T. Auebach, counsel for the bankrupt firm, said that the cause of the failure was the building and financing of the Concord & Boston Street Railway company, the Middleboro, Wareham & Buzzards Bay Street Railway company, the Lowell & Boston Street railway and the Bristol County Railway company. These roads were in thinly settled districts and were unable to make suitable connections with roads running to Boston. The four companies were placed in the hands of receivers and their notes became valueless. Auebach said also that the bank's financial crisis was hastened by the buying of the Hampden Trust company of Springfield and of the Taunton Safe Deposit & Trust company of Easton, both of which, unknown to the firm, were in serious financial straits and were placed in the hands of receivers. The refusal of extension of credits then made a continuance of business impossible. Banks as Creditors. The secured creditors number eightyseven and the unsecured eighty-one. There are thirty-two Massachusetts savings banks in the list of creditors and thirteen Massachusetts national banks. One of the heaviest creditors is the Worcester Five Cents Savings bank, with a claim of $80,600, Other banking-institution creditors are the Danvers Savings bank of Danvers for $26,700, the Millbury Savings bank of Millbury for $26,600, and the International Trust company of Boston for $44,495. All these claims are in the secured list. Among the western institutions affected are the Chicago Savings bank, Chicago, $30,390; the State Savings bank, Ann Arbor, Mich., $20,314; the Western Trust & Savings bank, Chicago, $11,896; Fort Dearborn National bank, Chicago, $7,866, and the State Bank of Chicago, Chicago, $10,425. Helen Gould a Loser. New York, May 26.-Chief among the developments from the failure of the Merchants' Trust company is the statement that Miss Helen Gould and her brother Frank were induced by fraudulent practices to invest in the securities of the Virginia Passenger & Power company of Richmond, Va., on the securities of which the trust company 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 receivership for the Virginia Passenger & Power company, of which he was a promoter. befine AMILS of Mineral City Bank Closed. Canton, May 26.-The People's Deposit Bank of Mineral City, Ohio, closed. its doors today. The president of the institution says loans of about $50,000 have been made by the bank to W. L. Davis of Canton, whose heavy loans are said to have caused the suspension of the Canton State bank yesterday. Directors of the Mineral City bank say it will resume business in a day or two. Failure in Cincinnati. Cincinnati, May 26.-Holzman & Co, bankers and brokers in the Union Trust building and members of the New York Stock exchange, assigned to. day to Lepman & Levi. Alfred Holzman, a member of the firm, says their assets and liabilities are about equal, at $100,000. He attributes their embarrassment to the rumors concerning the loss of $55,000 from the reserve fund of the German National bank and to the recent run on the Union Trust company bank. Now Another Ohio Bank. Washington, May 26.-The First National Bank of Barberton, Ohio, has been ordered closed by the controller of the currency on the ground that the bank is insolvent. The capital stock is $50,000. snn VIVDL
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BIG FAILURE IN BOSTON. SEVENTY-ONE BANKS HIT. Banking Firm Files Petition, with $1,714,368 Liabilities. Boston, May 25.-Seventy-ong banks and trust companies, most of them in Massachusetts, but several situated in various parts of the country, are among the creditora of the banking firm of Burnett, Cummings & Co., of No. 43 Milk-st., this city, which to-day filed a voluntary petition in bankruptcy in the United States District Court, with liabilities placed at $1,714,368. The assets are stated to be uncertain, but the creditors have been given to understand that they will not exceed $200,000, if, indeed, they prove to be of any value. The bankruptcy petition is the heaviest ever filed in this district. J. T. Auebach, counsel for the bankrupt firm, said that the cause of the failure was the building and financing of the Concord and Boston Street Railway Company, the Middleboro, Wareham and Buzzard's Bay Street Railway Company, the Lowell and Boston Street Railway and the Bristol County Railway Company. These roads were in thinly settled districts and were unable to make advantageous connections with roads running to Boston. The four companies were placed in the hands of receivers, and their notes became valueless. Furthermore, the Massachusetts Securities Company's bonds, which were secured by obligations of the railways, lost value and entailed losses on the firm. Mr. Auebach stated also that the buying of the Hampden Trust Company, of Springfield, and the Taunton Safe Deposit and Trust Company, of Taunton, both of which unknown to the firm, were in serious financial straits and which were placed in the hands of receivers, hastened the firm's financial embarrassment. The refusal of the extension of credit by banks then made a continuance in business impossible. The secured creditors number eighty-seven and the unsecured eighty-one. There are thirtytwo Massachusetts savings banks in the list of creditors, and thirteen Massachusetts national banks. It is understood that the securities given the banks for their loans were bonds of the Massachusetts Securities Company, which, in turn, were secured by notes of the bankrupt electric railways. One of the largest creditors is the Worcester Five Cent Savings Bank, of Worcester, with a claim of $80,600. Among the Western institutions affected are the Chicago Savings Bank, $3,039; the State Savings Bank, Ann Arbor, Mich, $1,345; the Western Trust and Savings Bank, Chicago, $11,896; Fort Dearborn National Bank, Chicago, $7,868, and the State Bank of Chicago, $1,425. The firm of Burnett, Cummings & Co. is composed of Archie C. Burnett and Charles C. Cummings, 2d. The firm has been in business three and a half years, succeeding the firm of C. S. Cummings & Co. The State Savings Bank Commissioners said this afternoon that so far as their investigations had gone the savings bankis which lent money on the Massachusetts Securities bonds had not violated any laws. Worcester, Mass., May 25.-Chandler Bullock, counsel for the Worcester Five Cents Savings Bank, said to-night to a reporter for "The Telegram" that his bank's claim against Burnett, Cummings & Co. is fully secured. The difficulties of Burnett, Cummings & Co. have been known to bankers in Boston and this city for more than a year. It is not believed that any local institution or financial interest is among the creditors.
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Dunnet, Gummings & GU. of Boston are Bankrupt. Liabilities, $1,714,368; Assets, Not Over $200,000, If Any. A Camden, Me., Bank Creditor for $6480-C.6. Moffett, Rockland, $22,666. Boston, May 25.-Seventy-one banks and trust companies, most of them in Massachusetts, but many located in various parts of the country, are among the creditors of the banking firm of Burnett, Cummings & Co., of this city, which, today. filed a voluntary petition in bankruptcy in the United States direct court with liabilities placed at $1.714,368. The assets are stated to be uncertain. The creditors have been given to understand that they will not exceed $200,000. if indeed, they prove to be of any value. The bankruptcy petition is the earliest filed in the district since the present bankruptcy laws went into effect in Massachusetts. Attorney J. T. Auerbach, counsel for the bankrupt firm, said that the cause of the failure was the building and & Boston Railfinancing of the Con way Co., the Middlebor Wareham & Buzzards Bay Street Railway Co., the Lowell & Boston Street Railway and the Bristol County Railway Co. These roads were in thinly settled districts and were unable to make suitable connections with roads running to Boston. The four companies were placed in the hands of receivers and thereupon, the nets given by them became valueless. Furtherwore, the Massachusetts Sureties Co's. bonds, which were secured by obligations of these electric railways lost their value and entailed losses upon the firm. Lawyer Auerbach stated also that the buying of the Hampden Trust Co., of Springfield, and of the Taunton Safe Deposit & Trust Co., which unknown to the firm, were in serious financial straits and which were placed in the hands of receivers, hastened the firm's financial embarrassment. The secured creditors number 87 and the unsecured 81. There are 32 savings banks in the list of creditors and 13 Massachusetts National banks. One of the largest creditors is 11. Worcester Five Cent Savings Bank, with a claim of $80,600. Other bank creditors are the Danvers Savings Bank, Danvers, for $26,721; Millbury Savings Bank, Millbury, for $26,660; City National Bank, Lynn, for $10,789: Newton Savings Bank, for $35,154: and the International Trust Co., Boston, for $44,495. All these claims are in the secured list. Among the other large claims, most of them unsecured, are the Lynn Five Cents Savings Bank, $21,899; National Bank of the Republic, $17,000; City Savings Bank. Providence, R. I., $20,711; Kingston National Bank, Kingston, R. I., $26.000; Megunticook National Bank, Camden, Me., $6480. and the Crocker Institution for Savings, Turner Falls Mass., $4158. The largest individual claim is that of Frank C. Wood of East Boston, for $13.000. C. G. Moffett. of Rockland, Me., has a claim for $22.666. The firm of Burnett, Cummings & Co., is composed of Archie C. Burnett and Charles S. Cummings, 24. The firm has been in business three years and a half, succeeding the firm of C. S. Cummings & Co. Mr. Burnett has had no connection with the business for over two years. According to Lawyer Auerbach, he left the firm upon finding that its business was devoted to financing suburban 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 savings banks which had loaned money upon the Massachusetts securities bonds had not violated any laws of the commonwealth. The effice of the bankrupt company is at 13 Milk street, this city.