Daily inter mountain. [volume] (Butte, Mont.) 1881-1901, 1899-12-22
For Globe National Bank Of
Boston.
II CAME AS A SURPRISE
Stock Holders Will Lose Heavily on
Account of the Failure-Had Been
Thought That the Crisis in Affairs
Had Been Passed.

Boston, Dee. 1.-The news that a re-
celVer had been appointed for the Globe
National bank has taken this city by sur
prise. While the bank was known to
have been in distress 10 days ago, presum-
ably over the decline in copper special
ties. chiefly United States Mining COM
pany, it was thought the crisis had pass
ed. This was borne out to all external
appearances in the market by tire reas-
surfing tone of dealings the past few days..
The Boston clearing house came to the
assistance of the Globe bank, although
when the Broadway National bank later
was in trouble the same body declined to
offer assistance. Three days ago it was
officially stated that the clearing houses
mad certificates signed to a large amount
to upport every solvent bank should
pressure come upon it. For this reason
the situation in financial circles here to-
morrow is hardly likely to be seriously at
fected by the Globe receivership. ;
President H. H. Stevens, who succeed
ed CHARLES ii. Cole some months ago, alb
%solutely refused to say anything regard
ms the comptroller's action. The calm
following the storm of Saturday and the
failure of the Broadway bank had been
taken in financial circles as one Of reas-
surance and hope and it was the univer-
sal opinion that the furry in copper
HloNAo pdSScu. LIE closing Oh the
Globe bank. therefore,, seemed most dis
couraging and there We're few persons
who did not intimate that tomorrow
would be even a worse day than last Sat
araay. others, however, were of the
opinion that the failure of the Globe bank
had been so far discounted and provided
for. at least among conservative finan-
Gers thai it would hav little effect upon
local stocks and that by concerted action
and the strong backing of the clearing
mouse Any fur her gale in local ctoolxS
would be Waathered with comparative
ease. Nevertheless the failure is one of
the most startling and far-reaching since
the closing of the Maverick bank, eight
years ago, and as it intimately involved
the value of Boston's pet copper stocks,
the outcome tomorrow is anxiously
awaited.
The bank has been in difficulty for some
months, in fact ever since the resigna-
tion of Charles H. Cole, for many years
its president. Mr.. Coles retirement
caused a sensation at the time, for it
was known that he was heavily inter-
the United States Mining ompan One
OF the directors, H. H. Stevens, was
elected to fill the position of the president
and since then has done everything pos
sible to keep the bank from going under.
EVERY known method was adopted to
keep up the tone of the market in copper
shares and it was expected that the bank
would gradually be able to realize on a
greater part of the loans on these stocke
without loss. The tight money market.
coupled with the great decline in all
stocks, however. carried down the cop
pers, and last Thursday the bank was
forced to call upon the clearing house
for assistance. After a consultation the
clearing house came to the rescue and
ISSUED So, 900, 900 in certificates to enable
the Globe to meet it's indebtedness to
other banks. The action of the clearing
house was generally regarded as timely.
although there was much surprise eX-
pressed when. two days later. the clear
ing house refused to rescue the Broad
way bank from the hands of a receiver.
On Monday came the failure of the
brokerage firm that financed the mining
company, but no others followed. and.
as The Globe bank gave no intilnation of
s~uccunbing through the bad fall in cop
per stocks. confidence in the local stu
alton seemed in a fair way of being re-
stored. Whether the old wound will be
opened again tomorrow remains to be
Sean. but it is known thai every effort
will be made on the part of strong finan-
chal institutions to avert a panic. Upon
thafr success depends the status of many
brokerage houses which have been car
rying over Christmas heavy blocks of
COPPER stocks. A few of these houses
have already attempted to protect them
selves, and attachments have been filed
AGAINST the promoters of the United
States Mining Charles II. Cole,
late president of the Globe bank. Will
liam f.. Coolidge and Edward TT. Clark.
The action of the comptroller in wait
ing a reasonable time for the guaranty
TO be made good regarding the assets of
the bank is generally acknowledged to
have been very generous on his part and
indicated a desire to assist as much as
possible. and it is generally agreed that
If the bank had been closed last week