7914. Globe National Bank (Boston, MA)

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: national
Bank ID: 936
Charter Number: 936
Start Date: December 14, 1899
Location: Boston, Massachusetts (42.358, -71.060)

Metadata

Model: gpt-5-mini
Short Digest: 43337b1c

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Full suspension, Books examined

Description

Newspapers report heavy withdrawals and uneasiness in mid-December 1899, clearing house issued $3,500,000 certificates to assist the bank, but Comptroller Dawes appointed a receiver (Daniel G. Wing) Dec 21–22, 1899. Cause was bank-specific adverse information (overloans/ speculative losses in copper and related firms tied to former president Charles H. Cole). Bank did not reopen; placed in receivership and subsequently liquidated/handled by receiver.

Events (3)

1. December 14, 1899 Run

Cause: Bank Specific Adverse Info
Cause Details: Heavy losses and overloans tied to speculative investments in copper and oil securities and connections to Charles H. Cole and related firms; sharp declines in those stocks triggered large withdrawals.
Measures: Boston Clearing House issued $3,500,000 in special clearing house certificates to the Globe; clearing house/other banks advanced funds; some correspondent banks offered advances to depositors (e.g., National Shawmut Bank advanced 50%).
Newspaper Excerpt: At the beginning of business on State street this morning rumor was current intimating trouble at the Globe Bank... withdrawals from the bank have been exceedingly heavy, amounting, it is said, to over $2,000,000 in deposits.
Source: newspapers

2. December 21, 1899 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Comptroller found condition of insolvency due to depreciated securities, overloans and bad mining/copper exposures; clearing house assistance proved insufficient and controller closed the bank to protect unsecured creditors.
Newspaper Excerpt: Controller Dawes this evening appointed Special Examiner Daniel G. Wing temporary receiver of the Globe National Bank of Boston.
Source: newspapers

3. December 22, 1899 Receivership

Newspaper Excerpt: The Globe National Bank... went into the hands of a receiver... Receiver Wing and President H. H. Stevens of the Globe Bank declined to say anything about the situation to-day. ... the Globe National bank, which yesterday went into the hands of a receiver, and later Daniel G. Wing was made permanent receiver (reported Jan 1900).
Source: newspapers

Newspaper Articles (24)

1. December 15, 1899 Daily Inter Mountain Butte, MT

Article from Daily Inter Mountain, December 15, 1899

Click image to open full size in new tab

Article Text

Was Rescued by the Boston Clearing House. IT HELD COPPER STOCK Which Has Been Steadily Going Down the Past Few Weeks-Blocks of Boston and Montana Thrown on the Market by the Bank. Boston, Dec. 14.-At a meeting of the Boston clearing house, representing the national banks of this city, today it was voted to issue $3,500,000 in special clearing house certificates to enable the Globe National bank to tide over the difficulties in its finances, which have existed for some time. It is announced at the clearing house that the bank will thereby be able to continue without further trouble. The finances of the institution have been in an unsatisfactory condition, owing to unprofitable investments in oils and mining securities. The trouble first came to the surface early in November, when President Charles H. Cole resigned his position. For several weeks his successor, H. H. Stevens, and his assistants have been endeavoring to place the bank on firmer basis. It was found, however, that large amounts of certain securities

2. December 15, 1899 The Sun New York, NY

Click image to open full size in new tab

Article Text

anuz eu 'DACT "SSRIN 'NOLSOG e Clearing House management saved Boston financial panic by to-day authorizing the learing House Committee to make to the lobe National Bank a special. issue of 3,500,000 in Clearing House certificates. Had ot this action been taken promptly nearly 3,000,000 of deposits would have been tied up id a number of firms and individuals would ave suffered severely. At the beginning : business on State street this morning rumor was current intimating trouble at the lobe Bank. It had been known generally at the interests of the former president, harles H. Cole. in various mining and similar ompanies. had been regarded with disfavor d it was hoped that with his retirement from e presidency. which occurred several weeks to. the bank would be able to carry on its isiness without any trouble resulting from 4 connection with these companies. The sharp decline not only in the shares luded to, but in those of other mining mpanies identified with the name of A. S. gelow. a director of the Globe Bank and resident of the Boston and Montana. Tamack and Osceola companies, added to the easiness. The United States Oil Company cently declared a dividend of $1.25 a share. ing an increase of quarterly payments t in the face of this the stock. eclined sharply. This morning Boston and ontana stock dropped $25 to $2.50. hile United States Oil. which closed yestery at $34. sold to-day at $25. The general arket is extremely weak in Boston. and hile this largely might be explained as a mpathetic decline with New York. based on e continued British reverses in South Africa t the particular weakness in the various ares which have been associated in the pub: mind with the Globe Bank gave some basis - the uneasiness over the bank's position. President Horace H. Stevens of the bank deared that there would be no trouble. that the nk is solvent and will continue 80 and intiate di that all necessary assistance had been would be supplied. However, a meeting of -'8$ pun pley SEAL each Roston . 0.000 given to the Globe in the form of ecial Clearing House certificates to tide it er. Mr. Stevens is emphatic in his declaration d other bank men. bankers. depositors and ockholders are equally positive. The over eculation and over-booming was checked by zht money in this market. as well as in New ork. but it is believed that the sharp liquidation of late pretty well cleared the air. that e worst is over and no serious results are ared. There was nothing resembling a run. usiness went on in the usual manner until e close of banking hours. The vote taken by the Clearing House manrement was as follows: Voted that the Clearing House Committee , authorized and directed to make a special sue of $3,500,000 of Clearing House certifltes. or any part thereof to the Globe National ank. bearing interest at the rate of 7 3-10 r cent. against a pledge of such assets of e Globe National Bank as may be deemed st by the committee. and that all the banks the Clearing House agree to share and share ike in proportion to capital and surplus in y loss which may result therefrom A banking official. in discussing this move. id: "There can be no possible doubt ofthe sdom of the Clearing House management taking this step. The tying up of about ,000. of deposits would be a very serious ing in this city. and might even result in a nic. The granting of the certificates reoves this danger and doubtless creates a irit of thanksgiving in the heart of many & an. By to-day's vote the assets of the Globe ank will be turned over to the Clearing buse. It is improbable that any loss 11 be incurred by the banks conrring in that method. but their course as-qns eq 111 AM " 8501 " M1 there 11 1841 sn $9.1 vided among so many that the share of each 11 be insignificant.

3. December 22, 1899 The Morning News Savannah, GA

Article from The Morning News, December 22, 1899

Click image to open full size in new tab

Article Text

RECEIVER FOR GLOBE BANK. STOCKHOLDERS LIKELY TO BE THE ONLY LOSERS. Bank's Total Assets Are More Than $10,000,000-Receiver Appointed for Protection of the Unsecured Creditors-Flurry in the Copper Market Brought About Its Failure. Efforts Will Be Made to Avert " Panis, But Another Flurry May Come. Washington, Dec. 21.-Controlier Dawes this evening appointed Special Examiner Daniel G. Wing temporary receiver of the Globe National Bank of Boston. The bank's resources are as follows: Loans and discounts, $5,573,104; United States bonds to secure circulation, $1,000.000; United States bonds to secure United States deposits, $190,000; premiums on bonds, $139,350; stock and securities, $1,092. 202; cash on hand and due from banks, $2.533,297 Total, $10,529,953. Controller Dawes, in explanation of his action, said: "In view of the fact that to allow the bank to remain open longer will result in injustice to unsecured creditors, now that the condition of insolvency is found to exist, it becomes my duty under the law to appoint a receiver. A considerable cash dividend can be paid to creditors at once, "The condition of the bank was discovered by Special Examiner Wing in time to secure such action on the part of the directors as will probably prevent the failure from inflicting heavy losses upon the depositors, but the directors and stockholders will lose heavily. In Difficulty for Months. The bank has been in difficulty for some months, in fact ever since the resignation of Charles Cole, for many years its president. Mr. Cole's retirement caused a sensation at the time, for it was known that he was heavily interested in the copper combination known as the United States Mining Company One of the directors, H. H. Stevens, was elected to fill the position of president, and since then has done everything possible to keep the bank from going under. Every known method was adopted to keep up the tone of the market in copper shares, and it was expected that the bank would gradually be able to realize on a greater part of loans on those stocks without loss. The tight money market, coup led with the great decline in all stocks, however, carried down the coppers, and last Thursday the bank was forced to call upon the clearing house for assistance. After a consultation the clearing house came to the rescue, and issued $3,500,000 in certificates, to enable the Globe to meet its indebtedness to the other banks. The action of the clearing house was generally regarded as timely, although there was much surprise, when, two days later, the clearing house refused to rescue the Broadway Bank from the hands of a receiver. On Monday came the failure of the brokerage firm that financed the mining company, but as no other firm followed, and as the Globe Bank gave no intimation of succumbing through the bad fall in copper stocks, confidence in the situation seemed in a fair way of being restored. The slumps in the New York market on no reverse in this was an Tuesday city, and brought this material regarded almost additional guarantee that the crisis here had passed. May Be More Trouble. Whether the old wound will be opened again to-morrow remains to be seen, but it is known that every effort will be made on the part of the strong financial institutions to avert a panic. Upon their success depends the status of many brokerage houses which have been carrying over Christmas heavy blocks of copper stocks. A few of those houses have already attempted to protect themselves, and attachments have been filed against the promoters of the United States Mining Company, Charles H. Cole, late president of the Globe Bank, William H. Coolidge and Edward C. Clark, The action of the controller in waiting a reasonable time for the guaranty to be made good regarding the bad assets of the bank, is geneally acknowledged to have been very generous, and indicated a desire to assist as much as possible, and it is generally agreed that if the bank had been closed last week a severe panic would have resulted, which would have undoubtedly carried down its stocks and wrecked many strong institutions, During the past week the withdrawals from the bank have been exceedingly heavy, amounting, it is said, to over $2. 000,000 in deposits. It was stated that the closing of the institution could not af fect any great number of individual depositors. A flurry in copper stocks is anticipated at the opening of the Stock Exchange tomorrow. 1

4. December 23, 1899 The Portland Daily Press Portland, ME

Article from The Portland Daily Press, December 23, 1899

Click image to open full size in new tab

Article Text

$3,000,000Loaned Bank by Clearing House. Depositors Will Get Nearly All Due Them. Boston, December 22-Another day of onreat in Boston's financial circles went by without incidents of a startling nature and once more the public was shown how well supported the Institutions of this city can be mada by concerted effort. The receivership for the Globe national bank took nearly every banker and broker by surprise and before business In the money market began, forebodings were dire. But prophesying and fears were not realized for the situation tonight was conservatively considered, as good If not slightly better than at any time for a fortnight. Not a failure was announced when the stock exchange was closed and best of all, money seemed easy. The key of the whole situation 18 believed to be in the action of the clearing house association in issuing $8,500,000 worth of certificates for temporary relief. From this amount, it is understood the Globe bank received $3,000,000 in cash. Yesterday it is currently relorted the clearing house committee deolined to give the Globe tank further assistance, and to this fact is attributed the quiek appointment of a receiver. There is some interest in the value of the $4,500,000 worth of collateral turned over to the clearing house by the Globe bank, and whether the latter's failure has impaired that value. The loan of the $8,000,000 to the Globe bank relieved the financial tension on numerous brokers and bankers. Firms that had thousands on deposit, when the Globe bank first showed evidence of trouble, have since withdrawn their account and the modey paid out came from that clearing house loan. The bank paid out from its deposits during the past month $2,042,000. On May 6. the amount in the bank reached $10,175.000 and the average for months was between eight and nine millions up to the time of the recent troubles. Three-fourths of the banks stook, or $750,000, is held by Massachusetts savings banks, all of which are good for the 100 per cent liability imposed by law upon individual stockholders. When early would-be customers appeared at the Globe bank, they found Redelver Wing in charge and the clerks at their accustomed places. There was no excitement for a time, but AS business on the street grew to its height, the bank was the center of attraction and many harsh words were said against it and the officials. In the market itself, the mirror a of ups and downs of finances, hardly good sized ripple was created. As for coppers, which class of stocks are charged with turning Boston topsy turvey, they did not slump away as predioted. The Broadway National bank's affairs would have been lost sight of for the time being had not the creditors of the Squire

5. December 23, 1899 The Scranton Tribune Scranton, PA

Article from The Scranton Tribune, December 23, 1899

Click image to open full size in new tab

Article Text

III Wall Street Review. New York, Dec. 22.-The stock market had to undergo, further liquidation today. Prices yielded without any very active resistance, but there were no signs of panic and the liquidation was conducted in an orderly manner. The principal causes of weakness were evidently not local and seemed to be largely due to the condition of affairs in Boston. The closing of the Globe National bank there was the cause of widespread uneasiness and brought large offerings on the most conspicuous example, as shown by its extreme decline of seven points. This stock was under very heavy pressure all day on rumors of a continuation of the trade war, as well as on the forced selling for Boston account. Burlington, Federal Steel and Atchison preferred were also sold from Boston. Lordon was a large seller of stocks in this market and the depression there exercised a large senttmental influence. The rise in the private discount rate and the fears of trouble at the settlement, now imminent, are causes of apprehension. Some of the favorite international stocks were acutely depressed from time to time. .notably New York Central. St. Paul, Baltimore and Ohio preferred, Missouri Pacific, Reading first preferred and Denver and Rio Grande preferred. The bears were energetic operators all day and supplemented their efforts by the circulation of some extravagant rumors regarding the financial condition of various houses and properties. The effect on some of the trust companies was to induce large calling of loans as a measure of precaution against any extraordinary demands that might be made upon them. The rumor mongering of the bears was so flagrant in some cases as to cause the discussion by some of those who were the greatest sufferers of legal measures directed against the offenders. During the last hour the bears were very large buyers to cover short contracts and the effect on prices was seen in recoveries running all the way from 1 to 5 points in the principal railroads and industrials As a result net losses were reduced within a range of 3 points, except in a few inconspicuous stocks, which had not moved previously during the week. A number of stocks. including those which have suffered most severely during the week rose slightly above last night's level. The rate for money flurried at one time to 8 per cent., but ruled for the most part at 6 per cent. or below. Estimates of tomorrow's bank statement are at sea owing to the extraordinary conditions that have prevailed. The banks have gained on the regular interior movement, but the extraordinary demand from Boston has offset that so that the net loss on the interior movement is about $1,300,000. On sub-treasury operations they have gained about $3,000,000. The amount of gold exports which will figure in the statement, including last Saturday's shipments, is about $3,000,000. This would indicate a net loss in cash on all accounts of about $1,000,000. No one ventures an estimate of what the loan changes may be. Total sales 790,700 shares. Bonds were weak in sympathy with stocks, the speculative issues showing some sharp declines. Total sales par value, $2,590,000. U. S. new 4s advanced 1/2, the old 4s and 5s 1/4 in the bid price. The following quotations are furnished The Tribune by M. S. Jordan & Co., rooms 705-06 Mears building. Telephone 5003: now Hich I ow. Close

6. December 23, 1899 The San Francisco Call San Francisco, CA

Article from The San Francisco Call, December 23, 1899

Click image to open full size in new tab

Article Text

BOSTON MONEY CIRCLES NERVOUS Slight Flurry Follows Bank Failure. Special Dispatch to The Call. BOSTON, Dec. 22.-There was a nervous feeling apparent in financial quarters to-day before the opening of business on account of the troubled aspect of the situation resulting from the closing of the Globe National Bank. Considerable confidence was expressed, however, that the action of the Clearing-house last week in making certificates available through a committee to banks in case of emergency would avert further serious failures. At the Globe Bank to-day all the clerks were busy when the regular hour for opening came, but the doors remained closed, and a notice bearing the signature of D. G. Wing, temporary receiver, gave the reason. The stock market was expected to feel the disturbed condition must keenly and many consultations were held and some active work was done in copper circles before the Exchange opened. The galleries of the Stock Exchange were crowded when business began. Trading was very animated and violent sugar were recorded. fluctuations in trifle Coppers were a weak. Montana dropping five, but recovering half of the loss almost immediately. United States oil dropped 234. but rallied quickly. The market showed good support. Receiver Wing and President H. H. Stevens of the Globe Bank declined to situation anything about unusual the to-day. say There was no scene around the bank, although a number of out-of-town customers who came to draw money for were the bank Christmas information that considerably the was upset closed. by The National Shawmut Bank made public the following notice: That there may be as little Inconvenience as possible to the depositors of the Globe National Bank and others the National Shawmut Bank offers to advance to-day to all depositors in the Globe Bank against their deposits 50 per cent of the net amount of the same. The action of the National Shawmut Bank had an excellent effect in all circles and within a short time after it had become known, except for a feverish tendency in some transactions on the Stock Exchange, the financial sections of the city were as quiet as usual. It was learned in connection with the Globe Bank case to-day that of the $3.500,000 Boston to house advanced the bank by the last Saturday Clearing- $200,000 has been repaid. The nominal market value of the securities given the Clearinghouse for the loan is $4,500,000. NEW YORK, Dec. 22.-The correspondents in this city of the Globe National Bank of Boston, which yesterday went into the hands of a receiver, are the Bank of North America, the Hanover National and the National City Bank. The most of the Globe National Bank's business was transacted through the Bank of North America. There are small balances to the Globe National Bank's credit in each of these three banks.

7. December 23, 1899 The Saint Paul Globe Saint Paul, MN

Article from The Saint Paul Globe, December 23, 1899

Click image to open full size in new tab

Article Text

NEW YORK, Dec. 22.-The stock market had to undergo further liquidation today. Prices yielded without a very active resistance, but there were no signs of panic, and the liquidation was conducted in an orderly manner. The principal causes of weakness were evidently not local and seemed to be largely due to the condition of affairs in Boston. The closing of the Globe National bank there was the cause of widespread uneasiness and brought large offerings on the New

8. December 24, 1899 The Anaconda Standard Anaconda, MT

Article from The Anaconda Standard, December 24, 1899

Click image to open full size in new tab

Article Text

GIGANTIC SPECULATIONS Were the Cause of the Failure of the Globe National. Boston, Dec. 23.-The trend of affairs connected with the closing of the Globe National bank in this city for the first time developed a criminal aspect through the placing under surveillance of the bank's former president, Charles H. Cole. The charge against Mr. Cole is the old one of overdrafts and overloans, made to himself. The action of Mr. Wing. the receiver of the bank, ordering the arrest, while a shock to the friends of the former president, was not a surprise to those who have been watching the course of events and who were acquainted with the affairs of the bank. Rumor was current here late yesterday afternoon that such action would be taken. but for a while it was found impossible to locate Mr. Cole. Last evening word was received here that he was on the Pacific coast, and this noon came the news of his arrest, just outside of Los Angeles, where he had journeyed with his wife and son. A warrant was sworn out during the day in this city and dispatched to-night to Los Angeles. In the meantime the brokers and business men in the city are congratulating themselves that the week is over and that the worst probably is known. Just how the affairs in the Globe bank were allowed to reach such a stage is probably known to few outside the former president. but it is practically agreed that it was a gigantic speculation in copper stocks in which Mr. Cole became so much involved that the bank's money and credit was used until it was well nigh exhausted. The inevitable result followed, except that the closing of the bank was delayed for more than a month. and during the last week was bolstered up by the clearing house. which paid its indebtedness to the extent of many millions. The fact that the bank was in difficulty, but yet kept open through the aid of the clearing house, enabled its depositors to withdraw their accounts, and a very large number did so during the early part of the week, but the city of Boston, which. through Mr. Cole's influence. when the sinking fund commissioner had placed nearly $400,000 in the bank, failed to take the hint. with the result that this amount will be tied up for some time to come. Notwithstanding the heavy overloans it is generally believed that the depositors will be paid in full or nearly so, and that it will be the stockholders and directors who will suffer. Unfortunately a large number of savings banks are holders of the Globe's stock, so that the loss will have to be made good by these institutions. While the Globe bank probably will never open its doors again, there seems to be every prospect that the Broadway bank will soon be on its feet again.

9. December 24, 1899 Wheeling Sunday Register Wheeling, WV

Article from Wheeling Sunday Register, December 24, 1899

Click image to open full size in new tab

Article Text

BOSTON, December 23.-As far as has been learned the statement made yesterday by H. W. Chaplain, assignee of the John P. Squire Co., that the accounts of the firm with the Globe National Bank had been misrepresented and the indebtedness of the bank shown to be more than a million dollars, while it realy was about $500,000, will not result in any action at present. It appears that the allegation against the bank was not prompted solely by recent developments, but that in one way or another it had been made privately since the trouble experienced by the bank early in November, which led to the resignation of Charles H. Cole. The open assertion was not made until yesterday. It was explained for business reasons, but in view of the receivership proceedings there was no further need of secrecy. Mr. Chaplin said to-day that as the assignee of the Squire corporation, in justice to the creditors, he felt compelled to explain the exact situation and he had accounted for the actual indebtedness of the firm. His duty ended there, he said, and as there now was no Globe Bank, there seemed to be little chance for further action. Just how the affairs of the Globe Bank were allowed to reach such a stage is probably known to few outside the former president, but it is practically agreed that it was a gigantic speculation in copper stocks in which Mr. Cole became so much involved that the bank's money and credit was used until it was well nigh exhausted. The inevitable result followed, except that the closing of the bank was delayed for over a month and during the last week was bolstered up by the clearing house which paid its indebtedness to the extent of many millions. The fact that the bank was in difficulty, but yet kept open through the aid of the clearing house, enabled its depositors to withdraw their accounts and a very large number did SO during the early part of the week, but the city of Boston, which through Mr. Cole's influence, when sinking fun commissioner, had placed nearly four hundred thousand dollars in the bank, failed to take the hint, with the result that that amount will be tied up for some time to come. Notwithstanding the heavy overloans, it is generally believed that the depositors will be paid in full, or nearly so, and that it will be the stockholders and directors who will suffer. Unfortunately a large number of savings banks are holders of the Globes stock, so that the loss will have to be made good by those institutions. While the Globe bank probably will never open its doors again, there seems to be every prospect that the Broadway bank will soon be on its feet again.

10. December 24, 1899 The Morning News Savannah, GA

Article from The Morning News, December 24, 1899

Click image to open full size in new tab

Article Text

COLE ORDERED ARRESTED. Charge Against Former President of the Globe Bank. Boston, Dec. 23.-The trend of affairs connected with the closing of the Globe National Bank in this city for the first time developed a criminal aspect through the placing under serveillance to-day in California of the bank's former president, Charles H. Cole. The charge against Mr. Cole is the old one of overdrafts and over-loans, many to himself, and the action of the receiver of the bank ordering the arrest, while a shock to the friends of the former president, was not a surprise. It is practically agreed that it was a gigantic speculation in copper stocks in which Mr. Cole became so much involved that the bank's money and credit was used until it was well night exhausted. The inevitable result of failure followed after the bank was bolstered up by the clearing house, which paid its indebtedness to the extent of many millions.

11. December 26, 1899 El Paso Daily Herald El Paso, TX

Article from El Paso Daily Herald, December 26, 1899

Click image to open full size in new tab

Article Text

ARMS COMPANY FAILS Brought Down By the Crash Of the Globe National Bank. BOSTON, Dec. 26.-The John P. Lovell Arms company has assigned to Charles P. Barnes Jr., Charles H. Cole, late president of the Globe National Bank, advanced this firm over a million dollars, breaking himself and the bank.

12. December 27, 1899 Barre Evening Telegram Barre, VT

Article from Barre Evening Telegram, December 27, 1899

Click image to open full size in new tab

Article Text

J. P. LOVELL CO. FAIL. The Result of the Failure of Globe Bank. Boston, Dec. 27.-The John P. Lovell Arms company assigned late yesterday to Charles B. Barnes. The firm was greatly indebted to the Globe National bank. The assignees are unable to give any estimate yet as to the assets and lia bilities and probably will not be able to do so for some days. There are two companies concerned, the John P. Lovell Co. and the John P. Lovell Arms Co. Both of these companies made an assignment with same assignees in each case. The companids operate stores in number places from Bangor, Me. to Providence, R. I.

13. December 27, 1899 The Morning News Savannah, GA

Article from The Morning News, December 27, 1899

Click image to open full size in new tab

Article Text

LOVELL ARMS CO. ASSIGNS. Caused by the Collapse of the Globe National Bank. Boston, Dec. 26.-The John P. Lovell Arms Company assigned to-day to Charles B. Barnes. The John P. Lovell Arms Company is one of the largest sporting goods houses in the country, and the failure is the result of the collapse of the Globe National Bank of this city, to which the company was largely indebted. The company manufactured bicycles, firearms and sporting goods of nearly every description.

14. December 27, 1899 The Age-Herald Birmingham, AL

Article from The Age-Herald, December 27, 1899

Click image to open full size in new tab

Article Text

LOVELL COMPANY FAILS The Big Manufacturers of Shooting Goods Make Assignment Boston, Mass., December 26.-The John P. Lovell Arms company, and the John P. Lovell company, allied firm, manufacturers of shooting goods of all kinds, made an assignment today for the benefit of creditors. The firms were heavily indebted to the Globe National bank, which was last week placed in charge of a temporary receiver, and this institution, or rather its former president, has been represented in the business by C. W. Norcross, who is said to have virtually managed the concern for more than a year past, in the interest of the bank. It has been stated that Mr. Cole, late president of the bank, exchanged the paper of the Lovell company for mining securities, but the fact that Mr. Norcross has remained in charge up to the present would seem to cast a doubt upon this story. It is stated that the merchandise bills contracted by the company have been paid as promptly as those of most business houses, so that the manufacturers who have supplied them with goods are not large creditors, the bulk of the indebtedmess being to banks who have discounted the company's papers. Charles B. Barnes, Jr., one of the assignees, said tonight: "The assignees are unable to give an

15. December 28, 1899 Grant County Herald Lancaster, WI

Article from Grant County Herald, December 28, 1899

Click image to open full size in new tab

Article Text

BOSTON BANK IN TROUBLE. Globe National Closed by Order of Comptroller Dawes. A receiver has been appointed for Globe National bank of Boston. Clearing-house had advanced $3,500,000, but Squire's paper and copper stocks continued to depreciate, hence Controller Dawes ordered bank closed.

16. December 29, 1899 Union Gazette Corvallis, OR

Article from Union Gazette, December 29, 1899

Click image to open full size in new tab

Article Text

LATER NEWS. An earthquake caused havoc in Southern California. Admiral Dewey has reached the age limit of 62 years, but he will continue in service. The Grangers' warehouse at Rose burg, Or., was destroyed by fire; loss, $4,000, fully insured. Four men were killed by a train wreck on the Northern Pacific near Bearmouth, Montana. A six-story building, 90 years old, enwas destroyed by fire in New York, tailing a loss of $80,000. At San Francisco the Carlisle Cali- Indefeated the university of fornia in a football game; score, dians his 2 home to 0. Julius Baldwin is dead at The Dalles. He was one of the old- the est at and most prominent pioneers of Northwest. Thirty men perished in a colliery caused by fire damp explosion horror at the Braznell mine, near Brownsville, Pa. Laurier's French-Canadian following sending protesting against Canada in any is more troops to help England South Africa. Mrs. Potter Palmer will be appointed the President McKinley director of the by American woman's department at Paris exposition. state department will investigate The action of the British government the in sezing several cargoes of American flour off Delagoa bay. The trainwreck near Pomona, and Cal., four one life was lost in which injured, was caused by the breakwere ing of a locomotive wheel At Rome the pope solemnly inauguthe holy year by performing the the rated ceremony of cathedral. opening impressive holy door of St. Peter's Fenians threaten to make as Britain, much trouble as possible for Great operations in will hamper her sending and troops from home ports. Twenty-one sailors from drowned the British Ariosto were in Hatteras, N Their steamship swamped. C., surf. Their companions the lifeboat lifewere was subsequently rescued by saving service. situation in the Philippines officials is The gratifying to Washington disvery insurgent army has pracitcally Luzon, where The from Northern 1. Otis appeared will be open January to the all will ports then give his attention J W. South. The charred remains and his of three chilThomas, a farmer, in the ashes of their dren, were found southwest of Chilli11 miles that Thomas Kan. It is supposed set children and life. murdered home, cothe, the took his then own fire and comto the house year ago Thomas' wife mitted About a suicide by taking poison. Buller's losses at Colenso were 1,119 men. Chicago poolrooms were closed by the police. London papers fret under restraint of censorship. Sol Smith Russell will retire from the Lieutenant stage for a year. Churchill has arrived at Delagoa bay. lot safely Swift & Co. are to be paid for a of beef that spoiled. A bank of receiver has been appointed Boston. for shot the Globe National was Norwood, o., a man wires. have and Near killed for cutting telegraph been dis covered Both salt in Lake and borax county lakes, Southern materially Oregon. Price of hops has already of the pool advanced in consequence by Oregon growers. protest formed President Kruger being has entered permitted to against purchase England's war supplies been in this officially country dePort Macaibo commerce, has and the Ven- an ezuela clared open revolution to is considered at or The continental end. Filipinos have placed firm a for large artil lery. der with They a are said to have plenty is money warden of a California prison A pris- to leave the penitentiary confronted oner The whose with term has a problem. expired refuses WashSenator States In by the turne, Ex-United of M nn escta, for is the suggested head of diana politicians Oriental commission. evan Dwight his proposed L. Moody, the home famous in East dead at cause of his death was gelist,is Northfield, a Mass. general The breaking down due to overwork. government troops under Venezuelan rebels The defeated the It is believed and completely Hernandez. were taken prisoners of ammunition large Hernandez that that General many quantity General a hope- fled. was seized. in Thibet have them. less Missionaires and dangerous years work task not before The a Budd- single After three been obtained. internal troubles, make physical hist convert priests, has are owing in absolute to war China's on control, the intro- and will duction of Christianity. Governor Stone, of that Pennsylvhansband every homestead. presses the opinion to his wife the Corshould deed has leased the his Senator Depew Washington for at coran senatorial mansion term at of six years full rental of $50,000. 70 feet shaft aggregate a granite an eminence at Erie, high, A is to Pa., be overlooking the monument, erected on lake, in

17. December 30, 1899 The Weekly Intelligencer Lexington, MO

Article from The Weekly Intelligencer, December 30, 1899

Click image to open full size in new tab

Article Text

# CORNER ON MONEY. It is possible to corner the money market. That is what the money trust is for. All its plans were ripe, and it decided to do so. The Money Trust has at its disposal all the cash of the Standard Oil Company as well as its credit. It can flood the market with money or hide it in its safe. More than a week ago it began the latter process. Enormous wads of greenbacks and bushels of gold were hoard-ed by the National City Bank at a time, when they were in great demand and commanded splendid rates of interest. The bank was the miser that clutched and gloated over its treasure while neighbors starved. On Monday a week ago, when there was a panic in Wall street, the leading bankers met at the clearing-house. They talked over the situation. "Things are in a bad way," they said. "We must save the market. There is no knowing what will happen to it unless it is protected, Money must be loosened up." Just then in came President Stillman of the National City Bank-Stillman, the business manager of the Money Trust. He was rubbing his hands pleasantly and looking like one who has not a care in the world. "What is all this about, gentlemen?" he asked, "why have I been sent for?" They told him of the panic and of the danger. "My bank can do nothing more but gentlemen," he replied. "We have loaned $3,000,000 to-day purely out of philanthropy and to relieve the stringency." For every cent of that $3,000,000 that Mr. Stillman spoke so proudly of, the bank charged 100 per cent interest. The Money Trust made enormous profits from the case given to it by Secretary Gage from Uncle Sam's coffers. It realized $18,000 to $25,000 a day profit on the money in addition to the legal rate of 6 per cent interest. MONEY CORNER PROFITABLE. The Money Trust was finding that it is much more profitable to corner money than it is to corner even oil or copper. Those commodities never yield an interest of 186 per cent per day. Money does in panic time. With the aid of the Government there should be no reason for the failure of any scheme undertaken. The money trust plays with the market cards. There is a mechanism by which it can stop its roulette wheel at the red or at the black, just as it pleases. With the ability to loosen or tighten the money market, it can buy and make prices high or it can sell and make prices low. There is no limit to its profit. They are earned almost without risk. The members of the money trust know absolutely under which thimble the pea rolls. If by any chance the lamb speculator guesses the right thimble, the money trust by peculiar sleight of hand, can change the pea from one thimble to the other. This is better than owning industrial like oil, sugar or copper. It can all be done at oak desks, in nice, clean offices. It is absolutely sure. It comes as near as possible to owning the printing press on which the greenbacks are printed. SMASHED THE GLOBE BANK. Having accomplished a splendid coup in New York, the Money Trust went over to Boston and smashed Globe National Bank. It wanted the money copper stock contained in the bank vaults. It got them. President Rogers visited Boston, after a stormy interview with the

18. January 8, 1900 The Saint Paul Globe Saint Paul, MN

Article from The Saint Paul Globe, January 8, 1900

Click image to open full size in new tab

Article Text

Pastors' union had two constables in the audiences, and arrests will be made in the morning. Chicago-Comptroller Dawes has decided to appoint Daniel G. Wing as permanent receiver of the failed Globe National bank of Boston. Chicago-Dr. Franklin W. Fisk, prestdent of the Chicago Theological seminary, has resigned, and will retire from active work next May.

19. January 11, 1900 Condon Globe Condon, OR

Article from Condon Globe, January 11, 1900

Click image to open full size in new tab

Article Text

LATER NEWS. The United States is ahead of Great Britain as a coal producer. tin-plate emThe Montpelier has closed. mill, ploying 200 men, are well pleased with Wood, he is the one man for and Cubans say the task. Three persons were killed and seven injured in a tonement-house fire at New York. The staemr Gazelle was wrecked off the Flordia coast. A passing steamer saved the crow. The Union County bank, of Rahway, N. J., being unable to withstand a run, was forced to suspend. California capitalists are going into fruit culture in the states of Vera Cruz and Oaxaca, Mexico. The United States will not prevent France's attempt to settle her claim with Santo Domingo. A new American banking concern has opened in the City of Mexico with $100,000 paid in capital. Michigan has a sensation and several state official# have been indicted for bribery and embezzlement. Rev. Dr. Edward McGlynn is dead at Newburgh, N. Y. He succumbed to Bright's disease after seven weeks. A bill will soon be presented to congress for a plan for another national park, to be located at the headwaters of the Mississippi. There will be a conference of the governors of the arid states and territories at Salt Lake January 17 to consider the question of arid lands. In Clay county, Kentucky, two men we're shot and killed and four other a participants seriously wounded in fight that started at a murder trial. A Pacific Mail steamer arrived in San Francisco with a cargo of 9,614 tons, nearly twice as much as any ship that had ever entered the Golden Gate. Congressman Hopkins of the house and means committee says there ways will be no revision of the war revenue tax law at this session of the 56th congress. Attached to the annual report of the secretary of agriculture is a recommendation for agricultural experiment stations in the government's new island possessions. A brother of one of the Boer generals who is visiting Chicago, says that if Britain crushes the Transval armies there will be no peace, as the Boers will fight to the last. General Greeley, the chief signal officer of the army and the well-known and Arctic explorer, was assaulted his seriously injured by a messenger in own home at Washington. Tagals are not friendly to Archbishop Chapelle, now at Manila football team The Stanford defeated of 28 the all-Seattle players by a score to 0. The treasurer of Shelby county, In diana, is short $125,000. His books are missing. The Paris high court has found M. De Roulede of guilty conspiracy under extenuating circumstances. Hanna will be chairman of the next be Republican national committee, cause the president wishes it. Because he rode on a railway pass, suit has been filed against a member of the Kentucky election board. President Cole, of the Globe National bank, of Boston, which recently failed has returned and will stand trial. Peter S. Wilkes died at Stockton Cal. He was a confederate congressman during the last year of the war. The president has nominated General a Bates, Young and McArthur for promotion. Bates is to succeed Lawton a was found of bubonic plague in symptoms A native with all Manila the e Two deaths occurred in the house where he was sick. e As a result of campaigning in th Philippines 14 soldiers are insane a the Presidio in San Francisco. They will be sent to Washington. . n The situation at Ladysmith is be e coming horrible. Twenty deaths in one day were reported by General d White. Entric fever and dysentery are prevalent. recent California earthquak volcanoes t caused The inactive old in the deser well to become active; made gas is at Yuma flow again and caused fissure in the ground. ar lines have all advanced freigh lo Merchants have of that the new tariff saying rates. Trunk filed will protest driv business away from New York, haul ship 'e pers taking advantage of shorter y to New Orleans and other ports. 0 Both houses of congress are after Sec be 0 retary Gage The legislators desire 10 know by what right the treasurer in 08 creased deposits of government fund New York banks during the recen in financial flurry there and correspond 8. ence in the matter is asked. al On her recent trip the steamer Aus 8, tralia would not accept steerage pas th in sengers at Honolulu on account of t, plague scare. One death occurred o d December 22, and two Chinese wer in found dead on Christmas day. Thes ar fatalities started the plague scar again. According to the Montreal Herald Canada never before was 80 prosperous k, de Miss A. B. Mulroney, of Philade

20. March 6, 1900 Wausau Pilot Wausau, WI

Article from Wausau Pilot, March 6, 1900

Click image to open full size in new tab

Article Text

# Telegraphic Brevities. The Comptroller of the Currency levied an assessment of 100 per cent. on the capital stock of the Globe National Bank of Boston. The ashes of Walter S. Blanchard, founder of the Corinthian Yacht Club, were scattered to the winds from the main mast of the ship Shenandoah, in San Francisco Bay. Mount San Piedra, near Santiago, Cuba, was recently covered with snow for the first time in thirty years. Excursions were run to the mountain to give the Cubans a view of the snow. An Egyptian, who has just arrived in New York to join a dime museum exhibition is 7 feet 11 inches tall. He is only 23 years old. Gerald Lapiner, central figure in most noted kidnaping case in recent years, was rescued from flames by father in his home in Chicago. There is a peculiar sect known as Zionists in Ontario, Canada. The cardinal doctrine of their creed is that hogs are possessed by devils, and should, therefore, be killed. The Zionist farmers, in some instances, have joined together, driven all their hogs into one place and there killed them, in no instance allowing any of the meat to be used as food. Col. B. S. Lovell, President of the John P. Lovell arms company, of Boston, died at Weymouth, Mass. A. W. Whelpley, 67, for 14 years librarian of the Cincinnati, O., public library, died suddenly from a stroke of apoplexy. A Tonawanda (Pa.) bank employed ingenious means to stop a recent run on the institution. While several hundred depositors were in line to withdraw their money three barrels of silver dollars were unloaded in front of the building and carried in by the basketful. The sight of $75,000 being dumped into the bank in this wholesale manner had a reassuring effect, and the run ceased.

21. March 7, 1900 The Indianapolis Journal Indianapolis, IN

Article from The Indianapolis Journal, March 7, 1900

Click image to open full size in new tab

Article Text

Lumber Company Assigns. LOWELL, Mass., March 6.-The Howe Lumber Company has assigned as a result of the failure of the Globe National Bank in Boston, to which the company owed a large amount of money. The exact assets and liabilities are not yet known. The business was founded thirty-five years ago.

22. March 9, 1900 The Citizen Frederick, MD

Click image to open full size in new tab

Article Text

CRIMINAL. Harland Whittaker, of Butler coun. ty, Kentucky, has been held without bail at Frankfort, on a charge of as. sassination of Governor Goebel. The case will be presented to the April Grand Jury. Charles E. Cole, President of the de funct Globe National Bank of Boston, has been indicted by the Grand Jury in the United States District Court for false entries on the books of the bank and misapplication of funds. The amount of the alleged misappropriation is $1,067,280. The How Lumber Company, of Lowell, has assigned as A result of the failure of the Globe National Bank. At the Carlisle plantation, near Chappell Hill, Texas, King Howard, in a fit of jealous rage, struck his wife with an iron bar, breaking her neck. The man then shot Luke Taylor to death. Vaults of the Farmers' Bank, at Farmington, Iowa, have been robbed of about $17,000. The safe in the office of the Hand Brewing Company, at Darlington, Rhode Island, was blown open March 6, and $3,000 in cash, more than $1. 600 worth of revenue stamps and checks aggregating $1,000 were stolen "Lon" Curry, one of the train rob bers who engaged in the Wilcox, Wy. oming, hold-up on the Union Pacific last June, when $30,000 was secured, was shot and killed by officers at Dod. son, Missouri, Feb. 28. while resisting arrest. George Williams, a negro, killed his mother while they were following the corpse of her husband to the grave, near Pleasant Hill, Georgia, the other day.

23. January 24, 1901 Daily Kennebec Journal Augusta, ME

Article from Daily Kennebec Journal, January 24, 1901

Click image to open full size in new tab

Article Text

Receiver Wing of the Globe National Bank of Boston, has announced that in a day or two he will be ready to distribute checks for another 10 per cent. dividend. This dividend will make 60 per cent. and Mr. Wing says he thinks he will be able to pay still another 10 per cent., inside of three months. He has admitted that the comptroller's recent declaration that depositors would probably be paid in full and that the stockholders also would receive something was based on official information.

24. February 25, 1901 Evening Star Washington, DC

Article from Evening Star, February 25, 1901

Click image to open full size in new tab

Article Text

PAY FOR OVERTIME. Proposition to Remunerate War Department Employes. Mr. Daniel has given notice of an amendment to the deficiency appropriations bill authorizing the Secretary of War to pay the clerks and other employes of the War Department and its bureaus for the work performed by them in excesss of the regular working hours during the war with Spain up to and including January 31, 1899, at the same rate of pay received by them. The amendment makes available for this purpose any unexpended balance of the appropriation for national defense in the act of March 9, 1898. The amendment has been referred to the Court of Claims. Mr. J. A. Mathews. formerly Washington correspondent of the Chicago News, and later assistant receiver of the Globe National Bank of Boston, has returned to this city from Boston, where he was admitted Thursday to practice before the supreme court of Massachusetts.