The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-12-17
GOES TO THE WALL
Broadway National Bank. Sus-
ponds on Account of the
Squire Assignment
DEP0SIT0RS WILL
GET EVERY DOLLAR
Comptroller Dawes Is Not Dis
posed to Take Gloomy View
of Boston'S Situation

Boston, Dec. 16.-The Broadway Ma
tional bank of this city has failed. The
directors are John r. Graham, Henry
l.. Lawrence, Frank o. Squire, Roswell
c. Downer, Frank w. Downer. Frank
0, Squire is connected with the firm of
John P. Squire & Co.. which assigned
yesterday, with $3,OOO,OOO liabilities.
The Broadway bank was incorporated
in 1853. Its capital is $2OO0,0OO.
News of the failure became known
when the bank failed to open it's doors
at o'clock this morning. A notice post
ed at the entrance read:
In the hands of the comptroller of
the currency; d. G. Wing, receiver"
The last statement of the Broadway
bank issued, at the close of business,
Dec 8, was as follows:
Capital, 100000; loans, 81, $685., 900; cir
culation, $4,000; individual deposits,
SEAS, 0OO due banks, $131, 600; due from
reserve agents, $2740O0; expenses clear
ing house, $273,OOO; due from banks,
$16S,0OO; ) per cent fund, $2250; legal
tender, $15S,OOO; specie, $4,000.
Of the directors; Roswell C. Downey
is president and Frank o. Squire vice
president.
The news that the bank had closed
caused considerable excitement in
financial circles, which had not entire
ly recovered from the disturbance oc-
casioned by the announcement Thurs
day that the Globe National bank had
been given assistance by the clearing
house to the extent of $3,25000O. A
crowd soon gathered about the banks
DOORS but the only satisfaction they
found came from gazing at the white
sheet of paper which bore the words
quoted above.
When it became known yesterday
that the Squire firm was in trouble the
clearing house took up the question of
giving assistance to the Broadway Ma
tional. After an investigation, which
was not completed until last evening,
1t was decided to take no action in the
matter. The officials 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, and Bank
Examiner Wing designated as tempo
rary receiver. The Broadway Ma
tional bank was incorporated in 1853
Members of the clearing house coan-
mittee refused to discuss the Broadway
bank today. 1t seemed to be the opin-
ion among bankers that no important
failures would follow the closing of the
institution. A prominent banker said,
today, that the management of the
financial affairs in Boston was in the
hands of very able men who would do
all in their power to avert additional
disasters.
The city of Boston was a depositor
of the Broadway National and funds
aggregating $4,000 are tied up by the
failure.
Temporary Receiver Wing this after
noon said: 1.-THE future of the Broad
way National bank depends on the de-
cision of the comptroller of the cur
rency at Washington. I am in charge
of the assets and after making
thorough examination, I shall make
out my report and forward it to Wash
ington. The comptroller will then ex-
anime the report, and then probably
appoint a permanent receiver. Just
what the outcome will be, / am not at
liberty to state. l was appointed tenn
porary receiver last night
when we learned that the clearing
house would not come to the assist
ance of the bank, it was thought best
to close the doors at once and treat
all depositors alike. We shall not be
able to come to the relief of those who
have been doing business through the
bank until the comptroller makes his
decision"