7005. Provident Security & Banking Company (Boston, MA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
January 11, 1906
Location
Boston, Massachusetts (42.358, -71.060)

Metadata

Model
gpt-5-mini
Short Digest
c037bfb1f568096b

Response Measures

None

Description

Articles (Jan–Feb 1906) describe the Provident Security & Banking Company of Boston as having suspended operations (investigation of the suspension cited) and subsequently being defunct with a receiver appointed. No explicit newspaper description of a depositor run is given; the institution is described as insolvent/defunct and in receivership.

Events (2)
1. January 11, 1906 Suspension
Cause
Bank Specific Adverse Info
Cause Details
The company had failed/was suspended and became the subject of an official investigation; commissioners accused of negligence in connection with the company's affairs.
Newspaper Excerpt
investigation today of the suspension of the Provident Security and Banking company of this city, District Attorney Moran tonight sent a letter to Governor Guild asking that the Massachusetts Savings bank commissioners be removed from office.
Source
newspapers
2. February 2, 1906 Receivership
Newspaper Excerpt
Charles F. Weed, one of the receivers of the defunct Provident Security and Banking company... stated that the proposition... had been rejected. He said that the affairs of the institution... had not changed in the least, and that he was just as hopeless of the situation as ever.
Source
newspapers

Newspaper Articles (2)
1. January 12, 1906 Arizona Republican Phoenix, AZ
Article from Arizona Republican, January 12, 1906

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Article Text

BANK COMMISSIONERS. Neglected. Duty in Case of the Boston Provident Concern. Boston, Jan. 11.-As a result of the investigation today of the suspension of the Provident Security and Banking company of this city, District Attorney Moran tonight sent a letter to Governor Guild asking that the Massachusetts Savings bank commissioners be removed from office. In his letter Mr. Moran charges that Commissioners J2S. Otis of Malden, Frederick B. Washburn of Wellesley Hills and Warren E. Lock of Norwood, were "grossly careless and wilfully negligent" in connection with affairs of the Provident company and other institutions.

2. February 3, 1906 The Salt Lake Tribune Salt Lake City, UT
Article from The Salt Lake Tribune, February 3, 1906

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Article Text

Final Faint Hope. Delegates who chose to do so left for their homes tonight Others remained for the final session of the joint conference in the morning This will be for the formal adjournment of the interstate conference, the recess of this afternoon having been taken to allow the miners' convention to ratify or reject the report of the scale committee. In this last meeting lies the only hope, If hope can exist, for a settlement of the dispute. CASE SEEMS HOPELESS Nothing in Sight for Creditors of the Provident. BOSTON, Feb 2.-Charles F. Weed, one of the receivers of the defunct Provident Security and Banking company, upon his return last night from New York, where he had been in conference with Charles D. Gurley, one of the directors of the company, stated that the proposition of Mr. Gurley to take up some of the securities of the company had been rejected. He said that the affairs of the institution, In which more than 8000 people placed deposits of over $182,000 in savings, had not changed in the least, and that he was just as hopeless of the situation as ever.