7909. Globe Bank (Boston, MA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
November 21, 1901
Location
Boston, Massachusetts (42.358, -71.060)

Metadata

Model
gpt-5-mini
Short Digest
f4b15967

Response Measures

None

Description

Articles (Nov 21–22, 1901) report that Globe Bank is in the hands of Receiver Wing and directors paid $240,000 to settle claims; receiver is paying dividends (90% distributed) — indicating the bank was placed in receivership (closed) and is being wound up. No article describes a depositor run prior to suspension; therefore classified as suspension_closure.

Events (2)
1. November 21, 1901 Other
Newspaper Excerpt
This payment will place Mr. Wing in a position to pay another dividend of 10 per cent.. or $250,000. The comptroller will probably authorize the payment of the dividend immediately. This 10 per cent. will make a total of 90 per cent. already paid
Source
newspapers
2. November 21, 1901 Receivership
Newspaper Excerpt
An important step toward the settlement of the Globe bank affairs was accomplished to-day when six directors of the bank paid to Receiver Wing $240,000 in cash in full settlement of the claims that the bank held against them.
Source
newspapers

Newspaper Articles (3)
1. November 22, 1901 The Daily Morning Journal and Courier New Haven, CT
Article from The Daily Morning Journal and Courier, November 22, 1901

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Article Text

$240,000 IN CASH PAID. Depositors of Globe Bank of Boston Assured of Full Payment. Boston, Nov. 21. - An important step toward the settlement of the Globe bank affairs was accomplished to-day when six directors of the bank paid to Receiver Wing $240,000 in cash in full settlement of the claims that the bank held against them. This payment will place Mr. Wing in a position to pay another dividend of 10 per cent.. or $250,000. The comptroller will probably authorize the payment of the dividend immediately. This 10 per cent. will make a total of 90 per cent. already paid, and the remaining assets will yet be sufficient to pay the depositors in full and give the stockholders a dividend.

2. November 22, 1901 New-York Tribune New York, NY
Article from New-York Tribune, November 22, 1901

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Article Text

GLOBE BANK DIRECTORS PAY. RETURN OF $240,000 MAKES POSSIBLE ANOTHER DIVIDEND-NINETY PER CENT DISTRIBUTED. [BY TELEGRAPH TO THE TRIBUNE.] Boston, Nov. 21.-A step in the settlement of the Globe Bank's affairs was taken to-day when six directors paid to Receiver Wing $240,000 to meet the claims against them. One of the discoveries the receiver made was that the bank had made excessive loans to directors in violation of national banking laws. Through skillful negotiation he effected the result described without being compelled to bring a suit. Mr. Wing can now pay a 10 per cent dividend. making a total of 90 per cent distributed to stockholders.

3. November 22, 1901 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, November 22, 1901

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Article Text

To Better Globe Bank Affairs. Boston, Nov. 22.--An important step toward the betterment of the Globe bank affairs has been accomplished, said directors of the bank paying over to Receiver Wing $240,000 in cash in full settlement of the claims the bank held against them. This payment will place Mr. Wing in a position to pay another dividend of ten per cent, or $250,000. The comptroller will probably authorize the payment of the dividend immediately. This ten per cent will make a total of 90 per cent already paid and the remaining assets, it Is expected, will yield sufficient to pay the depositors in full and give the stockholders a dividend.