Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-12-16
Broadway National in Hands Of
Government officials.
CAUSED BY TIE SQUIRE FAILURE
Excitement in Financial Circle
Followed Announcement.
LAST PUBLIC STATEMENT

BOSTON. December '6.-As a result of
the failure of the John P. Squire Company
(corporation) of Cambridge for 5000 O00
which was announced late yesterday after
noon. the Broadway National Bank here
in which the Squires We're largely inter-
ested. did not open it's doors today, and a
notice at the entrance stated that the af-
fairs of the bank were in the hands of the
controller of the currency.
The news that the bank had closed
caused considerable excitement in financial
circles. which had not entirely recovered
from the disturbance occasiorCd by the an
nouncement Thursday that the Globe Ma
tional Bank had been given credit by the
clearing house to the extent of s30o.0oo
Wild Rumors Afoat.
1t did not take long for the news of the
trouble to circulate widely and all sorts of
wild rumors were set ahoat. These reports
made mention of other banks with which
the Squires were connected, and one or Two
institutions which il was said would be
most likely to feel the influence of the dis
turbance. For an hour these conditions
prevailed but one after the other of the
banks mentioned We're found to be doing
business as usual. the agitation began to
subside. and by l o'clock affairs appar-
emily had resumed their normal state
The Broadway National Bank is located
at the corner of Milk and Arch streets.
Roswell c. Downer is its president, and
Frank o. Squire, president and manager of
the John p Squire Company, is vice presi-
dent. When it became known yesterday
that the Squire firm was in trouble. the
clearing house took up the question of Civ
ing assistance to the Broadway National
Bank. After an investigation, which was
not completed until last evening, it was
decided to take no action.
Controller Dawes Notified.
The officials of the bank at once entered
into communication with Controller Dawes.
with the result that the institution was
turned over into the controllers hands.
Bank Examiner Wing being designated as
temporary receiver.
The Broadway National Bank was in
corporated in 1888. It's last statement, pre-
sented at the close Of business December g.
showed the following figures: Capital, 500.
0G0; loans, S1,995, 900; circulation, $4,000;
individual deposits, s2,34s, 600; due banks,
s13l 900; due from reserve agents, s274 600;
expenses. clearing house. S273, 900: due from
banks, S16S,HD: per cent funds, 22J0;
legal tender, s15s,O0o; specie, S113000.
Besides President Downer and Vice Presi-
dent Squire, the directors of the bank in
clude Henry l.. Lawrence, John j. Graham
and Frank w. Downer
No other Failures Expected.
Members of the clearing house committee
refused to discuss the Broadway Bank
question today. 1t seemed to be the opin
ion among bankers that no important fail
ures would follow the closing of the insti-
tuition.
The city of Boston was depositor in the
Broadway National, and $97 900 of city
money is tied up
The commonwealth of Massachusetts also
had deposit in the bank amounting to
about $4,000
Controller Dawes of the treasury last
night ordered the doors of the Broadway
National Bank of Boston closed. 1t was
placed in the hands of Daniel G. Wing, ma
tonal bank examiner, as temporary re-
ceiver.