3860. Globe National Bank (Chicago, IL)

View Charter #4489 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
4489
Charter Number
4489
Start Date
April 14, 1897
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini
Short Digest
06a19c5b19215bd9

Response Measures

None

Description

Article 1 (Apr 14, 1897) refers to 'the suspended Globe National Bank' and links its president C. W. Spalding to custody/loans of University of Illinois bonds, indicating bank-specific adverse problems. Article 2 (Dec 1898 bulletin) lists 'Globe Natonal bank of Cheago, Ill.' under Liquidation — OCR errors corrected to 'Globe National Bank of Chicago, Ill.' Sequence: suspension (by April 1897) followed by liquidation/receivership by Dec 1898, so classified as suspension_closure. No explicit contemporaneous run is mentioned in the articles.

Events (4)
1. December 20, 1890 Chartered
Source
historical_nic
2. April 14, 1897 Suspension
Cause
Bank Specific Adverse Info
Cause Details
President C. W. Spalding held University of Illinois bonds in the bank vaults and some were held as collateral for loans made to Spalding, indicating mismanagement/possible misuse of endowment assets and insolvency concerns.
Newspaper Excerpt
C. W. Spalding, president of the suspended Globe National Bank, as treasurer of the university, was the custodian.
Source
newspapers
3. December 6, 1898 Voluntary Liquidation
Source
historical_nic
4. December 12, 1898 Receivership
Newspaper Excerpt
Liquidation.-... The Globe Natonal bank of Cheago, Ill. (listed under Liquidation in Comptroller's bulletin dated December 12, 1898.)
Source
newspapers

Newspaper Articles (2)
1. April 20, 1897 Decorah Public Opinion Decorah, IA
Article from Decorah Public Opinion, April 20, 1897

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Article Text

University of Illinois Bonds. Chicago, April 14.-The First National Bank has in its vaults a large number of bonds which form the endowment fund of the University of Illinois, and of which C. W. Spalding, president of the suspended Globe National Bank, as treasurer of the university, was the custodian. Some of these were sold outright to the bank; others are held as collateral for loans made to Spalding. It was stated yesterday that the holdings of the bank amounted to $200,000, almost half the endowment fund of the university. Vice President Forgan declined to go into details as to the amount, but said it was less than $200,000. Another national bank is said to hold others of the bonds.

2. December 18, 1898 The Herald Los Angeles, CA
Article from The Herald, December 18, 1898

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Article Text

National Bank Changes According to the latest bulletin of the comptroller of the currency, of date December 12th, the following changes have taken place: National Banks Organized.-The Calcasieu National bank of Lake Charles, Louisiana; capital, $100,000. H. C. Drew, president; Frank Roberts, cashier. (Date of certificate, December 6, 1898.) The National Hamilton bank of Boston, Mass.; capital, $500,000. Henry G. Denny, president; Geo. H. Davenport, cashier. (Date of certificate, December 7, 1898. ) Applications to Organize National Banks Approved.-The Western National bank of Oklahoma City, Oklahoma territory, with a capital of $50,000, by the following persons: M. L. Turner, Guthrie, Oklahoma; A.L. Frick and others. The Citizens' National bank of Springfield, Ohio, with a capital of $100,000, by the following persons: Edward S. Buckwalter, Springfield, Ohio; John L. Zimmerman, Charles S. Kay and others. Liquidation.-The Pontiac National Bank, Pontiac, Mich. The Farmers and Merchants' National bank of Hickman, Ky. The Globe Natonal bank of Cheago, Ill. Insolvent/The First National bank of Flushing, Ohio; Henry M. Davies appointed receiver in place of James W. De Lay. The City National bank of Greenville, Mich.; Thomas A. E. Weadock appointed receiver.