Broadway Bank (Boston, MA)

Episode Information

Episode Type
Run → Suspension → Closure
Start Date
December 16, 1899
Location
Boston, Massachusetts (42.358, -71.060)
Bank Type
state

Metadata

Episode ID
Bank ID
City ID
250617565
Model
gpt-5-mini
Short Digest

Notes

Articles describe a prolonged run tied to fraudulent copper-stock exposures and mention receivership; some OCR ambiguity around exact dates and titles.

Events (3)
1. December 16, 1899 Run
Cause
Bank Specific Adverse Info
Cause Details
Prolonged withdrawals driven by discovery of fraudulent condition tied to heavy loans/interest in copper stocks and stock-gambling
Measures
Clearing house issued certificates/assistance attempts to meet indebtedness and stem withdrawals
Newspaper Excerpt
the failure of the Broadway bank had been taken in financial circles ... The bank has been in difficulty for some months
Source
newspapers
2. December 22, 1899 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank suspended/failed after insolvency from bad copper-related assets and sustained withdrawals
Newspaper Excerpt
The closing of the Globe, therefore, seemed most discouraging ... the failure of the Broadway bank had been taken
Source
newspapers
3. December 22, 1899 Receivership
Newspaper Excerpt
appointed Special ... receiver ... the failure of the Broadway bank had been taken in financial circles the ... failure and in mining stocks. statement ... appointed receiver of the ... Bank of Boston, Mass.
Source
newspapers

Newspaper Articles (2)
1. December 22, 1899 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, December 22, 1899

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Article Text

FROM THE TAKES CHARGE BANK

NOTSON 'SMON em so panisdang 03 open Mere awag-dì Result IIIM Paula jousey Dec. evening appointed Special Extemporary receiver of the SUIAL Bank of Boston, Mass. with his action the comp#1 oum 'SUIAI NPI -SAN our up sup examinations, recentdiscovered serious conthe Globe National immediately brought to -un pus our to the directors of the very laudably agreed injignop am poor exwer Breathy элиц pus 'punos condition of the bank since am 01 OS[V written guarantee that they doubtful assets. ReBoston have lessened the unperformed portion of the 10 AQUATOR our puw the fact that to allow the result IIIM uedo unsecured creditors, now of the insolvency is becomes my duty under receiver. A consid01 plud eq use puoplaip -AOOSID SUM queq our JO Examiner Wing in time to -IP the 10 part our -11% our prevent no heavy losses on the stook- pus discorts our SEAL protection ## failure and in mining stocks. statement pesuepuoo . #1 of the bank, as reported :668T % December -Jns :000'000'18 state -ajo program, pepian Total. $10,529,958 and discounts, $5,553,States bonds to secure circu-00 03 spuoq States Penjun States deposits, $190,000; pre-08 pus stools 6218 bonds, enp pus pueu uo cash Total "I MORROE BOSTON, Dec. fl-The news that a reour JOJ appointed useq pen National bank has taken the city by sur07 umoun SEAL yueq our "ПЧА been in distress ten days ago, pre-oads Jeddoo up deelline em JOAD Signature sities, chiefly United States Mining Com-ssed pay crists eq: SUM $ AUN external 118 01 ano burre SUM THIS P spearances in the market by the reasMOI asst our our to euo) your The Boston clearing house came new -18 after em: 10 assistance National Broadmay eq1 usqu bank later was in trouble the same body delined to offer assistance. Three days It was officially stated that the cortificate PEH committee esnoy Aue 01 funours Isree . 03 pours selvent bank should pressure come upon For this reason the situation in finandircles here tomorrew is hardly the sq eq 01 April queq and -one oum H H 'oSe should euros Cole H paper absolutely refused to say anything reaction. em Suppret - up ANN The calm that followed the storm of Inturday and the failure of the Broadway lank had been taken in financial circles the SBM # Due requerements our 30 euo . miversal opinion that the flurry in copper stocks had passed. The closing of the Globe, therefore, seemed most discoaraging. and there were few persons who did not intimate that tomorrow would be even a worse day than last Saturday. Others, however, were of the opinlon that the failure of the bank had been 80 far discounted and provided for, at that Sucure it would have little effect upon local stocks. and that by concerted action and the strong backing of the clearing house any further fall in local stocks would be weathered with comparative ease. Nevartheless the failure is one of the most startling and far-reaching since the closing of the Maverick bank, eight years the Internety # se puw '02's value of Boston's pet copper stocks, the outcome tomorrow is anxiously awaited. Bank Has Been Long in Trouble. The bank has been in difficulty for some months, in fact, ever since the resignation of Charles S. Cole, for many years Its premident. Mr. Cole's retirement caused a sensation at the time, for It was known that he was heavily interested in the copper combine, known as the United States Mining Co. One of the directors, N. H. JO postion the IIV 01 eleeted SUM president, and since then has done everything possible to keep the bank from going under. Every method was adopted to Jeddoo up market the 10 the em on deex shares, and it was expected that the bank B uo realize of able eq place greater part of the loans on this stock without loss. The tight money market, coupled with the great decline in all stocks, however, carried down the coppers, and last Thursday the bank was forced to call upon the clearing house for assistance. After a consultation the clearing house u, 000'000'2$ penssi pue researe the 01 email certificates to enable the Globe to meet its indebtedness to other banks On Monday came the failure of the brokerage firm that financed the mining company but no other followed and as the -ons JO ou are queq Globa cumbing through the bad fall in copper stocks. confidence in the local situation restored beling JO ABM JJRJ e up petroas peuedo eq IIIM рипом plo the usess

2. January 19, 1900 Little Falls Herald Little Falls, MN
Article from Little Falls Herald, January 19, 1900

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Article Text

BOSTON BANK SWINDLES

How McKinley's Controller Handled Them. Boston Correspondence Springfield Republican: The, course of events in the Globe bank failure has this week absorbed attention beyond all other topics: the case of the Broadway bank is very. trifling in comparison. But here was a bank run for months in the interest of stock-gamblers; when its fraudulent condition became known to that smart McKinley politician, young Dawes, who is controller of the treasury, and has for duty to guard the public and stockholders of national banks against just such failures as we now see-he put the evidence in his pocket, hushed the matter up, and here is the result. Had the rascally facts come out in September, when Dawes knew the bank might have gone under, as it has now, but the whole finanical situation would not have been imperiled-and the city of Boston certainly would not now have almost half a million of its public funds tied up in a broken bank. Moreover, the stockholders would have had some chance to save themselves from the loss that now seems certain. When the suspension occurred, pains were taken. by false representations. to show that things were not very bad and the clearinhouse, which boggled about issuing certificates for a few hundred thousand dollars to the Broadwav bank -really unlucky more than rascally -rushed to the rescue of the copper gam olers' bank with $3,500,000 in certicates-and of no avail It is a chapter in the finanical story of Boston and of Washington that ill not soon be forgotten by the sufferers; and itexposes once more. as so often before, the sham morality of the bankers and brokers here. who in 1896, had no terms but such as are due to pick-pockets, for the bonest advocates of currency inflation by means of silver. I have never been one of those advocates; never gave in to the free silver delusionbut no more did I. to the artificial morality and manufactured scare got up by the McKinleyites in that panicky and corrupting campaign. While the Globe bank figures are under investigation. I wish we we could be told how much of its stockholders' money went into Hanna's campaign fund; for most of the Boston banks were then assessed to aid in electing the Ohio president who is now pulling very wire to get himself re-elected. And I fancy it will be found that the gamblers and swindlers who have brought this strange panic upon us-this etarvation of money in the midst oi plenty-were active and shouting denouncers of the "silver mine owners" and the awful doctrines of Bryan and his followers, who the gentle Wolcott called pirates. Is a silver mine fraud, then, so much worse than a copper mine fraud? The success of Mr. Bryan could not have given us half SO swift an inflation of the currency as the outpour of gold has produced, nor led to a tithe of the gambling and fraud which is now coming to light among the virtuous McKinleyites of 1896. So widespread has been the interest manifested in The Chicago Chronicle's