gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
a279d80ed9eca654
Response Measures
None
Receivership Details
Depositor recovery rate
100.0%
Date receivership started
1899-12-16
Date receivership terminated
1900-02-15
OCC cause of failure
Excessive lending
Share of assets assessed as good
77.6%
Share of assets assessed as doubtful
20.6%
Share of assets assessed as worthless
1.9%
Description
The bank suspended following the failure of its principal owner's firm (John P. Squire & Co.); while crowds gathered, no pre-suspension run is documented.
Events (5)
1.October 25, 1864Chartered
Source
historical_nic
2.December 16, 1899Receivership
Source
historical_nic
3.December 16, 1899Receivership
Newspaper Excerpt
The Broadway national bank of this city has failed and is in the hands of a receiver.
Source
newspapers
4.December 16, 1899Suspension
Cause
Bank Specific Adverse Info
Cause Details
The bank was owned by the Messrs. Squires, whose packing house (John P. Squire & Co.) assigned the previous day.
Newspaper Excerpt
The Broadway National Bank closed its doors at 9 o'clock this morning. A notice was posted on the door stating that the institution had been placed in the hands of the national bank examiner.
Source
newspapers
5.February 7, 1900Other
Newspaper Excerpt
The sum covers the aggregate claims that have been proved by depositors and interest at 6 per cent up to February 6.
Source
newspapers
Newspaper Articles (25)
1.December 16, 1899The Florence Daily TribuneFlorence, CO
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Article Text
BANKING CONCER NSCCUMBS. Over Two Millions in Deposits Tied Up. Boston, Dec. 16.-The Broadway National Bank closed its doors at 9 o'clock this morning. A notice was posted on the door stating that the institution had been placed in the hands of the national bank examiner. It was owned principally by the Messrs. Squyres, whose packing house assigned yesterday. The depositors were mostly people in moderate circumstances, although it is said the deposits reached about $2,000,000. All the morning great crowds of people stood on the streets and on the corners near the bank, requiring a number of policemen tokeep the pavement and walks open. It is claimed the bank will pay in full.
2.December 16, 1899Alexandria GazetteAlexandria, VA
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Big Failures in Boston. Boston, Dec. 16.-John P. Squire & Co., pork packers, yesterday assigned to Heman W. Chaplin. Liabilities $8,000,000; assets $5,000,000. The assign ment was the direct result of tightness in the money market. Practically all the indebtness is to banks. These banks found it necessary to call their loans. The Squire Company could not raise the money to meet them all, on such short notice, and it was deemed best to make an assignment. There is a claim of $2,000,000 margin assets over liabilities, Boston, Dec. 16.-The Broadway National Bank closed its doors at 9 o'clock this morning. A notice is posted to the effect that it is in the hands of the comptroller of the currency. The bank in owned by the Messrs. Squires, whose house made an assignment yesterday. The clearing house investigated the matter fully last evening, and decided not to render the bank any assistance. An immense crowd of peoplesurrounded the closed doors of the bank. The depositors are largely people of small means and small accounts, in the aggregate representing $2,000,000. The Broadway National Bank is stated to have & paid up capital of $200,000; surplus and profits $220,240; due to banks $257,780; individual deposits $2,301,410; loans and discounts, $1,829,180; bonds, stocks, etc., $50,000; due from banks, $542,320; cash and exchanges, $600,000.
3.December 16, 1899Daily Inter MountainButte, MT
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Article Text
Boston Bank Fails. I I Boston, Dec. 16.-The Broadway national bank of this city, capital $200,000, has failed and is now in the hands of Receiver Wing. Roswell C. Downer is president of the concern and Frank O. Squires vice president. Squires is connected with the firm of John P. Squires & Co., which assigned yesterday with liabilities of $3,000,000.
4.December 16, 1899The Daily JournalSalem, OR
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Article Text
BOSTON BANK HAS FAILED. By Associated Press to the Journal Boston, Dec. 16.-The Broadway national bank of this city has failed and is in the hands of a receiver.
5.December 17, 1899The SunNew York, NY
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THE SQUIRE ASSIGNMENT CLOSES THE BROADWAY NATIONAL. Head of the Big Packing Concern Was the Bank's Vice-President-The Clearing House Refused to Give Help-Feeling of Panic in Boston-One Failure Reported. BOSTON. Dec. 16-At9 o'clock this morning the following notice was posted on the door of the Broadway National Bank. 35 Milk street: "The bank is in the hands of the Comptroller of the Currency. "D. G. WING. Temporary Receiver." This action was a direct result of the assignment of John P. Squire & Co., who failed for $3,000,000 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 a panic. Only the most heroic efforts on the part of a dozen well-known men and houses preventeda collapse thisafternoon. The air was thick with rumors. none of which proved true. but the panicky feeling on State street was intense. A large house dealing in sporting goods was reported to be in difficulties. The managers. however. denied it emphatically. All the big concerns have entered into a defensive alliance. the stronger being determined to hold up the weaker. Between now and Monday heroic efforts will be made to relieve the situation. Tne Broadway National haslong been known as the "Squire Bank" and its dealings with that enormous concern have been immense, Frank O. Squire. the head of John P. Squira de Co. since the death of John P. Squire. is Vice-President of the Broadway Bank and has been one of the most influential forces in the management of the bank. Although the assignment of the Squire Company is the direct cause of the embarrassment of the Broadway it is 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. It is understood that Frederic H. Curtiss. cashier of the Broadway for the past few months. has steadily opposed the Squire policy since his accession. although he is a son-in-law of Frank O. Squire. Mr. Curtiss made an offer to the Clearing House Commite tee last night to pledge all his own belongings to maintain the integrity of the bank and the Squire Company. The offer proved unavailing. Immediately upon the Squire assignment the Broadway applied to the Clearing House for assistance. The Clearing House Committee met at once and at 5 o'clock yesterday afternoon decided that having just recommended the issue of $3,500,000 of certificates to tide over the Globe National Bank. it could not see its way clear to recommend like assistance to the Broadway. The committee adjourned. however. to meet again at the rooms of the Broadway Bank at 8 O clock this morning where It made a further examination of the eq. 49 SEM s141 pue rune our 10 Basets open. notice that the doors of the bank would not Although many of the depositors in the bank learned last evening that trouble might be expected to-day and had their fears confirmed by the announcement in the morning papers that John P. Squire & Co. had assigned. there were many more to whom the news came like a thunderbolt. To-day is the peculiarly busy day of the bank in the dealings with its smaller customers: and although it has large Suome pies 61 31 serings em child's banking men that perhans no other bank in 10 sequinu U sey Allo 441 small business houses and small depositors to spun) their JO Americant B prom thom much ΠΈΠ²Π°Ρ As soon as the notice appeared at 9 o'clock there were eager readers and a steady stream followed. increasing in size as the morning wore on Many were evidently clerks and office girls sent to transact business in connection with meeting the weekly payroll of their -110 G.J.M others pus respective IIV 01 etroo puq oum siue their fun is and thus guard themselves against possible loss The doors remained closed alike to all. however. and there came no word from the inside. It is understood that about two million dollars of Individual deposits. our 10 Kinswen the up SUM check. 01 security "wns sign that poursed $1 41 puu representing the all of many customers. will UMSJP checks IIV emos 101 an pen eq against it. of course. will be protected. and a small proportion of the persons drawing checks will be able to take care of their notes and checks. payable through the Broadway Bank. by making personal payments to their creditors from such funds as they may possess outside their Broadway deposits It is said upon the Street that some of the smaller business concerns in the city may Signatures pug Word reached the outside from Cashier Curtiss that the bank was solvent and had $500.augs percedxe SUM " pus.pueq uo used 10 000 20 sep B realize 01 "19" eq pinom 11 10 1000'007$ emos uodn OMI upon pork and lard at the Squire works at Somerville. Director J R. Graham went out there last night and attached large quantities of these products. worth about $400,000 in stude ey: 10 plus OSIR SUM 11 puu 03 pansqu SUM 11 that runq eq: Aq p eq Jedud Even rejurn emos 100 SUM 11 esoddus -XJ BUJAVY 60 1000 $ au M "41 pessed Rund
6.December 17, 1899The Salt Lake HeraldSalt Lake City, UT
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ANOTHER BANK GOES UP. The Broadway National of Boston Closes Its Doors. Boston, Dec. 16.-The Broadway National bank of this city has failed. The directors are John R. Graham. Henry T. Lawrence, Frank O. Squire, Roswell C. Downer, Frank W. Downer. Frank O. Squire is connected with the firm of John P. Squire & Co., which assigned yesterday with $3,000,000 liabilities. The Broadway bank was incorporated in 1853. Its capital is $200,000. News of the failure became known when the bank failed to open its doors this morning, and a notice posted at the entrance, read:
7.December 17, 1899Rock Island ArgusRock Island, IL
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BOSTON BANK FAILS. The Broadway National in the Hands of the Comptroller. Boston, Dec. 16.-The Broadway National bank has failed. The directors are John R. Graham, Henry L. Lawrence, Frank O. Squire, Roswell C. Downer, Frank W. Downer. Frank O. Squire is connected with the firm of John P. Squire & Co., which assigned Friday with $3,000,000 liabilities. The Broadway bank was incorporated in 1853. Its capital stock is $200,000. News of the failure became known when the bank failed to open its doors in the morning, and a notice posted at the entrance, read: "In the hands of the comptroller of the currency, D. G. Wing, receiver."
8.December 18, 1899The Providence NewsProvidence, RI
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Article Text
well, Charles A. Deshon, Edwin Gould, H. I. Irving Keyser, Edward R. Ladew, Henry A. McGee, W. Willis Merrill, J. W. Middendorf, Edward A. Maher, S. D Scudder, John A. Shibley, John P. Truesdell, C. M. Warner, John Skelton Williams, B. F. Young, Thomas A. McIntyre. The officers of the company declined to see anybody or to give anything for publication beyond this supplementary statement that was posted on the doors: "The immediate cause of the suspension of the company is its inability to convert its securities into cash in time to meet the sudden and abnormal demand made upon it." ALLEN & CO. SUSPEND. New York, Dec. 18.-The suspension of the firm of Henry Allen & Co., bankers and brokers, was announced on the Stock exchange today. The firm is not yet prepared to make a statement, but the suspension is attributed to the failure of some of its customers to respond to calls for additional margins made necessary by recent declines. house has been known as a trader on an extensive scale. SITUATION AT BOSTON. Boston, Dec. 18.-Business in banking circles in this city was opened today with an apparent confidence that the troubles which were experienced last week, when two national banks in the city were embarrassed, one of which closed its doors, while the other accepted a loan of $3,500,000, were ended If a trace of nervousness still remained it soon gave way to the improved conditions resulting from conferences held and plans laid by bankers during Saturday afternoon and Sunday. The Boston clearing house association issued a statement this morning to the effect that up to the present time the Globe National and the Broadway National Banks were the only two that appealed to the association for assistance and that in all probability the affairs of the Broadway National Bank would be wound up in due course. The clearing house association voted today to vest authority in its regular committee to issue certificates at its discretion. In case a financial institution should need assistance the committee will be enabled to act without calling a meeting of the association. It seemed to be the general opinion that the crisis has been passed, and that if there are no further heavy business failures, the situation will soon be normal.
9.December 19, 1899The Worcester SpyWorcester, MA
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CONFIDENCE RESTORED Broadway National in Boston Will Probably Open Its Doors Boston, Dec. 18.-Confidence in financial circles in this city was apparently restored this morning by the action of the bankers and brokers, only to be again shaken by the failures in New York, so that tonight, while the entire situation is not particularly alarming, it is still such as to cause considerable apprehension. The local stock market quickly followed New York in the stock decline, but the slump did not bring with it any failures among local brokers, that is, none had been announced up to the close of the stock exchange. To be sure, copper stocks, the decline of which is now acknowledged to have been the primary cause of much of the trouble in this city, through heavy speculation, experienced a further contraction and there is some apprehension tonight as to the outcome tomorrow. The offer of the clearing house association to assist any solvent bank in the temporary straits probably did much to ease matters here today and coupled with it, came the report of a satisfactory showing on the part of both the two banks in difficulty-the Globe and the Broadway-and also from the assignee of J. P. Squire & Co. Itwas reported tonight that the clearing house committee had already printed and signed a large number of clearing house certificates in anticipation of a call for them tomorrow, although it is not believed that any bank will make application unless the money market becomes more stringent. As for the Broadway bank, it was confidently asserted that the doors of the institution would be swung open within three or four days and that New York representatives had looked over the affairs of the bank and had found it much better off than they had expected. Regarding the affairs of Squire & Co., Henry A. Wyman, the expert accountant to the assignee, stated tonight that the business was going on as usual, barring some curtailment in a few departments. Not a single attachment of any sort had been filed against the company, which shows the attitude of the creditors, while on the other hand numerous offers of assistance have been received from the west and hogs are being received daily with only the condition that the accounting be strictly kept. Mr. Wyman does not anticipate any additional failures. In fact, Batcheldor & Co., who assigned soon after the Squires, have been making money.
10.December 20, 1899Manchester DemocratManchester, IA
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BOSTON BANK FAILS. The Broadway National in the Hends of the Comptroller. Boston, Dec. 18.-The Broadway National bank has failed. The directors are John R. Graham, Henry L. Lawrence, Frank O. Squire, Roswell C. Downer, Frank W. Downer. Frank O. Squire is connected with the firm of John P. Squire & Co., which assigned Friday with $3,000,000 liabilities. The Broadway bank was incorporated in 1853. Its capital stock is $200,000. News of the failure became known when the bank failed to open its doors in the morning, and a notice posted at the entrance, read: "In the hands of the comptroller of the currency, D. G. Wing, receiver."
11.December 21, 1899The Providence NewsProvidence, RI
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Given Fermission 'o Sell. Boston, Dec.21.-In the United States district court today Judge Lowell granted the petition of Receiver D. Wing of the Broadway National Bank for permission to sell to H. W. Chaplin $200,000 of pork products. Mr. Chapm is receiver of the John P.Squire & Company, corporation. which assigned recently.
12.December 22, 1899Staunton Spectator and VindicatorStaunton, VA
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A Set Back for the Gold Standard. The Brooklyn Brass Works at Martinsburg, W. Va., closed down on Monday, throwing 70 men out of einployment. The pay roll amounted to nearly $1,000 weekly. The S. P. Squire Company, of Cambridge, Mass., failed a few days ago for $3,000,000. The Broadway National Bank, of Boston, failed last Saturday and the Globe National Bank of the same city is in an embarrassed financial condition. Dillaway & Starr, bankersand brokers of Boston, went to the wall on Tuesday. The firm is one of the largest and most prominent in the Hub City. It is stated that the Masonic Temple at Richmond will have to be sold for debt. The building cost $175,000, only $100,000 of which has been paid. The rate of discount of the Imperial Bank of Germany was raised on Tuesday from 6 to 7 per cent. The London and Northern Bank, of London, limited, with a capital stock of Β£2,000,000, failed on Monday last. Panicky conditions prevailed at the New York Stock Exchange Monday, money on call going up to 186 per cent. and the Produce Exchange Trust Company suspended. The Charles Vogeler Company, druggists at Baltimore, have made a general assignment for the benefit of their creditors. The liabilities are estimated at $200,000. The Columbian Iron Works and Dry Dock Co., of Baltimore, went into the hands of a receiver on Tuesday. The company owes debts to the amount of $400,000.
13.December 22, 1899The Jasper Weekly CourierJasper, IN
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Since Boston elected a Republican Mayor it is feelings touch of McKinley-Hanna contidence and prosperity. The Broadway National Bank, with liabilities way up in the millions of dollars, closed its doors Friday last, and the meat packers, John P. Squires & Co., with $3,000,000 of scheduled liabilities, made an assignment, and is in the hands of a receiver. The individual owners have probably grown rich on the "confidence," while farmers and laborers are left to hold the bag, and farm produce of all kinds commands a low price. Hurrah for Hanna and gold!
14.December 22, 1899The Worcester SpyWorcester, MA
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Allowed to Sell Boston, Dec. 21.-Judge Lowell of the United States court today granted the petition of Receiver D. W. Wing, of the Broadway National bank for permission to sell to H. W. Chaplin $200,000 of pork products. Mr. Chaplin is receiver of John P. Squire & Co., who assigned recently, and the Broadway bank, in which the Squires were largely interested, suspended the next day.
15.December 26, 1899The TimesWashington, DC
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MR. WING'S COURSE PRAISED. Views of Boston Financiers on the Recent Bank Failure. BOSTON, Dec. 25.-The statement issued by Bank Examiner Wing in regard to the condition of the Globe National Bank caused considerable comment when read by the business men this morning. Few people, if any, had the slightest inkling that the defunet institution held SO much of the Lovell Arms Company paper, although they were aware that the latter concern was indebted to the bank. Henry L. Lovell, treasurer of the arms company, says that notwithstanding the apparently distrossing condition of affairs Lis company would be able to meet all its obligations and would weather the financial storm. A Boston broker having knowledge of the affairs of the Globe Bank says that the bank examiner very properly showed that the effect of closing the bank on Sep. tember 9, when he first discovered the state of affairs, would have caused the failure of at least six banking and brokerage concerns, and fully half a dozen business houses, and had they not come to the rescue of the bank then it would have meant the worst panic that Boston has ever seen. He praises the action of Messrs. Bigelow and Coolidge in assisting the bank when it was not necessary for them to do so, adding that they could have sat quietly by and allowed the institution to close if they wished to. Whether the Broadway National Bank will open its doors for business tomorrow is a matter of guesswork. Bank Examiner Wing is keeping clear of the newspaper men, and cannot be found tonight. The bank was given until tomorrow by Comptroller Dawes to restore its capital, and unless the stockholders come to the rescue with $200,000 it will be placed in the hands of a permanent receiver, who will proceed to liquidate as soon as possible. An official of the bank, when informed of the Comptroller's decision, said: "Matters have been progressing smoothly with us. and I think we shall open our doors again next week. A new board of directors will be appointed and the former stockholders will be given options upon their stock. One of the propositions incident to the reopening of the bank is that the depositors shall agree to allow a certain percentage of their deposits to remain with the bank for three months, and papers embodying this agreement have been signed already." It is said that if the bank should reopen for business at once about $1,000,000 in cash would be found in its vaults with which to transact business. The question of the presidency is still undecided. The names of Phineas Pierce, Nathaniel J. Rust, and others have been canvassed.
16.December 26, 1899The SunNew York, NY
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BOSTON BROADWAY BANK'S CHANCES. Unless Its Capital Is Restored To-day a Permanent Receiver Will Be Named. BOSTON. Dec. 25.-The statement issued by Bank Examiner Wing in regard to the condition of the Globe National Bank. caused considerable comment among business men this morning. Few persons had any inkling that the institution held so much of the Lovell Arms Company paper, although they were aware that the latter concern was indebted to the bank. Henry L. Lovell. treasurer of the Arms Company. says that notwithstanding the apparently bad condition of affairs, his company will be able to meet all its obligations and weather the financial storm. A Boston broker. having knowledge of the affairs of the Globe Bank. says that the bank examiner very properly showed that the effect of the closing of the bank on Sept. 9. when he first discovered the state of affairs. would have caused the failure of at least six banking and brokerage concerns and fully a half dozen business houses, and it would have caused the worst panic that Boston has ever seen. Whether or not the Broadway National Bank will open its doors for business to-morrow is a matter of guesswork. Bank Examiner Wing is keeping clear of the newspaper men and cannot be found to-night. The bank has until to-morrow to restore its capital. and unless the stockholders come to the rescue with $200,000 It will be placed in the hands of a permanent receiver. An official of the bank when informed of the Comptroller's decision said: "Matters have been progressing smoothly with us, and I think we shall open our doors again next week. A new board of directors will be appointed. and the former stock holders have given options upon their stock. One of the propositions incident to the reopening of the bank is that the depositors shall agree to allow a certain percentage of their deposits to remain with the bank for three months. and papers embodying this already." arrangement have been signed by many It is said that if the bank should reopen for business at once about $1,000,000 in cash would be found in its vaults with which to transact business. The question of the presidency is still undecided. The bank official added: "Comptroller Dawes had not heard when he made the statement that unless the capital was restored by to-morrow he would order the bank into a permanent receivership. of the success that has attended our efforts. If he had, I do not believe he would have made such a decision."
17.December 27, 1899The Providence NewsProvidence, RI
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Heavily Involved in United States Mining Company Shares and Banks Refused to Extend Credit. Boston, Dec. 27.-E. C.Hodges & Co., Stock Exchange of the embarrassment of E. C. Hodges & Company, bankers State street bankers and brokers, susand brokers, was a surprise to many, pended business today. The firm is one although it was not altogether unexof the largest in the city and has been pected by some of the large financial a large dealer in municipal bonds. The interests. The suspension of this well-known firm is a member of the Boston and house it is estimated, will bring the New York Stock exchange and Chitotal of liabilities of concerns here cago Board of Trade. which have failed within the past two The firm, which is composed of E. C. weeks close to $17,000,000. A few months ago such widespread troubles in the Hodges, E. F. Lowry and Frederick financial section of the city were not Swift, assigned to G. C. Dickson of the considered possible, as general busifirm of Dickson & Knowles of this city. ness has been in better condition than The assignment was caused by the refusal of banks to receive United States for several years. A greater part of the difficulty is attributed to unfortunate Mining company shares, of which the speculation by men who, before the firm had a large quantity. There will be no statement of assets and liabilities crash were wealthy, and to the embarrassment of the Globe National Bank. issued today. This failure, it has appeared, was due. Mr. Hodges said: "We are heavily inpartially at least, to a tremendous fall volved in United States Mining comin United States copper and .n United pany shares and the refusal of the States oil and other securities. banks to give us credit causes us to The failed concerns include: Globe assign. We have 50,000 shares of that stock on hand." National Bank, Broadway National Assignee Dickson said: "The assignBank, John P. Squire & Company and ment nas been made by the firm for the allied firms, provsions and pork packbest interests and protection of all ers; Joseph C. Squire & Company, procreditors. The firm held some $100,000 visions; Francis Batchelor & Company, worth of United States Mining stock provisions; Dillaway & Starr, bankers and certain banks refused to credit the and brokers: John P. Lovell Arms firm on that account. This made it Company and John P.Lovell Company, necessary for the assignment." E. C. Hodges & Company, bankers and The announcement on the Boston brokers.
18.December 31, 1899New-York TribuneNew York, NY
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MORE FAILURES IN BOSTON. LIQUOR DEALERS AND A LUMBER FIRM MAKE ASSIGNMENTS. INFLUENCE OF RECENT BANK TROUBLES ON VARIED BUSINESS INTERESTS-DEPRES SION IN MONEY MARKET. Boston, Dec. 30.-A. M. Stetson & Co., lumber dealers, whose office is in Kilby-st., with yards at South Boston, and Alpheus M. Stetson, have made voluntary assignments to Horace G. Allen, lawyer, and Charles Mann for the benefit of their creditors. The firm has property in New-Brunswick, Maine, New-Hampshire and Vermont. It is believed that the liabilities will reach $150,000, but the creditors are understood to be friendly, and amicable arrangements are expected. Alpheus M. Stetson was for a long time senior member of the firm, but withdrew some years ago, leaving the business in charge of his son, John A., and his grandson, Hubert O. Stetson. His failure is due to indorsements on notes. When seen by a reporter this afternoon Mr. Allen said that the assignment came so suddenly that he had had no time to inquire into the details, and added that it would be impossible to furnish more specific facts before the first of the week. He declared that the indications were that the failure of the firm would not be a bad one by any means. The assignment, he said, was due to the failure of the firm to realize on assets in the shape of real estate on which it had furnished loans for lumber and other things. These assets would be productive, If it were not for the present depression in the money market. The collapse of the Globe Bank and other recent developments influenced to-day's action on the part of the Stetson company, it is said. Davis & Drake, importers and wholesalers of liquors, and W. L. Davis and M. L. Drake, as individuals, have assigned. Mr. Davis said today that the assignment came suddenly, and he was not now in a position to make a statement. He added: "We had connections with the Broadway National Bank and the Globe National Bank, which recently falled. and we were compelled to suspend in the interest of all concerned. We assigned to Michael H. Curley. who is connected with the Blue Grass Distillery, at Camp Nelson, Ky."
19.December 31, 1899The TimesWashington, DC
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LIST OF ASSIGNMENTS GROWS. Three Boston Firms Dragged Down by Globe National Bank. BOSTON, Dec. 30.-Three assignments were made today as a result of the suspension of the Globe National Bank and the tightening of the money market. The concerns involved are H. M. Stetson & Co., coal, wood, and lumber dealers, whose office is on Kilby Street, with lumber yards in South Boston; Alpheus M. Stetson, formerly head of the firm, and Davis & Drake, 59 Causeway Street and 40 Lancaster Street, importers and wholesale dealers in liquors. The first two assignments were made to Horace G. Allen and Charles Mann, and in the last to Michael C. Hurley, Boston agent for the Blue Grass Distillery, of Camp Nelson, Ky. Assignee Allen said this afternoon that the Stetson assignment was due to the failure of the firm to realize on assets in the shape of real estate, upon which it had furnished loans for lumber, e:c. These assets would be productive if it were not for the existing depression of the money market. Mr. Stetson's assignment was due to endorsements of notes. The liabilities of the firm may reach $150,000, but as the creditors are friendly to the house, amicable arrangements are expected. W. L. Davis, of Davis & Drake, said in regard to that firm's assignments that it was due to connections with the Broadway National Bank and the Globe National Bank, which recently failed, and that they were compelled to suspend in the interest of all concerned. He could give no statement of the liabilities.
BUSINESS TROUBLES. Bank Failures Force Merchants to Assign. Boston, December 30.-A. M. Stetson & Co., lumber dealers, with lumber yards in South Boston. and Alpheus M. Stetson, Individually, have made voluntary assignments for the benefit of their creditors. It is believed the liabilities will reach $150,000 The Globe bank failure hastened the assignment. Davis & Drake, importers and wholesalers of liquors, and W. L. Davis and M. L. Drake, as individuals, have made an asignment. Mr. Davis said: "We had connections with the Broadway National bank and the Globe National, which recently failed. and we were compelled to suspend in the interest of all concerned. We assigned to Michael H. Curley, who is connected with the Blue Grass Distillery at Camp Nelson, Ky."
21.January 8, 1900The Age-HeraldBirmingham, AL
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Wing Appointed Receiver Washington, January 7.-Comptroller Dawes has decided to appoint Daniel G. Wing, the temporary receiver of the failed Globe National Bank of Boston, as permanent receiver to wind up its affairs. The comptroller tomorrow will determine whether the temporary suspension of the Broadway National Bank of Boston shall be made permanent, or whether the institution shall be permitted to resume business. It is believed here that the bank will not be able to resume business, and that it will be necessary for the receiver to take charge of the bank for the purpose of winding up its affairs.
22.January 8, 1900The Indianapolis JournalIndianapolis, IN
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BROADWAY BANK CASE. Controller Will Decide To-Day if It May Resume Business. WASHINGTON, Jan. 7.-Controller Dawes to-morrow will determine whether the temporary receivership of the Broadway National Bank, of Boston, shall be made permanent or whether the institution shall be permitted to resume business. Temporary Receiver Daniel G. Wing is in the city preparing some information regarding the condition of the bank for the controller and the latter will announce his decision on the showing made by the receiver. It is believed here that the bank will not be able to resume business, and that it will be necessary for the receiver to take charge of the bank for the purpose of winding up its affairs.
Winding Up Bank Affairs. Boston, Jan. 23.-The doors of the Broadway National bank were opened yesterday to allow those who have claims against the bank to enter and have them proved. The work of proving claims commenced yesterday at the Globe National bank under the direction of Receiver Wing. This work will probably consume some time, owing to the complication of many claims.
24.February 7, 1900The Daily Morning Journal and CourierNew Haven, CT
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Depositors will be Paid in Full. Boston, Feb. 6.-The depositors of the Broadway National bank, which closed several weeks ago, will receive the full amount of their deposits, with interest to-morrow. Checks drawn on the subtreasury at Boston will be issued by the receiver to those who have presented claims and proved them. The proved claims amount to $2,231,382.
25.February 8, 1900New-York TribuneNew York, NY
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DIVIDEND FOR BANK'S DEPOSITORS. Boston, Feb. 7.-Bank Examiner D. G. Wing, as receiver of the Broadway National Bank, of this city, deposited $2,030,000 in the United States SubTreasury to-day to be paid to depositors of the bank holding receiver's certificates. The sum covers the aggregate claims that have been proved by depositors and interest at 6 per cent up to February 6.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
