7996. Provident Securities and Banking company (Boston, MA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
April 12, 1907
Location
Boston, Massachusetts (42.358, -71.060)

Metadata

Model
gpt-5-mini
Short Digest
1a02f5ea

Response Measures

None

Description

Newspaper reports (Apr 12, 1907) describe the Provident Securities and Banking company of Boston as 'defunct' with receivers filing suit alleging directors 'squandered' deposits; the bank is in receivership and effectively closed. No article mentions a depositor run; cause is bank-specific malfeasance/insolvency.

Events (3)
1. April 12, 1907 Other
Newspaper Excerpt
The receivers ask the court to approve a bill in equity against six Massachusetts directors of the company to recover losses sustained by the depositors.
Source
newspapers
2. April 12, 1907 Receivership
Newspaper Excerpt
The receivers ask the court to approve a bill in equity against six Massachusetts directors... The receivers charge that $243,462 ... 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 $268,851.
Source
newspapers
3. April 12, 1907 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Receivers allege directors squandered/depleted depositor funds (~$243,462 wasted) leaving assets under $5,000 and heavy liabilities; bank became defunct/ceased operations.
Newspaper Excerpt
That more than $200,000 paid into the defunct Provident Securities and Banking company was squandered by the directors of the company and less than $5,000 remains is the allegation of the receivers of the company, who have filed a report in the supreme judicial court.
Source
newspapers

Newspaper Articles (6)
1. April 13, 1907 Morris Tribune Morris, MN
Article from Morris Tribune, April 13, 1907

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Article Text

SQUANDERED AND LOST. Receivers' Report on Assets of Boston Institution. Boston, April 12.-That more than $200,000 paid into the defunct Provident Securities and Banking company was squandered by the directors of the company and less than $5,000 remains is the allegation of the receivers of the company, who have filed a report in the supreme judicial court. The receivers ask the court to approve a bill in equity against six Massachusetts directors of the company to recover losses sustained by the depositors. Of the six other directors five are living beyond the jurisdiction of the state and one of them is dead. The bill in equity is against Sidney M. Heges, William M. Brigham, George W. Saul, George H. Swizzey, C. Burton Cotting and Henry F. Mayer. 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 $268,851.

2. April 13, 1907 The Bemidji Daily Pioneer Bemidji, MN
Article from The Bemidji Daily Pioneer, April 13, 1907

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Article Text

SQUANDERED AND LOST. Receivers' Report on Assets of Boston Institution. Boston, April 12.-That more than $200,000 paid into the defunct Provident Securities and Banking company was squandered by the directors of the company and less than $5,000 remains is the allegation of the receivers of the company, who have filed a report in the supreme judicial court. The receivers ask the court to approve a bill in equity against six Massachusetts directors of the company to recover losses sustained by the depositors. Of the six other directors five are living beyond the jurisdiction of the state and one of them is dead. The bill in equity is against Sidney M. Heges, William M. Brigham, George W. Saul, George H. Swizzey, C. Burton Cotting and Henry F. Mayer. 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 $268,851.

3. April 17, 1907 Willmar Tribune Willmar, MN
Article from Willmar Tribune, April 17, 1907

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Article Text

BRIEF REVIEW OF A WEEK'S EVENTS RECORD OF THE MOST IMPORTANT HAPPENINGS IN ITEMIZED FORM. HOME AND FOREIGN NEWS Information Gathered from All Quarters of the Civilized World and Prepared for the Perusal of the Busy Man. The case against Harry K. Thaw was given to the jury, and six hours later, not having reached an agreement, the jurors were locked up for the night. Jerome's closing address was a merciless flaying of Thaw and his wife. The judge's charge was considered unfavorable to the defendant. Senator Foraker in a speech at Canton, O., declared his independence of dictation, defended his public course and denied any part in or knowledge of the alleged rich men's conspiracy to thwart President Roosevelt. John Temple Graves, speaking at a banquet at Chattanooga in honor of W. J. Bryan, urged that Bryan nominate Roosevelt for president on the Democratic ticket. Secretary Taft declared that Cuba was to be turned over to the Cubans as soon as possible. made recommendations as to the holding of elections and sailed for Porto Rico. President L. W. Hill announced that the Great Northern would build a plant for the manufacture of cars in Superior, Wis. Fifteen persons were burned to death in a fire that destroyed an apartment house in Lisbon, Portugal. Congressman Longworth came out in favor of Taft for the presidential nomination. The New York Herald. James Gordon Bennett, its proprietor, and its advertising manager were fined $31,000 for sending improper matter through the mails. Seven hundred members of the union organized at Bisbee, Ariz., by the Western Federation of Miners, employed by companies which refused recognition of the union, went on strike. A train bearing 340 political exiles left St. Petersburg for Siberia. This is the largest consignment of political prisoners sent to the far east for several months past. Commander Eva Booth of the Salvation army became seriously ill at Canton. O. The Chicago. St. Paul, Minneapolis and Omaha railroad and H. M. Pearce, acting freight agent, were found guilty of granting rebates by a jury at Minneapolis. Four trainmen were killed on the Southern Pacific in California by the explosion of two locomotives. Mrs. Mary Bechtel, aged 84 years, and her son Charles, aged 42 years, were burned to death in their home in Philadelphia. The Akron Printing and Paper company went into bankruptcy, with liabilities amounting to $30,000 and assets the same. The crew of naval barge No. 1 which went adrift in a storm, were rescued by the steamer Professor Woermann. Directors of the Provident Securities and Banking company of Boston are accused by the receivers of having squandered $200,000 of its money. Annie Adair of Triumph. III., is dead from swallowing muriatic acid, which she mistook for a sleeping medicine. Richard Croker is in exceedingly poor health, according to John Fox, a Tammany leader. who has just returned to New York from England. With a bullet in her brain Mabel Guy, the ten-year-old daughter of Mr. and Mrs. Charles Guy of Middleton, N. Y., walked a mile to Thrall hospital for treatment. She may recover. The United Engineers' society opened its new home in New York for the erection of which Andrew Carnegie gave $1,500,000. The Lincoln Savings and Trust company of Philadelphia was closed by the state commissioner of banking because its capital was impaired. It is said that the death of the late Congressman Galusha A. Grow was hastened by a gang of New York swindlers, who levied blackmail upon him, using a woman as their willing tool. One person was killed and about 15 injured in a wreck on the St. Johnsbury & Lake Champlain railroad near Hardwick, Vt. Richard M. Waite, assistant to the president of the Colorado Fuel & Iron company, died at Denver. Dr. Paul Bettix, professor of Greek and Latin in the Central Holiness University of Oskaloosa, la., is preaching a new crusade and branded his forehead with a cross. State Senator David Campbell of Illinois was appointed postmaster of Chicago to succeed Mayor Fred Busse. P. A. B. Widener asked permission" of Philadelphia authorities to erect a a $10,000,000 municipal art gallery on site to be furnished by the city of John W. Herron, father-in-law Secretary of War Taft, and other officers of the Brackett Iron company of Cincinnati, were indicted for conspiracy in restraint of trade. Strikers at Lodz, Russia, killed ten workmen because they attempted to resume work. Secretary of War Taft and party arrived at Havana for a four days' visit. At meeting of a committee of the Allied Provisions Trades union of Paris. comprisine

4. April 18, 1907 River Falls Journal River Falls, WI
Article from River Falls Journal, April 18, 1907

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Article Text

BRIEF REVIEW OF A WEEK'S EVENTS RECORD OF THE MOST IMPORTANT HAPPENINGS IN ITEMIZED FORM. HOME AND FOREIGN NEWS Information Gathered from All Quarters of the Civilized World and Prepared for the Perusal of the Busy Man. Hopelessly divided-seven for a verdict of guilty of murder in the first de gree and five for acquittal on the ground of insanity-the jury which since the 23d of last January had been trying Harry K. Thaw, reported after 47 hours and eight minutes of deliberation. that it could not possi bly agree upon a verdict and were discharged. Thaw was remanded to jail to await his second trial, which is not likely to begin before autumn. Twelve jurors in the United States district court at Chicago found the Standard Oil company of Indiana guilty of accepting illegal rates from the Chicago & Alton railroad, as charged in 1,462 counts of the indictment. Should the verdict stand Judge Landis can impose aggregate fines of $29,240,000, or $20,000 on each count. If only the minimum penalty $1,000 on each count be assessed, the total would reach $1,462,000, the largest fine ever entered against a person or corporation in the history of federal courts. James H. Eckels, president of the Commercial National bank of Chicago and one of Chicago's leading citizens, was found dead in bed. Death was due to heart disease. Mr. Eckels was comptroller of the currency during Grover Cleveland's second adminis tration. An earthquake lasting 4½ minutes terrified the people of the City of Mexico. There were no fatalities, but many walls and pavements were cracked. A lone bandit held up a stage in Montana and escaped with about $28,000. The Ripley building. one of the largest and most important structures at Baker University, Kan., was destroyed by fire. The loss is estimated at $60,000; insurance, $15,000. The police of Paris issued an ex pulsion order under the prevention of gambling law against George Sutton, the American billiar player, who re cently ran a billiard school there. Robert H. Crowe, of Pittsburg, who shot himself while in a theater, died of his wound. Train wreckers derailed a train at Cheneyville, La., and three men were killed. The town of Westwego, La., was practically destroyed by fire. Mrs. William Norris, of Denver, Col., committed suicide in Berea, O., because of domestic trouble and illness. Policemen George M. Sechler and Alfred Sellech and Charles Vincenzo were shot and mortally wounded in New York by Salvatore Gavornale in a running fight. George Shambacher, a wealthy real estate dealer of New York, was shot and mortally wounded while in the dining-room of his home, presumably by burglar. James Addison Quarles, D. D. LL D., for the past 21 years professor of moral philosophy at Washington and Lee university, died at Lexington, Va. He was 70 years old. David Billington, a professional swimmer. at Sydney, N. S. W., swam three-quarters of a mile in 17 min utes 36 2-5 seconds, thereby creating a new world's record. After being out for 36 hours, the jury in the case of former State Sena tor Covington, of Arkansas, charged with accepting a bribe. reported a dis agreement and was discharged. The new cathedral of St. John the Baptist and St. Finbar at Charleston, S. C., was consecrated by Cardinal Gibbons. Clay Thomas is locked up at Beat tyville, Ky., for the murder of Jesse Abner, the killing being a result of the Hargis-Cockrell feud. Secretary of War Taft landed at San Juan, Porto Rico, and was re ceived by the officials and leading citizens. Police of Winnipeg, Manitoba, raid ed the offices of the Canadian Stock Grain company and arrested every one in them on charges of running and frequenting a bucket shop. William H. Buesking, a farmer near Fort Wayne, Ind., was blown to pieces by dynamite. The Chicago, St. Paul, Minneapolis and Omaha railroad and H. M. Pearce, acting freight agent, were found guilty of granting rebates by a jury at Minneapolis. Four trainmen were killed on the Southern Pacific in California by the explosion of two locomotives. The crew of naval barge No. 1 which went adrift in a storm, were rescued by the steamer Professor Woermann. Directors of the Provident Securities and Banking company of Boston are accused by the receivers of having squandered $200,000 of its money. Annie Adair of Triumph, Ill., is dead from swallowing muriatic acid, which she mistook for a sleeping medicine. Richard Croker is in exceedingly poor health, according to John Fox, a Tammany leader. who has just returned to New York from England. The United Engineers' society opened its new home in New York for the erection of which Andrew Carnegie gave $1,500,000.

5. April 18, 1907 Audubon Republican Audubon, IA
Article from Audubon Republican, April 18, 1907

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Article Text

John Temple Grayes, speaking at banquet at Chattanooga in honor of W. J. Bryan, urged that Bryan nominate Roosevelt for president on the Democratic ticket. Secretary Taft declared that Cuba was to be turned over to the Cubans as soon as possible, made recommendations as to the holding of elections and sailed for Porto Rico. The Bank of Conception in Clyde, Mo., was ordered closed by the secretary of state. Fifteen persons were burned to death in a fire that destroyed an apartment house in Lisbon, Portugal Congressman Longworth came out in favor of Taft for the presidential nomination. The New York Herald, James Gordon Bennett, its proprietor, and its advertising manager were fined $31.000 for sending improper matter through the mails. Seven hundred members of the union organized at Bisbee, Ariz., by the Western Federation of Miners. employed by companies which refused recognition of the union, went on strike. A train bearing 340 political exiles left St. Petersburg for Siberia. This is the largest consignment of political prisoners sent to the far east for several months past. Commander Eva Booth of the Salva. tion army became seriously ill at Can, ton, O. The Chicago, St. Paul, Minneapolis and Omaha railroad and H. M. Pearce, acting freight agent, were found guil. ty of granting rebates by a jury at Minneapolis. Four trainmen were killed on the Southern Pacific in California by the explosion of two locomotives. Mrs. Mary Bechtel, aged 84 years, and her son Charles, aged 42 years, were burned to death in their home in Philadelphia. The Akron Printing and Paper company went into bankruptcy, with lia bilities amounting to $30,000 and as sets the same. The crew of naval barge No. 1 which went adrift in a storm, were rescued by the steamer Professor Woermann. Directors of the Provident Securities and Banking company of Boston are accused by the receivers of hav, ing squandered $200,000 of its money Annie Adair of Triumph, III., is dead from swallowing muriatic acid, which she mistook for a sleeping medicine. Richard Croker is in exceedingly poor health, according to John Fox, a Tammany leader, who has just re turned to New York from England. With a bullet in her brain Mabel Guy, the ten-year-old daughter of Mr. and Mrs. Charles Guy of Middleton, N. Y., walked a mile to Thrall hospital for treatment. She may recover. The United Engineers' society opened its new home in New York for the erection of which Andrew Carnegie gave $1,500,000. The Lincoln Savings and Trust company of Philadelphia was closed by the state commissioner of banking because its capital was impaired. It is said that the death of the late Congressman Galusha A. Grow was hastened by a gang of New York swindlers, who levied blackmail upon him, using a woman as their willing tool. One person was killed and about 15 injured in a wreck on the St. Johnsbury & Lake Champlain railroad near Hardwick, Vt. Gen. Lawrence S. Baker, who was a well-known confederate commander. died at Suffolk, Va. Edgar Combe, son of the ex-premier of France, died of appendiitis. Following his indictment on the charge of using the mails to defraud returned by the federal grand jury, H H. Tucker, Jr., of Cherryvale, Kan secretary and promoter of the Uncle Sam Oil company, who was arrested in Kansas City, was arraigned in the United States district court at Topeka and held in $15,000 bail. Dunbar hall at Philips-Exeter aca demy, Exeter, N. H., was destroyed b: fire and a number of students had narrow escapes. According to a decision reached by the interstate commerce commission E. H. Harriman will be made to ap pear in a United States circuit court in the state of New York in answer to proceedings to be instituted to com pel him to reply to certain question which he refused to answer when he was on the stand at the recent hea ing by the commission in New York A sneak thief took $1,700 from th paying teller's cage in the State Na tional bank, St. Louis, and escaped. The plant of the Amsterdam (N Y.) Broom company, the largest Inde pendent brush and broom concern in the country, was completely des troyed by fire, causing a loss of $100 000. William Sullivan, fireman, wa: killed by a falling wall. The Memphis Jockey club was in dicted for permitting betting at It track. The freight steamer Sagamore, ply ing between Oyster Bay, L. I., and Port Chester, N. Y., went ashore 01 the rocks near the entrance of Port Chester harbor. The crew of ten was saved. Mrs. T. H. Ismay, widow of the founder of the White Star Steamshi line and mother of Joseph Bruce Is

6. April 20, 1907 The L'anse Sentinel L'anse, MI
Article from The L'anse Sentinel, April 20, 1907

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BRIEF REVIEW OF WEEK'S EVENTS RECORD OF THE MOST IMPOR. TANT HAPPENINGS IN ITEMIZED FORM. HOME AND FOREIGN NEWS Information Gathered from All Quar ters of the Civilized World and Prepared for the Perusal of the Busy Man. The case against Harry K. Thaw was given to the jury, and six hours later, not having reached an agreement, the jurors were locked up for the night. Jerome's closing address was a merciless flaying of Thaw and his wife. The judge's charge was considered unfavorable to the defendant. Senator Foraker in a speech at Canton, O., declared his independence of dictation, defended his public course and denied any part in or knowledge of the alleged rich men's conspiracy to thwart President Roosevelt. John Temple Graves, speaking at a banquet at Chattanooga in honor of W.J. Bryan, urged that Bryan nominate Roosevelt for president on the Democratic ticket. Secretary Taft declared that Cuba was to be turned over to the Cubans as soon as possible, made recommendations as to the holding of elections and sailed for Porto Rico. President L. W. Hill announced that the Great Northern would build a plant for the manufacture of cars in Superior, Wis. Fifteen persons were burned to death in a fire that destroyed an apartment house in Lisbon, Portugal. Congressman Longworth came out in favor of Taft for the presidential nomination. The New York Herald, James Gordon Bennett, its proprietor, and its advertising manager were fined $31,000 for sending improper matter through the mails. Seven hundred members of the union organized at Bisbee, Ariz., by the Western Federation of Miners, employed by companies which refused recognition of the union, went on strike. j A train bearing 340 political exiles left St. Petersburg for Siberia. This is the largest consignment of political prisoners sent to the far east for several months past. Commander Eva Booth of the Salvation army became seriously ill at Canton, O. The Chicago, St. Paul, Minneapolis and Omaha railroad and H. M. Pearce, acting freight agent, were found guilty of granting rebates by a jury at Minneapolis. Four trainmen were killed on the Southern Pacific in California by the explosion of two locomotives. Mrs. Mary Bechtel, aged 84 years, and her son Charles, aged 42 years, were burned to death in their home in Philadelphia. The Akron Printing and Paper company went into bankruptcy, with lia bilities amounting to $30,000 and asY sets the same. The crew of naval barge No. 1 which went adrift in a storm, were rescued by the steamer Professor o Woermann. k Directors of the Provident Securities and Banking company of Boston are accused by the receivers of having squandered $200,000 of its money. Annie Adair of Triumph, Ill., is dead from swallowing muriatic acid, which she mistook for a sleeping medicine. $ Richard Croker is in exceedingly poor health, according to John Fox, a Tammany leader, who has just returned to New York from England. With a bullet in her brain Mabel o Guy, the ten-year-old daughter of Mr. and Mrs. Charles Guy of Middleton, L N. Y., walked a mile to Thrall hospital for treatment. She may recover. The United Engineers' society opened its new home in New York for the erection of which Andrew Carnegie gave $1,500,000. The Lincoln Savings and Trust company of Philadelphia was closed by the state commissioner of banking because its capital was impaired. It is said that the death of the late Congressman Galusha A. Grow was hastened by a gang of New York swindlers, who levied blackmail upon him, using a woman as their willing tool. One person was killed and about 15 injured in a wreck on the St. Johnsbury & Lake Champlain railroad near Hardwick, Vt. Richard M. Waite, assistant to the president of the Colorado Fuel & Iron company, died at Denver. Dr. Paul Bettix, professor of Greek and Latin in the Central Holiness University of Oskaloosa, Ia., is preaching a new crusade and branded his forehead with a cross. State Senator David Campbell of Illinois was appointed postmaster of Chicago to succeed Mayor Fred Busse. P. A. B. Widener asked permission of Philadelphia authorities to erect a $10,000,000 municipal art gallery on a eite to be furnished by the city.