Globe National Bank - Chicago, IL

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: 65d01622

Response Measures

None

Description

Article 1 (1897-04-20) refers to 'the suspended Globe National Bank' and discusses custodian/president C. W. Spalding and university bonds held as collateral for loans, suggesting bank-specific mismanagement. Article 2 (1898-12-18) (comptroller bulletin dated Dec. 12) lists 'Globe Natonal bank of Cheago, Ill.' under Liquidation (OCR errors corrected: 'Natonal'->'National', 'Cheago'->'Chicago'). No newspaper text describes a depositor run; sequence is suspension followed by liquidation/receivership, so classification is suspension_closure.

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 bonds; some were sold or held as collateral for loans to Spalding, indicating mismanagement and impaired assets leading to suspension.
Newspaper Excerpt: 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.
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. Liquidation.-The Pontiac National Bank... (comptroller bulletin dated December 12th).
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.