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Savings Bank Coms. Locke and Otis Are Out. Saves Being Removed From Office by Gov. Guild. Failed to Do Duty in Exemining the Provident Securities Co. Poston, Jan. 14.-After a conference with Governor Curtis Guild, Jr., called by His Excellency, Warren E. Locke and James O. Otis, two of the three savings bank commissioners of this state, sent their resignations to the governor late Saturday afternoon and the governor accepted them in a letter in which he said that the commissioners had frankly admitted that until last September they had neglected to inspect such corporations. through their misconstruction of the law. as the Provident Securities and Banking Co. This company was brought before the courts last week by the commissioners and a temporary injunction obtained. A statement showed that that bank owed its depositors $182,000 and that its assets were mainly in a. Western irrigation company. In their letter of resignation the two commissioners state that their associate, Andrew M. Door of Dorchester who was but recently appointed, was, in their belief, in no way responsible for the condition of affairs and the governor states in his letter of reply that the plea for his retention will be taken under careful advisement. The resignation of the commissioners was the outcome of the governor's investigations into the closing of the Provident Securities and Banking Co. of Jan. 4, the day of the governor's inauguration. The court proceedings, on the afternoon of that day, which resulted in the granting of a temporary injunction. were taken by the attorney general at the instigation of the commissioners after the bank officers had admitted that they had only a few thousand dollars on hand to meet claims. The bank, which was a South Dakota cor1 poration, was started in 1903 with prominent Massachusetts men, such as Adjue tant General Samuel Dalton, Inspector 1 General William H. Brigham and Colonel 1 Sidney Hedges, as officers and directors. After running a year a savings depart, ment was instituted and a large number ) of small metal banks were sold to deposI itors. 1 Naerly 10.000 of these banks had been t sold when the bank was closed last week, i and a meeting of many of the depositors S showed that they were people of com4 paratively little means. Their cause had . been taken up by the new Suffolk county prosecutor. District Attorney John B. , Moran. After brief conference with Col; onel Hedges and Chairman Locke of the : savings bank commissioners, which was I eut short in the case of Colonel Hedges by the retirement of that gentleman t from the district attorney's office, Mr. t Moran sent a letter to the governor Thursday night in which he called for the e immediate removal of the savings bank commissioners. The governor replied Friday in a somewhat caustic communica1 tion in which he informed the district I attorney that he had already taken ac: tion in the matter of the closing of the bank by asking an opinion of the atterney general.
