The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-12-15
HELP FOR A BOSTON BANK.
CLEARING HOUSE COMES TO THE
RESCUE OF THE GLOBE NATIONAL

CLEARING HOUSE COMES TO THE
RESCUE OF THE GLOBE NATIONAL.
Lends II s3,ooo,ooo In Certihcntcs-Pre-
vents fos''pio So,ooo'ooo In
Deposits Involved - Speculation OF
inc Late fres'uen' o""'ea iro"oie'
Boston. Mass. Dec. lit Is possible that
the Clearing House management saved Boston
a financial panic by to-day authorizing the
Clearing House Committee to make to the
Globe National Bank special' issue OF
$500. 900 In Clearing House certificates. Had
not this action been taken promptly nearly
$s,00O.0OO OF deposits would have been tied up
and number OF firms and individuals would
have suffered severely. At the beginning
=, h,,s,nas. =, s,a,o s,roo, ,hi, 1870,
Oh ousihess OH ota.e sfee' 'his morning
Gioba RAM II had been known eonsrailv
,ha, On. in,oros,a ~ tho forror nroaidon,
tnat the interests OF inc former president
commands had been regarded with diafavor
ond :, NINA bonod that with his ro,,ron,on, ,ron,
the presidency, which occurred several weeks
ago the bank would be able to carry on its
business without any trouble resultino from
uu'i"o'o "''"ous ",' io'o'o resuitipk ho"
The sharp decline not only in tho shares
,,Indsd ~ hut in ,hosa q, o,bar r,,n,no
hiIuueo TO- put III those OF other mining
compa mics identified with the name OF A. 8.
pui, ~ - " s"o S,ooo DAM N anu
President OF the Boston ana Montana rama
Sno TSs oad ,e, a 1 70 ,no
sa.nr,i,, dao,ara5 = d,,.,,ana - e, ~ -.
recently declared dividend OF sl'2o snare.
vet in the face OF this the stock.
decIinod sharn,v rbis Morning nos,on ana
Montana stock dropped Co., $25 to So so.
while United States Oil, which closed yester-
day at s3I. sold to-day at SOS. The general
market is extremely weak In Boston. and
while this largely might DO explained as a
svmpa,betic decline with New yort based on
tho continued British reverses in South Africa
yet the particular weakness in the various
nhaTrs wnlch nave oeen ass9ciated IN the pub
or nun ws tne uSee , bank 9eye some basis
MrSd that ihSrs would be no That The
%a.s 4 ,hpt al nsssssaTy assisiancS had r been beet,
or 81 w pa, ne suppmeqi howSver meeting OF
xs ta tba oS waT in h rho aha r S
special Clearing House certificates to tide it
oNr. s,o,.rs Il ,,o,,, Il, HE d,ot,-.,,>,
IA ar. Stevens Is emphatif IN ms declaration
anu n,net uank men, bhhherS, uepoSrr,,ors anu
Ejaculation and eyer, booming was checked by
tight money in this market. as well as In New
YORK; but T. Is believed that the shaTp liauila:
che rsS worst 4,S over and S .fSS%: fsS are
'Ss R css Sf%t GP + ns usual manner until
The vote taken by the Clearing House man
agcment was as follows:
Voted that the Clearing House Committee
DO authorized and directed TO make special
issue OF 80. $4,000 OF Clearing House .certif;
gates. or any part thereof To the Globe National
Bank. bearing interest at the rate OF $40
per cent. against pledge OF such assets OF
the Globe National Bank as may be deemed
best by the committee. and that all the banks
ot the Clearing House agree TO share and share
alike In proportion TO capital and surplus in
any loss which may result therctrom
4 banking official; In discussing this move.
said; There car be- no possible doubt ofthe
wisdom OF the Clearing House management
~ taking thus step The tying up OF about
SSOOO,OOO OF deposits would be very serious
thing In this city. and might even result In
panic. The granting OF tho certificates re-
moves this danger and doubtless creates q
man. BY to-day vote the assets OF the Globe
Bank will be turned over to the Clearing
House; IL Is improbable that any loss
will be, incurred by the banks con-
curing in that method. but their course as
sures US that II there IL q loss 1t will be sub
DIVIDED among so many that the share OF each
Will be lnsignincant,
The Globes assets have not yet been actually
transferred to the Clearing House but they Will
have been by the time the certificates are ready
Tor issue
w.u
. mhiI street was Greaty intereated Yesterday
II the uiooe Blhk SITUATION In Boston
boston aespa.ch received py wall street