The Portland daily press., 1899-12-22

far discounted and provided for. at least
among conservative finsnciers that IL
would have but little effect upon local
stocks and that by concerted action and
the strong backing Of the clearing house.
any future gale In loo,l stocks would be
westhered with comparative tais. Never
taeisss the failure 10 one Of ths most
startling and rar reaching sinos the cioI-
ing Of the Maverick bank eight years az,
and NJ 10 intimately Involves the value OF
Boston's pet copper stocks, the outcome
tomorrow is anxiousiy awaited.
1t Ia known that the bank has b IN In
difficulty for some months. in fac ever
since the rssisT at on Of Charles h. Coils,
for many years Its prssidsnk Mr.. ColPs
retirement caused q ssnration ut the time.
for H was known that he was heavily in
tsrested In the big copper CON bine known
as the United States Mining Company.
One Of the dirsotors, Mr.. II, IL. Stevens
was elected to All the position of prssi-
dent and since then has done everything
possible to keep the bank from going
under. Tue tight money market. coupled
with the great 90 ,us In all stocks. how
ever, carried down the coppsrs and last
Thursday, the bank IVES forced TO call
upon the clearing house for assistance.
After o Communication, naturally hur-
red, the clearing house came to the resi- Q
and issued 50, zoo GO In certificates to en-
able the Globe to met Its Indebtedness to
other banks.
On Monday came the failure OF the
brokerage firm tina financed the mini q
company, but rs no other firm follow d
and az the Globa bank gave no intima.
ton Of sucoumbing, through tho CON
tinued fall In copper stocks, confidence IN
the locsl situation seemed In u fair wa
Of being restored.
Whether the cd wound viii be opened
again tomorrow remains to be seen, bu
it is known that every effort will te
made on the part of the strong financial
institutions to avert n panic.
U pom their success depends the status
of many brokerage houses which have
been carrying over Christmas heavy
blcixs of copper stocks. few OF thsss
houses have already attempted to pro.ec
themselves and attachments have been
uieu hRdlnNb tHe pTuulCboEs VI VIC Chitcu
States Mining company, Charles h. Cole.
late president Of tire Globe bank, william
Ii. Coolidge and Edward II CLARK.
The action Of the comptroller in walt
ing reasonable time for the guaranty to
be- made good regarding the bad assets of
the bank, is generally acknowledged to
have been very generous on his pat AID
intimAted desiTe to assist as much as
possible and 1t Is generally agreed that II
the bank had been closed last weak. that
a severe panic would have ensusd which
would have undoubtedly have carried
down other stocks and wrecked many
strong Institutions.
During tho past week the Withdrawals
from the banks have been exceedingly
heavy, amounting, IL IL said, to over 81
TOO, 600 In deposits And It was state TO-
night that the closing of the institution
could not effect any great number o. In
dividual erositers. A furry In copper
stocks is anticipated at the opening of
the stock exchange tomorrow morning,
and 1t ssems to be the general ballet lats
tonight that number ol.brokerags firms
will be Obliged to 20 to the wall, but it
10 hoped that no bank will be malaria lily
effected.