New-York tribune., 1899-12-23
REAssURING SITUATION AT BOSTON.
CAUSED NO FAILUREs-GOOD OUT
LOOK FOR CREDITORS.


Boston. Dec 22.-Another day Of unrest in Bos-
toms financial circles by without Incidents Of
4 startling nature. The receivership for the Globe
National Bank took nearly every banker and broker
by surprise, and before business in the money
market began forebodings were dire. But proph-
esyng and fears were not realized for the situation
tonight was conservatively considered as good
tf not slightly better than at any time for fort
night. Not a failure was announced when the
Stock Exchange closed. and. best Of all.
money seemed easy.
The key OF the whole situation is believed TO be
in the action of the Clearing House Association in
issuing Sc 900 worth Of certificates for temporary
relief From this amount 1t is understood the
Globe Bank received $4,000 in cash Yesterday,
II Is currently reported, the Clearing House COM
Inittee declined 10 give the Globe Bank further
assistance and 10 this fact is attributed the quick
appointment OF a receiver There is some interest
in the value of the A5OOOoO worth of collateral
turned over to the Clearing House by the Globe
Bank. and whether the latters failure has i'm
paired that value. Officially. nothing Will be said
al present about the dealings Of the Globe Bank
with the Clearing House. and II the securities held
by the latter have depreciated below the margin
of safety. the individual banks will have 10 bear
the loss pro rata
The loan Of 100000 to the Globe Bank relieved
the financial tension numerous brokers and
bankers Firms that had thousands deposit
when the Globe Bank first showed evidence OF
trouble have since withdrawn their accounts. and
the money paid out came from that clearing house
loan.
The bank paid out from its deposits during the
last month 50 O42 000 On May the amount IN the
bank reached s1O175OOO and the average for months
was between $4,000 and sa,coooO up TO the time
Of the recent troubles.
Three fourths Of the banks stock. or N6ooV Is
held by Massachusetts, saving banks, all OF which
are good for the 100 per cent liabilities imposed by
law upon individual stockholders.
When early would-be customers appeared at the
Globe Bank they found Receiver Wing in charge
and the clerks at their accustomed places There
was no excitement for a time but as business on
the Street grew its height the bank was the CEN
ire Of attraction. and many harsh words were salo
against Il and the officials. In the market ITSELF
the usual mirror Of the ups and downs OF finances
hardly good sized ripple was created To be
sure. stocks went down but Boston brokers main main
a. for coppers. which class OF stocks are charged
with turning Boston topsy-turVy. theg diS % diH IT
touching the low priced ones, and being on an
average scarcely more noticeable than lot weeks
The Broadway National Banks affairs would
have been lost sight OF for the time being had not
ne crGditors OF the Squire Company. the fortunes
Of which are mingled with those OF the BANK. net
IN outline their plans and 70 form committee oI
action some demand for ready cash was maze made
the market here by IA gUpadG 5ot dstrb condons
To-morrow being a short day and naturally
% GaI on ON, inGuential factor is expected TO be con
tained in Receiver Wings report on the Broad-
Eiobe a. Is confidently said that the failures will
yoG ne nearly as hard as pictured, and the outlook
for creditors is reassuring
The failure Of the Globe National Bank. OF Bos-
ton. caused no surprise in New-York banking cir
cles since It was known that week oeiore last the
r3os,o, CLEARING House had 70 &c its rescue.
The Globes correspondents In New-York are the
National Bank OF North America, the Hanover
National Bank and the National City Bank lts
chief business was transacted through tne Rank
Of North America. The assistant caShlep Oh INA, ma!