The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-12-17
BANK FAILURE IN BOSTON.
THE SQUIRE ASSIGNMENT CLOSES
THE BROADWAY NATIONAL.

House Refused to Give Heip-Feeiinx OF
Panic in Boston-One Failure Reported.
BosToN. Dec. 16.-At0 o'clock this morning
the following notice was posted on the door OF
the Broadway National Bank. 30 MIX street:
THE bank is in the hands OF the Comptroller
Of the Currency.
ID. G. VINO. Temporary Receiver"
This action was direct result Of the assigns
ment OF John =. Squire & Co.. who failed for
$4,000. 900 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 panic. Only tho most heroic ef-
forts on tho part OF dozen wel-known men and
houses preventoda collapse this afternoon. The
air was thick with rumors. none OF which
proved true. but the panicky feeling on State
street was intense. A largo house dealing In
sporting goods was reported to be In diflcul-
ties. The managers. however. denied II en-
phaticaIly. All the big concerns have entered
into defensive alliance. the stronger being
determined to hold up the weaker. Between
now and Monday heroic efforts will be made 70
relieve the situation.
the Broadway National has long been known
as the Squire Bank" and its dealings with
that enormous concern have been immense.
Frank o. Squire. tho head OF John p SQUIRE d
Co. since the death OF John p. Squire. ID
been one OF the most influential forces In the
manaEement OF the bank. Although the
assignment OF the Squire Company Ia tho
direct cause OF the embarrassment OF
the Broadway II IL 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. 1t is understood that Frederic II.
Curtiss. cashier OF the Broadway for the past
few months. has steadily opposed the Squire
policy since his accession. although he IA Q
SON. in-law OF Frank o. Squire. Mr.. Curtiss
made an offer to the Clearing House Commits
tee last night TO pledge all his own belongings
TO maintain tho integrity OF the bank and the
Squire Company. The offer proved unavaillnR.
Immediately upon the Squire assignment
the Broadway applied to the Clearing House
for assistance. The Clearing House Com mittes
met at once and at 9 o'clock yesterday after.
noon decided that having Just recommended
the issue OF S3.5O0.OOJ Of certificates to tide
over the Globe National Bank. IL could not SEQ
its way clear TO recommend like assistance to
the Broadway. The committee adjourned.
=" mee' assn st the r9omn Of the
where IL made further examination OF the
assets ~ the BANK and this was followed Ivy the
notice that the doors Of the bank would NOT
open:
Although many Of the depositors In the bank
pectei to-day and had their fears confirmed by
the announcement in the morning papers that
oOHu S'lulEt N W Huu uSElkUtU, tneTt were
many more to whom the news came like a
thunderbolt. To;daj Il the peculiarly busy day
Smaller G cus a ann ' a,nSash i S Ssh arre
| clients. aside from the Squires. il il said among
baking men that perhans no other bank in
| the city has greater number relatively OF
wSSIH, s, , y Withholding Of their iands
| As soon as the notice appeared at o o clock
there we're eager readers and steady stream
| followed. increasing In size as the morning
| wore on; Many were evidently clerks and
ofllcc girls sent to transact business IN conpec-
s ,S. who 4a a. coma e wI,hdraw al
alike % all, however and there came no word
two million, dollars Of Individual deposits.
subject to check. was in the treasury OF the
S and n: ri 81 %sy sns ns viii
be tied W for some time Al cheeks drswH
drawing '' Checks oV viii be able to lake
care, OF their notes and checks. payable through
me ssr p n r%s ssSo?
they may POSSESS outside their Broadway de.
the, smaller business concerns in the city may
find themselves seriously inconyeniepced.
tiss that the bank was solvent and had $500
90 Of cash on hand Sand t. was expected thai
ss 5SaH wa wn rS Ssy s
E9rs apd lard a the squire works az
OF these products. worth about stO0.oO0 In
cash: and Il was niso said OF the SQUIRE
suppose It was not bringing some return. Even
Bank Examiner Wing s quot 4 as having ef-
ably weather the storn. but upon the refusal
Of the Clearing, House committee 70 come to
moi to allow the INSTITUTION to open. - "'''
The broadway Bank was Incorporated In
l T'n to s Ss1 III i 1872 10 sIs w i'm IN
1872 Par, and to sa9oon9 present cap,ta 81 the
bank was 8 tua cd originally In South Boston.
Sd bas been 81 Mf street PrSIet since IN
Iis oficors are: President: ,Roswe G. Downer:
Frsdarck II curtss; DrcctSr 1.'fK osss nIe5:
powncr, Frank o, Squire. John r. Graham.
ony was q 1Ss Bank unf
within comparatively short time:
ATeonG the ,rge dnSposito's o. the Broadway
City Treasnrer at the close OF business there
on" s sSs Of rs cS bSon as II p the
Sinking Fund which Is held for the redemption
| OF the city debt,
| Bank closed rumors renewed themselves about
the Globe National Bank. even, gong so far as
report, 80 far ns can be learned. Is entirely
erroneous. President Stevens said this
We are in excellent condition with plenty
mnads Ids, Rthossh We" "" hold some O' Of tie
squire paper their iaiq;o will not az
feet us. ns 1t has nothing to DO with
%ands o. de;G3sitGpgs: Neither does Tho
us. We shall get through this With
out, the least trouble. Some dcprsitors are
withdrawing their deposits upon the strength
OF these rumors floating about the street but
we "Sn give them a. the money they ask for
The officers Of The Massachusetts, National,
| the Commercial, Blackstone. Metropolitan aud
| First National banks Of Cambridge all assert
| that their institutions are safe
. Lato this afternoon the firm OF Francis
| Bntchelder Company, provision dealers.
made an assignment. The liabilities are put
| ut $2O0.ON, assets about the sane. The firm
holds $4,000 o, Squire paper, The assign-
| m"nt is made to protect creditors j. A.
Bailey Jr,, Is the assignee.
:, Tho New York correspondents Of the failed
| broadway National Bank OF Boston are the
| Chase National, Western National ana the Ma
| tinna! Bank OF n nth America. Representatives
O. all thess hanks said yesterday that the
| said that they mad no lepnsits with the failed