7911. Globe Bank (Boston, MA)

Bank Information

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

Metadata

Model
gpt-5-mini
Short Digest
52fbe7f8

Response Measures

None

Description

Articles describe Comptroller Dawes sending an inspector (Daniel Wing) to Boston, closing the Globe Bank and having a receiver appointed. No explicit run is described; the bank is placed in receivership (closure) by government action rather than depositor runs. Date of original action not given in these clippings.

Events (3)

1. * Other
Newspaper Excerpt
The Boston clearing house did put up $3,500,000, and Edward A. Clarke and Wm. Coolidge ... put up $1,000,000 to cover any shrinkage ... Dawes refused to let the Boston financiers save the bank. Daniel Wing, whom Dawes sent to Boston to protect the public by closing the Globe Bank, and who helped to put the copper stocks in the way of Standard Oil, became president of the First National Bank in Boston. Dawes ... had been audited the $7,000,000 campaign fund ... Dawes sent to Boston and had a receiver appointed. (continued references describing seizure of copper shares and political context.)
Source
newspapers
2. * Receivership
Newspaper Excerpt
He sent inspector Daniel Wing to Boston and had a receiver appointed.
Source
newspapers
3. * Suspension
Cause
Government Action
Cause Details
Comptroller Dawes sent an inspector and arranged for a receiver to be appointed, closing the Globe Bank by official action.
Newspaper Excerpt
He sent inspector Daniel Wing to Boston and had a receiver appointed.
Source
newspapers

Newspaper Articles (3)

Article from The Daily Worker, September 5, 1924

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Article Text

# HIT BANK DEAL OF CAL'S MATE (Continued from page 1) ary of the treasury, had been audited the $7,000,000 campaign fund ent of the First National Bank spent by Mark Hanna in electing Mc- cago-a Standard Oil concern- Kinley in 1896. Nobody ever found age and Dawes knew how big a out what became of some $3,000,000 was involved in the possession of that money, altho it was used in the Globe Bank's copper shares. final stages of the fight. Dawes was ling to the Boston press of that acquainted with the secrets of that gi- Standard Oil came in with gantic effort of money to retain its 1000 and absorbed the copper hold on the government. The bosses which were thrown upon the trusted him. in Boston. These shares gave It was becauese he was a brother to ockefellers a majority voting the real bosses that he lent $1,200,000 1 of the copper companies which to the "Blond Boss," Billy Lorimer, at are consolidated in the Ana- a later period, so that Lorimer could pass inspection of his own bank. The n Dawes retired from the comp- inspector asked Lorimer to show his ship, he attempted to run for money; Lorimer flashed a certified or mate from Illinois, but was un- cashier's check on Dawes' bank for - gather a following. In disgust $1,200,000, which was what Lorimer olitics, he organized the Central had to own. The inspector went to Company in Chicago, with Dawes' bank and was shown the ready 0 subscribed. Within a few cash, which he was assured was held fter he began business the older for payment of that check. Then the in Chicago learned that the check was torn up, and when after- rd Oil Company of Indiana had ward the Lorimer bank blew up, and Led $5,000,000 with Dawes-and 4,000 depositors found themselves the money remained year after robbed, hand-picked judges on the Il- s a nest egg for the fortune linois bench decided there was no es- the bank accumulated for its cape for Dawes-he must make good. Ler. It took ten years for the court of last resort to hand down its verdict against Lel Wing, whom Dawes sent to Dawes. This happened on the very to "protect" the public by clos- day of his nomination for the vice- e Globe Bank, and who helped presidency of the United States as the the copper stocks in the way worthy running mate of Cal Coolidge. ndard Oil, became president of rst National Bank in Boston. Was Hanna-Lorimer Aide. Let Silence Reign. It is on this record that Dawes course it is not to be assumed stands when he invites the nation to was solely because of the Bos- "uphold American institutions and cident that Dawes became a fa- safeguard the Constitution." And the of the money gods. He had "strong, silent man" in the White ed earlier, and he proved his House will be very silent indeed upon e on numerous occasions after this same record.


Article from The Daily Worker, September 5, 1924

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Article Text

(Continued from page 1) secretary of the treasury, had been president of the First National Bank in Chicago—a Standard Oil concern—and Gage and Dawes knew how big a prize was involved in the possession of the Globe Bank's copper shares. According to the Boston press of that time, Standard Oil came in with $3,000,000 and absorbed the copper shares which were thrown upon the market in Boston. These shares gave the Rockefellers a majority voting control of the copper companies which now are consolidated in the Anaconda. When Dawes retired from the comptrollership, he attempted to run for the senate from Illinois, but was unable to gather a following. In disgust with politics, he organized the Central Trust Company in Chicago, with $400,000 subscribed. Within a few days after he began business the older banks in Chicago learned that the Standard Oil Company of Indiana had deposited $5,000,000 with Dawes—and there the money remained year after year as a nest egg for the fortune which the bank accumulated for its promoter. Daniel Wing, whom Dawes sent to Boston to "protect" the public by closing the Globe Bank, and who helped to put the copper stocks in the way of Standard Oil, became president of the First National Bank in Boston. ### Was Hanna-Lorimer Aide. Of course it is not to be assumed that it was solely because of the Boston incident that Dawes became a favorite of the money gods. He had qualified earlier, and he proved his calibre on numerous occasions after-


Article from Newark Leader, September 12, 1924

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Article Text

been visited by a committee of Boston financiers who had heard of his intention, and had offered to put many millions behind the institution. The Boston clearing house did put up $3,500,000, and Edward A. Clarke and Wm. Coolidge, associates of Cole, put up $1,000,000 to cover any shrinkage in the value of the copper stocks which the bank had been buying. Dawes refused to let the Boston financiers save the bank. He sent inspector Daniel Wing to Boston and had a receiver appointed. Dawes' chief, Lyman J. Gage, secretary of the treasury, had been president of the First National bank in Chicago-a Standard Oil concernand Gage and Dawes knew how big a prize was involved in the possession of the Globe bank's copper shares. According to the Boston press of that time, Standard Oil came in with $3,000,000 and absorbed the copper shares which were thrown upon the market in Boston. These shares gave the Rockefellers a majority voting control of the copper companies which now are consolidated in the Anaconda. When Dawes retired from the controllership, he attempted to run for the senate from Illinois, but was unable to gather a following. In dis-