Globe National Bank (Boston, MA)

View Charter #936 on SPMC View balance sheet

Episode Information

Episode UID
93601200
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
9360 national
Charter Number
936
Start Date
December 14, 1899
Location
Boston, Massachusetts (42.358, -71.060)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
6ac9bf4b98a669a3

Response Measures

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

Other: The National Shawmut Bank offered to advance Globe National Bank depositors 50% of their net deposits to mitigate the impact of the bank's closure.

Clearinghouse involved: Yes (loan, examination, or other measures)

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1899-12-21
Date receivership terminated
1903-02-25
OCC cause of failure
Fraud
Share of assets assessed as good
38.1%
Share of assets assessed as doubtful
46.1%
Share of assets assessed as worthless
15.8%

Description

The bank initially avoided suspension through a $3.5 million Clearing House loan during a run in mid-December 1899, but was forced to close and enter receivership a week later when further aid was denied.

Events (6)
1. March 25, 1865 Chartered
Source
historical_nic
2. December 14, 1899 Run
Cause
Bank Specific Adverse Info
Cause Details
Unprofitable investments in oil and mining securities and the resignation of the bank president.
Measures
The Boston Clearing House Association issued $3,500,000 in special certificates to provide liquidity.
Newspaper Excerpt
The bank paid out from its deposits during the last month $2,042,000... the tying up of about $8,000,000 of deposits would have been a very serious thing.
Source
newspapers
3. December 21, 1899 Receivership
Source
historical_nic
4. December 21, 1899 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Discovery of embezzlement and misappropriation of funds by the former president totaling $900,000.
Newspaper Excerpt
the institution having been ordered closed by Comptroller of the Currency Dawes, Thursday night, with Mr. Wing as temporary receiver.
Source
newspapers
5. December 22, 1899 Receivership
Newspaper Excerpt
At Globe bank today... the doors remained closed and a notice bearing the signature of D. G. Wing, temporary receiver, gave the reason.
Source
newspapers
6. December 23, 1899 Other
Newspaper Excerpt
News of the arrest of Mr. Charles H. Cole, formerly president of the Globe National Bank... the warrant was in four counts, two charging embezzlement, and two misappropriation.
Source
newspapers

Newspaper Articles (24)
1. December 15, 1899 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, December 15, 1899

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BOS10N BANKS AVERT PANIC Clearing House Association Votes to Raise $3,500,0 by Certificates. TO TIDE OV_R THE GLOBE NATIONAL Finances of Institution in Unsatisfactory Condition Owing to Unprofitable Investments in Oil and Mining Securities. BOSTON, Dec. 14.-At a meeting of the Boston Clearing House association, representatives of the national banks of this city, it was voted to raise $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 oil and mining securities. The trouble first came to the surface early in November, when President Charles Cole resigned his position. For several weeks his successor, H. H. Stevens, and his assistants have been endeavo. ing to place the bank on a firmer basis. It was found, however, that a certain amount of securities could not be disposed of readily, the stocks having steadily fallen in value the last fortnight, and the matter was laid before the Clearing House association, wi.h the result that assistance was voted today. President Stevens after the meeting of the clearing house said: "The Globe National bank is all right and the fact that the clearing house 118 willing to loan us $3,500,000 is sufficiently good proof that the bank is solvent. We have resources in cash on hand, money owed us, securities and real property sufficient to pay every cent we owe." The last report of the condition of the Globe National bank, December 2, showed resources of $10,529,950 and liabilities, including capital stock paid in, $1,000,000; due to other banks, $1,927,261; due to state banks and bankers, $347,537. and individual deposits subject to checks, $5,478,068. The money situation and apprehension over the connection between several mining men and the Globe National bank today caused considerable excitement in the stock market. Some of the copper shares formed an object of attack and prices fell rapidly. Tamarack and Boston & Montana were sold heavily. Block after block of Montana was thrown on the market until the price sagged to $2.50, a decline of $25 a share from the opening. Montana afterwards rallied somewhat. Arcadian and the other coppers suffered in a less degree. United States Oil fell to 25. United States Mining, one of the Globe bank stocks, fluctuated but a few points, regaining its losses. 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 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 losses will be incurred by the banks interested in the vote, but the method taken insures, if there is any such loss, it will be subdivided among so many that the share of each will be insignificant.

2. December 15, 1899 The Anaconda Standard Anaconda, MT
Article from The Anaconda Standard, December 15, 1899

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A BIG DROP IN COPPER STOCKS Panic on the Boston Exchange Narrowly Averted-Globe Bank Affair Adjusted. Boston, Dec. 14.-At a meeting of the Boston clearing house, representing the national banks of this city, to-day 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 oil 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 a firmer basis. It was found, however, that large amounts of certain securities could not be disposed of readily, the stocks having steadily fallen in value the past fortnight, and the matter was laid before the clearing house association with the result that assistance was voted to-day. President Stevens, after the meeting of the clearing house, said: "The Globe National bank is all right and the fact that the clearing house was willing to loan us $3,500,000 is sufficiently good proof that the bank is solvent. We have resources in cash on hand, money owed us, securities and real property sufficient to pay every cent we owe." The last report of the condition of the Globe National bank at the close of business on Dec. 2, showed resources of $10,529,950 and liabilities, including capital stock paid in $1,000,000; due to other banks, $1,927,2161: due to state banks and bankers, $347,537, and individual deposits subject to checks, $5,476,068." The money situation and apprehension over the connection between several mining men and the Globe National bank to-day caused considerable excitement in the stock market. Some of the shares formed an object of attack and prices fell capidly. Tamarack and Boston & Montana were sold heavily. Block after block of Montana was thrown on the market, mainly long stocks. until the price sagged to $250, a decline of $25 a share from the opening. Montana afterward rallied somewhat. Arcadian, Parrot and the other coppers suffered in a less degree. United States Oil fell' to 25. Unites States Mining. alone of the Globe bank stocks, fluctuated but a few points, regaining its losses. It is generally considered that by its action the clearing house management averted a panic, as the tying up of about $6,000,000 of deposits would have been a very serious thing. By to-day's vote the assets of the Globe bank will be turned over to the cléaring 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 insignificant.

3. December 16, 1899 Blackfoot News Blackfoot, ID
Article from Blackfoot News, December 16, 1899

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General News Paragraphs. Gen'l Otis reports his troops in close pursuit of Aguinaldo's scattered army. The Democrats, of Kentucky, will bring a contest before the legislature to oust the Republican governor and other state officers installed this week. All England is in sorrow over British losses and great alarm is felt for the aged queen who is seriously affected by the news of her reverses. Ex-Senator Allen the at lest Populist statesman in the country has been appointed by Gov. Poynter to succeed the late Senator Hayward from Nebraska. The Boers have had it largely their own way in South Africa this week. Old England feels keenly the defeat of her troops. The investigation of the Roberts case of Utah may be more far-reaching than was at first dreamed of. A number of federal officials in the state may lose their places and the agricultural college be made to suffer temporarily by withholding funds appropriated for it. Boston escaped a panic Thursday by e its clearing house going to the relief of a the Globe National bank. The clearing 8 house issued $3,500,000 in certificates to tide the hank over its troubles. And still there is money enough in the country, and prosperity sings songs of the blessed. n o Congress has been without any exciting incidents this week. The days e of the senate have been spent in routine and executive business and of the lower house in discussing the currency bill. Three night sessions were held to giye d more time for the discussion. A vote 08 will be taken today. The Roberts committee has been busy with its work without reaching any conclusions. Both A. houses will adjourn for the holidays on the 20th to meet again 3rd of January

4. December 18, 1899 The Providence News Providence, RI
Article from The Providence News, December 18, 1899

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well, Charles A. Deshon, Edwin Gould, H. I. Irving Keyser, Edward R. Ladew, Henry A. McGee, W. Willis Merrill, J. W. Middendorf, Edward A. Maher, S. D Scudder, John A. Shibley, John P. Truesdell, C. M. Warner, John Skelton Williams, B. F. Young, Thomas A. McIntyre. The officers of the company declined to see anybody or to give anything for publication beyond this supplementary statement that was posted on the doors: "The immediate cause of the suspension of the company is its inability to convert its securities into cash in time to meet the sudden and abnormal demand made upon it." ALLEN & CO. SUSPEND. New York, Dec. 18.-The suspension of the firm of Henry Allen & Co., bankers and brokers, was announced on the Stock exchange today. The firm is not yet prepared to make a statement, but the suspension is attributed to the failure of some of its customers to respond to calls for additional margins made necessary by recent declines. house has been known as a trader on an extensive scale. SITUATION AT BOSTON. Boston, Dec. 18.-Business in banking circles in this city was opened today with an apparent confidence that the troubles which were experienced last week, when two national banks in the city were embarrassed, one of which closed its doors, while the other accepted a loan of $3,500,000, were ended If a trace of nervousness still remained it soon gave way to the improved conditions resulting from conferences held and plans laid by bankers during Saturday afternoon and Sunday. The Boston clearing house association issued a statement this morning to the effect that up to the present time the Globe National and the Broadway National Banks were the only two that appealed to the association for assistance and that in all probability the affairs of the Broadway National Bank would be wound up in due course. The clearing house association voted today to vest authority in its regular committee to issue certificates at its discretion. In case a financial institution should need assistance the committee will be enabled to act without calling a meeting of the association. It seemed to be the general opinion that the crisis has been passed, and that if there are no further heavy business failures, the situation will soon be normal.

5. December 22, 1899 Las Vegas Daily Optic Las Vegas, NM
Article from Las Vegas Daily Optic, December 22, 1899

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Everything to choose from-Ilfeld's. Nervous Feeling in Boston. Boston, Mass., Dec. 22-There was a nervous feeling apparent in financial quarters today 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, in the action of the clearing house last week in making certificates available through the committee to banks in case of an emergency which would avert any further serious failures. At Globe bank today 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.

6. December 23, 1899 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, December 23, 1899

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FINANCIAL AND STOCK REPORTS. NEW YORK. The Stock Exchange. NEW YORK, Dec. 22-The stock market underwent further liquidation today. Prices yielded without 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 York market of the favorite Boston stocks. Sugar was the most conspicuous example, as is shown by its extreme decline of 7 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. London was a large seller of stocks in this market, and the depression there caused a large sentiment of influence. The rise in the private discount rate and the fears of trouble at the settler now imminent are causes of apprehension. Some of the favorite international stocks were actually depresse from time to time, notably New York Central, St. Paul, Baltimore & Ohio, Missouri Pacific, Reading first preferred and Denver & 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 demand 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, are 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 or below. Estimates of tomorrow's bank statement are all at owing to the extraordinary conditions that

7. December 23, 1899 The Scranton Tribune Scranton, PA
Article from The Scranton Tribune, December 23, 1899

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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

8. December 23, 1899 The Providence News Providence, RI
Article from The Providence News, December 23, 1899

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came to Los Angeles on account of Mrs. Cole's health. The prisoner will be held here awaiting advices from Boston. AN END TO SECRECY. Boston, Dec. 23.-News of the arrest of Mr. Charles H. Cole, formerly president of the Globe ational Bank, of this city at Rodondo, California, which reached here this afternoon put an end to an unusual effort on the part of the United States authorities to keep seeret the fact that any action had been taken to bring about his arrest. Dispatches from California "last night said that United States officers were after Cole, but at the office of the United States District Attorney here early this morning it could not be learned that a warrant for Cole's arrest had been issued. As soon as word was received that he was in custody, however, it developed that the warrant had been issued during the forenoon that the authorities had little trouble in finding the man when they actually wânted him. The warrant was sworn out before United States Commissioner Fiske by Special Examiner Daniel G. Wing, acting under orders of the comptroller of the currency Owing to the reticence of those interested it is impossible to learn what charge the warrant contains, but it is generally supposed that the exbank president is accused either of falsifying the books or misapplication of the bank's funds. The district attorney this afternoon stated that the warrant was in four counts, two charging embezzlement, and two misappropriation of the funds of the bank. It is alleged that $600,000 was embezzled and $300,000 misappropriated. No time is mentioned in the warrant as it is understood the misdeeds alleged cover an indefinite time. The action of Examiner Wing in the matter was taken after he had been in charge of the Globe National Bank only one day, the institution having been ordered closed by Comptrolle of the Currency Dawes, Thursday night, with Mr. Wing as temporary receiver. Mr. Wing refused to make known the nature of the facts which he discovered and which led Comptroller Dawes, as soon as he was acquainted with them to insruct Mr. Wing to take legal steps. Bankers however, who have been in touch with matters connected with the Globe Bank, say when asked for reasons for the action. refer to the history of Mr. Cole's connection with the bank. and the circumstances under which he resigned last November. The warrant for the arrest of Mr. Cole charges tha the embezzled $900,000.

9. December 23, 1899 The San Francisco Call San Francisco, CA
Article from The San Francisco Call, December 23, 1899

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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.

10. December 23, 1899 New-York Tribune New York, NY
Article from New-York Tribune, December 23, 1899

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REASSURING SITUATION AT BOSTON. SUSPENSION OF THE GLOBE NATIONAL CAUSED NO FAILURESGOOD OUTLOOK FOR CREDITORS. Boston, Dec 22.-Another day of unrest in Boston's financial circles went by without incidents of a startling nature. 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 to-night was conservatively considered as good 1f 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 is 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 reported, the Clearing House committee declined to give the Globe Bank further assistance, and to this fact is attributed the quick 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. Officially, nothing will be said at present about the dealings of the Globe Bank with the Clearing House, and if the securities held by the latter have depreciated below the margin of safety, the individual banks will have to bear the loss pro rata. The loan of $3,000,000 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 accounts, and the money paid out came from that clearing house loan. The bank paid out from its deposits during the last month $2,042,000. On May 6 the amount in the bank reached $10,175,000. and the average for months was between $8,000,000 and $9,000,000 up to the time of the recent troubles. Three-fourths of the bank's stock, or $750,000. is held by Massachusetts saving banks, all of which are good for the 100 per cent liabilities imposed by law upon individual stockholders. When early would-be customers appeared at the Globe Bank they found Receiver 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 centre of attraction, and many harsh words were said against it and the officials. In the market itself, the usual mirror of the ups and downs of finances, hardly a good sized ripple was created. To be sure, stocks went down, but Boston brokers maintained that quotations here followed New-York. As for coppers, which class of stocks are charged with turning Boston topsy-turvy, they did not slump away, as predicted, their weakness hardly touching the low priced ones, and being on an average scarcely more noticeable than for weeks past. The Broadway National Bank's affairs would have been lost sight of for the time being had not the creditors of the Squire Company. the fortunes of which are mingled with those of the bank, met to outline their plans and to form a committee of action. Some demand for ready cash was made on the market here by a Portland bank on which a run was made, but it did not disturb conditions. To-morrow being a short day and naturally a dull one, no further changes are looked for, and the next influential factor is expected to be contained in Receiver Wing's report on the Broadway Bank. For both the latter bank and the Globe, it is confidently said, that the failures will not be nearly as hard as pictured, and the outlook for creditors is reassuring. The failure of the Globe National Bank. of Boston, caused no surprise in New-York banking circles, since it was known that week before last the Boston Clearing House had to come to its rescue. The Globe's correspondents in New-York are the National Bank of North America, the Hanover National Bank and the National City Bank. Its chief business was transacted through the Bank of North America. The assistant cashier of that institution said vesterday that the Globe Bank had

11. December 24, 1899 The Worcester Spy Worcester, MA
Article from The Worcester Spy, December 24, 1899

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STOCKHOLDERS WILL SUFFER But Depositors Will Be Paid in Full, It is Said 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 arrest today in a a distant city 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 Mr. Wing, the receiver of the bank, ordering the arrest, while considerable of 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. Late 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, Cal., where he had journeyed with his wife and son. A warrant was sworn out during the day in this city, and dispatched this evening 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 but 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 were used untii 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 fund commissioner, had placed nearly $400,000 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 overloads, 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. Most 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 those institutions. While the Globe bank probably will never open its doors again, there seems to be a prospect that the Broadway bank will soon be on its feet again.

12. December 27, 1899 The Providence News Providence, RI
Article from The Providence News, December 27, 1899

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Heavily Involved in United States Mining Company Shares and Banks Refused to Extend Credit. Boston, Dec. 27.-E. C.Hodges & Co., Stock Exchange of the embarrassment of E. C. Hodges & Company, bankers State street bankers and brokers, susand brokers, was a surprise to many, pended business today. The firm is one although it was not altogether unexof the largest in the city and has been pected by some of the large financial a large dealer in municipal bonds. The interests. The suspension of this well-known firm is a member of the Boston and house it is estimated, will bring the New York Stock exchange and Chitotal of liabilities of concerns here cago Board of Trade. which have failed within the past two The firm, which is composed of E. C. weeks close to $17,000,000. A few months ago such widespread troubles in the Hodges, E. F. Lowry and Frederick financial section of the city were not Swift, assigned to G. C. Dickson of the considered possible, as general busifirm of Dickson & Knowles of this city. ness has been in better condition than The assignment was caused by the refusal of banks to receive United States for several years. A greater part of the difficulty is attributed to unfortunate Mining company shares, of which the speculation by men who, before the firm had a large quantity. There will be no statement of assets and liabilities crash were wealthy, and to the embarrassment of the Globe National Bank. issued today. This failure, it has appeared, was due. Mr. Hodges said: "We are heavily inpartially at least, to a tremendous fall volved in United States Mining comin United States copper and .n United pany shares and the refusal of the States oil and other securities. banks to give us credit causes us to The failed concerns include: Globe assign. We have 50,000 shares of that stock on hand." National Bank, Broadway National Assignee Dickson said: "The assignBank, John P. Squire & Company and ment nas been made by the firm for the allied firms, provsions and pork packbest interests and protection of all ers; Joseph C. Squire & Company, procreditors. The firm held some $100,000 visions; Francis Batchelor & Company, worth of United States Mining stock provisions; Dillaway & Starr, bankers and certain banks refused to credit the and brokers: John P. Lovell Arms firm on that account. This made it Company and John P.Lovell Company, necessary for the assignment." E. C. Hodges & Company, bankers and The announcement on the Boston brokers.

13. December 27, 1899 The News & Observer Raleigh, NC
Article from The News & Observer, December 27, 1899

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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.

14. December 27, 1899 Barre Evening Telegram Barre, VT
Article from Barre Evening Telegram, December 27, 1899

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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.

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

16. December 28, 1899 River Falls Journal River Falls, WI
Article from River Falls Journal, December 28, 1899

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THE EAST. At Binghamton, N. Y., John E. Gardner, aged 60, in order to get his picture in print, shot his wife, aged 29, and then killed himself. In Boston Daniel G. Wing has been appointed temporary receiver of the Globe national bank. A call has been issued by the American Political league for a national convention in Boston on July 4 for the nomination of candidates for president and vice president of the United States. Yellow ware pottery manufacturers have advanced their selling price lists five per cent. In Pittsburgh the Carnegie Steel company will advance the wages of 12,000 employes 7.14 per cent. At the leading clearing houses in the United States the exchanges during the week ended on the 22d aggregated $2,222,484,264, against $1,903,130,547 the previous week. The increase compared with the corresponding week of 1898 was 13.2. In the United States there were 220 business failures in the seven days ended on the 22d, against 218 the week previous and 258 in the corresponding period of 1898. Evangelist Dwight L. Moody, whose fame was world-wide, died at his home in East Northfield, Mass., aged 62 years. He leaves a widow, two sons and a daughter. The cause of death was a general breaking down of his health, due to overwork. In several American cities funds and recruits to aid the Boers are being raised. At the age of 77 years Daniel Ford, editor of Youth's Companion, died in Boston. In New York city the Salvation army furnished Christmas dinners to 25,000 persons. Without a particle of food in 45 days, and complete recovery from a mental derangement, is the unprecedented experience of a Philadelphia girl.

17. December 29, 1899 Union Gazette Corvallis, OR
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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

18. December 30, 1899 The Weekly Intelligencer Lexington, MO
Article from The Weekly Intelligencer, December 30, 1899

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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

19. January 11, 1900 Condon Globe Condon, OR
Article from Condon Globe, January 11, 1900

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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

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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.

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

22. March 9, 1900 The Citizen Frederick, MD
Article from The Citizen, March 9, 1900

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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.

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

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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.

24. February 25, 1901 Evening Star Washington, DC
Article from Evening Star, February 25, 1901

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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.