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Was $200,000 of a Boston Bank's Funds. BY ITS DIRECTORS. Receivers of the Concern File a Sensational Report in Court-Men Accused are Prominent. Boston, April 11.-That more than $200,000 paid into the defunct Provident Securities and Banking Co. was squandered by the directors of the company and that less than $5,000 remains, is the allegation of the receivers of the company who filed a report Wednesday in the supreme court. In connection with their report, the first which they have submitted since the company failed in January, 1906, the receivers, Alfred Hall and Charles F. Weed, ask the court to approve a bill in equity against six Massachusetts directors of the company to recover the amount of the losses sustained by. the depositors. Of the six other directors five are beyond the jurisdiction of the state, while one of them, Samuel Dalton, formerly adjutant general of Massachusetts, is dead. The bill in equity is against Sidney M. Hedges, William M. Brigham, George W. Saul, George H. Swazey, Burton Colling and Henry F. Mayer. Brigham is a resident of Hudson, Mass., while the others live in this city. Brigham is an inspector general of militia on the staff of Gov. Guild. Hedges is a former commander of the Ancient and Honorable Artillery Company. The receivers charge that $243,462, of which $186,765 was paid in by depositors, was "wasted, squandered and lost" by the directors. The receivers state that the assets are less than $5,000 and that the liabilities amount to $268,831. The receivers ask the court to allow them to name in the suit directors Charles G. Curley, of Denver, Col; Milford Steele, of Chicago, and others who live outside of the state. The receivers charge that Curley received a credit of $67,000, alleged to be fictitious, from the bank.
