Rensselaer Semi-Weekly Republican, Volume 21, Number 28, Rensselaer, Jasper County, 29 December 1899 — RUINED BY MINING STOCK. [ARTICLE]

RUINED BY MINING STOCK.

Globe National Bank of Boston Closed by Comptroller Dawes. The strenuous efforts to save the Globe National Bank of Boston failed. Friday morning its doors were closed and Special Bank Examiner Daniel G. Wing, at the request of Comptroller Dawes, took charge of the company’s affairs. The bank has deposits of over $8,000,000, and its total liabilities are more than $lO,000,000. The bank officials say they do not think the depositors will lose a dollar, and that the bnlk of the losses recently sustained by the bank will fall on the stockholders. It was the troubles of the Globe that caused the Squire and Broadway failures. The difficulties originated some time since, when Charles H. Cole, then president, associated himself with T. A. Clark and W. A. Coolidge for the purpose of floating what is known as the “Three C” group of mining stocks. Of this group United States Mining and United States Oil were the principal properties. On these stocks vast sums were loaned, and early in the fall the crisis was reported when the bank examiner called a halt. That official seriously questioned the value of the mining and other stock upon which heavy sums had been loaned, and for a time it looked as though he would take possession of the property as receiver at once. Several days ago the clearing house of Boston advanced $3,500,000 to assist the Globe bank in its difficulties, all but about $200,000 having been paid in cash before the close of Thursday. depositors the institution should, he pine-