Globe National Bank (Boston, MA)

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GLOBE BANK TIDED OVER

Boston Clearing House to Issue Certificates to Aid It. Boston, Dec. 4.-The Boston Clearing Association, representing the national banks of this city, to-day 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. After this action it was announced at the clearing house that the bank will be able to continue without further trouble. It is generally considered that by its action the clearing house management averted a panic as the tying up of about $8,000,000 of deposits held by the Globe Bank would have been a very serious thing. By to-day's vote the assets of the Globe Bank will be turned over to the clearing house. It is probable that any loss will be incurred by the bank concurring in the vote, but the method taken insures that if there Is any such loss, it will be sub-divided among so many that the share of each will be insignificant.

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FINANCIAL PANIC AVERTED

Boston Clearing House Assists the Globe National Bank. Boston, Mass., December 14.-The Boston Clearing House association. representing the National banks of this city, today 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. After this action it was announced at the clearing house that the bank would be able to continue without further trouble. It is generally considered that by its action the clearing house management averted a panic, as the tying up of about $8,000,000 of deposits held by the Globe bank would have been a very serious thing. By today's vote the assets of the Globe bank will be turned over to the clearing house. It is improbable that any loss will be incurred by the banks concurring in the vote, but the method taken insures that if there is any such loss it will be subdivided among so many that the share of each will be insigniftcant.

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under present conditions could be profitably sent abroad. BOSTON, Dec. 16.-The Broadway National Bank of this city has failed. The last statement of the Broadway National Bank, issued at the close of business Dec. 9, was as follows: Capital, $200,000; loans, $1,995,000; circulation, $45,000; indivildual deposits, $2,348,600; due banks, $131,000; due from reserve agents, $274,000; expenses clearing house, $273,000; due from banks, $168,000; 5 per cent funds, $2,250; legal tenders, $158,000; specie, $113,000. The directors are Roswell C. Downer, president; Frank O. Squire, vice-president; John R. Graham, Henry L. Lawrence and Frank W. Downer Frank O. Squire is connected with the firm of John P. Squire & Co., which assigned yesterday with $3,000,000 liabilities. The bank was incorporated in 1853. Its capital is $200,000. BOSTON, Dec. 14-At a meeting of the Boston Clearing House Association, 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. This is the charming prospect with which the Twentieth century opens. I. D

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Business Reverses

Through the year past, the general trend of business has been decidedly upward and the volume has been larger than ever before in most lines, the increase little less than marvelous in some lines, but it is not unreasonable to expect infrequent instances of business embarrassment, exceptional to the general rule of prosperity. During the past ten days, Boston has had examples of this kind. Two banks have had trouble; the Globe National by reason of excessive loins to business houses, and the Broadway National because of the assignment of the large provision firm, the John P. Squires Company. The former bank was aided by the clearing house committee, but this committee declined to assist the Broadway bank, it was obliged to suspend and is in the hands of the comptroller of the currency. It holds nearly two and one half milljons dollars of deposits including $97,000 belonging to the city of Boston and $50,000 to the State of Massachusetts. It seems the crisis of the Squires company came by reason of the large calls made by the Globe bank, and that of the Broadway bank by the suspension of the Squires company. It is not probable that other banks will be materially affected by these suspensions.

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LIABILITIES

$1,000,000 Capital stock 120,000 Surplus 144,756 Undivided profits 891,100 Circulation 8,099,097 Deposits 275,000 Bills payable $10,529,953 Total RESOURCES $5,573,104 Loans and discounts 1,000,000 United States bonds, to secure circulation United States bonds to secure United States de190,000 posits 139,350 Premiums on bonds 1.092.202 Stocks and securities 2,535,297 Cash on hand and due from banks $10,529,933 Total Boston dispatches on December 14 last announced that the Globe National Bank had become seriously involved, but that its troubles had been averted by the issuance at that time of $3,500,000 in special Clearing House certificates. At the time that the Boston Clearing House extended this extensive aid it was declared that the bank was solvent and would be able to pull through all right. Its origina! losses. however, are understood to have been heavy in connection with United States on and United States Mining stocks. As long ago as November 6 President Cole. who was said to have made unwise loans, resigned his position, and ever since that time there had been apprehension over the bank's affairs. This is the second Boston bank to go under within a week, the Broadway National having gone into a receiver's hands last Saturday, soon after the Squire failure, in which It was involved.

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Two or three days ago the Clearing House of Boston advanced $3,500,000 to assist the Globe Bank in its difficulties, all but about $200.000 having been paid in cash before the close of business to-day. Something like $2,000,000 of this amountis in the bank's possession now in cash. The Clearing House declined to lend further assistance. Comptroller Dawes became satisfied to-day that the bank must. in any event. close its doors very soon. and it was seen that in order to protect all the depositors, the institution should be placed in the hands of a temporary receiver before certain creditors should withdraw their funds at the expense of less fortunate creditors or depositors. In the case of the Globe Bank, as in the case of many other banks in principal cities holding deposits large in proportion to the capital stock. the losses of depositors will be comparatively small and the losses of shareholders and directors will be comparatively large. A detailed statement of the bank's condition at the close of business yesterday is expected by Comptroller Dawes to-morrow. The decline in copper values, in which the Globe Bank has for a long time been largely interested. is responsible to a large extent for the disaster. but the more immediate causes were the closing of the Broadway Bank and the Squires failure.

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Receiver For Boston Bank

WASHINGTON, Dec. 22.-Comptroller Dawes appointed Spécial Examiner Daniel G. Wing temporary receiver of the Globa National bank of Boston.

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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

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Officials Sanguine Boston, Mass., December 24.-An official of the Globe bank, when shown Receiver Wing's statement tonight, said: "Matters are progressing smoothly with us, and I think we shall open our doors again next week. A new board of directors will be appointed, and the former stockholders have given options on their stock."

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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.

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Lovell Arms Co

Fails. BOSTON, Dec. 36-John P. Lovell Arm Co. has assigned. Charles Cole, lately the president of the Globe Nations! Bank. has advanced this firm over one million dollars. thereby breaking himself and the bank.

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Wrecked by the Globe National

I Boston, Mass., Dec. 26.-The John P. Lovell Arms Company assigned today 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, fire arms and sporting goods of nearly every description.

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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.

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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.

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BOSTON BANK IN TROUBLE

Globe National Closed by Order of Comperoller 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.

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Charged with Irregularities

Boston, Mass., Dec. 25.-Former President Cole of the suspended Globe National bank is charged with falsifying the accounts of that institution. His arrest is expected to follow. It is generally accepted that the Globe bank was in such condition and the stockholders of such responsibility that the depositors will receive the full amount of their deposits

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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

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Controller Dawes has decided to appoint Daniel G. Wing the temporary receiver of the failed Globe national bank of Boston as permanent receiver to wind up its affairs.

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Receiver Wing of the Globe National Bank, Boston. said, Monday: "We will pay depositors of the Globe National Bank a dividend of 20 per cent., probably next week."

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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.

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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.

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Old Concern Forced to the Wall. Lowell, Mass., March 6.-The Howe Lumber company, founded 35 years ago, has assigned, as a result of the failure of the Globe bank of Boston, to which the company owed a large amount of money. The exact assets and liabilities are not yet known.

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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.

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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.

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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.