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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.
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Boston, May 26.-Seventy-one banks and trust companies, most of them in this state, but several in other parts of the country, face a heavy loss in the failure of Burnett, Cummings & Co., street railway stock and bond brokers and promoters. The firm filed a petition in bankruptcy scheduling liabilities of $1,714,368. The assets are described as "uncertain," the firm not pretending to place any value on what it has to offer creditors, but there are cited pledged policies of life insurance, office fixtures and debts due to the amount of $17,850. It is thought the assets will not exceed $200,000. In the list of creditors are twentysix national banks, thirteen of which are in Massachusetts, fifty-three savings banks and trust companies, thirty-six Massachusetts institutions. Banks in Illinois, Maine, Rhode Island, and New Hampshire, New York and California also made loans to the firm. In addition there are several individual creditors, the largest being Frank C. Wood, of East Boston, to whom the brokers are indebted for $43,000. Loss in Railway Lines. The firm is composed of Archie C. Burnett and Charles S. Cummings, altho it is said that Mr. Burnett has had no active connection with the business for two years, having objected to the policy of financing suburban street railways. The firm projected four Massachusetts street railways, all of which are in receivers' hands, and purchased the Hampden Trust Company, of Springfield, and the Taunton Trust Company of that city, both of which were closed soon afterward. Burnett, Cummings & Co., in promoting and financing the four street railways, organized a securities company to hold the stock and bonds. When the street railway companies went into receivership the equities in the stock held by the brokerage firm as well as the notes issued were of no value. The corporations which they say led to the failure are the Concord and Boston Street Railway, the Lowell and Boston Street Railway and the Bristol County Street Railway. The Massachusetts Securities Company, which isued bonds secured by the notes of the several street railway companies, had no assets after the street railways were placed in the hands of receivers, and this entailed a large loss for Burnett, Cummings & Co.
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FAILED FOR $1,700,000. A Firm of Boston Bankers Files a Pe. tition in Bankruptcy. Boston, May 26.-Seventy-one banks and trust companies, most of them in Massachusetts, but several located in other parts of the country, are among the creditors of the banking firm of Burnett, Cummings & Co., of 43 Milk street, this city, which yesterday 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. 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 Attorney J. T. Auerbach, counsel for the bankrupt firm, said that the cause of the failure was the building and financing of the Concord & Boston Street Railway Co., the Middleboro, Warham & Buzzard's Bay Street Railway Co., the Lowell & Boston Street Railway Co 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 their notes became valueless. Lawyer Auerbach stated also that the break of the Hampden Trust Co., of Springfield, and of the Taunton Safe Deposit and Trust Co., 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 87 and the unsecured 81. There are 32 Massachusetts savings banks in the list of creditors and 13 Massachusetts national banks. It is understood that the securities given the banks for their loans were bonds of the Massachusetts Securities Co., which in turn were secured by notes of the bankrupt electric railways. The largest unsecured claim is that of the Worcester Five Cents Savings bank for $80,600.
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ASSETS ARE LIGHT $1,714,368 Failure of a Boston Banking Company BANKS HEAVY CREDITORS Specwintion In Stocks of S reet Railways Which Went Into the Hands of Receivers Hastened Financial Embarrassment Boston, May 26.-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 has filed an involuntary petition in bankruptcy in the United States district 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 whatsoever. The bankruptcy petition is the heaviest filed in this district since the present bankruptcy laws went into effect in Massa. chusetts. Attorney Auerbach, 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 Buzzards Bay Street Railway company, the Lowell and Boston Street railway and the Bristoi County Railway company. These roads were in thinly settled districts and were unable to make suit able connections with roads running to Boston. The four companies were placed in the hands of receivers and thereupon the notes given by them became valueless. Furthermore, the Massachusetts Securities company's bonds. which were secured by obligations of these electric railways, lost their value and entailed losses upon the firm. Auerbach stated also that the buying of the Hampden Trust company of Springfield, and of the Taunton Safe Deposit and Trust company, 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 the banks then made a continuance in busiLess impossible. The secured creditors number 87 and the unsecured 81. There are 32 savings banks in the list of creditors and 13 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. The firm of Burnett, Cummings & Co., composed of Archie C. Burnettand Charles S. Cummings, 2nd, has been in business three years and