7834. Boston Banking Company (Boston, MA)

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: May 3, 1909
Location: Boston, Massachusetts (42.358, -71.060)

Metadata

Model: gpt-5-mini
Short Digest: 6db47f33

Response Measures

None

Description

The bank (a Rhode Island corporation operating a day-and-night office in Boston) was closed by a temporary injunction on May 11, 1909, after the state bank commissioner alleged impaired resources. A master reported the bank solvent and the court declined to order a receiver; the reopening/reinstatement was reported in early July 1909. No depositor run is described in the articles. 'Banking Company' gives no clear indicator of national/state/trust status, so bank_type set to unknown.

Events (4)

1. May 3, 1909 Other

Newspaper Excerpt: On the ground that its resources had become impaired, States Savings Bank Commissioner Arthur B. Chapin obtained an injunction today in the superior court against the Boston Banking company ... A hearing on the question of appointing a receiver will be held Friday. The bank was organized in 1903 by Thomas D. Taylor. Mr. Taylor is now in jail in Rhode Island, pending a suit for $350,000 ... The company's principal business was stated by the bank commissioner today to be that of making loans on assignments of wages and household furniture.
Source: newspapers

2. May 11, 1909 Suspension

Cause: Government Action
Cause Details: Temporary injunction obtained by the state bank commissioner (Arthur/ A. D. Chapin) on grounds that the bank's resources/capital had become impaired; attorney general petitioned for receiver but court appointed a master instead.
Newspaper Excerpt: The bank was closed by a temporary injunction May 11, the bank commissioner declaring that its continuance would be hazardous.
Source: newspapers

3. May 21, 1909 Other

Newspaper Excerpt: Judge Bradley announced today in the supreme court that he would appoint a master rather than a receiver and that a report of the company's condition would be filed on May 21. The master in investigating the affairs of the company will go to Cranston, R. I., and interview Thomas D. Taylor, the president of the company, now in jail there, pending the settlement of a Rhode Island suit.
Source: newspapers

4. July 7, 1909 Reopening

Newspaper Excerpt: The contention of State Bank Commissioner Chapin that the Boston Banking Company ... should be closed on the ground that the bank's capital is impaired was not sustained in the supreme court today, the commissioner's exception to a master's report which favored the reopening of the bank having been overruled. A master investigated and reported last week that the bank was solvent.
Source: newspapers

Newspaper Articles (7)

1. May 4, 1909 Norwich Bulletin Norwich, CT

Article from Norwich Bulletin, May 4, 1909

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Article Text

ITS RESOURCES IMPAIRED. Injunction Against Boston Banking Company of Boston. Boston, May 3.-On the ground that its resources had become impaired, States Savings Bank Commissioner Arthur B. Chapin obtained an, injunction today in the superior court against the Boston Banking company, a Rhode Island corporation, which has been conducting as a day a night bank for the past six years at 209 Washington street, and which has a branch office in Rochester. A hearing on the question of appointing a receiver will be held Friday. The bank was organized in 1903 by Thomas D. Taylor. Mr. Taylor is now in jail in Rhode Island, pending a suit for $350,000 brought in connection with the placing in the hands of receivers of the New England Trust company and the Providence Securities company, both of which he organized. Commissioner Chapin's last report of the condition of the bank, issued ugust 8, 1908, showed loans secured by deposits in banks, chattel mortgages and other collateral, of $128,947 and deposits of $127,299. Cashier H. E. Reynolds refused to comment upon the action of the state authorities. The company's principal business was stated by the bank commissioner today to obe that of making loans on assignments of wages and household furniture.

2. May 4, 1909 Daily Kennebec Journal Augusta, ME

Article from Daily Kennebec Journal, May 4, 1909

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Article Text

RESOURCES IMPAIRED. Boston Banking Co's. Banks Closed by Bank Commissioner. Boston, May 3.-On the ground that its resources had become impaired, the bank commissioner obtained an injunction today against the Boston Banking Co., a Rhode Island corporation which has been conducting a day and night bank at 209 Washington street and has a branch office in Worcester. The question of a receiver will be heard Friday. The bank was organized in 1903 by Thomas D. Taylor, at present in jail in Rhode Island pending a state suit for $350,000 brought in connection with the placing in the hands of receivers of two Rhode Island institutions, the New England Trust Co. and the Providence Securities Co., both of which he organized. The bank was permitted to conduct business here under the supervision of the bank commissioner, whose last report of its condition was issued on Aug. 8. 1908. and showed loans secured by deposits in banks' chattel mortgages and other collateral of $128,947 and deposits of $127,299. The bank commissioner stated today that a recent examination was made as the result of which the petition was brought in the supreme court today.

3. May 7, 1909 Middlebury Register Middlebury, VT

Article from Middlebury Register, May 7, 1909

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Article Text

ORGANIZER IN JAIL Bank Commissioner Takes Action Against a Boston Institution Boston, May 4.-On the ground that its resources had become impaired, Bank Commissioner Chapin obtained an injunction against the Boston Banking company, a Rhode Island corporation, which has been conducting a day and night bank for the past six years in this city and has a branch office in Worcester. The question of a receiver will be heard on Friday. The bank was organized by Thomas D. Taylor, at present in jail in Rhode Island, pending a state suit for $350,000 brought in connection with the placing in the hands of receivers of two Rhode Island institutions, the New England Trust company and the Providence Securities company, both of which he organized. Its principal business is stated by Chapin to be that of making loans on assignments of wages and household furniture. It is stated that the bank's affairs are being conducted by Taylor, notwithstanding his being in jail.

4. May 8, 1909 Daily Kennebec Journal Augusta, ME

Article from Daily Kennebec Journal, May 8, 1909

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Article Text

CONDENSED DISPATCHES. When the question of the appointment of a receiver for the Boston Banking Co. came up in the supreme court Friday in Boston action was postponed on the matter until Tuesday. The attorney general a few days ago petitioned a receiver on the ground that the capital of the institution had become impaired.

5. May 12, 1909 Daily Kennebec Journal Augusta, ME

Article from Daily Kennebec Journal, May 12, 1909

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Article Text

TO HURRY SETTLEMENT. Court Will Appoint Master to Probe Affairs of Boston Banking Co. Boston. May 11.-In order to obtain a more speedy settlement of the action by the state against the Boston Banking Co., Judge Bradley announced today in the supreme court that he would appoint a master rather than a receiver and that a report of the company's condition would he filed on May 21. @ The master in investigating the aftairs of the company will go to Cranston. R. 1., and interview Thomas D. Taylor, the president of the company, now in jail there, pending the settlement of a Rhode Island suit. When the case was called today, Attorney General Malone urged speedy settlement for the reason he said, that the business of the bank was a menace to the public. This was denied by counsel for the bank. who was ordered by the court to file his objections and denial in a brief later in the day. The Boston Banking Co. is one of a series of banking institutions organized by Taylor, and is connected with the New England Trust Co. of Rhode Island, now in the hands of a receiver. It has been open day and night and has a branch office in Worcester.

6. July 7, 1909 Evening Star Washington, DC

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Article Text

BOSTON BANK SOLVENT. Recommendation That It Be Closed Is Put Aside. BOSTON, July -The contention of State Bank Commissioner Chapin that the Boston Banking Company, a day-andnight bank in this city, should be closed on the ground that the bank's capita! is impaired was not sustained in the supreme court today, the commissioner's exception to a master's report which favored the reopening of the bank having been overruled. The bank was closed by a temporary injunction May 11, the bank commissioner declaring that its continuance would be hazardous. A master investigated and reported last week that the bank was solvent. The commissioner then moved to recommit the case to the master. A receiver was also asked for on the ground that the bank's president, Thomas B. Taylor, was in jail in Rhode Island because of inability to furnish ball in a Ohree - hundred and-fifty-thousand-dollar suit. The court ruled today that that fact did not call for a receiver, and denied the motion to recommit.

7. July 8, 1909 Norwich Bulletin Norwich, CT

Article from Norwich Bulletin, July 8, 1909

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Article Text

DAY AND NIGHT BANK SOLVENT. The Massachusetts State Commissioner Failed to Get It Closed. Boston, July 7.-The contention of the state bank commissioner, A. D. Chapin, that the Boston Banking company, a day and night bank in this city, should be closed, on the ground that the bank's capital was impaired, wa snot sustained in the supreme court today. The bank was closed by a temporary injunction on May, 11. A master reported last week that the bank was solvent. The commissioner then moved to recommit the case to, the master. A recelver was also asked for on the ground that the bank's president, Thos. B. Taylor, was in jail in Rhode Island, being unable to furnish bail in a $500.C00 suit. The court ruled today that that fact did not call for a receiver and denied the motion to recommit.