The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1899-12-15
BOSTON Bank N TROUBLE
MONTANA MINING STOCKS On.
PRnCrATnD ON rTs HANDS.
Cleartns Hssss csnss to its Relief.
ana WIN Carry II ovsr-cspp<r
stocks. slu,~psA ~ Mach ~
- . sAars n Conseausnes.

BOSTON. Dec. lat meeting Of the
Boston clearing house. representing the
national banks Of this city, to-day It was
voted to issue g, 800. 900 In special clearing
house certificates to enable the Globe Ma
tional bank to tide over the difnculties In
tts finances. which have existed for some
time. It IL announced At the clearing
house that the bank win thereby be able
to continue-without further trouble.
Tho finances OF the institution have
been in an unsatisfactory condition. owing
to improbable investments In oil and
mining securities, The trouble first came
to tho surface early in November, when
President Charles II. Cole resigned his
position. For several weeks his successor.
H II. Stevens. and his assistants have
been endeavoring to place the bank on =
firmer basis, 1t was found, however. that
large amounts OF certain securities could
not be diaposed Of readily the stocks hav-
ing steadily fallen In value the past fort
clearing house association with the re-
suit that assistance was voted to-day.
President Stevens, after the meeting Of
''The Globe National bank is all right.
willing to. loan Us $4,000 is sufncientiy
good proof that the bank is solvent. We
owed uA securities and real property suf-
hcient to pay every cent we owe
The last report Of the condition Of the
es % sans s SHOWED s ecss IF s 81
ssocE paid in. 81 90, ooo: due to other bas,ks,
= ,a27 561; due to state banks and bankers
checks, $5,476 ,066
The money situation and apprehension
over the connection between several min
tday Caused os tam
the stock market. Some OF the copper
shares formed an object Of attack and
prices fell rapidly. Tamarack and Boston
after block q Montana was s thrown on mine fSs
price sagsed 70 $50, 1 decline Of sas q
ward ed sns a Fs
rot and the other coppcrs suffered in q
less degree. United States Mining. alone
Of the Globe bank stocks, fiuctuated but
1t is generally o0nEdered that by its
action the clearing house management
averted panic. AZ the tying up Of about
10000 ssrs Of DEPOSITS ,S,o would have been
assets Of the Globe bank viii be turned
over TO the clearing house: It is imprcb-
able that any loss viii be incurred BY the
banks concurring In the vote, but the
method taken insures that If there is any
such loss II will be suhdividad among so
many that the share Of each will be In
significant.
A meeting of bankers and brokers was
held tonight to take steps toward pro-
tecting the interests Of the United States
Mining Company. whose stock IL largely
held as security by the Globe National
bank.
No definite plan was adopted, and am
other conference will be held tomorrow.
pany.. is probably the largest owner OF Bos-
ton 4 Montana, next to A.. 8. Bigelow,
and 1t is understood that the so-called
STANDARD on interest in copper win give
uation, 30 far as anything further may
be needed in connection with this class OF
stocks
For the moment about a million dollars
in New York money Is to be loaned on
the Boston 4 Montana stock which, has
millions OF Standard OIL money for Boston
& Montana interests and IS, 500, 900 of clear
ing house certificates for the Globe Ma
tional bank, whose deposits were reduced
by reason OF mercantile overdrafts. the
situation must be considerably improved
although It cannot be expected that money
can be easy here until after the January
settlements and easier money conditions
prevail at New York and London.