gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
9ef855dc7ccea926
Response Measures
Accommodated withdrawals, Borrowed from banks or large institutions, Capital injected, Full suspension, Books examined
Clearinghouse involved: Yes
(loan, examination, or other measures)
Description
Suspension followed heavy drawings after the Globe National closed; receiver appointed then bank reopened under doubled capital.
Events (6)
1.January 12, 1903Chartered
Source
historical_nic
2.November 22, 1907Run
Cause
Local Banks
Cause Details
Large withdrawals and heavy drawings of exchange following the prior suspension/closure of the Globe National Bank.
Measures
Dropped from clearing house; national bank examiner took charge; receiver later appointed.
Newspaper Excerpt
Heavy drawings of exchange since the Globe National suspended forced the First National to suspend.
Source
newspapers
3.November 22, 1907Suspension
Cause
Local Banks
Cause Details
Suspension triggered by heavy withdrawals and exchange demands after the Globe National bank had closed.
Newspaper Excerpt
The First National Bank of this city, with deposits of $750,000, suspended today.
Source
newspapers
4.November 26, 1907Receivership
Newspaper Excerpt
RECEIVER OF FIRST NATIONAL BANK ARRIVES IN CITY J. W. Norvell ... will relieve J. H. Page as receiver of the First National bank.
Source
newspapers
5.February 26, 1908Reopening
Newspaper Excerpt
The First National bank of Globe, which suspended during the financial panic, has been authorized by the comptroller of currency to resume business and will open the doors Saturday with doubled capitalization of $100,000.
Source
newspapers
6.September 30, 1924Voluntary Liquidation
Source
historical_nic
Newspaper Articles (22)
1.October 10, 1907The Copper EraClifton, AZ
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Article Text
NEWS OF THE TERRITORY. Caught by a cave-in and buried be- G. neath tons of rock and dirt, David Williams, a miner at Globe employed at the O. D. Keystone mine, met a horrible death. The body was recov- the ered about thirty minutes after cave-in. The Rattler Mining company at Globe has temporarily ceased development work at its property northeast of the city. Superintendent will Galpin states that the shutdown only continue while metal conditions about are so unstable. The shaft is will 100 feet deep and the company place an order for a hoisting plant work. as soon as it is decided to resume -Belt. George Kingdon has been appointed Domine superintendent of the Old to minion and United Globe Mines and succeed N. S. Berray, resigned, will arrive from Old Mexico within the next ten days to assume his new position. Mr. Kingdon was for many has years a resident of Globe and extend old friends there who last him many a warm welcome. Prior to spring he officiated as superintend- Nacoent of the Moctezuma mines at zari, Mexico. What may prove to be one of been the richest strikes that has ever has made near Bisbee for some time just been made known by Jack Kelly, the man who discovered and sold the the mines now being developed by Bisbee Extension company. Samples the of the ore have been brought rich to in Review office and they are gold and silver. Specimens Bisbee, assayed copper, by George Laird, of 7 show $23 in gold and silver and per cent. in copper.-Review. The coming term of the brief district and is evidently to be a rapid court one. Judge Nave has instructed that clerk to advise the attorneys for the must have their cases ready for the they trial promptly or continuance and term is probable. All demurrers of motions will be heard and disposed and the first day, October 28th, the on calendar will be called the same are All pending criminal cases day. for trial immediately afterwards. been set But two weeks of time has loted to the term in this county, session as supreme court will be in about the November 10th.-Bulletin. E.K. Martin, a comparatively rerecruit to the Douglas police cent force and a conservative, coolheaded morning at an early hour one of officer, week had his first baptism police last blood since joining the local as he department when, believing, Genhad every right to, that Officer from a life was in danger try's drunken Mexican who was rushing at the him, he sent a bullet stomach upon that entered the Mexican inflicted a wound that, eight ofand later, proved fatal. The was hours saw that the wounded man for taken ficer to the Calumet hospital Martin and that done, shoottreatment telephoned Judge Rice himself. of the The and surrendered ing Mexican died at the hospital.American. Information comes from Globe avert- that financial trouble was narrowly that city one of the banks in & ed at The firm of I. N. Kinsey came rerecently. failed and on top of this was Co. from Boston that copper soon be on ports down grade and would rumors the than ever. These lower among the foreign population caused a spread the mining city and stampeded of among them. They in which tright the bank in question, and befor of them had deposits, Great unmany drawing their money. some time by gan was felt for because of easiness officers of the bank, stream the withdrawing of a constant that the the and it was feared At of gold, might result disastrously. the First run juncture, however, and this Bank came forward National all the assistance other necessary bank proffered the result that the and all with easily tided over the run passed. was danger of disaster was quickly and the copper at 15 cents should be With of its shares at $25, it the Old price foregone conclusion that not continue a company will in the dividend Dominion payments, especially cost which does face not of a include 14-cent smelter copper Advices and power- from improvements. this month house indicate that so far treated much Globe the Old Dominion has
Compromise Effected. Only mail trains were kept moving. A compromise was finally arranged, by which the men were given ten per cent of their pay in cash. It is thought they will return to work. Arizona Bank Suspends. Globe, Ariz., Nov. 22.-The First Na. tional bank of Globe, with deposits of $750,000, did not open this morning, having been dropped from the Globe Clearing House association last night. This leaves no national bank in opera-
4.November 22, 1907Alexandria GazetteAlexandria, VA
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Article Text
Closing of Another Bank. Globe, Aiz, Nov. 22 -Globe today is without a national bank in operation. The First National has closed its doors. The Globe National closed last week. Heavy drawings of exchange since the Globe suspended forced the First National to suspend. J. N. Porter, president of the First National, has extensive banking interests in Texas and Arizone. The First National had deposits aggregating $750,000.
Arizona Bank Dropped. Globe, Ariz, Nov 22.-The First National bank of this city, with deposits of $750,000, was dropped from the Globe clearing house association last night and will not open to-day. This leaves no national bank in operation here, the Globe National bank having closed three weeks ago. The heavy drawing of exchange since the Globe National suspended is believed to be the cause of the suspension. National Bank Examiner J. H. Page took charge of the bank.
6.November 23, 1907The Montgomery AdvertiserMontgomery, AL
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Article Text
ARIZONA BANK CLOSES. No National Financial Institution Left in City. Globe, Ariz., Nov. 22.-The First National Bank of this city. with deposits of $750,000. was dropped from the Globe Clearing House Association last night and will not open today. the Globe National Bank having closed three weeks ago. The heavy drawing of exchange since the Globe National suspended is be. lieved to be the cause of the suspension. National Bank Examiner J. H. Page took charge of the bank.
Arizona Bank Suspends. Globe, Ariz., Nov. 2.-The First National bank of this city, with deposits of $750,000, has been dropped from the Globe Clearing House association and has closed its doors. This leaves no national bank in operation here, the Globe National bank having closed three weeks ago.
8.November 26, 1907Daily Arizona Silver BeltGlobe, Miami, AZ
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RECEIVER OF FIRST NATIONAL BANK ARRIVES IN CITY J. W. Norvell of Colorado Springs, Colo., arrived in the city last evening and this morning will relieve J. H. Page as receiver of the First National bank. Mr. Norvell is the national bank examiner for this district and has had considerable experience in receiverships. He was several months ago injured while escaping from a burning building at Colorado Surings and is still compelled to use a cane.
9.November 28, 1907Daily Arizona Silver BeltGlobe, Miami, AZ
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Article Text
(From Tueson Star) The telegram received by the Star on Friday night from J. N. Porter, president of the First National bank at Globe, which suspended business on Thursday night was typical of the man. "I saved my life but lost my money in the financial eyclone," tells the story in brief and the expression shows that the big-hearted president of the First National bank at Globe is not much worried or cast down on account of his immediate financial embarrassment. It is certain that every depositor in the First National ban kat Globe will receive every dollar that is due him and when the report of the receiver is finally made the worst that can be said is that J. N. Porter was too liberal with his friends when they were in financial distress and needed help. J. N. Porter has been a picturesque figure in the banking business in Arizona for the past ten years. He came to Arizona about eighteen years ago from Texas, with a small remnant of cattle, after a long brouth in the Lone Star state. He unloaded them in the Sulphur Springs valley and began life
10.December 4, 1907Vernon County CensorViroqua, WI
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Article Text
BUSINESS TROUBLES. At Bedford, Ind., the closing down of the cement plants and reducing forces in the stone quarries has thrown out 600 men. At Globe, Ariz., the First National bank, with deposits of $750,000, was dropped from the clearing house association. The Globe National bank closed three weeks ago. At Birmingham, Ala, Louis M. Dyke president of the Atella National bank, charged with misappropriation of funds, was sentenced to five years in the penitentiary. With liabilities of $350,000 and nominal assets approximating the same amount, M. E. Sprague of Drew, a Bangor, Maine, lumber manufacturer. made an assignment. At New York the Aluminum Press company, manufacturers of lithographic presses, went into the hands of a receiver. The liabilities were $178,000, assets $145,286. James J. Wood, a Boston lumber dealer, led an assignment for the benefit of creditors. Mr. Wood indorsed notes of M. E. Sprague, the Drew, Me., lumber manufacturer, who assigned at Bangor. President William M. Wood of the American Woolen company stated, in relation to the curtailment of business, that the American Woolen company was now operating about 75 per cent of its machinery, and will continue to curtail production.
11.December 14, 1907Bisbee Daily ReviewBisbee, AZ
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GLOBE BANK MAY RESUME OPERATIONS President of Suspended Institution Issues Statement Saying Everythng Is In FirstClass Condition. GLOBE, Dec. 13.-If present plans do not miscarry or bump up against an unsurmountable obstacle in the office of the comptroller of the currency at Washington, the First National Rank of Globe will be open for business and resume payment as usual on February 1. It is officially given out that the bank is in fine condition; that its securities are all gilt-edged, amply covering of loans and upon the return to normal conditions there will be no trouble in realizing on this paper. "The bank has recently secured $100,000 in cash," said J. N. Porter. "If our present plans are not interrupted the capital stock will be doubled, giving us $100,000 more, and with the cash now in hand and the cok lections to be made, we will have more than $400,000 in cash with which to resume business. 'Before this can be done, however, it will be necessary for the receiver to thoroughly check up the business of the bank and forward his report and recommendations to the comptroler of the currency. It will then be up to that official to say whether or not we can reopen. "But there is one thing sure: When the doors of the bank do reopen again it will be for all time. I must be assured in advance that depositors will act sane and conservative. I will never undertake to resume the business unless I am absolutely sanguine that there will be no more unwaranted runs and that I will not be forced again to close my doors. 'I have every confidence in the future of Globe and am willing to risk my own money and the money of my friends if the people are disposed to use good judgment."
12.January 3, 1908Bisbee Daily ReviewBisbee, AZ
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From Globe comes the welcome news that J. N. Porter, president of the First National bank of that city, who was forced to suspend during the recent financial slump, will reopen the bank soon after the first of the year. J. N. Porter is one of the best known financiers in southern Arizona and at no time was there any doubt of the ability of his bank to pay the depositors all that was due them. Besides his bank he has a large amount of valuable property, including thousands of range cattle on the San Carlos reservation. The many friends of Mr. Porter will be glad to learn that he will soon be able to resume business with an increased banking capital.
13.January 7, 1908Daily Arizona Silver BeltGlobe, Miami, AZ
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GLAD TO HEAR IT. From Globe comes the welcome rews that J. N. Porter president of the First National bank of that city, who was forced to suspend during the recent financial slump, will reopen the bank soon after the first of the year. J. N. Porter is one of the best known financiers in southern Arizona and at no time was there any doubt of the ability of his bank to pay the depositors all that was due them. Besides his bank, he had a large amount of valuable property, including thousands of cattle on the San Carlos reservation. The many friends of Mr. Porter will be glad to learn that he will soon be able to resume business with an increased banking capital.-Bisbee Review.
14.January 16, 1908Bisbee Daily ReviewBisbee, AZ
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NEW RECEIVER APPOINTED GLOBE, Jan. 15.-J. W. Norvell, who has been acting as receiver of the First National Bank, has been ordered to resume his duties as national bank examiner for this district ond will leave tomorrow morning for Las Cruces New, Mexico, and El Paso, to examine national banks. Yesterday Mr. Norvell turned over the books of the bank of Edwin, C. Perkins of Lincoln, III., who has been designated by comptroller of the currency Ridgley to succeed him as receiver, and the latter gentleman will be in charge of the bank's affairs until it receives orders from the comptroller to reopen the institution.
15.February 27, 1908Los Angeles HeraldLos Angeles, CA
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Globe Bank Reopens By Associated Press. GLOBE, Ariz., Feb. 26.-The First National bank of Globe, which suspended during the financial panic, has been authorized by the comptroller of currency to resume business and will open the doors Saturday with doubled capitalization of $100,000, the United States depositary and generally the largest bank in this section of Arizona.
16.February 29, 1908Daily Arizona Silver BeltGlobe, Miami, AZ
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PERSONAL PARAGRAPHS Messrs. Gibson, McAlpine and Hansen returned last evening from their trip to Roosevelt. Alfred Kinney leaves today overland for Phoenix, where he will transact business for a number of days. George H. Clements of the circulation department of the El Paso Herald, arrived in the city last evening to spend some time in the city. W. A. Coma of Joplin, Mo., is visiting his sister, Mrs. Gibbs, on East Ash street. Sid F. Mauk took advantage of the closing hours of the open season and went over on the Salt river yesterday on a quail hunt. S. H. Kersey and son left yesterday for Cherry Creek, where Mr. Kersey will do assessment work on his gold claims. Dr. J. H. Lacey of Solomonville and his brother, Benjamin Lacey of North Carolina returned last evening from a visit to the big dam at Roosevelt. District Attorney L. L. Henry, M. E. Conboy and W. H. Butler will go down to Geronimo this morning to indulge in a wild duck hunt. They will remain there over Sunday. A. T. Hammons cashier of the Old Dominion Commercial company, is recovering from an attack of the grip with which he has been laid up since his return from Phoenix, Monday. C. C. Mallard, superintendent of the Gila Valley road, returned last evening from New Orleans, where he went to attend the marriage of a friend. It was only a friend, after all, as Mr. Mallard returned alone. E. C. Perkins, receiver of the First National bank, whose duties as such end at 9 o'clock this morning, when the bank resumes business, will leave Monday for nis home at Lincoln, Ill. He will go by way of Roosevelt and Phoenix. Mrs. I. G. Hanna, who was called here by the illness of her daughter, Mrs. E. G. Decker, left yesterday morning for her home in Tempe. Mrs. Hanna made many friends while in Globe who regret her departure and who will extend to her a warm welcome upon the occasion of a return visit. Louis A. Wright, consulting engineer of the Lewisohn syndicate and general manager of the Miami Copper company, leaves this morning for the west and will go to Mexico City also. Upon his return to Globe in about a month, Mr. Wright will be accompanied by his family to take up permanent residence in Globe.
17.March 1, 1908Bisbee Daily ReviewBisbee, AZ
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GLOBE FIRST NATIONAL WILL RESUME BUSINESS. It is announced in Globe that the First National bank of that city will open its doors for resumption of business today, or not later than Monday. This bit of news will be received with joy throughout the territory because of the extended acquaintance and popularity of J. N. Porter, president of th bank and its principal owner. Mr. Porter was forced to shut the doors of the First National at Globe during the panicky times last fall, after having drained his vaults of all available cash which was paid to depositors. It was understood when the bank was closed that none of the depositors would lose anything and that as soon as Mr. Porter could realize cash on some of his various and important property holdings the bank doors would be reopened and business resumed. The statement is made that Mr. Porter has arranged for doubling the capital stock of the bank and that as soon as resumption of business has taken place a reorganization of the
18.March 4, 1908Weekly Arizona Journal-MinerPrescott, AZ
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FIRST NATIONAL BANK OF GLOBE TO RESUME. GLOBE, Ariz., Feb. 29. - (Special Dispatch to the Journal Miner) - After a suspension of over three months, the First National bank of this city, which closed its doors during the recent financial flurry, owing to heavy withdrawals of deposits and inability to realize on loans, will resume business Monday, under instructions from the comptroller of the currency, at Washington. President J. N. Porter stated tonight that a reorganization of the banking company would be affected, with double the present capital stock of $50,000. The addition of new capital, which represents new interests in the institution, will cause a change in the directorate as it exists at present.
19.March 4, 1908Daily Arizona Silver BeltGlobe, Miami, AZ
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Back to Illinois-Edwin C. Perkins,
until recently receiver for the First National bank, left yesterday via Roosevelt and Phoenix for his home at Lincoln, Ill. There is no sorrow in Globe because Mr. Perkins lost his job, but his departure has caused many sincere regrets. Mr. Perkins made a host of friends during his stay here, all of whom hope he will remember his promise to return here in the near future.
20.March 6, 1908Arizona RepublicanPhoenix, AZ
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him was the evidence every where of the restoration of normal conditions after the panic. There is about as much activity in the great mining camps of Globe, Douglas and Bisdee as there was before the trouble began and there appears to have been a full return of confidence. He was at Giobe on the day that the First National Bank, Porter's bank resumed business. When the bank was opened there was no run on it as some had feared; that is there was no run on it in the ordinary meaning of the word, "run" but there was a run after all. People formed in a long line, not to withdraw the deposits which had been caught in the suspension of the institution but to express their confidence in the bank by adding to the deposits. Nowhere was there any talk of hard times or even of entbarrassment.
21.March 7, 1908The Williams NewsWilliams, AZ
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Globe, Ariz February 26.-The First National Bank of Globe, which suspended during the recent financial panic,has been authorized by the controller of the currency to resume business. The bank will re open its doors on Saturday with a doubled capitalization of $100,000. The bank is a United States depositary and the largest bank in this section of Arizona.
22.March 13, 1908Daily Arizona Silver BeltGlobe, Miami, AZ
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REORGANIZE FIRST NATIONAL (Continued from Page One) R. C. Andrus of Globe; George H. Cook, A. W. Crawford, Los Angeles; P. A. Johns, C. C, Pennington, Mrs. Florence W. Herndon, Prescott; Dan O'Carroll, Kelvin; H. S. Manuel, F. L. Darbyshire, Nathan Solomon, El Paso; George A. Olney, Mrs. Hattie F. Solomon, Safford; and Mrs. Jennie Solomon, Oakland, Cal. Previous to the reorganization of the First National, its capital stock had been owned exclusively in Globe and as seen, much new capital has been brought to Globe by its rehabilitation, which is almost as important to the city as to the bank. The bank is now doing business with a capital stock of $100,000, and a surplus of $100,000, which makes it $300,000 "to the good" as the stockholders are liable for twice its capitalization or an additional hundred thousand. Another strong feature is in the paper assets of the bank, Before resumption was allowed, all paper declared by the receiver to be worthless had to be taken from the vaults and its fact value substituted in currency, so that all collateral now held by the bank is worth not less than its face value. Mr. Porter is to be congratulated in securing as his associates in business such men as those mentioned, men whose names stand for all that is best and strongest in a financial way, and which are the surest guarantee for the safety of the depositors.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
