New-York tribune., 1898-09-30
ONE BANK INSTEAD OF NINE.
PROPOSED CONSOLIDATION IN BOSTON

RECOMMENDATIONS OF A COMMITTEE OF sAv-
INGs BANKs-Too MUCH CAPITAL INVESTED.
Boston. Sept. % (speciaD.--It has been de-
cded by committee Of the Massa chusetts saw
incs banks to recommend the liquidation Of nine
Boston National banks, on the ground that there
is now too much capital invested In Natlonal
banks in this city. II is proposed 10 establlsh
one bank to take the place Of these nine the
new institution to he organized under the direc-
ton Of Kidder. Peabody &.Co. The decision 10
this effect is the result Of two years OF dehper-
alton on the part Of the Savings Banks Commit
tee. and AT this time circulars recommending
the liquidation of the National banks are In the
mails addressed 10 the stockholders. The nanKs
named in the circular are the Boston. Colum-
bian. Hamilton. Howard. Market. Eagle, North
America and Revere. The circular is in part
as follows
To the Savings Banks Of Massachusetts Hodlng
Stock in Boston National Banks.
meeting in Boston 9eid orce on pT,TmbD nmb%r Of
saWnss banks and r,Presenting aboa, harr
the following vote passed:
Voted. That the committee he authorized 10 ,akc
such steps may seem best toward the consoildd-
tion liquidation or reduction the consodation
and reduction Of the capital stock OF such National
banks in the city Of Boston as upon examination
Since that time the matter has had further con
.ist inst, We held a conference with Messra Kdder.
Peabody & Co. OF Boston. with the result thai. ON
the understanding that W. had no authority TO
commit any one, made the following agreement
The committee with kidder, Peabody
& Co that II will advise all savings banks VINO
are holders of shares in the following National
banks to sell them To Kdder. Peabody e Co.
at the prices named. which are about Sl2 per
share above late market values and under the form
Of contract hereto annexed, and VIII use eVory
means in It's power to push the matter to a speedy
conclusion: Boston National Bank, at $40 - per
share Columbian National Bank. at 8" Ni2 per
IL afpFi, Ma al ~ re
National Bank. at So2 per share: Market National
Bank. at 81 per share: National Eagle BANK; ~ "S
$o2 25 per snare: National Revere Bank. at $s- per
share.
savings bank s recovered in liquidation on the
shares OF the National banks sold by IT, the seller
shall receive in addition to the total proceeds OF
its shares 80 per cent Of such additional net sum
less than the total sum to he paid for me ahov"
shares is recovered on these shares In nqmdhloil
the seller shall. nevcrt thelesS. receive payment III
full OF the prices stated
"Kidder. Peabody & co. agree 10 offer IN cach
savings bank In Massachusetts an opportunity 10 10
sell all mot any parO Of their SHARES IN ~. ui,p,
any part OF the aforementioned National banks
held by IT, at the prices named and under the con.
ditons Of the form Of contract hereto announten -
of this contract with Kdder. Peabody ~ o hN
all holders OF the shares of the Natl0hhl phnhS
haDks WITH which we are respectively connected
| have already signed The oonIr4ri ~
A1b%Z6 PrSzi9epmf # lnS';tH!s EvNHs. OF SAVINGS
Boston Fve,Ccn, Savings Bank
Lynn institute for Savings
CHARLES J HOLMES.
Fail bW K!yG5 Hp1 Fiye-Cf1, y CTAFIX Sry"s' f''"S
September 2s. lS|s s.. '' ~ - '