The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1900-01-17
BIG FAILURE In BOSTON.
The John P. Squire Company, Mea'
Packers Makes an Assignment.
A NATIONAL BANK GOES DOWN.
The Broadway National in Receivers
Hands-state and City Money Tied up
-Concerns Affiliated With the Squire
Company Take Actlon-No Fears OF
Additional Disasters.

BosroS Especially 1.-The John r. Squire
Company, one OF the largest concerns IN
the meat packing business in the East, mas
made an assignment to Herman W. Chaplin
a lawyer OF this city. The liabilities ara
estimated at s3,0OO,O0o and the assets at
$4,000 900, the latter including recent
appraisal OF the plants, in East Cambridge
and somervllls, at $4,000 The com.
pany was incorporated in 1896, and has a
paid up capital OF s3,oo0,0Oo, stock being
largely held In tie Squire family. /,
The business will be eurrled on Without
change by Mr.. ChaplinS as the assignee.
The creditors are chiefly bnnks, the Globe
National Bank, OF this city being one OF
the heaysest. Cther Boston banks are n.
.yoiyed tos some extent, but the indebted.
ness is largely outside Of Boston, divided
principally among banks IN New England
States in which the Squire Comp has
srhs Thssap ss peorporattons; aniliated With the
John n Squire Company. have voted to as
ssfgn 10 H. W.,Chapiin: LAKE Champlain
Provision Com pany, Burlington, VIZ New
3Hampsbtt8 ProvlsionS Company, Concord,
{ N. H.; John, RS SToWte'& Co., Corporation,
Manchester, M ff. I; Malns Provision aud
}. Gold Storage Company Cortland, Me-;
Holyoke Provision and Gold Storage Com
pany, Holyoke, Mass.
AS result OF the failure OF the John z.
Squire Company the Broadway National
Bank here, In which the Squires were
largely interested, did not open Its doors
trance stated that the affairs OF tue bank
were In the hands OF the Controller oEthe
Currency. ~ a.. n. - -.
The news thai j the bank, had closed
caused eonsid derabls lssexcftem in Mnan.
cial circles, which had not fenttrely ecov.
ered from the disturhhnce os0asl0 0ned by
the anuouncementt tnat The Globe MAtlpna
Bank had received credit from the Clear.
Ing House to the extent of. esq, 600
It did not take long for thsl newg OF the
trouble to circulate widely. and all sorts
of Wild rumors were added; to the main
fact. These reports made emantl lon o. ether
banks with which tho s6quires were cons'
nected, and one or two institutions Nhtch
1t was said, would, be most likely t6 sfssl
the influence Of the disturbance For
an hour these conditions prevailed, bnt as
zone after the other OF the banks mentioned
was found to be doing business as usual
the agitation began to subside, and by !!
O'Clock Affairs apparently had resumed
their normal state.
THE Broadway National Bank was incor.
porated In 1858. Its last statement, pre-.
;santed atthe close OF business December
9, showed the following figures: Capital,
300. 900: loans, S1,995,000; circulation,
's45, 900; individual deposits, S2.34S, 600;
due banks, s13i 900; due from agents,
1874, ,0o1. Expenses: Clearing house,
.$27S, ,00a; due from banks, S165, 900; five per
Gent. funds. S225O; legal tender, S153 ,ooo;s
specie, s113, 300. ~! -
1t seemed to be the opinion among bank
ers that no important failures would A1E
low the closing OF the institution. Apf9m.
inent banker said that the management OF
financial affairs In Boston was In the bands
OF able men who would do all In their,
power to avert additional disasters.
The city OF Boston was deposttortn
tho Broadway National, and S97, 900 OF city
money Is tied up. The Commonwealth OF
Massachusetts also had a deposit tn'the
bank amounting to about $50 900.