1.
January 5, 1906
Los Angeles Herald
Los Angeles, CA
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BOSTON BANK FAILS Injunction Restraining Provident Se= curities Company From Doing Business Issued By Associated Press. BOSTON, Jan. 4.-An injunction restraining the Provident Securities and Banking company of this city from doing further business was petitioned for this afternoon in the state supreme court by the state savings bank commissioners. The court issued a temporary injunction and a hearing will be held tomorrow on the question of appointing a receiver. The company is organized under the laws of South Dakota and has an authorized capital of $1,500,000. It has about 8900 depositors with an average deposit from each of about $20. The commissioners alleged that the company was unable to meet its obligations. The Provident Securities Banking company has engaged in a general banking business, but has made a specialty of soliciting small deposits. Several weeks ago the attention of the savings bank commissioner was called to the company's affairs and an investigation followed. According to the evidence of the commissioner in the supreme court today the money deposited with the company, which aggregated $182,000, has been thoroughly invested. At a given moment, the commissioner alleged, no more than $1800 could have been realized by the company for the purpose of meeting any obligations. The commissioner was of the opinion that the best interests of the community and of the depositors was conserved by bringing about the suspension of the company's business and by the naming of a receiver to take charge of its affairs. Samuel Dalton, formerly adjutant general of Massachusetts, is president of the bank.
2.
January 8, 1906
Vilas County News
Eagle River, WI
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ALLEGED BANK INSOLVENT. Bay State Officials Petition for a Receiver. Boston, Jan. 5.-An injunction restraining the Provident Securities and Banking company of this city from doing further business was petitioned for yesterday afternoon in the Massachusetts supreme court by the state savings bank commissioners. The court issued a temporary injunction and a hearing will be held today on the question of appointing a receiver. The company is organized under the laws of South Dakota and has authorized copital of $1,500,000. It has about 8,900 depositors, with an average deposit from each of about $20. The commissioners alleged that the company was unoble to meet its obligations and that the $182,000 deposits
3.
January 12, 1906
The Birmingham Age-Herald
Birmingham, AL
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BAD STATE OF AFFAIRS. Massachusetts Governor Asked to Remove Savings Bank Commissioners. Boston, January 11.-As the result of his investigation today of the recent suspension of the Provident Securities and Banking company of this city, District Attorney John B. Moran tonight sent a letter to Governor Curtis Guild, Jr., asking that the Massachusetts Savings Bank commissioners be removed from office. In his letter Mr. Moran charges that the commissioners, James O. Otis of Maldin; Frederick B. Washburn of Wellesly Hills, and Warren E. Lock of Norwood, were "grossly careless and wilfully negligent" in connection with the affairs of the Provident company, and other institutions. Mr. Moran maintains that the savings bank commissioners had full power under the law of 1902 to inquire into the affairs of the company, and that if they had done this they would have uncovered the condition of affairs which has been revealed by the suspension, and thus have prevented possible losses affecting over 8000 depositors, the majority of whom are laboring men, women and children.
4.
January 17, 1906
The Providence News
Providence, RI
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TREASURER DEPARTED FOR WEST Boston, Jan. 17.-District Attorney John B. Moran yesterday failed to make the progress desired by him in his investigation of the affairs of the Provident Securities and Banking company, whose business was suspended several days ago by order of the courts. Mr. Moran had sent word to Lorenzo W. Burlen of Brookline, secretary and treasurer of the bank, to appear at the district attorney's office yesterday for the purpose of assisting the district attorney in his investigation. Mr. Burlen did not appear, but later a communication was received from his attorney, in which it was stated that, acting under his counsel's advice. Mr. Burlen declined to accede to Mr. Moran's summons. This evening it was learned that Mr. Budlen left this city for Montreal this morning. Samuel K. Hamilton. Mr. Burlen's attorney, declared last night that the treas. urer of the banking company left Boston at his suggestion to endeavor to negotlate the sale of some of the company's assets, Counsel asserted that Mr. Burlen's destination was not Montreal, but some Western city in this country, presumably Chicago, and that he is passing through Canada on the way. Mr. Hamilton said that Mr. Burlen would return to Boston as soon as he ascertained whether or not he could find a purchaser for the company's assets. According to information which has reached the district attorney, Burlen called at the police station from the bank and asked for an officer to accompany him to the institution, where he said he wished to obtain some private papers. He stated that he feared to go in alone, lest he might be assaulted by depositors. Burlen went to the bank, it is alleged, with a patrolman, and while the officer waited outside Burlen went in and brought out a box, which be took away with him. District Attorney Moran summonea Gen. William H. Brigham of the staff of Gov. Guild, who formerly was a director of the Provident institution. The information concerning Burlen's alleged visit to the bank came to Mr. Moran by means of an anonymous letter.
5.
January 18, 1906
The Bennington Evening Banner
Bennington, VT
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Receiver Asked For Provident. BOSTON, Jan. 18.-Assistant Attorney General De Goosh petitioned that a receiver be appointed for the Provident Securities and Banking company, which was placed in the hands of custodians about ten days ago by the state supreme court. The petition was offered as a consequence of an alleged visit by Treasurer Lorenzo W. Burlen to the company's offices and the alleged removal of property on the evening of Jan. 4.
6.
January 19, 1906
The Barre Daily Times
Barre, VT
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RECEIVER ALLOWED FOR BOSTON BANK Provident Securities and Banking Co. to Be Placed in Hands of ReceiverTreasurer Returns to Boston from Montreal. Boston, Jan. 19. Judge Braley of the supreme court today granted the application for a receiver for the Provident Securities and Banking company, leaving the two custodians of the company's assets who were recently appointed to decided which one of them shall be made receiver. Lorenzo W. Burlen, the treasurer of the company, arrived from Montreal this morning. He was not arrested but was driven to his home.
7.
January 19, 1906
The Providence News
Providence, RI
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TWO RECEIVERS FOR THE PROVIDENT CO. Boston, Jan. 19.-Judge Braley of the Massachusetts supreme court today decided that a receiver should be appointed for the Provident Securities and Banking company, recently closed by a temporary injunction of the court. The judge was informed by Charles F. Weed who, a week ago, with Alfred F. Hall, was appointed custodian of the bank's property, that the affairs of the institution were hopelessly insolvent, and by Cass K. Hamilton, counsel of the bank, that certain plans by which it was hoped to realize funds for the payment of depositors had miscarried, whereupon the judge declared that a receiver should be appointed, and directed that counsel for the state and for the bank should agree upon one of the present custodians to become receiver.
8.
January 20, 1906
The Salt Lake Tribune
Salt Lake City, UT
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FAILS TO RAISE CASH Receivers Appointed for the Provident Securities Bank. BOSTON, Jan. 19.-Judge Bradley of the Massachusetts Supreme court today ordered that a receiver be appointed for the Provident Securities and Banking company, recently closed by a temporary injunction of the court The Judge was informed by the custodians of the bank, Charles F. Weed and Alfred F. Hall, that the affairs of the institution were hopelessly insolvent Counsel for the bank told the court that certain plans by which it was hoped to realize funds for the payment of depositors had not been realized.
9.
January 20, 1906
Americus Times-Recorder
Americus, GA
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Orders Receiver Appointed. Boston, Jan. 19.-Judge Braley, of the Massachusetts supreme court, has ordered that a receiver be appointed for the Provident Securities and Banking company, recently closed by a temporary injunction of the court. The judge was informed by the custodians of the bauk that the affairs of the institution were hopelessly insolvent.
10.
January 20, 1906
Martinsburg Herald
Martinsburg, WV
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Receiver Asked For Provident. BOSTON, Jan. 18. -Assistant Attorney General De Goosh petitioned that a receiver be appointed for the Provident Securities and Banking company, which was placed in the hands of custodians about ten days ago by the state supreme court. The petition was offered as a consequence of an alleged visit by Treasurer Lorenzo W. Burlen to the company's offices and the alleged removal of property on the evening of Jan. 4.
11.
February 5, 1906
The Barre Daily Times
Barre, VT
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PROVIDENT SECURITIES FUNDS. Possibly Depositors May Recover 30 or 40 Per Cent. Boston, Feb. 5.-An arrangement by which depositors in the defunct Provident Securities and Banking company may be able to recover 30 or 40 per cent of their money was partly brought about Saturday night by Receivers Alfred Shall and Charles F. Weed, in conference with S. 8. Willoughby of London, representing Milford Steele, president of the Shenandoah Irrigation and Land company, Charles D. Gurley and others. The receivers proposed that Mr. Willoughby buy the Shenandoah securities held by the bank for $45,000. While it is understood that the offer was practically accepted, Mr. Willoughby will not make definite reply to the offer until today. The conference gave no consideration to any other assets for the bank and none of Mr. Gurley's previous offers were mentioned.
12.
February 5, 1906
The Providence News
Providence, RI
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GRAND JURY TO BE KEPT VERY BUSY Boston, Feb. 5.-The second sitting of the Suffolk county grand jury since District attorney John B. Moran took office was begun today under Mr. Moran's direction. The session will be extremely busy, it is believed, since on account of the district attorney's illness last month the presentation of evidence in several cases which he had been investigating had not been concluded and the grand jury made no report upon them. In addition to these Mr. Moran will take up the case of the Provident Securities and Banking company, which is now in the hands of receivers, provided the routine work of the session will permit. For two weeks the district attorney had delegated a special council to collect evidence in connection with the Provident institution's collapse, with special reference to possible illegal acts on the part of officers and directors.