New-York tribune., 1899-12-17
BOSTON BANK GOES DOWN.
THE BROADWAY NATIONAL IN A RE-
CEIVERS HANDS.
RESULT OF THE SQUIRE COMPANY'S
FAILUREc-STATE AND CITY MONEY
TIED UP HEAVY DEPOS-
ITORS CONFIDENT.

Boston. Dec. 16-As result of the failure Of
Cambridge. for So 100000 which was announced
late yesterday afternoon, the Broadway National
Bank here, in which the Squres were largely in
terested, did not open its doors to-day, and a no.
tice at the entrance stated that the affairs of the
bank were in the hands Of the Controller Of the
Currency.
The news that the bank had closed caused con-
siderable excitement in financial circles. which
had not entirely recovered from the disturbance
occasioned by the announcement on Thursday
that the Globe National Bank had received credit
from the Clearing House to the extent Of
S3OOOO crowd gathered about the
banks doors. but the only satisfaction it found
came from gazing at the small sheet Of white
paper which bore the words:
In the hands Of the Controller OF the Currency.
d. G. WING, Temporary Receiver.
1t did not take long for the news of the trouble
to circulate widely and all sorts OF wild rumors
were added to the main fact. These reports
made mention OF other banks with which the
Squres connected and one or two institu-
tions which, it said would be most likely to
feel the influence Of the disturbance. For an
hour these conditions prevailed but one after
the other Of the banks mentioned was found to
be doing business as usual the agitation began
to subside, and by IL o'clock affairs apparently
had resumed their normal state.
The Broadway National Bank is at MIX and
Arch SITS. It's capital is 100000. Roswell c.
Downer is it's president and Frank o. Squire
president and manager OF the John p. Squire
Company, is vice-president 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 National
After investigation of the matter, which was
not completed until last evening, 1t decided
to take no action. The officials of the bank at
once entered into communication with Controller
Dawes with the result that the institution was
turned over to his hands Bank Examiner Wing
being designated as temporary receiver.
The Broadway National Bank was incorporat-
ed I'm 1858. Its last statement presented at the
close Of business December 8, showed the fol-
lowing figures: Capital, S200,o0 loans, S1,995,
0OO circulation $4,000; individual deposits,
S234S. 600; due banks, $l31 900; due from
agents S274,000. Expenses: Clearing house.
s273000: due from banks, S16S,0O0; ; per cent
funds. $2.250; legal tender. S15S000; specie.
$4,000
Besides President Downer and Vice President
Squire the directors Of the bank include Henry
/. Lawrence. John r. Graham and Frank W.
DOwner tn| trr-
NO SERIOUS RESULT EXPECTED
Members Of the Clearing House Committee
refused to discuss the Broadway Bank question
to-day 1t seemed to be the opinion among
bankers that no important failures would follow
the closing OF the institution
prominent banker said to-day that the man
agement OF financial affairs in Boston was in
IL, 80 40 oil
power to avert additional disasters. Another
banker, when asked II he expected other fail
ures as the result Of the closing Of the Broad
way Bank said: 1T Is possible that there may
be a weak institution or two which Will be ar
fected but what of II? If a bank Is not on
solid footing the sooner It is known the better.
In the long run It is cheapest and best for the
community that unstable concerns should go TO
the wall"
The city Of Boston was a depostor in the
Broadway National and $4,000 Of city money
Is tied up The Commonwealth Of Massachu-
setts also had deposit in the bank amounting
to about $4,000.
The local correspondents OF the Broadway Ma
tiona Bank of Boston are the National Bank OF
North America the Western National Bank and
the Chase National Bank. None Of these insutu-
tions lose anything by the failure. At the Chase
National Bank IT was said that the broadway
Bank had a small balance. At the Western Ma
tional Il was said that the Broadway BANK had a
comfortable balance. and at the Bank Oh North
America one OF the officials said that the balance
81 tho broadway Bank was between 5000 and SlO-
900 Nothing will be paid out against these ac-
counts until the affairs Of the Boston bank have
been adjusted. The effect or me ialiure OF tniS @
hank on New-York financial institutions was I'M
percepuble. r,,.,,, 70 tho Nou
yorE agents of the firm Of John p. Squire x Co.
f. was said that they knew absolutely nothing
sdSe Of the contracts and liabilities in this city