Globe National Bank (Chicago, IL)

View Charter #4489 on SPMC View balance sheet

Episode Information

Episode UID
448901168
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
44890 national
Charter Number
4489
Start Date
April 14, 1897
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
569171f55b2f83a8

Response Measures

None

Description

OCR errors in Article 4 (Natonal, Cheago) corrected.

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, treasurer of the university, had bonds held by the bank as collateral and some sold outright, indicating mismanagement/insolvency leading to suspension.
Newspaper Excerpt
the suspended Globe National Bank
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.
Source
newspapers

Newspaper Articles (4)
1. December 23, 1896 The News & Observer Raleigh, NC
Article from The News & Observer, December 23, 1896

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Article Text

STOCKS. To-day's stock market was a small, narrow and sensitive affair, showing no decided tendency in either direction, with the business almost wholly local and largely of a professional character. During the first hour's business prices were sustained at about last night's range on some bull movement in Sugar, Chicago Gas andBurlington, but as this demand soon subsided, and it was seen that commission business was practically dull, with no substantial support from the large outside moneyed interests, the bear traders resumed their raiding tactics. Covering shorts later by smaller dealers, and the declaration of the Vanderbilt regular dividends on Lake Shore, New York Central and Michigan Central led to a slight rally toward noon, but the market again eased off upon the Canada Southern dividend being reduced from 11/4 to 1 per cent. Less favorable Chicago advices, with all the savings banks there compelled to fall on the sixty days' notice rule to all depositors desirous of drawing more than $100, on account of small runs on all of them from yesterday's bank troubles, and on the failure this morning of the bank of Minnesota at St. Paul, which was the largest and the oldest bank there. The whole list receded under renewed liquidation and short selling, and closed irregular and heavy with a decline extending 1 to 2 per cent. ,with the latter in Manhattan, C. S., J. C. and D. H., Manhattan's weakness was due to renewed liquidation and bear pressure, C. S., on reduced dividend, C. H., on liquidation of rumors of an impending reduction in its annual dividend from 7to 6 per cent. C. J. declined 1½ per cent, in sympathy with the weak D. H., and Readi g one per cent. The Grangers were affected by Chicago liquidation on the nervousness there, and at St. Paul, over the financial situation. Tobacco was manipulated, and advanced 2 per cent., by brokers who usually act for insiders. Nothing was done on the Cuban resolutions in the Senate, which adjourned over until January 5th, when the debate on the question will be resumed. E B CUTHBERT & CO

2. January 4, 1897 The Atlanta Constitution Atlanta, GA
Article from The Atlanta Constitution, January 4, 1897

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Article Text

ASKING THE EAST TO HELP THEM Chicago Banks Call for Money to Tide Them Ove the Trouble. Washington, January 3.-(Special.)-The situation relative to the banks in Chicago and other of the western cities is being considered by Comptroller Eckels and others of the treasury department. The condition of western banks is far more serious than is generally imagined by the public. The recent failures in Chicago and St. Paul have, according to the treasury authority, placed western finances in a tottering condition. For the past three days the Chicago banks have been telegraphing to New York, Philadelphia, Baltimore and Washington banks for assistance. So far it is not believed by the treasury officials that satisfactory responses have been made in the east, therefore greater trouble is feared, and unless all the western banks go to each other's support it is argued there may be a general western bank panic. Comptroller Eckels said tonight that he had no fear of the southern banks, as few, If any, had any great interchange of business with the Chicago concerns, but the seat of apprehension lay exclusively at Chicago and points west of there. Mr. Eckels is, in truth, apprehensive, and while doing all within his power to avert a break in the west, he is not without fear that

3. 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.

4. 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.