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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Aug 02, 1922
Page
10
In Rome on August 1, Luigi De Faota, former Italian Premier, formed a new cabinet. Carlos Schanger continues as foreign minister.
Bank Commissioner Joseph C. Allen announced a plan to speed up liquidation. Commonwealth Trust Company will pay 211,006.49 dollars for remaining assets of Prudential Trust Company. The commissioner expects similar plans to hasten returns to depositors of other closed banks.
The new plan would give depositors in the Prudential savings department about 93 percent of their deposits and commercial depositors about 40 percent. If Commonwealth Trust assets yield more, the surplus goes to depositors. Judge Crosby of the Supreme Court approved the plan yesterday. Upon $211,008.49 payment, assets would be assigned to three trustees George S. Mumford John E. Hannigan and Henry V. Cunningham to serve pro bono. Commissioner Allen spoke at a public state meeting yesterday.
Trustees will segregate assets of two departments and liquidate with private and public sales. Net proceeds repay 211,006.49 purchase price first, then interest to Commonwealth Trust Co, then deposits and finally stockholders. Cream of assets already liquidated paying 75.5 percent to savings and 16.4 percent to commercial depositors. Additional payments of 211,05.49 would raise savings to about 95 percent and commercial to about 49 percent. The state banks commissioner pursues 100 percent stockholder liability via court action begun in 1920 and upheld July 1, 1921. Commonwealth Trust Company plans to advance funds at a reasonable rate. excess goes to Prudential creditors not profit. Similar plans in other closed trusts may follow to speed returns to depositors.
Joseph Rizzo of 31 Winthrop Street Waltham was held without bail after arraignment in Waltham District Court on a murder charge for the slaying of Angelo Bennicci. Accomplice Michael Abaneze, 34, of Winthrop Street was released after questioning. Bennicci’s mutilated body was found near the Boston and Maine tracks on Fulton Street, and the killer used an axe.
Mr and Mrs Llama of South America announce the birth of a baby boy at Franklin Park Zoo. This is the third llama born there in recent years. The mother is known as Gertrude and the sire is Inca, born at Franklin Park two years ago.
John P Manning urges a public investigation into the Clerk of the Superior Criminal Court for Suffolk County over added clerical help and docket congestion. He says council attack on his 40 year administration is unfounded and asks Mayor Curley to approve an open inquiry so the public can know the truth.
Sergeant Lordan and Special Officer Leary visited Samuel Goldman at 21 Leroy Street Dorchester with a search warrant. They seized a 25 gallon still 8 13 gallons of distilled spirits and 100 gallons of mash found on the premises.
The Shelburne restaurant at Broadway and 26th street had its operating permit rescinded after three died and about 140 fell ill from huckleberry pie. Arsenic was found in the crust via the Gutzeit test. Baker Charles Abramson was arrested as a material witness. police probe considers malicious intent.
Captain Jack Wallace of the Boston Metropolitan Chapter of the American Red Cross will teach life saving methods at Magazine Beach Cambridge all week from 10:30 to 1:30. Free instruction for residents of Arlington Belmont and Watertown. Sign up at Magazine Beach or write to Chapter Headquarters 73 Newbury Street Boston.
The J H Winchell & Co shoe factory in Haverhill was indefinitely closed as 500 workers strike over a wage cut ordered by the State Board of Arbitration. The stoppage ends production and disrupts shipments as union members press for reversal.
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