Broadway National Bank (Boston, MA)

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Episode Information

Episode UID
55101200
Episode Type
Suspension β†’ Closure
Bank Type
national
Bank ID
5510 national
Charter Number
551
Start Date
December 16, 1899
Location
Boston, Massachusetts (42.358, -71.060)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
586b5dac9b2fc583

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1899-12-16
Date receivership terminated
1900-02-15
OCC cause of failure
Excessive lending
Share of assets assessed as good
77.6%
Share of assets assessed as doubtful
20.6%
Share of assets assessed as worthless
1.9%

Description

Placed in the hands of the Comptroller and a permanent receiver was anticipated; suspension appears to lead to winding up.

Events (3)
1. October 25, 1864 Chartered
Source
historical_nic
2. December 16, 1899 Receivership
Source
historical_nic
3. December 16, 1899 Suspension
Cause
Government Action
Cause Details
Bank failed to open and was turned over to the Comptroller/temporary receiver after heavy involvement with the assigned firm John P. Squire & Co.; clearing house declined assistance.
Newspaper Excerpt
The bank is in the hands of the Comptroller of the Currency. D. G. Wing, Receiver.
Source
newspapers

Newspaper Articles (21)
1. December 16, 1899 The Florence Daily Tribune Florence, CO
Article from The Florence Daily Tribune, December 16, 1899

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BANKING CONCER NSCCUMBS. Over Two Millions in Deposits Tied Up. Boston, Dec. 16.-The Broadway National Bank closed its doors at 9 o'clock this morning. A notice was posted on the door stating that the institution had been placed in the hands of the national bank examiner. It was owned principally by the Messrs. Squyres, whose packing house assigned yesterday. The depositors were mostly people in moderate circumstances, although it is said the deposits reached about $2,000,000. All the morning great crowds of people stood on the streets and on the corners near the bank, requiring a number of policemen tokeep the pavement and walks open. It is claimed the bank will pay in full.

2. December 16, 1899 The Providence News Providence, RI
Article from The Providence News, December 16, 1899

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Mr. Wing is one of the national bank examiners of this district. Indirectly the bank's embarrassment was due to the "tight" situation of the money market here, which has hampered a number of firms and banks within the past fortnight, but directly it is the result of the assignment made late yesterday of the big John P. Squire & Co. corporation, meat and provision dealers and pork packers, which has its headquarters in this city. The Broadway bank was heavily involved in the assignment, Frank O. Squire, a member of the corporation being vice-president and a director of the bank. STAMPEDE PREVENTED. The news of the difficulty was known all over the financial section of the city three-quarters of an hour before the opening of the Boston Stock exchange, so that the big houses had ample time to prevent any serious stampede. The recent trouble at the Globe National bank. of which the Squires were heavy dealers, are still fresh in the minds of business men, and during the forenoon all sorts of wild rumors were afloat. Those reports made mention of other national banks with which the Squires were connected and one or two institutions, which it was said would be most likely to feel the influence of the disturbance. For an hour these conditions prevailed, but as one after the other of the banks mentioned were found to be doing business as usual the agitation began to subs le and by 11 o'clock affairs apparently had resumed their normal state. The Broadway National bank is located at the corner of Milk and Aren streets. A TEMPORARY RECEIVER. Roswell C. Downer is its president. When it became known yesterday that the Squire corporation was in trouble the clearing house took up the question of giving assistance to the Broadway National Bank. After an investigation of the matter. which was not completed until last evening, it was decided to take no action in the matter. The of. cials of the bank at once entered into communication with Comptroller Dawes with the result that the institution was turned over into the comptroller's hands. Bank Examiner Wing being designated as temporary receiver. The Broadway National Bank was incorporated in 1853. Its last statement presented at the close of business

3. December 16, 1899 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, December 16, 1899

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BROADWAY BANK FAILS. One of the Oldest Institutions of Boston Closes Its Doors. Boston, Dec. 16.-The Broadway Na. tional Bank of this city has failed. The directors are John R. Graham, Henry T. Lawrence, Frank O. Squire, Roswell C. Downer, Frank W. Downer. Frank O. Squire is connected with the firm of John P. Squire & Co., which assigned yesterday with $3,000,000 liabilities. The Broadway bank was incorporated in 1853. Its capital is $200,000. News of the failure became known when the bank failed to open its doors this morning and a notice posted at the entrance, read: "In the hands of the comptroller of the currency, D. G. Wing, receiver." The last statement of the Broadway National Bank Issued at the close or business Dec. 9 was as follows: Capital $200,000; loans $1,995,000; circulation $45,000; individual deposits $2,348,000; due banks $131,000; due from re-

4. December 16, 1899 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, December 16, 1899

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Big Failures in Boston. Boston, Dec. 16.-John P. Squire & Co., pork packers, yesterday assigned to Heman W. Chaplin. Liabilities $8,000,000; assets $5,000,000. The assign ment was the direct result of tightness in the money market. Practically all the indebtness is to banks. These banks found it necessary to call their loans. The Squire Company could not raise the money to meet them all, on such short notice, and it was deemed best to make an assignment. There is a claim of $2,000,000 margin assets over liabilities, Boston, Dec. 16.-The Broadway National Bank closed its doors at 9 o'clock this morning. A notice is posted to the effect that it is in the hands of the comptroller of the currency. The bank in owned by the Messrs. Squires, whose house made an assignment yesterday. The clearing house investigated the matter fully last evening, and decided not to render the bank any assistance. An immense crowd of peoplesurrounded the closed doors of the bank. The depositors are largely people of small means and small accounts, in the aggregate representing $2,000,000. The Broadway National Bank is stated to have & paid up capital of $200,000; surplus and profits $220,240; due to banks $257,780; individual deposits $2,301,410; loans and discounts, $1,829,180; bonds, stocks, etc., $50,000; due from banks, $542,320; cash and exchanges, $600,000.

5. December 17, 1899 The Record-Union Sacramento, CA
Article from The Record-Union, December 17, 1899

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BANK FAILURE. The Broadway National of Boston Goes to the Wall. BOSTON, Dec. 16.-The Broadway National Bank of this city has failed. The Directors are John R. Graham, Henry T. Lawrence, Frank O. Squire, Rosswell C. Downer, Frank W. Downer. Frank O. Squire is connected with the firm of John P. Squire & Co., which assigned yesterday with $3,000,000 liabilities. The Broadway Bank was incorporated in 1853. Its capital is $200,000. News of the failure became known when the bank failed to open its doors this morning, and a notice posted at the entrance, read: "In the hands of the Comptroller of the Currency. D. G. Wing, Receiver." The last statement of the Broadway National Bank, issued at the close of business December 9th, was as follows: Capital, $200,000; loans, $1,995,000; circulation, $45,000; individual deposits, $2,348,000; due banks, $131,000; due from reserve agents, $247,000; expenses, clearing house, $273,000; due from banks, $168,000; 5 per cent. funds, $2,7 230; legal tenders, $158,000; specie, $113,000. Of the Directors Roswell C. Downer is President and Frank O. Squire Vice President.

6. December 17, 1899 The Sun New York, NY
Article from The Sun, December 17, 1899

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THE SQUIRE ASSIGNMENT CLOSES THE BROADWAY NATIONAL. Head of the Big Packing Concern Was the Bank's Vice-President-The Clearing House Refused to Give Help-Feeling of Panic in Boston-One Failure Reported. BOSTON. Dec. 16-At9 o'clock this morning the following notice was posted on the door of the Broadway National Bank. 35 Milk street: "The bank is in the hands of the Comptroller of the Currency. "D. G. WING. Temporary Receiver." This action was a direct result of the assignment of John P. Squire & Co., who failed for $3,000,000 yesterday. The news coming right upon that of the failure was a staggering blow to financial interests in Boston. which are on the verge of a panic. Only the most heroic efforts on the part of a dozen well-known men and houses preventeda collapse thisafternoon. The air was thick with rumors. none of which proved true. but the panicky feeling on State street was intense. A large house dealing in sporting goods was reported to be in difficulties. The managers. however. denied it emphatically. All the big concerns have entered into a defensive alliance. the stronger being determined to hold up the weaker. Between now and Monday heroic efforts will be made to relieve the situation. Tne Broadway National haslong been known as the "Squire Bank" and its dealings with that enormous concern have been immense, Frank O. Squire. the head of John P. Squira de Co. since the death of John P. Squire. is Vice-President of the Broadway Bank and has been one of the most influential forces in the management of the bank. Although the assignment of the Squire Company is the direct cause of the embarrassment of the Broadway it is said that the Squire notes held to-day amount to less than on the first of the week. some of them having been taken up. It is understood that Frederic H. Curtiss. cashier of the Broadway for the past few months. has steadily opposed the Squire policy since his accession. although he is a son-in-law of Frank O. Squire. Mr. Curtiss made an offer to the Clearing House Commite tee last night to pledge all his own belongings to maintain the integrity of the bank and the Squire Company. The offer proved unavailing. Immediately upon the Squire assignment the Broadway applied to the Clearing House for assistance. The Clearing House Committee met at once and at 5 o'clock yesterday afternoon decided that having just recommended the issue of $3,500,000 of certificates to tide over the Globe National Bank. it could not see its way clear to recommend like assistance to the Broadway. The committee adjourned. however. to meet again at the rooms of the Broadway Bank at 8 O clock this morning where It made a further examination of the eq. 49 SEM s141 pue rune our 10 Basets open. notice that the doors of the bank would not Although many of the depositors in the bank learned last evening that trouble might be expected to-day and had their fears confirmed by the announcement in the morning papers that John P. Squire & Co. had assigned. there were many more to whom the news came like a thunderbolt. To-day is the peculiarly busy day of the bank in the dealings with its smaller customers: and although it has large Suome pies 61 31 serings em child's banking men that perhans no other bank in 10 sequinu U sey Allo 441 small business houses and small depositors to spun) their JO Americant B prom thom much иваш As soon as the notice appeared at 9 o'clock there were eager readers and a steady stream followed. increasing in size as the morning wore on Many were evidently clerks and office girls sent to transact business in connection with meeting the weekly payroll of their -110 G.J.M others pus respective IIV 01 etroo puq oum siue their fun is and thus guard themselves against possible loss The doors remained closed alike to all. however. and there came no word from the inside. It is understood that about two million dollars of Individual deposits. our 10 Kinswen the up SUM check. 01 security "wns sign that poursed $1 41 puu representing the all of many customers. will UMSJP checks IIV emos 101 an pen eq against it. of course. will be protected. and a small proportion of the persons drawing checks will be able to take care of their notes and checks. payable through the Broadway Bank. by making personal payments to their creditors from such funds as they may possess outside their Broadway deposits It is said upon the Street that some of the smaller business concerns in the city may Signatures pug Word reached the outside from Cashier Curtiss that the bank was solvent and had $500.augs percedxe SUM " pus.pueq uo used 10 000 20 sep B realize 01 "19" eq pinom 11 10 1000'007$ emos uodn OMI upon pork and lard at the Squire works at Somerville. Director J R. Graham went out there last night and attached large quantities of these products. worth about $400,000 in stude ey: 10 plus OSIR SUM 11 puu 03 pansqu SUM 11 that runq eq: Aq p eq Jedud Even rejurn emos 100 SUM 11 esoddus -XJ BUJAVY 60 1000 $ au M "41 pessed Rund

7. December 17, 1899 The Houston Daily Post Houston, TX
Article from The Houston Daily Post, December 17, 1899

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BUSINESS MATTERS. Broadway National Bank of Boston Suspended Boston, Mass., December 16.-As a result of the failure of the John P. Squire company (corporation) of Cambridge for $3,000,000, which was announced late yesterday, the Broadway National bank here, in which the Squires were largely interested, did not open Its doors today and a notice at the entrance stated that the affairs of the bank were in the hands of the comptroller of the currency. It did not take long for the news of the trouble to circulate widely and all sorts of wild rumors were set affoat. These reports made mention of other banks with which the Squires were connected and one or two institutions which It was said would be most likely to feel the influence of the disturbance. For an hour these conditions prevailed, but as one after the other banks mentioned were found to be doing bustness as usual the agitation began to subside and by 1 o'clock affairs apparently resumed their normal state. Members of the clearing house committee refused to discuss the Broadway bank question today. It seemed to be the opinion among bankers that no important failures would follow the closing of this financial institution. The city of Boston was a depositor in the Broadway National and $97,000 of city money is tied up. The commonwealth of Massachusetts also had a deposit in the bank, amounting to about $50,000.

8. December 18, 1899 The Providence News Providence, RI
Article from The Providence News, December 18, 1899

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well, Charles A. Deshon, Edwin Gould, H. I. Irving Keyser, Edward R. Ladew, Henry A. McGee, W. Willis Merrill, J. W. Middendorf, Edward A. Maher, S. D Scudder, John A. Shibley, John P. Truesdell, C. M. Warner, John Skelton Williams, B. F. Young, Thomas A. McIntyre. The officers of the company declined to see anybody or to give anything for publication beyond this supplementary statement that was posted on the doors: "The immediate cause of the suspension of the company is its inability to convert its securities into cash in time to meet the sudden and abnormal demand made upon it." ALLEN & CO. SUSPEND. New York, Dec. 18.-The suspension of the firm of Henry Allen & Co., bankers and brokers, was announced on the Stock exchange today. The firm is not yet prepared to make a statement, but the suspension is attributed to the failure of some of its customers to respond to calls for additional margins made necessary by recent declines. house has been known as a trader on an extensive scale. SITUATION AT BOSTON. Boston, Dec. 18.-Business in banking circles in this city was opened today with an apparent confidence that the troubles which were experienced last week, when two national banks in the city were embarrassed, one of which closed its doors, while the other accepted a loan of $3,500,000, were ended If a trace of nervousness still remained it soon gave way to the improved conditions resulting from conferences held and plans laid by bankers during Saturday afternoon and Sunday. The Boston clearing house association issued a statement this morning to the effect that up to the present time the Globe National and the Broadway National Banks were the only two that appealed to the association for assistance and that in all probability the affairs of the Broadway National Bank would be wound up in due course. The clearing house association voted today to vest authority in its regular committee to issue certificates at its discretion. In case a financial institution should need assistance the committee will be enabled to act without calling a meeting of the association. It seemed to be the general opinion that the crisis has been passed, and that if there are no further heavy business failures, the situation will soon be normal.

9. December 18, 1899 The Worcester Spy Worcester, MA
Article from The Worcester Spy, December 18, 1899

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WHY WAS FINANCIAL AID REFUSED? Public Anxious to Know Why Clearing House Did Not Help Broadway National Boston, Dec. 17.-All day today the rooms of the Broadway National bank were scenes of activity, as Receiver Wing and a force of clerks continued their work of straightening out the affairs of the bank, the suspension of which yesterday following the failure of the J. P. Squire & Son corporation, had so startled financial Boston. There have been no developments today and the clearing house committee did not meet last night as expected. It is still the subject of much discussion that the clearing house did not come to the relief of the Broadway bank, as it did for the Globe bank earlier in the week, and this feature of the failure is likely to continue uppermost in mind until the situation is made more clear. Since Mr. Wing assumed control of the bank under orders of Comptroller Dawes, the statements of President Rosewell C. Downer and Cashier Curtiss as to the amount of funds on hand, and the quick assets have been very well taken, and this means a reassuring condition in the market at the opening of business tomorrow. The work accomplished today was in the way of tabulating assets, and while much remains to fill out the official papers, it is anticipated that a detailed report to the comptroller will go forward late tomorrow. Mr. Wing has no further information to give out. He 1 will continue to accept payments on notes becoming due, but will not pay out any of the bank funds. Everything, apparently, depends upon what action Comptroller Dawes takes on receipt of ID Mr. Wing's report. The bank will re1 main tied up until a permanent receiver is appointed. Something definite is looked for on Tuesday, and no doubt S depositors will be anxious for quick action on account of the holiday business which to them is of great importance. Among financial men it would seem that the opinion of President Downer that the bank would meet all its obd ligations. is taken in a favorable light, and if so, in fact, it will greatly relieve the tension of the money market.

10. December 19, 1899 The Worcester Spy Worcester, MA
Article from The Worcester Spy, December 19, 1899

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CONFIDENCE RESTORED Broadway National in Boston Will Probably Open Its Doors Boston, Dec. 18.-Confidence in financial circles in this city was apparently restored this morning by the action of the bankers and brokers, only to be again shaken by the failures in New York, so that tonight, while the entire situation is not particularly alarming, it is still such as to cause considerable apprehension. The local stock market quickly followed New York in the stock decline, but the slump did not bring with it any failures among local brokers, that is, none had been announced up to the close of the stock exchange. To be sure, copper stocks, the decline of which is now acknowledged to have been the primary cause of much of the trouble in this city, through heavy speculation, experienced a further contraction and there is some apprehension tonight as to the outcome tomorrow. The offer of the clearing house association to assist any solvent bank in the temporary straits probably did much to ease matters here today and coupled with it, came the report of a satisfactory showing on the part of both the two banks in difficulty-the Globe and the Broadway-and also from the assignee of J. P. Squire & Co. Itwas reported tonight that the clearing house committee had already printed and signed a large number of clearing house certificates in anticipation of a call for them tomorrow, although it is not believed that any bank will make application unless the money market becomes more stringent. As for the Broadway bank, it was confidently asserted that the doors of the institution would be swung open within three or four days and that New York representatives had looked over the affairs of the bank and had found it much better off than they had expected. Regarding the affairs of Squire & Co., Henry A. Wyman, the expert accountant to the assignee, stated tonight that the business was going on as usual, barring some curtailment in a few departments. Not a single attachment of any sort had been filed against the company, which shows the attitude of the creditors, while on the other hand numerous offers of assistance have been received from the west and hogs are being received daily with only the condition that the accounting be strictly kept. Mr. Wyman does not anticipate any additional failures. In fact, Batcheldor & Co., who assigned soon after the Squires, have been making money.

11. December 19, 1899 The Bourbon News Paris, KY
Article from The Bourbon News, December 19, 1899

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HEAVY BANK FAILURE. The Assignment of John P. Squire & Co. for $3,000,000 Involves the Broadway National. Boston, Dec. 17.-The Broadway national bank of this city, has failed. The directors are John R. Graham, Henry L. Lawrence, Frank O. Squire, Roswell C. Downer, F. W. Downer, Frank O. Squire is connected with the firm of John P. Squire & Co., which assigned yesterday with $3,000,000 liabilities. The Broadway bank was incorporated in 1853. Its capital is $200,000. News of the failure became known hen the bank failed to open its doors mis morning, and a notice was posted at the entrance, reading: "In the hands of the comptroller of the currency, D. G. Wing, receiver."

12. December 23, 1899 The Coeur D'alene Press Coeur D'alene, ID
Article from The Coeur D'alene Press, December 23, 1899

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# ITEMS FROM ALL AROUND # TERSE TICKS FROM THE WIRE. A Complete Review of the Events for the Past Week in This and Foreign Lands-Summarised From the Latest Dispatches, Large deal affecting the cannery industry on the coast is on foot. The Broadway National bank of Boston, capitalized at $200,000, has failed. A new journal is to be established in London with a policy in opposition to the war. The national republican convention will convene at Philadelphia on Tuesday, June 19, next. Representative Knox of Massachusetts has introduced a bill for civil government in Alaska. Aguinaldo is no longer a warrior. Accompanied by women, he is trying to escape by hiding. The effect of the war news over Buller's defeat caused a general slump in the London stock market. The Yaqui Indians are well armed, as guns are shipped to them from San Francisco, billed as mining machinery. The new governor, General Wood, has gone to Cuba. He does not anticipate difficulty in establishing the new government. The president has nominated Edwin V. Morgan of New York to be secretary of the legation of the United States at Seoul, Korea. The demand in all quarters of England is to send more troops, Stories of great losses in desperate battles add to the terrible depression. John P. Squire & Company, corporation and allied companies of Boston, engaged in the meat and provision packing business, have assigned. Federation of Labor adopta a resolution, believing members of the organization should use their ballots independently of the parties now prominent. Distress in the famine stricken districts of India is becoming more acute. About two million, two hundred and fifty thousand people have received relief. Clarence King, the young forger who recently escaped from jail in Greenwood, B. C., was recaptured at Phoenix, where he was found hiding in the cabin of a friend. The Peninsular and Oriental line steamer Ballarat, from Calcutta, has arrived at Plymouth, Eng., with a native Indian fireman on board suffering from the plague. Kid Parker, the Denver lightweight, made Rufe Turner, colored, of Stockton, quit in the ninth round of what was scheduled as a 20-round bout in San Francisco, Cal. The Forty-eighth United States infantry has been released from quarantine at Angel island and will probably sail for Manila on the transport Grant about December 20. Rear Admiral Lord Charles Beresford of England, has confirmed the Associated Press announcement of his appointment to be second in command of the British Mediterranean fleet, Filipinos were encountered by the Twenty-fourth under Major Batchelder. The enemy left four dead and five mortally wounded, while American loss was one drowned and four wounded. News of Buller's overwhelming defeat caused great consternation in London. English supremacy la in peril. "Where she was over a century ago." Fears of France. Troops must not be withdrawn from India. The Ebell society ladies of Oakland have been successful in their efforts to secure the $20,000 necessary to purchase a site upon which to build the library for which purpose Andrew Carnegie has given $50,000. An invitation signed by Mayor Phelan of San Francisco and the grand officers of the Natice Sons of the Golden West has been sent to Admiral Dewey requesting his presence in this city on admission day, September 9, 1900. The unknown man who committed suicide recently in San Francisco bay by jumping from the ferryboat San Rafael was undoubtedly Howard Tuttle, 24 years of age, son of a wealthy stock broker, who made his fortune in New York and now resides in Paris. Secretary of War Root has recommended the president to commute the sentence of Corporal George Damphofer of Kalama, Wash., and three other soldiers, convicted of assaulting native women in the Philippines and sentenced to be shot, to imprisonment. Governor Rogers of Washington will call a meeting of the state board of coal mine examiners in the near future to thoroughly investigate the cause of the Carbonado explosion. The meeting will be held in Olympia and reports formulated for presentation to the public. Last Friday Adam Crist, of Tacoma deliberatel shot his wife fatally, killed his 8-year-old son, seriously wounded second son, aged 5 years, and then ended the tragedy by putting a bullet through his own brain. Jealousy is the only motive assigned for the crime. Following is the past weekly bank statement: Surplus reserve, increase, $166,300; loans, decrease, $5,045,400; specie, decrease, $2,738,000; legal tenders, Increase, $1,768,500; deposits, decrease, $4,543,200; circulation, decrease $346,000. Banks now hold $7,025,83 in excess of requirements. A permanent congress of Chicago ministers of al denominations to meet every month may result from the micontinental congress of religions recently held. A united effort on the part of ministers in an endeavor to effect civil and religious reforms is stated the object of the proposed congress. Adjutant General Fox has forwarded commissions of rank in the National

13. December 26, 1899 The Times Washington, DC
Article from The Times, December 26, 1899

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MR. WING'S COURSE PRAISED. Views of Boston Financiers on the Recent Bank Failure. BOSTON, Dec. 25.-The statement issued by Bank Examiner Wing in regard to the condition of the Globe National Bank caused considerable comment when read by the business men this morning. Few people, if any, had the slightest inkling that the defunet institution held SO much of the Lovell Arms Company paper, although they were aware that the latter concern was indebted to the bank. Henry L. Lovell, treasurer of the arms company, says that notwithstanding the apparently distrossing condition of affairs Lis company would be able to meet all its obligations and would weather the financial storm. A Boston broker having knowledge of the affairs of the Globe Bank says that the bank examiner very properly showed that the effect of closing the bank on Sep. tember 9, when he first discovered the state of affairs, would have caused the failure of at least six banking and brokerage concerns, and fully half a dozen business houses, and had they not come to the rescue of the bank then it would have meant the worst panic that Boston has ever seen. He praises the action of Messrs. Bigelow and Coolidge in assisting the bank when it was not necessary for them to do so, adding that they could have sat quietly by and allowed the institution to close if they wished to. Whether the Broadway National Bank will open its doors for business tomorrow is a matter of guesswork. Bank Examiner Wing is keeping clear of the newspaper men, and cannot be found tonight. The bank was given until tomorrow by Comptroller Dawes to restore its capital, and unless the stockholders come to the rescue with $200,000 it will be placed in the hands of a permanent receiver, who will proceed to liquidate as soon as possible. An official of the bank, when informed of the Comptroller's decision, said: "Matters have been progressing smoothly with us. and I think we shall open our doors again next week. A new board of directors will be appointed and the former stockholders will be given options upon their stock. One of the propositions incident to the reopening of the bank is that the depositors shall agree to allow a certain percentage of their deposits to remain with the bank for three months, and papers embodying this agreement have been signed already." It is said that if the bank should reopen for business at once about $1,000,000 in cash would be found in its vaults with which to transact business. The question of the presidency is still undecided. The names of Phineas Pierce, Nathaniel J. Rust, and others have been canvassed.

14. December 26, 1899 The Sun New York, NY
Article from The Sun, December 26, 1899

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BOSTON BROADWAY BANK'S CHANCES. Unless Its Capital Is Restored To-day a Permanent Receiver Will Be Named. BOSTON. Dec. 25.-The statement issued by Bank Examiner Wing in regard to the condition of the Globe National Bank. caused considerable comment among business men this morning. Few persons had any inkling that the institution held so much of the Lovell Arms Company paper, although they were aware that the latter concern was indebted to the bank. Henry L. Lovell. treasurer of the Arms Company. says that notwithstanding the apparently bad condition of affairs, his company will be able to meet all its obligations and weather the financial storm. A Boston broker. having knowledge of the affairs of the Globe Bank. says that the bank examiner very properly showed that the effect of the closing of the bank on Sept. 9. when he first discovered the state of affairs. would have caused the failure of at least six banking and brokerage concerns and fully a half dozen business houses, and it would have caused the worst panic that Boston has ever seen. Whether or not the Broadway National Bank will open its doors for business to-morrow is a matter of guesswork. Bank Examiner Wing is keeping clear of the newspaper men and cannot be found to-night. The bank has until to-morrow to restore its capital. and unless the stockholders come to the rescue with $200,000 It will be placed in the hands of a permanent receiver. An official of the bank when informed of the Comptroller's decision said: "Matters have been progressing smoothly with us, and I think we shall open our doors again next week. A new board of directors will be appointed. and the former stock holders have given options upon their stock. One of the propositions incident to the reopening of the bank is that the depositors shall agree to allow a certain percentage of their deposits to remain with the bank for three months. and papers embodying this already." arrangement have been signed by many It is said that if the bank should reopen for business at once about $1,000,000 in cash would be found in its vaults with which to transact business. The question of the presidency is still undecided. The bank official added: "Comptroller Dawes had not heard when he made the statement that unless the capital was restored by to-morrow he would order the bank into a permanent receivership. of the success that has attended our efforts. If he had, I do not believe he would have made such a decision."

15. December 27, 1899 The Providence News Providence, RI
Article from The Providence News, December 27, 1899

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Heavily Involved in United States Mining Company Shares and Banks Refused to Extend Credit. Boston, Dec. 27.-E. C.Hodges & Co., Stock Exchange of the embarrassment of E. C. Hodges & Company, bankers State street bankers and brokers, susand brokers, was a surprise to many, pended business today. The firm is one although it was not altogether unexof the largest in the city and has been pected by some of the large financial a large dealer in municipal bonds. The interests. The suspension of this well-known firm is a member of the Boston and house it is estimated, will bring the New York Stock exchange and Chitotal of liabilities of concerns here cago Board of Trade. which have failed within the past two The firm, which is composed of E. C. weeks close to $17,000,000. A few months ago such widespread troubles in the Hodges, E. F. Lowry and Frederick financial section of the city were not Swift, assigned to G. C. Dickson of the considered possible, as general busifirm of Dickson & Knowles of this city. ness has been in better condition than The assignment was caused by the refusal of banks to receive United States for several years. A greater part of the difficulty is attributed to unfortunate Mining company shares, of which the speculation by men who, before the firm had a large quantity. There will be no statement of assets and liabilities crash were wealthy, and to the embarrassment of the Globe National Bank. issued today. This failure, it has appeared, was due. Mr. Hodges said: "We are heavily inpartially at least, to a tremendous fall volved in United States Mining comin United States copper and .n United pany shares and the refusal of the States oil and other securities. banks to give us credit causes us to The failed concerns include: Globe assign. We have 50,000 shares of that stock on hand." National Bank, Broadway National Assignee Dickson said: "The assignBank, John P. Squire & Company and ment nas been made by the firm for the allied firms, provsions and pork packbest interests and protection of all ers; Joseph C. Squire & Company, procreditors. The firm held some $100,000 visions; Francis Batchelor & Company, worth of United States Mining stock provisions; Dillaway & Starr, bankers and certain banks refused to credit the and brokers: John P. Lovell Arms firm on that account. This made it Company and John P.Lovell Company, necessary for the assignment." E. C. Hodges & Company, bankers and The announcement on the Boston brokers.

16. December 27, 1899 St. Johnsbury Caledonian Saint Johnsbury, VT
Article from St. Johnsbury Caledonian, December 27, 1899

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# BROADWAY BANK. Boston, Dec. 26. There are but few developments in the banking situation, although Receiver Wing, who is in charge of both the closed institutions, the Globe and the Broadway National banks, has not paused in his work of readjusting the tangled affairs. Late yesterday he received word from Comptroller Dawes in Washington that the time limit for the reopening of the Broadway bank, which expires tonight, be extended for one week. This was good news to those who have been working assiduously toward getting the institution on its feet. Notwithstanding numerous published interviews with prominent bankers and brokers as to the cause of the recent troubles, the general public have been much in the dark until Receiver Wing's long statement, which has in a great measure thrown light on many of the transactions in the Globe bank. Future information is looked for when ex-President Cole arrives from California and tells his side of the story, probably in the federal courts. Receiver Wing's statement follows: "About Aug. 1 I came to Boston, under the new system inaugurated by the controller of the currency, for the special examination of banks. On Sept. 9 I found $600,000 of Globe bank checks outstanding, which did not appear on the books. Mr. Cole admitted this to be his personal loan. "I felt to close the bank would cause not only the failure of that bank, but also, by reason of its relations to other banks, brokers and business houses, the probable failure of several important banking and business firms and individuals. "Consequently Mr. Bigelow, who was the only director within reach, Mr. Cole and myself went to Washington, and laid the matter before the controller. Mr. Bigelow agreed to personally guarantee that Cole's shortage should be made good to the bank at once, Cole having turned over certain securities to him, and Messrs. Clark and Coolidge assisting in guaranteeing Mr. Bigelow. "The controller of the currency directed that Mr. Cole should resign at once as president, that the whole matter should be laid before the directors, and that I should at the proper time report the facts to the district attorney. "At this time Messrs, Coolidge and Clark were each borrowing not more than $100,000 of the bank, with plenty of securities at the then market price, and each had about $75,000 cash on deposit. Mr. Bigelow owed not more than that, and had more than enough on deposit to pay his loan. "On the following Monday Coolidge and Clark gave Cole $80,000. Cole added $12,000 of his own money, and repaid $200,000 of the $600,000. The balance, $400,000, was repaid in three days by the sale of Cole's securities, a part being bought by Coolidge and Clark through their respective brokers. "The bank's assets were thus bettered by $600,000 in cash. About a month later the facts, so far as known, were laid before the full board of directors, and further investigation showed that there were $300,000 more of checks outstanding not on the books, and that the indebtedness of the Lovell Arms company was really much in excess of the amount shown by the books, and that Mr. Cole was himself personally the holder of nearly $500,000 of the Lovell paper. "There was also found an apparent overdraft of the Squires amounting to $525,000, in addition to their regular loan, which was in excess of the $100,000 limit. "Mr. Cole admitted his responsibility for this overdraft, either to the bank or to the Squires, and turned over to the bank his own securities, including the Lovell paper owned by him, to secure the entire indebtedness, for which he admitted responsibility. "This amounted to nearly $1,000,000, and the securities turned over, at their then market value, were considerably in excess of this amount. "The six directors and Messrs, Coolidge and Clark then entered into a written guarantee that these securities should be sufficient to make good the Cole indebtedness. "Mr. Stevens, who was elected president Nov. 8, the directors and Messrs. Coolidge and Clark have since then done everything in their power and made great personal sacrifices to save the bank from failure. "The bank's assets are better off today by about $700,000 cash, over $1,000,000 of notes and securities, and the personal guarantee of these gentlemen,

17. December 31, 1899 New-York Tribune New York, NY
Article from New-York Tribune, December 31, 1899

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MORE FAILURES IN BOSTON. LIQUOR DEALERS AND A LUMBER FIRM MAKE ASSIGNMENTS. INFLUENCE OF RECENT BANK TROUBLES ON VARIED BUSINESS INTERESTS-DEPRES SION IN MONEY MARKET. Boston, Dec. 30.-A. M. Stetson & Co., lumber dealers, whose office is in Kilby-st., with yards at South Boston, and Alpheus M. Stetson, have made voluntary assignments to Horace G. Allen, lawyer, and Charles Mann for the benefit of their creditors. The firm has property in New-Brunswick, Maine, New-Hampshire and Vermont. It is believed that the liabilities will reach $150,000, but the creditors are understood to be friendly, and amicable arrangements are expected. Alpheus M. Stetson was for a long time senior member of the firm, but withdrew some years ago, leaving the business in charge of his son, John A., and his grandson, Hubert O. Stetson. His failure is due to indorsements on notes. When seen by a reporter this afternoon Mr. Allen said that the assignment came so suddenly that he had had no time to inquire into the details, and added that it would be impossible to furnish more specific facts before the first of the week. He declared that the indications were that the failure of the firm would not be a bad one by any means. The assignment, he said, was due to the failure of the firm to realize on assets in the shape of real estate on which it had furnished loans for lumber and other things. These assets would be productive, If it were not for the present depression in the money market. The collapse of the Globe Bank and other recent developments influenced to-day's action on the part of the Stetson company, it is said. Davis & Drake, importers and wholesalers of liquors, and W. L. Davis and M. L. Drake, as individuals, have assigned. Mr. Davis said today that the assignment came suddenly, and he was not now in a position to make a statement. He added: "We had connections with the Broadway National Bank and the Globe National Bank, which recently falled. and we were compelled to suspend in the interest of all concerned. We assigned to Michael H. Curley. who is connected with the Blue Grass Distillery, at Camp Nelson, Ky."

18. December 31, 1899 The Times Washington, DC
Article from The Times, December 31, 1899

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LIST OF ASSIGNMENTS GROWS. Three Boston Firms Dragged Down by Globe National Bank. BOSTON, Dec. 30.-Three assignments were made today as a result of the suspension of the Globe National Bank and the tightening of the money market. The concerns involved are H. M. Stetson & Co., coal, wood, and lumber dealers, whose office is on Kilby Street, with lumber yards in South Boston; Alpheus M. Stetson, formerly head of the firm, and Davis & Drake, 59 Causeway Street and 40 Lancaster Street, importers and wholesale dealers in liquors. The first two assignments were made to Horace G. Allen and Charles Mann, and in the last to Michael C. Hurley, Boston agent for the Blue Grass Distillery, of Camp Nelson, Ky. Assignee Allen said this afternoon that the Stetson assignment was due to the failure of the firm to realize on assets in the shape of real estate, upon which it had furnished loans for lumber, e:c. These assets would be productive if it were not for the existing depression of the money market. Mr. Stetson's assignment was due to endorsements of notes. The liabilities of the firm may reach $150,000, but as the creditors are friendly to the house, amicable arrangements are expected. W. L. Davis, of Davis & Drake, said in regard to that firm's assignments that it was due to connections with the Broadway National Bank and the Globe National Bank, which recently failed, and that they were compelled to suspend in the interest of all concerned. He could give no statement of the liabilities.

19. December 31, 1899 The Houston Daily Post Houston, TX
Article from The Houston Daily Post, December 31, 1899

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BUSINESS TROUBLES. Bank Failures Force Merchants to Assign. Boston, December 30.-A. M. Stetson & Co., lumber dealers, with lumber yards in South Boston. and Alpheus M. Stetson, Individually, have made voluntary assignments for the benefit of their creditors. It is believed the liabilities will reach $150,000 The Globe bank failure hastened the assignment. Davis & Drake, importers and wholesalers of liquors, and W. L. Davis and M. L. Drake, as individuals, have made an asignment. Mr. Davis said: "We had connections with the Broadway National bank and the Globe National, which recently failed. and we were compelled to suspend in the interest of all concerned. We assigned to Michael H. Curley, who is connected with the Blue Grass Distillery at Camp Nelson, Ky."

20. January 8, 1900 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, January 8, 1900

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BROADWAY BANK CASE. Controller Will Decide To-Day if It May Resume Business. WASHINGTON, Jan. 7.-Controller Dawes to-morrow will determine whether the temporary receivership of the Broadway National Bank, of Boston, shall be made permanent or whether the institution shall be permitted to resume business. Temporary Receiver Daniel G. Wing is in the city preparing some information regarding the condition of the bank for the controller and the latter will announce his decision on the showing made by the receiver. It is believed here that the bank will not be able to resume business, and that it will be necessary for the receiver to take charge of the bank for the purpose of winding up its affairs.

21. January 9, 1900 Rock Island Argus Rock Island, IL
Article from Rock Island Argus, January 9, 1900

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TELEGRAPH BRIEFS. Miss Mary E. Howe obtained a verdict at New York for $5,000 in the supreme court in her action against Mrs. Frances Augusta Skinner for services as a "society coach." All grades of refined sugar have been advanced 1-16 cent at New York. Miss Johanna Lynch lost her life at New York in atempting to save a baby from a burning building. The total losses of the United States army during the Spanish war were 148 officers and 4,356 men, of whom 3,729 died of disease. Governor Nash. of Ohio, was inaugurated yesterday. He devoted much of his address to the trust. The Broadway National bank at Boston will be closed up by order of the comptroller of the currency. Professor R. W. Wood. of the physies department of the University of Wisconsin. will sail for London Jan. 31 to lecture on colored photography. etc. Julia Kowasky. 3 years old, was run down and killed by a street car at Chicago. The report of the death of Rev. John G. Fee, founder of Berea (0.) college, proves to have been unfounded. Traffic on the White Pass and Yukor railway has been indefinitely sus pended on account of snow and slides His wife and daughters having left him because of domestic troubles, August Huebschke, Chicago, committed suicide. Mrs. Gladstone's 88th birthday anniversary was quietly celebrated Satur day at Hawarden castle.