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This newspaper page contains 7 articles. Subscribers can read the full text of each article.
Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Jul 27, 1920
Page
7
In Randazzo, Catania province, seven people were killed and several wounded when about 600 peasants stormed the municipal offices over macaroni distribution. The deaths followed the suppression of the riot by authorities.
The securities scheme operator Ponzi agrees to suspend taking new funds while an auditor reviews the books for solvency and legitimacy. He will redeem maturing notes and those unmatured upon request, and continues to court public interest with ads and court-ordered questions by federal and state officials.
Manchester July 26 The State Securities Exchange Company suspended operations on advice of Police Chief Healy until Charles Ponzi books at the Boston office could be audited. Joseph Bruno NH manager said no Boston orders to close, but no further deposits were to be received. Depositors visited the Manchester office seeking reassurance as runs were tied to rival financiers. The company has NH branches in Nashua Portsmouth Concord Clairmont and Henniker.
The article notes Italian fruit men and other associates of Charles Ponzi profited from the exchange since last October. Manchester ads boasted Ponzi’s $8,000,000 rating and $6,000,000 in assets with promises of 50 percent interest and full principal in 45 days. About 2600 locals invested. as the investigation unfolds, many fear lifetime savings could be lost while others see no risk.
Rhode Island authorities report Charles Ponzi's Securities Exchange Corporation drained more than 250000 from Blackstone Valley residents to invest in international reply coupons. Adelard Forcier ran Woonsocket offices. 60000 plus withdrawn from one bank. A Grosvenor building branch led by Thomas Gilchrist handled substantial business. Textile mill managers warned workers of inflated returns as inquiry continues.
Local offices would mirror Ponzi in Boston and suspend deposits until Ponzi authorizes otherwise, after considering whether to take further action.
Patrolman Arthur N. Davis moves from Back Bay to Field's Corner while Patrolman N. J. Delaney from the traffic division joins Back Bay in general orders announced at roll call last night.
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