Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1899-12-22
-boSlnn, lee ZI--1ht announcemc

= Boston, Dec. -l.-The announcement
from Washington received late tonight.
the Globe National Bank. was received
bE the Few banking people who learned
Of the comptroller's decision with sur
prise put not with alarm. Naturally the
uIncers 81 the institution were dumb a.
- HIS outcome q the banks affairs
while those not connected with the I'LL
Sttution expressed sincere regret that il
mad not been able to weather tho Storm
President n. A. Stevens. VIA .uccaa,i-
ed Charles II. cole, some months ago. all
sOIutely refused 10 saw anything regard
ING the comptrollcr5 action but his son
WHo II clerk in the bank. was com
pieteI[ taken dbtck when the dispatch
vas shown nim and intimared that such
action from Washington was entirely Iln-
looked Tor Young Stevens had been
WORKING at IN" bank at late hour and
was interviewed just As he was cnt4rin.,
ms rather house where he makes his
nome. lie read The Associated Press
d!spatch While Standing on the doorstep.
ny the ana OF a street lamp, and seemed
almost aghlst when he fully comnre-
hended its meaning. He at once carried
II TO MS father who was then in bed
but after 4 few minutes he returned with
the word that his father absolutely ri
fused t. say anything regarding it,
Young Stevens also denied All interview.
although he admitted that he mad bee,
working very late on the books.
Receiver Wing at a late hour could NOT
not be located AT any of the large hotels
in the city The few State street bankers
who were seen Were all greatly surprised
at the outcome of the banks affairs
They all agreed that at the close of
banking hours tonight, there was not the
slightest intimation that anything Of the
kind vas even contemplated, much less
The calm that followed thu.
storm Of Saturday and the failure of the
Broadway Bank had been taken III ffnan-
hope and it was the universal opinion
that the furry in copper stocks had
passed. The closing of the Globe sank. |
Therefore therefor cominE when everything |
er, seemed most dscnuragihg ana there |
We're but few who did not intimate that |
tomorrow would be even q worse dav |
than last Saturday.
that the failure Of the Globe Bank had |
been 80 far discounted and provided for
at least among conservative financiers
that 1t would have hut little effect upon |
local stocks and that by concerted action |
ana the strong backing of the Clearing |
House, any future gale in local stocks |
would he weathered with comparative
1ase. Nevertheless the failure il one of
he closing of the Maverick Bank eight
.elrs ago. and a. il intimately Involves
ne value ~ Huston's pet copper stocks
ne outcome tomorrow, IS anXiJusly
waited.
II Is known that the bank has been in
tifficulty lor some months. in fact ever
since the resignation of Charles IL. Cole
or many years its president. MIR. Coles |
'ttirement caused sensation at the |
ime, fur It was. known that he vas
heavily Interested in the big copper com |
Dine known as the United States Mining
%. one of the directors. IL. IL, Stevens |
was elected to ill the position Of presl-
lent ana since then has done everything
possible To KEEP the bank from going IN
ler, The tight money market, coupled
With the great decline In all stocks how
Yer, carried down the cnpptrs. ana last
Thursday, the bank was forced to call
non the Clearing House for assistance.
Sfter communication. naturally hur-
led. the Clearing House came 10 the res
ne and issued &5Uo,roo in certificates t.
nable the Globe Bank to meet its in
ebtedness to other banks on Monday.
anne the failure of the brokerage firm
hat financed the mining company, but
5 no other firm followed and as the
lobe Bank gave no intimation Of sue
umbing through the continued fall in
upper stocks, confidence in the local sit
alton seemed IN a fair way Of being re-
tored.
Whether the old wound will be opened
. ain. tomorrow. remains to be seen, but
is known that every effort Will br made
n the part of the strong financial insti-
utions TO avert panic. pom their sue
ass depends the status of many broker
ge houses which have been carrying
Yer Christmas heavy blocks OF copper
tocks a few Of these houses have al
eady attempted to protect themselves
nd attachments have been filed against
he promoters of the United States Min
NJ 60, Charles II. cole, late president
+ the Globe Bank, VIM. II. Coolidge and
.dward II. Clark
The action If the comptroller IN walt
~ A reasonable time for the guaranty
} be made good regarding the bad assets
f the bank IL generally acknowledged to
ave been very generous on his part and
minated a desire to assist much as
ossible. and it is generally agreed that
the bank mai been closed last week, A
evere Ianic Eould have cnsued which
.ould undnnh.eiiy hav" carried down
continued on page s.