6901. Broadway Bank (Boston, MA)

Bank Information

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

Metadata

Model
gpt-5-mini
Short Digest
690fdabe681f41f0

Response Measures

None

Description

Contemporary reports (Dec 16–26, 1899) describe heavy withdrawals and nervousness around the Broadway Bank after the J.P. Squire failure and the Globe National troubles, the bank's suspension/closing with Receiver Wing in charge, clearing house support, and repeated statements that the institution was expected to resume business within days (Comptroller Dawes extended the time limit for reopening). Cause appears to be adverse bank-specific exposures (Squire paper and copper-stock loans) rather than pure rumor. OCR errors in some out-of-town wires were present but did not change the sequence.

Events (5)
1. December 16, 1899 Run
Cause
Bank Specific Adverse Info
Cause Details
Heavy exposure to J. P. Squire paper and speculative copper-stock loans prompted withdrawals and nervousness.
Measures
Bank officials announced intention to pay depositors 50 cents on the dollar as funds realized; Clearing House offered certificates and strong outside assistance was solicited.
Newspaper Excerpt
Among the banks mentioned in the rumors which followed the news of the Broadway bank trouble...
Source
newspapers
2. December 17, 1899 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Direct losses and pledged warehouse receipts related to J. P. Squire & Co.; contagion from Globe National and declining copper stocks strained liquidity leading to suspension/receiver appointment (Receiver Wing).
Newspaper Excerpt
DRASTIC MEASURES To Be Taken to Relieve Boston's Financial Strain. Broadway Bank Suspends, Drawn Under by the Squire Failure.
Source
newspapers
3. December 18, 1899 Other
Newspaper Excerpt
President Downer, of the Broadway Bank, said today that he hoped in a short while to pay all depositors 50 cents on the dollar. This will be done, he says, as soon as the call loans are realized.
Source
newspapers
4. December 21, 1899 Reopening
Newspaper Excerpt
It was confidently ascertained that the doors of the institution would be swung open within three or four days. ... it was said the bank's affairs are much better than expected and the comptroller of the currency would issue an order permitting the reopening of the bank.
Source
newspapers
5. December 26, 1899 Other
Newspaper Excerpt
Receiver Wing received word today from Comptroller Dawes ... that the time limit for the re-opening of the Broadway bank ... has been extended for one week.
Source
newspapers

Newspaper Articles (20)
1. December 16, 1899 The Providence News Providence, RI
Article from The Providence News, December 16, 1899

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December 9. showed the following fig ures: Capital, $200,000; loans, $1,995,000; circulation, $45,000; individual deposits, $2,348,000; due banks, $131,000; due from resident agents,$274,000; expenses,clearing house, $273,000; due from banks, $168,000; five per cent. fund, $2250; legal tender, $158,000; specie, $113,000. Besides President Downer and Vicepresident Squire the directors of the bank include Henry L. Lawrence, John Graham and Frank W. Downer. IS NOT INVOLVED. Among the banks mentioned in the rumors which followed the news of the Broadway bank trouble, was the Fourth National bank, with which the Squire corporation was known to have transacted considerable business. This bank opened its doors as usual, however, and an official of the bank gave out the statement that while the John P. Squire corporation has indebtedness in the bank, it in no wise involved the bank's condition. A rumor also was current before noon that a sporting goods house here, one of the largest in New England, had made anassignment. Uponinvestigation it was found that the firm had made no assignment, and that the rumor was due to the fact that the concern was heavily indebted to the Globe National bank. It appears that the Globe National bank has endeavored to collect a considerable portion of the money due it with the result that arrangements were made whereby a large amount of the firm's stock had been marked down so that it could be disposed of quickly to realize enough money to pay part of its indebtedness to the bank. OPINIONS OF BANKERS. Members of the clearing house committee refused to discuss the Broadway Bank question today. It seemed to be the opinion among the bankers that no important failures would follow the closing of the bank. A prominent banker, who is closely in touch with the matters of the street said: "The management of financial affairs in Boston is in the hands of very able men, and we may feel sure that they will do all in their power to avert additional disasters. It is for the advantage of each bank that every other bank should stand on a solid footing and, if only for purely selfish reasons, they are all ready to stand by each other as far as possible." Another banker, when asked if he expected other failures as the result of the closing of the Broadway Bank said: "I have not sufficient information upon which to base an intelligent answer to that question. It is possible that there may be a weak institution or two which will be affected. but what of it? If a bank is not on a solid footing e sooner it is known the better. It would be for the advantage of State street and of business generally to have such institutions, if there are any, cleaned out as soon as possible. If a bank is in a bad way, rumors of it, at least, get afloat and exert a deletérious influence in every direction. In the long run it is cheapest and best for community that unstable concerns should go to the wall."

2. December 18, 1899 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, December 18, 1899

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DRASTIC MEASURES To Be Taken to Relieve Boston's Financial Strain. Broadway Bank Suspends, Drawn Under by the Squire Failure. Other Squire Branches Assign-Situation in Boston Is Very Uneasy. Boston, Dec. 17.-The Post will say, tomorrow: "As a result of a conference of Boston and New York financial men, which at 2 o'clock this morning, had been in almost uninterrupted session for more than 24 hours, it is probable that there will be a special meeting of the Stock Exchange, at 9 o'clock. this morning. to consider drastic measures for the present financial situation. "At this conference it was practically decided that if no other action was taken support would at least be given good stocks in order to prevent what might be termed a "gamblers" panic. "There is one stock in particular, a Boston stock. which has sold for above par, which went a little below it. Saturday, and large blocks of which are expected to be thrown on the market by men who think they must have the money to protect them in other lines. Thrown upon a market in which there are no buyers there is no telling how far the downward rush would carry the prices. "A measure which was being considered at the conference. at an early hour, this morning. was united action by the Stock Exchange in the refusal to execute selling orders. But such action or any radical step will depend to a great extent upon the London market, this morning. It that should be very bad. some drastic measures are almost certain to be adopted to bolster up the situation here. "It was reported, last night, that negotiations were in progress for the absorption of large blocks of United States Mining for cash by New York interests. A conference with that object in view. was in progress. at a late hour, last evening. It came down merely to a question of price. As is well appreciated on the street, such a purchase at this time would be a great relief to the situation."

3. December 18, 1899 The Evening Times Washington, DC
Article from The Evening Times, December 18, 1899

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# MONEY TIGHT IN BOSTON. Commission Houses and Bankers Hoping to Avert a Panic. BOSTON, Mass., Dec. 18. The money market is still tight almost to the limit of tension. Nothing new has happened to decrease the strain since Saturday, and there is very little prospect of relief. The Standard Oil people held a midnight conference at Young's with the committee of brokers now handling the United States mining stocks. it is understood that at the meeting an offer was made on behalf of the Oil people, but it is said it was refused. The meeting could not have been a very successful one, even in futurities, for this morning another conference has been called between representatives of the commission houses and the bankers. The idea is to take steps to prevent any panic in the stock market, as it is feared that a number of men anxious for liquidations may throw blocks of high-priced stocks on the market and thus knock the bottom out of all prices. President Downer, of the Broadway Bank, said today that he hoped in a short while to pay all depositors 50 cents on the dollar. This will be done, he says, as soon as the call loans are realized. The newest developments in the Squire failure is the offer of full financial assistance from Philip D. Armour. A trasportation company has also offered to help out.

4. December 19, 1899 New-York Tribune New York, NY
Article from New-York Tribune, December 19, 1899

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THE SITUATION AT BOSTON. CLEARING HOUSE READY TO ISSUE CERTIFICATES TO RELIEVE THE STRAIN. Boston, Dec. 18.-Confidence in financial circles in this city was apparently restored this morning by the united efforts over Sunday of bankers and brokers, only to be again shaken by the failures In New-York, so to-night, while the entire situation is not particularly alarming. It is still unsettled enough to cause apprehension. The local stock market quickly followed NewYork in the stock decline, but the slump did not bring with It any fathures among local brokersthat is, none had been announced up to the closing 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 treuble in this city, through heavy speculation. experienced a further contraction, and there is some apprehension to-night as to the outcome to-morrow. The offer of the Clearing House Association to assist any solvent bank in temporary straits probably did much to ease matters here to-day, 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. It is understood, however, that the affairs of all the banks which hold loans in copper stocks and other securities which have shown sharp declines are being throughly investigated, and if any are found in it shaky condition they will be closed. It was reported to-night that the Clearing House Committee had already printed and signed a large number of Clearing House certificates in anticipation of a call for them to-morrow, 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 ascertained that the doors of the institution would be swung open within three or four days. The affairs of the bank, It is said, are found to be much better than was expected. Regarding the affairs of Squire & Co., Henry A. Wyman, the expert accountant to the assignee, stated to-night that the business was going on as usual, barring some curtailment in a few departments. Not 8. single attachment of any sort has 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, Batchelder & Co., who assigned soon after the Squires, have been making money.

5. December 19, 1899 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, December 19, 1899

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tion 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. Regarding the affairs of Squire & Co., Henry A. Wyman, the expert accountant to the assignee, stated tonight that not a single attachment of any sort has 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. il Receiver Wing of the Broadway Bank, in AD interview tonight, said that after a hard day's investigation, he was very much pleased with the showing made of the bank securities which have 80 far come under consideration. The bank officials represented matters very much worse than they now seem to be and every discovery made today has been in the bank's favor. This does not include, however, any of the Equire papers, every dollar of which when made whole, will be reckoned a clear gain. Every effort is being made by the bank officials to secure the necessary assistance to an immediate resumption for It must be immeliate if at all. There is a strong possibility of success. The progress tomorrow will be watched with great intere st, as the result will probably have much to do in the strengthening of the financial situation in this city. BOSTON FEELING BETTER. Boston, December 18.-Business in banking circles in this city was opened today with an apparent confidence that the troubles which were experienced last week were ended. If a trace of nervousre's still remained it coon gave way to the improved cond!tions resulting from conferences held and plans laid by bankers during Saturday afternoon and Sunday. THE BROADWAY BANK. Boston, December 1.-A director of the Broadway bank said this afternoon that the officials today realized on the $200,000 warehouse receipts deposited by the J. P. Squire company to secure some of their paper. The sam e gentlemen said that It was probable that the comptroller of the currency would issue an order tomorrow permitting the reopening of the bank. It is understood on State street that assistance :has : been pledged ly strong New York or Western people-presumably the Armours-which will put the bank into a position to resume business at the latest before the week is ended. A EQUIRE ASSIGNMENT. Boston, December 18.-Joseph Squir, and Co., 39 North street, nasigned to G. W. Fiske and Co., produce commission men at 23 Blackstone street, today. The as gament was made as a protective measure, for the reason that the firm's name was on & considerable amount of the John P. Squire company paper.

6. December 20, 1899 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, December 20, 1899

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BOSTON FEELS EASIER. Prompt Measures Relieves the Tension and a Panic Is Averted. Boston. Dec. 19.-Notwithstanding the financial day in this city opened with the failure of a prominent brokerage firm and closed with a large attachment filed against two of three leading members or a combine in copper stocks. it is gener ally believed that the erisis has been passed and that a panie has been averted The unexpected good showing of both the Broadway Bank and J. P. Squire N Co., coupled with the announcement that each would probably continue in business with out little loss to creditors. had a most reassuring effect. while the generous offer of the Clearing House. together with good news from New York did much to clear the air of existing distrust. That only one firm. that of Dillaway & Starr. should have succumbed when Boston's pet copper stocks kept falling 10 and 20 points each day. and that this failure was delayed two or three days. is also a matter of congratulation among the Ideal dealers, for it is generally admitted that had the suspension been announced, Saturday, or had not Sunday's breathing spell intervened. only the most stringent measures could have staved off a panic, at least in the local copper market. None of the banks, today. availed themselves of the Clearing House offer of certificates to help out any shortage of money, while Bank Examiner Wing of the Broadway Bank stated that there was every reason to believe that that in. stitution would be on its feet again within a few days. Neither were there any failures among the local provision dealers as the result of the Squire assignment, and it is believed the big pork packing company will also be released from the hands of the assignee within a short time and without material loss to any of its creditors. Assignee Hovey of Dillaway & Starr. the stock brokers. reported. late this afternoon. that the failure was due solely to the decline in the value of stock of the United States Mining Co., the combination of copper companies made. last winter. through the efforts of Edward A. Clark, Wm. H. Coolidge and Charles H. Cole of this city. If the Mining Co. turns out all right, Dillaway & Starr will undoubtedly continue in business and the firm is especially gratified with the numerous offers of assistance which WORL received during the day. The attachment against Messrs. Clark and Coolidge of the United States Mining Co., was filed by Emery & Tucker. :1 prominent State street brokerage Arm

7. December 20, 1899 New-York Tribune New York, NY
Article from New-York Tribune, December 20, 1899

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CRISIS OVER IN BOSTON. BROADWAY BANK AND J. P. SQUIRE & CO. EXPECT TO RESUME BUSINESSBROKERAGE FIRM FAILS. Boston, Dec. 19.-The day in this city opened with the failure of a prominent brokerage firm and closed with a large attachment filed against two of the three leading members of a combine in copper stocks. Nevertheless, it is generally believed that the crisis has been passed and that a panic has been averted. The unexpected good showing of both the Broadway Bank and J. P. Squire & Co., coupled with the announcement that each would probably continue in business with only little loss to creditors, had a most reassuring effect, while the generous offer of the Clearing House, together with good news from New-York, did much to clear the air of apprehension. That only one firm. that of Dillaway & Starr, should have succumbed when Boston's pet copper stocks kept falling ten and twenty points each day and that this failure was delayed two or three days are also matters of congratulation among the local dealers, for it is generally admitted that had the suspension been announced on Saturday, or had not Sunday's breathing spell intervened, only the most stringent measures could have staved off a panie, at least in the local copper market. None of the banks to-day availed themselves of the Clearing House offer of certificates to help out any shortage of money, while Bank Examiner Wing, of the Broadway Bank, stated that there was every reason to believe that the institution would be on its feet again within a few days. Neither were there any failures among the local provision dealers as the result of the Squire assignment, and it is believed that the big pork packing company will also be released from the hands of the assignee within a short time and without material loss to any of its creditors. Assignee Hovey, of Dillaway & Starr, the stock brokers, reported late this afternoon that the failure was due solely to the decline in the value of stock of the United States Mining Company, the combination of copper companies made last winter through the efforts of Edward A. Clark, William H. Coolidge and Charles H. Cole, of this city. If the mining company turns out all right Dillaway & Starr will undoubtedly continue in business, and the firm is especially gratified with the numerous offers of assistance which were received during the day. An attachment against Messrs Clark and Coolidge, of the United States Mining Company, was filed this afternoon by Emery & Tucker, a prominent State-st. brokerage firm, but no declaration of any suit accompanied the document.

8. December 20, 1899 St. Johnsbury Caledonian Saint Johnsbury, VT
Article from St. Johnsbury Caledonian, December 20, 1899

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TIDING OVER TROUBLES. The General Situation at Boston Has Been Considerably Relieved. Boston, Dec. 19.-A director of the Broadway bank says that the officials yesterday realized on the $200,000 warehouse receipts deposited by the J. P. Squire company to secure some of their paper. The same gentleman says that it is probable that the comptroller of the currency will issue an order today permitting the re-opening of the bank. It is understood on State street that assistance has been pledged which will put the bank into a position to resume business, at the latest, before the week is ended. Receiver Wing of the Broadway bank, in an interview, said he was very much pleased with the showing made of the bank securities which have so far come under consideration. The bank officials presented matters very much worse than they now seem to be, and every discovery made has been in the bank's favor. This does not include, however, any of the Squire paper, every dollar of which, when made whole, will be reckoned as a clear gain. Confidence in financial circles was apparently restored by the united efforts during Sunday of bankers and brokers, only to be again shaken by the failures in New York, so that, while the entire situation is not particularly alarming, it is still grave enough 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 closing of the stock exchange.

9. December 22, 1899 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, December 22, 1899

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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

10. December 23, 1899 The Worcester Spy Worcester, MA
Article from The Worcester Spy, December 23, 1899

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TENSION RELIEVED. The loan of the $3,000,000 to the Globe bank relieved the financial tension on numerous brokers and bankers. Firms that had thousands on deposit when the Globe bank first showed evidences of trouble have since withdrawn their accounts, and the money paid out came from that clearing house loan. The bank paid out from its deposits during the past month $2,042,000. On May 6 the amount in the bank reached $10,175,000, and the average for months was between eight and nine millions, up to'the time of the recent troubles. Three-fourths of the bank's stock, or $750,000, is held by Massachusetts savings banks, all of which are good for the 100 per cent. liability imposed by the law upon individual stockholders. When early would-be customers appeared at the Globe bank they found Receiver Wing in charge and the clerks at their accustomed places. There was no excitement for a time, but as business on the street grew to its height, the bank was the centre of attraction and many harsh words were said against it and the officials. In the market itself the usual mirror of the ups and downs of finances, hardly a goodsized ripple was created. STOCKS WENT DOWN. To be sure, stocks went down, but Boston brokers claimed that quotations here followed New York. As for coppers, which class of stocks are charged with turning Boston topsy-turvey, they did not slump away as predicted, their weakness hardly touching the low-priced ones and being on an average scarcely more noticeable than for weeks past. The Broadway bank's affairs would have been lost sight of for the time being had not the creditors of the Squire company, the fortunes of which are mingled with those of the bank, met to outline their plans and to form a committee of action. Some demand for ready cash was made on the market here by a Portland bank, on which a run was made, but it did not disturb conditions. Tomorrow being a short day, and naturally a dull one, no further changes are looked for, and the next influential factor is expected to be contained in Receiver Wing's report on the Broadway bank. For both the latter bank and the Globe, it is confidently said, that the crash will not be nearly as hard as pictured, and the outlook for creditors is reassuring.

11. December 24, 1899 The Worcester Spy Worcester, MA
Article from The Worcester Spy, December 24, 1899

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STOCKHOLDERS WILL SUFFER But Depositors Will Be Paid in Full, It is Said Boston, Dec. 23. The trend of affairs connected with the closing of the Globe national bank in this city, for the first time developed a criminal aspect through the arrest today in a a distant city of the bank's former president, Charles H. Cole. The charge against Mr. Cole is the old one of overdrafts and over-loans, many to himself, and the action of Mr. Wing, the receiver of the bank, ordering the arrest, while considerable of a shock to the friends of the former president, was not a surprise to those who have been watching the course of events, and who were acquainted with the affairs of the bank. Rumor was current here late yesterday afternoon, that such action would be taken. but for a while it was found impossible to locate Mr. Cole. Late last evening, word was received here that he was on the Pacific coast, and this noon came the news of his arrest just outside of Los Angeles, Cal., where he had journeyed with his wife and son. A warrant was sworn out during the day in this city, and dispatched this evening to Los Angeles. In the meantime, the brokers and business men in the city are congratulating themselves that the week is over, and that the worst probably is known. Just how the affairs in the Globe bank were allowed to reach such a stage, is probably known to but few outside the former president, but it is practically agreed that it was a gigantic speculation in copper stocks in which Mr. Cole became so much involved, that the bank's money and credit were used untii it was well nigh exhausted. The inevitable result followed, except that the closing of the bank was delayed for over a month, and during the last week was bolstered up by the clearing house, which paid its indebtedness to the extent of many millions. The fact that the bank was in difficulty, but yet kept open through the aid of the clearing house, enabled its depositors to withdraw their accounts, and a very large number did so during the early part of the week, but the city of Boston, which, through Mr. Cole's influence when sinking fund commissioner, had placed nearly $400,000 in the bank, failed to take the hint, with the result that that amount will be tied up for some time to come. Notwithstanding the heavy overloads, it is generally believed that the depositors will be paid in full or nearly so, and that it will be the stockholders and directors who will suffer. Most unfortunately, a large number of savings banks are holders of the Globe's stock, SO that the loss will have to be made good by those institutions. While the Globe bank probably will never open its doors again, there seems to be a prospect that the Broadway bank will soon be on its feet again.

12. December 24, 1899 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, December 24, 1899

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bank's former president, Mr. Charles H. Cole. The charge against Mr. Cole is the old one of overdrafts and overloans made to himself. The action of Mr. Wing, the receiver of the bank, in ordering the arrest, while a shock to the friends of the former president, was not a surprise to those who have been watching the course of events, and who were acquainted with the affairs of the bank. A rumor was current here late yesterday afternoon that such action would be taken, but for a while It was found impossible to locate Mr. Cole. Late last evening word was received here that he was on the Pacific coast, and this morning came news of his arrest just outside of Los Angeles, where he had journeyed with his wife and son. A warrant was sworn out during the day in this city, and dispatched tonight to Los Angeles. Speculating in Copper the Cause. In the meantime the brokers and business men in the city are congratulating themselves that the week is over and that the worst probably is known. Just how the affairs in the Globe bank were allowed to reach such a stage is probably known to few outside the former president, but it is practically agreed that it was a gigantic speculation in copper stocks, in which Mr. Cole became so much involved that the bank's money and credit was used until it was well nigh exhausted. The inevitable result followed, except that the closing of the bank was delayed for more than a month, and during the last week was bolstered by the clearing house, which paid its indebtedness to the extent of many millions. The fact that the bank was in difficulty but yet kept open through the aid of the clearing house enabled its depositors to withdraw their accounts, and a very large number did so during the early part of the week, but the city of Boston, which through Mr. Cole's influence when sinking fund commissioner had placed nearly $400,000 in the bank, failed to take it out, with the result that the amount will be tied up for some time to come. Depositors Will Be Paid. Notwithstanding the heavy overloans, It is generally believed the depositors will be paid in full or nearly so. Unfortunately a large number of savings banks are holders of the Globe's stock, so that the loss will have to be made good by these institutions. While the Globe bank will probably never open its doors again, there seems to be every prospect that the Broadway bank will soon be on its feet again.

13. December 26, 1899 The Wichita Daily Eagle Wichita, KS
Article from The Wichita Daily Eagle, December 26, 1899

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LATE NEWS BY WIRE. London, Dec. 25-Baron Ludlow of Heywood, former recorder of Exeter and subsequently judge of the court of appeal, died today in his seveny-third year. New York, Dec. 25.-Nat C. Goodwin and Maxine Elliott were warmly welcomed tonight at the Knickerbocker theater, where they appeared in the melodrama by Clyde Fitch, "The Cowboy and the Lady." Cincinnati, O, Dec. 25.-Pillsbury and Showalter, who were to play the last of the series of chess games begun by them in Louisville, arrived here today too late to play, and postponed the game without fixing date or place. Denver, Colo., Dec. 25.-William Woodruff of Chicago, well known and having considerable mining interest in Colorado, particularly at Ward, dropped dead In his room at the Oxford hotel tonight. Heart disease caused his death. Canton, O., Dec. 25.-Fire started In an electric heater in one of the CantonMassillon cars last night, after all the cars had been run Into the barn. Only three cars were taken out Intact, eight being destroyed. Fifteen others were more or less damaged. Loss, $50,000; COVered by insurance. Boston, Dec. 25.-Receiver Wing TB* celved word today from Comptroller Dawes in Washington that the time limit for the re-opening of the Broadway bank which would have expired tomorrow night, has been extended for one week. New York, Dec. Z.-Roland Reed, the actor, is seriously III at St. Luke's hos. nital auffering appendicitis and his road engagements for the holiday week have been cancelled. Up to tonight no surgical operation had been performed and the surgeons bad not decided whether or not one would be necessary. They are hopeful of recovery. Milwaukee, Wis., Dec. 26.-President H. D. Quinn of the American Baseball Association arrived home tonight from his conference with Adrian C. Anson in Chicago, Mr. Quinn reports that the result of negodations points to the teams in Philadeljphia, New York, Boston and probably Beltimore in the east and Detroit, Chicago, St. Louis and Milwaukee in the west. A meeting will be held in Chicago about January 15, at which time something definite as to the season's plan will probably be given out. Buffalo, N. Y., Dec. ZI-A special to the Express from Niagara Falls says: This afternoon two young men whose names were unknown were driven to the citief above the promenade at the whirlpool rapida en the Canadian elde of the river and were lowered to the promenade They did not return in an hour and search was made for them. No trace of them could be found and the police were notified. Footprints of the two mes in the snow were followed to the extreme end of the promenade toward the whirt. pool. Farther along the bank there fere signs of a body having fallen in the snow and the footprints of ony) one man could be discerned. Owing to the darkness the search had to be disconstinued, but men are stationed along the river to watch for the appearance of efther of the men. The police are inclined to look on the mysterious affair M & case of murder and extrité of Angble exictée.

14. December 26, 1899 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, December 26, 1899

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Boston Bank Favored. Boston, Dec. 26.-Receiver Wing received word today from Comptroller Dawes in Washington that the time limit for the reopening of the Broadway bank, which would have expired tomorrow night, has been extended for one week.

15. December 26, 1899 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, December 26, 1899

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Bank to Reopen In a Week. Boston, Dec. 25.-Receiver Wing received word today from Comptroller Dawes in Washington that the time limit for the reopening of the Broadway bank, which would have expired tomorrow night, has been extended for one week.

16. December 26, 1899 The Denison Review Denison, Dow City, IA
Article from The Denison Review, December 26, 1899

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TELEGRAPHIC BRIEFS. The silk ribbon trust project failed. Professor George C. Miller, a well known educator, died at Nashville Sunday night. The number of dead in the Brazuell mine disaster near Brownsville, Pa., is placed at 40. Arthur Pryor of Vandalia, Ills., accused of musdering his father, strongly denies his guilt. On New Year's day direct telephonic communication will be opened between Berlin and Paris. The time limit for reopening the broken Broadway bank of Boston has been extended for one week. Engineer Hank McGee of Denison, Tex., died Sunday after continuous sar. vice on the "Katy" for 24 years. It is reported the bubonic plague has made its appearance at Noumea, capital of the French penal colony of New Caledonia. Mabel Powell, the girl who recently suicided in Chicago under peculiar circumstances, was buried Sunday at her former home in Paris, Ills. Jake Staats, marshal of Lenepah, I. T., was shot and had his throat cut there while trying to arrest a man named Moore. He is still alive. United States officials are raiding illicit stills in Georgia. Nearly 100 have been run down during the last ten days. In one place 4,000 gallons of beer were poured out.

17. December 27, 1899 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, December 27, 1899

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FORCE TO ASSIGN. The John P. Lowell Companies Make Assignments. Drawn Into Financial Trouble by the Globe Bank Failure. Probable that Broadway Bank of Boston. Will Resume Business. Boston, Dec. 26.-The John P. Lovell Arms Co. and John P. Lovell Co., an allied concern, made an assignment, this afternoon, for the benefit of their creditors, to Charles B. Barnes, Jr., an attorney, and Geo. H. Ball of this city. The assignment was not a matter of surprise, being simply a confirmation of rumors that had been in circulation - doun

18. January 4, 1900 The San Juan Islander Friday Harbor, WA
Article from The San Juan Islander, January 4, 1900

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Broadway Bank's Affairs. Boston, Dec. 27.-Receiver Wing received word today from Controller Dawes, in Washington, that the tim limit for the reopening of the Broadway bank, which would have expired tomorrow night, has been extended for one week.

19. January 4, 1900 The San Juan Islander Friday Harbor, WA
Article from The San Juan Islander, January 4, 1900

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Broadway Bank's Affairs. Boston, Dec. 27.-Receiver Wing received word today from Controller Dawes, in Washington, that the tim e limit for the reopening of the Broadway bank, which would have expired tomorrow night, has been extended for one week.

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

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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