Daily inter mountain. [volume] (Butte, Mont.) 1881-1901, 1899-12-15
Was Rescued by the Boston
Clearing House.
IT HELD COPPER STOCK
Which Has Been Steadily Going Down
the Past Few WeekS-BlOckS OF
Boston and Montana Thrown on
the Market by the Bank.

Boston, Dec. 14.-At a meeting of the
Boston clearing house, representing the
rational banks of this city, today it
was voted to issue SO, 800 600 in special
clearing house certificates to enable the
Globe National bank to tide over the diff
ticulties in it's finances, which nave exist
ed for some time. 1t is announced at the
clearing house that the bank will thereby
he able to continue without further
trouble. The finances of the institution
have been in an unsatisfactory condition.
owing to Improbable investments in oils
and mining securities. The trouble first
came to the surface early in November,
when President Charles II. Cole resigned
his position. For several weeks his sue
cessor, H. H. Stevens, and his assistants
have been endeavoring to place the bank
on tirmer basis. 1t was found, however,
that large amounts of certain securities
could not be disposed of readily, the
stocks have steadily fallen in value the
past fortnight and the matter was laid
before the clearing house association with
the result that assistance was voted to-
day.
President Stevens, after the meeting of
the clearing house, said: THE Globe Ma
tional bank is all right and the fact that
the clearing house was willing to loan us
Sd. 800, 900 is sufficiently good proof that
the bank is solvent. We have resources
in cash on hand, money owed us, securi-
ties and real property sufficient to pay
every cent we owe"
The last report of the condition of the
Globe National bank at the close of bust
ness on Dec. 2 showed resources Of $780,
529, $50, and liabilities including capital
stock paid in. 81. 900, 900; due to other
banks, 1892, POI; due to state banks and
bankers, $347 ,453, and individual deposits
subject to checks. $5,476,O6S.
The money situation and apprehension
over the connection betWeen several min
ing men and the Globe National bank to-
day caused considerable excitement in the
stock market. Some of the copper shares
formed an object of attack and prices
fell rapidly. Tamarack and Boston and
Montana were sold heavily. Block after
block of Montana was thrown on the
market, mainly long stocks, until the
price sagged to 250, a decline of $25 a
share from the opening. Montana after
ward rallied somewhat. Arcadian. Par
rot and the other coppers suffered in a
less degree. United States oil fell to %.
United States Mining, alone of the Globe
bank stocks, ~f1uctuated but a few points,
regaining it's loss.
1t is clear that the clearing house man.
ayers averted a panic by their action. BY
today's vote the assets of the Globe bank
Will be turned over TO the clearing mouse.
1t is improbable that any loss will be in
Cured by the banks concurring in the
vote, but the method taken insures that if
there is any such loss it will be subdi-
Nided among so many hat the shares Of
each will be insignificant.
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 is largely
held as security by the Globe National
bank. No definite plan was adopted and
another conference will be held to-mor-
TOW.
H.. H.. Rogers of the STANDARD Oil COM
pany, is probably the largest owner of
Boston and Montana next to A.. S. Bise-
low and it is understood that the so-called
STANDARD Oil interest in coppers will give
all assistance possible in relieving the
situation so far as anything further may
'be needed in connection with this class
of stocks.
For the moment about 81, 900, 900 in New
York money is to be loaned IN Boston
and Montana stock. which has been car
ried in New England. With SO, 000, 900 of
Standard Oil money for Boston and Mon
tana interests and SO, 900, 600 of clearing
house certificates for the Globe National
bank, whose deposits We're reduced by
reason of mercantile oVerdrafts, the situ-
alton must be considerably improved, al
though it cannot be expected that money
can be easy here until after the Janu-
airy settlements and easier money condi-
lions prevail at New York and London.