The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1899-12-23
BOSTON'S FINANCIAL UNREST


/ Nearly Every Banker aud Broker Taken
/ I'm the Day Give Place to u slightly
Better Feeling Later-Tho Probable
Key 10 the Whole situation.
Boston, Dec. 22.-Another day Of I'M
rest in Boston's financial circles went
by without any incidents Of startling
nature. The announcement Of receiv-
ership for the Globe National bank took
nearly every banker and broker by sur
prise and before business in the money
market began forebodngs were dire.
But prophesying and fears were not
realized for the situation was conserva-
lively considered as good If not slightly
better than at any time for fortnight
Not failure was announced when the
stock exchange was closed and best OF
all, money seemed easy. The key OF
the whole situation is believed to be
in the action of the clearing house as
certificates for temporary relief. From
this amount it is understood the Globe
bank received 900 in cash. Yes
terday, it is currently reported, the
clearing house committee declined to
give the Globe bank further assistance
and to this fact is attributed the quick
appointment Of a receiver. There is
some interest in the value of the $4,-
900 worth of collateral turned over
to the clearing house by the Globe bank,
and whether the latter's failure has i'm
paired that value. Officially, nothing
will be said at present of the dealings
of the Globe bank with the clearing
house, and if the securities held by the
latter have, deprecated below the mar
gin of safety the individual banks will
have to bear the loss pro rata.
The loan Of the $3,000000 to the Globe
bank relieved the financial tension on
numerous brokers' and bankers. Firms
that had thousands on deposits, when
the Globe bank first showed evidence
of trouble have since withdrawn their
accounts and the money paid out came
from that clearing house loan. The
bank paid out from its deposits during
tiiS past hioiitH PS,ofA,VuV' VII hdy "
the amount In the bank reached $10,-
175,o00 and the average for months was
between eight and nine millions up to
the time Of the recent troubles. Three
fourths of the banks stock, or $750000
is held by Massachusetts savings banks,
all of which are good for the 100 per
cent, liability imposed by law upon in
dividual stockholders.
When early would-be customers ap-
peared at the Globe bank they found
Receiver Wing in charge and the clerks
at their accustomed places. There was
no excitement for time, but as bus-
ness on the street grew to it's height,
the bank was the center of attraction
and many harsh words were said
against it and the officials. In the mar
ket itself the usual mirror of the ups
and downs of the finances, hardly a
good sized ripple was created. To be
sure, stocks went down, but Boston
brokers claimed that quotations here
New York. AS for coppers
which class of stocks are charged with
turning Boston topsy- turvy, they did
not slump away as predicted, their
weakness hardly touching the low
pllttu ciNS, anu bViIlS VII al "dNtIdSG
scarcely more noticeable than for weeks |
past
The Broadway National bank affairs |
would have been lost sight of for the !
time being had not the creditors of the |
Squire company, the fortunes of which |
are mingled with those of the bank, met |
to outline their plans and to form a COM
mittee Of action. Some demand for |
ready cash was made on the market |
here by Portland bank, on which
run was made, but it did not disturb
Tomorrow being a short day. and
naturally dull one, no further changes
Ire looked for, and the next influential
factor is expected to be contained in
Receiver Wings report on the Broad
way bank. For both the latter bank
md the Globe it is confidently said that
he crash will not be nearly as hard as
pictured and the outlook for creditors
s reassuring.
Receiver Wing and the clerks in the
bank continued at work on the banks
books until a late hour tonight, and
messages We're frequently exchanged
With Comptroller Dawes at Washing
bll. llG result Vi Lie udy 3 WpIh EeSlIl-
ID to indicate that the banks assets
would be nearly sufficient to pay the
lepositors in full, but the receiver saw
title hope of saving the capital or sur
illus of the bank.
Henry w, Williams Of the law firm
hat is acting as counsel for one of the
irms which is handling the general
pooling of the United States Mining
the shares of which company
involved the Globe bank, in an inter-
Jew tonight said; II do not think
hat there will be any big failures as a
esult of the banks troubles, as this
ction by the comptroller of the cur
ency had been anticipated for some
ime.'
lILA ON 4 Y0RII 4 NL. III II. u NL