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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Dec 23, 1899
Page
6
The reading pastor presented the poem en titled The Landing of the Pilgrims. President Jesse Wiley presided. After prayer by Rev Oliver D Sgwall the six candidates for membership were presented and admitted to the club.
Report from the city center describes heavy foot traffic along Summer and Winter streets as thousands hunt bargains. Clerks cry cash as shoppers jostle for gifts while police monitor crossings at key avenues. Faneuil Hall markets show fevered activity with turkey and dressed fowl supplies highlighted by northern Vermont producers.
Democracia suspends publication under pro US control amid protests over press restrictions. The note cites provost marshal guidelines and censorship of cable despatches and critical editorials. The Manila Times faced warnings for charity boards and church fund rumors.
General Lawton's remains were placed in the Paco cemetery chapel this morning after private services at his residence. The funeral procession was led by his staff and escorted by Troop I of the military unit.
In recent years imports wane while Western fowl invoices are scarce as New York City handles most shipments. A family buyer dominated yesterday with a busy afternoon for light turkeys and green fittings. Today general buyers expect early entries to secure choice picks with fruit celery and table delicacies priced alongside turkeys and game at market close.
Yesterday's Christmas close in public schools featured seventy four kindergarten departments directed by Miss Laura Fisher with 132 assistants. The program included beautiful trees and each child received a small gift and card.
Public services for the Fourth Cavalry will be held at a later date. Details remain undisclosed as organizers prepare the memorial events.
Treasurers circular at Fall River announces employee profit sharing through a new mill project. Employees may buy notes or debentures totaling 900,000 with a guaranteed 6 percent income for five years payable semi annually from June 15, 1990. Denominations range 50 to 1000. Dividends on wages 313 percent dated June 12, 1899, to December 9, 18%.
A Boston bank emergency reveals long brewing trouble at Globe National Bank. Directors faced with insufficient assets, a failed large loan, and mounting depositor demands. Clearing House aid prevented collapse, but losses raise questions about management and future of the bank and related firms.
Creditors of the Squire company voted to continue H W Chaplin as assignee and named a general committee from major banks to assist in regulating affairs. They will convene another meeting after a concise assets and liabilities statement for the twenty two concerns is prepared. About 150 bankers attended and 2000 creditors were notified.
President Stearns cites speculation by Mr. Cole and others as a factor in the failure. The Shawmut National offered support, saying it acted to aid the community and prevent distress that might have followed the Globe’s collapse.
The Boston Financial News reports calls to bring back Charles H. Cole former Globe National Bank president and associates to explain the bank’s collapse. Bancal officials and financiers urge inquiries into “inside affairs” as the bank’s doors were closed by the currency supervisor.
The bank faces liquidation as depositors withdraw their funds. New facts arise that deposits records may have understated actual cash and the loan total appeared unexpectedly high. Authorities urge Mr. Cole to return to hasten proceedings.
An executive officer of the Globe National Bank discussed the bank’s future amid copper stock declines. He noted copper shares have fallen over the past five to six weeks.
The article notes the firm faces insurmountable hurdles and that Broadway National Bank cannot aid a bank with $200,000 capital holding paper valued at $600,000 against a bankrupt corporation.
Assignee H. W. Chaplin stated that Squire caption work is advancing and the estate is $30,000 ahead as creditors may grant more time and expect the business running in two or three weeks. A firm member noted an overdrawn Globe bank account of 525000 and discusses funds moved to New York for exchanges.
Horace Stevens, president of the Globe National Bank, told reporters at his Beacon Street home that there is no Globe bank. He declined to discuss the matter further, saying the receiver should furnish information and asking to be left alone.
Shawmut National Bank and other Boston banks offered to advance 50 percent of Globe National Bank deposits upon presentation of Receiver Wing certificates. Depositors rushed to obtain certificates as three million five hundred thousand dollars moved in a week, while the clearing house sought more funds to cover the bank’s credit blow and failed quick assets.
Mayor-elect Hart aims to publish an inaugural address based on a decade of observation. He reviews unpaid commissions seeking retention, plans regional city hall departments, and intends to reorganize to remove politics from staffing while balancing Republican and occasional Democrat appointees. He also plans faster transit and stronger bridges.
City officials reveal a $79,998.14 Globe Bank deposit before aid arrived from Boston Clearing House. Of this, $2164.07 belonged to sidewalk assessment, with a large sinking fund deposit also in the bank. Treasurer Turner earns $700 as sinking fund treasurer. Charles H. Cole Jr recently resigned as sinking fund chairman. Nathaniel J. Rust succeeds as chairman, with the vacancy still open.
Principal Globe National Bank holders include Massachusetts Mutual Life Insurance and New England Mutual Life, with 56 40 000 shares valued across the two firms. Peter A B Widener plans a $2 000 000 home hospital and school for troubled children near Philadelphia, funded from his wealth.
A rumor of insolvency triggered a deposit run at Portland Savings Bank, but officials reassured customers and set a rule for notices on large sums. About $125,000 was paid out. the bank is said to hold a surplus around $1.25 million in government securities. State Bank Examiner Timberlake attributed the panic to Woodbury & Moulton’s failure, noting collateral remains strong and the bank’s condition is unchanged.
Berlin reports a gradual change in German public sentiment toward the South Africa war led by press influence. The Cologne Gazette argues for neutrality and keeping England's goodwill. Berliner Post and Kreuz Zeitung publish pro Anglophile lines amid government effort to sway opinion.
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