11940. Globe Savings Bank (Omaha, NE)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
June 2, 1896
Location
Omaha, Nebraska (41.259, -95.938)

Metadata

Model
gpt-5-mini
Short Digest
96b6c02c45488e86

Response Measures

None

Description

Articles describe Globe Savings Bank suspending operations in June 1896 and depositors losing their funds due to misconduct by officer Cadet Taylor. No explicit contemporaneous run is described; the bank suspended and appears to have failed permanently. Date of suspension inferred from text: the depositor's last payment was June 12, 1896, 'ten days after the Globe Savings bank ... had suspended,' implying suspension around 1896-06-02. OCR corrected minor spacing/capitalization in quoted fragments.

Events (2)

1. June 2, 1896 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Misconduct/confidence game by officer Cadet Taylor and involvement of bank funds in other failed concerns leading to insolvency; depositors were unable to recover savings and a bond given did not make them whole.
Newspaper Excerpt
ten days after the Globe Savings bank. of which Taylor was vice president, had suspended.
Source
newspapers
2. November 1, 1902 Other
Newspaper Excerpt
When the bank suspended operations there were upon its books a number of old soldiers, servant girls and laborers who had deposited their savings of years in the institution. They were made to suffer for their confidence in Taylor and his associates, and, while a bond was given by Taylor and his friends for the payment of claims against the bank, the depositors lost everything. Mercer was aware of the facts in the case. (1902 article reflecting on the 1896 suspension.)
Source
newspapers

Newspaper Articles (2)

Article from Omaha Daily Bee, December 10, 1899

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Article Text

the party. I say the only way for republicans to win victories is to keep clean, give all men fair play and deal honestly with the people." "My thanks are due to the democrate who voted for me two years ago as well as to the many republicans and this year I expect again to be able to make my acknowledgments to hundreds of friends, regardless of politics, for their support." "If you believe that Third warders and such unfair and demoralizing political methods should be banished from our midst and that an honest endeavor to serve your interests and not these of corporations during one term should be rewarded by a second according to custom, be kind enough to look for my name as a petition candidate and place an X after it on the official ballot." On SeptemBer 26, 1896, in the midst of the presidential campaign Cadet Taylor issued a circular letter of which I have an original in my possession. This letter contains the following: "Knowing that the burden of taxation falls upon the owners of small homes, it has been my constant and steady purpose to labor for the reduction of expense and practice of economy in all departments." "Every vote cast by your representative has been in the direction of a fair and conservative policy in city affairs." But the citizens of the Eighth ward did not see it in that light. They knew his record as a financier and public officer. And this is the man whose tender conscience smote him when he was asked to vote for Reese and Bryant and Burmester. Here is an affidavit that shows what an honest man Cadet Taylor is: State of Nebraska, SS: OMAHA, Neb., February 27, 1898. M. Wulpi deposed and says that he is, and has been for the last six years, a resident of Douglas county, in the state of Nebraska. That he came to Omaha in 1893 and located near the Second Presbyterian church of Omaha ID which Cadet Taylor was at that time a trustee and superintendent of the Sunday school. He attended the said church and there met Taylor, who asked him to take stock in the Mechanics' Savings, Loan and Building association, of which Taylor was secretary. Trusting in Taylor's assurance that the stock was all right he took five shares of stock of the face value of $200 each, for which he now holds a certificate dated December 18, 1894, He made nineteen payments of $7.50 each on this stock, the last payment being made June 12, 1896. or ten days after the Globe Savings bank. of which Taylor was vice president, had suspended. He has at no time been able to secure a cent of the money thus paid in nor has he been able to secure an accounting from Taylor. After an ineffectual effort in this direction he wrote to A. W. Clark, president, C. B. Horton, vice president, and N. B. Bairden, director of said Mechanics' Loan and Building association, and each and every one of them assured him that they had no connection with the organization and knew nothing of its affairs. In reply to repeated inquiries Taylor said that the money of the association was involved in the suspended Globe Savings bank and that no account-


Article from Omaha Daily Bee, November 1, 1902

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Article Text

Said a resident of the Sixth ward, an old soldier, yesterday: "The Bee has been pounding away at Mercer for some weeks, but it has not touched upon one phase of the matter which appeals to many people of Omaha. It has not so far referred to the fact that he as much as any other man is responsible for the appointment of Cadet Taylor as surveyor of the port of Omaha. As an officer in the Globe Savings bank Taylor had worked a confidence game upon a large number of Omaha people. When the bank suspended operations there were upon its books a number of old soldiers, servant girls and laborers who had deposited their savings of years in the institution. They were made to suffer for their confidence in Taylor and his associates, and, while a bond was given by Taylor and his friends for the payment of claims against the bank, the depositors lost everything. Mercer was aware of the facts in the case. At that time he was in Washington and if he had laid the facts of the case before the president Taylor would have never been appointed to the office. If he had presented the facts to the senate committee Taylor would never have been confirmed. He failed to do either. The fellow that pulled the strings on Mercer was Tom Blackburn, his political manager, who was the attorney for Devries, the president of the concern which was wrecked and the side partner of Taylor in his questionable banking methods."