The new North-west. [volume] (Deer Lodge, Mont.) 1869-1897, 1884-05-23
CLARK & LARABfE,


Succeeding the statements we made last
week concerning the financial Hurry in New
York, there has been = recovery from me
brief prostration, and matters appear to nave
resumed their normal condition. Secretary
Of the Treasury Folger was In New YORK,
and comprehending the situation, directed
such action Of the Treasury as to throw into
Wall street all the currency necessary to re-
lieve the string-ncy, and the Clearance As
sociation promptly sustained all Bankers
with the currency required on hypothecafion
Of government securities. The failures and
runs practically ceased, stocks took m up
ward turn and the pinch ended. Quite .
number Of houses were forced to suspend
before this action could effect them, but sew
eral of them appear to be solvent and will
resume. Among those caught In the hrst
sweep Of the tide was the we'll known house
Of Donuell, Lawson & Simpson, whose Sc
curities, largely western, could not be made
Immediately available, and Ii was deemed
best to make An assignment to enable them
to handle their property and securities with
out sacrifice. The assignee, Mr.. Weems,
states they have one million dollars assets in
excess OF all liabilities, so that they are not
only solvent, but it is reported they will
likely resume in few days.
Pending this result, however, Messrs. w.
A. Clark and s. f. Larabie, of Butte and
Deer Lodge, who were abundantly able to
do SO, purchased Mr.. r. w. Dennslfs one
third interest in the Donnell, Clark & Lara
bic houses and established the new firm Of
Clark & Larabie in Deer Lodge and Butte as
SUCCESSORS TO the old firm. The ability and
disposition Of these gentlemen to do this
and establish new deposit with the First
National, Of New York, within forty-eight
hours, without even mountaineering them
selves, is not only qualification to their
patrons and proud record for Montana
Bankers but IL was doubtless welcome re-
lief to the senior member Of the firm when
the New York house was In straits. 1t is not
worth while in Montana to say anything
about the wealth OF Messrs. CLARK & Larabie.
They are possessed of handsome fortunes
and are careful, capable, intelligent fnan-
ciers and business men, who have made
their money steadily by twenty years OF in
dustrious thrift, and know how to take care
Of it, The furry in New York has brought
out the fact prominently that the Montana
Banks are not only well managed but are
exceptionally strong and safe. A reason Of
this latter fact is obvious. Eastern Banks
deal largely in uncertain stocks and hold
them AZ securities. They are readily sonverti-
BILE under ordinary circumstances, but are
precarious, and when a shrinkage like that
Of the past few months occurs-aggregating
nearly four hundred million dollars-they
have to he realized on ut immense sacrifices
or held at peril. In Montana the Banks
make the majority Of their loans TO mer-
chants, producing miners, manufacturers or
realty owners, whose property 10 abundant
security, and few losses are made. None Of
our Banks, we believe, deal at all in Wall
street securities, and hence are not effected
by collapse in stocks further than losses
that may occur by having balances with cor
respondents who fail
While regretting very much the smbar-
rassment Of Mr.. Donnell, who is very highly
and Justly esteemed in Montana, we CON-
graduate Messrs. Clark & Larabie on the
deserved property that has enabled them
to readily purchase his interests and handle
their large business themselves without even
inconvenience.