New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-12-15
BOSTON BANK ASSISTED.
opr NATIONAL TO BE TIDED OVER
DIFFICULTIES DUE TO DE-
CLINE IN STOCKS.
CLEARING HOUSE ASSOCIATION OF THAT CITY
ISSUES $S5oOooo IN SPECIAL cERTiFi-

.o,>c uo1,sr ASSOCIATION OF THAT CITY
,ssrEs $4,000 600 IN SPECIAL cERTIFI-
Gates FOR THE PURPOSE.
poston. Dec AT meeting OF the boston
.oorIrr House Association. representing the
o,, Aarte of this city to-day It was voted to
80 90 soo ooo I'm special Clearing House certihcates
hla the Globe National Bank 10 tide over the
,,s,.,lties IN It's finances which have existed for
snne time 1t was announced at the Clearing
uous, that the bank would thereoy De aoie 20
.o,tlnue without further trouble.
rha nnances Of the institution have been In I'M
,.,ootorv condition owing to Improbable invest
.n,s in oil and mining securities. The trouble
g., came 10 the surface early In November, when
Sdent Charles II. Cole resigned his position.
60 eeveral weeks his successor. II. H. Stevens.
"a hie assistants have been endeavoring to place
a. hank on a frmer basis. IL was found however,
~. large amount Of certain securities could not
80 s;oses Of readily. the stocks having steadily
- a. value the last fortnight, and the matter
- ,o,d before he Clearing House Association.
- ,he result that assistance was voted to-day.
rno transactions which led to the present diff
,,,v NJ the bank were Of considerable magnitude,
~ ~ ,bev involved some heavy loans while Mr..
81. was president United States OH and United
S,otss Mining and other bonds being taken as Sc
,.,os The loans were made when the stocks
80 selling at a good figure but later prices be-
"a IN fail The directors called Mr.. Coles atten-
,0r N the unsatisfactory nature OF the loans, and
e. sor,e discussion President Cole resigned on
Novennher 6 His place was filled by Nice-Presi-
dort stevens When Mr.. Coles resignation was
accented il was with the understanding that he
-ronid take ND the loans he had made. The process
hos heen slow and the recent sharp decline In the
.r,,s, caused uneasiness, which developed until
today II prompted the Clearing House to assist the
bank President Stevens. after the meeting. OF the
Clearing House to-day, said: The Globe National
Rank Is all right. and the fact that the Clearing
House was willing to loan $500 900 is sufficient
rAsources IN cash on hand. money owed us, Sc
curitios and real property sufficient to pay every
The last report of the condition of the Globe Ma
uonsl Bank at the close OF business December
s Da T1n' y9Sk ps ns IN State sanE aHe anG ID
t Ss9SS, &I7sGSS anu
The money situation and apprehension over the
connection between seversi mining men and ne
Globe National Bank which aided by the
Clearing House Association to-day developed con
siderable excitement in the stock market. Some
~ the copper shares formed object OF attack
Montana both were sold heavily. Block after block
OF Montana was thrown on the market mainly long n,
share from the opening. Montana afterwsrd
rallied somewhat. Arcadian, Parrot and the otner
% | 9 @ m States NHnF onS Of Ss
Globe bank stocks, iuctuated only few points
t is generally considered that by It's action the
Clearing House management averted panic; as the
bser a serious thing. By to-days vote the assets
OF the Globe Bank will be turned over TO the
Clearing House. 1t is improbable that any loss VIII
he incurred by the banks Concurring in that vote
hut the method taken insures that II there is any
such loss IL will be subdvided among many that
the share OF each will he insignificant.
The vote taken by the Clearing House was as
follows: Voted that the Clearing House committee
Re authorized and directed TO make special issue
~ SO 100000 Of Clearing House certincaies or any
part thereof 10 the Globe National Bank bearing
Interest at the rate OF $40 per cent, against
rledge Of such assets of the Globe National Bank
he hest committee,
all OF the hanks In the Clearing House agree 10
share and share alike in proportion 10 capital and
surplus IN any loss that may result therefrom
The local correspondents OF the Globe Nauonal
Bank Of Boston are the National Bank OF North
America the National City Bank and the Hanover
National Bank. Warner Norden president OF
the National Bank OF North America in which the
Globe National keeps fits active New-York account
said Yesterday that the Boston institution had a
fair amount OF cash TO its credit In his bank. ON
GERS Of the Hanover and National City banks SAID
that the business done by their banks for the Globe
National al no time amounted 10 much
AS TO that part OF the Boston dispatch referring
70 the heavy decline In mining stocks following the
news of the Globe National Banks trouble, II was
said on good authority yesterday afternoon in Wall
been large purchaser OF copper shares on the de-
cline in Boston and that in particular It had
bought a big block OF Boston and Montana. sufl-
Gent, Il declared, 10 give IT control OF that
great copper property which adjons the Ana
conda mine. at Butte, Mont. Boston and Montana
has sold "a high 1898 share since the hrst or
this year Yesterday according to the Boston ad-
vices II touched $3.50 closing at s25S bid $3.50 asked
Copper broke TO III. on this market
and closed at rs bid. 7S3 asked, against 1917 bid,
90 asked, at the close on wednesday.