gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
75d2dacde9ed01d0
Response Measures
Borrowed from banks or large institutions, Clearinghouse loan, Full suspension, Books examined
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
Comptroller ordered closure and receiver appointed; president later arrested on irregularity charges.
Events (5)
1.March 25, 1865Chartered
Source
historical_nic
2.December 14, 1899Run
Cause
Bank Specific Adverse Info
Cause Details
Heavy withdrawals after reports of the bank's unsoundness tied to large loans (to businesses and mining stocks) and the Squire firm's failure; president had resigned earlier.
Measures
Boston Clearing House issued $3,500,000 in special clearing house certificates and assets were turned over to the clearing house.
Newspaper Excerpt
the Boston Clearing House ... 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
Source
newspapers
3.December 21, 1899Receivership
Source
historical_nic
4.December 21, 1899Receivership
Newspaper Excerpt
Comptroller Dawes appointed Special Examiner Daniel G. Wing temporary receiver of the Globe National bank of Boston.
Source
newspapers
5.December 21, 1899Suspension
Cause
Government Action
Cause Details
Comptroller (Controller) Dawes ordered closure and appointed a receiver after continued depreciation of key assets despite clearing-house aid.
Newspaper Excerpt
Comptroller Dawes ordered bank closed. A receiver has been appointed for Globe National bank of Boston.
Source
newspapers
Newspaper Articles (24)
1.December 15, 1899The Morning NewsSavannah, GA
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Article Text
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.
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.
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
4.December 21, 1899The Somerset ReporterSkowhegan, ME
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Article Text
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.
5.December 22, 1899New-York TribuneNew York, NY
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Article Text
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.
6.December 22, 1899Akron Daily DemocratAkron, OH
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Article Text
Receiver For Boston Bank. WASHINGTON, Dec. 22.-Comptroller Dawes appointed Spécial Examiner Daniel G. Wing temporary receiver of the Globa National bank of Boston.
7.December 23, 1899Alexandria GazetteAlexandria, VA
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Article Text
Charles E. Cole, president of the Globe National Bank of Boston, which recently suspended, was arrested at Redondo Beach, Cal., today.
8.December 23, 1899The TimesWashington, DC
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Article Text
Edward I. Johnson, of New Orleans, a national bank examiner, is at the Riggs, en route to Boston, whence he will look into the failure of the Globe National Bank of that city, which suspended a few days ago.
9.December 23, 1899The Saint Paul GlobeSaint Paul, MN
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Article Text
NEW YORK, Dec. 22.-The stock market had to undergo further liquidation today. Prices yielded without a very active resistance, but there were no signs of panic, and the liquidation was conducted in an orderly manner. The principal causes of weakness were evidently not local and seemed to be largely due to the condition of affairs in Boston. The closing of the Globe National bank there was the cause of widespread uneasiness and brought large offerings on the New
10.December 26, 1899The Topeka State JournalTopeka, KS
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Article Text
LOVELL ARMS CO. ASSIGNS. Boston, 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 concern has a large store at 163 Washington street, a factory at South Portland, Me., and several branches. The company manufactured bicycles, fire arms and sporting goods of nearly every description.
ARMS COMPANY FAILS Brought Down By the Crash Of the Globe National Bank. BOSTON, Dec. 26.-The John P. Lovell Arms company has assigned to Charles P. Barnes Jr., Charles H. Cole, late president of the Globe National Bank, advanced this firm over a million dollars, breaking himself and the bank.
12.December 26, 1899The Seattle StarSeattle, WA
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Article Text
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.
13.December 26, 1899The Stark County DemocratCanton, OH
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Article Text
Receiver For Boston Bank. WASHINGTON, Dec. 22.-Comptroller Dawes appointed Special Examiner Daniel G. Wing temporary receiver of the Globe National bank of Boston.
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.
15.December 27, 1899The Morning NewsSavannah, GA
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Article Text
LOVELL ARMS CO. ASSIGNS. Caused by the Collapse of the Globe National Bank. Boston, Dec. 26.-The John P. Lovell Arms Company assigned to-day to Charles B. Barnes. The John P. Lovell Arms Company is one of the largest sporting goods houses in the country, and the failure is the result of the collapse of the Globe National Bank of this city, to which the company was largely indebted. The company manufactured bicycles, firearms and sporting goods of nearly every description.
16.December 28, 1899Grant County HeraldLancaster, WI
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Article Text
BOSTON BANK IN TROUBLE. Globe National Closed by Order of Comptroller Dawes. A receiver has been appointed for Globe National bank of Boston. Clearing-house had advanced $3,500,000, but Squire's paper and copper stocks continued to depreciate, hence Controller Dawes ordered bank closed.
17.December 29, 1899Marshall County IndependentPlymouth, IN
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Article Text
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.
18.December 29, 1899The Yale ExpositorYale, MI
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Article Text
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
19.January 8, 1900The Seattle Post-IntelligencerSeattle, WA
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Article Text
Appointed Bank Receiver. WASHINGTON, Jan. 7.-Comptroller Dawes has decided to appoint Daniel S. Wing, temporary receiver of the failed Globe National bank, of Boston, as permanent receiver to wind up its affairs.
20.January 8, 1900The Salt Lake HeraldSalt Lake City, UT
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Article Text
Permanent Receiver. Washington, Jan. 7.-Comptroller Dawes has decided to appoint Daniel S. Wing temporary receiver of the falled Globe National bank of Boston, as permanent receiver, to wind up its affairs.
21.January 11, 1900The News-HeraldHillsboro, OH
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Article Text
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.
22.February 27, 1900Daily Kennebec JournalAugusta, ME
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Article Text
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."
23.March 7, 1900The Indianapolis JournalIndianapolis, IN
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Article Text
Lumber Company Assigns. LOWELL, Mass., March 6.-The Howe Lumber Company has assigned as a result of the failure of the Globe National Bank in Boston, to which the company owed a large amount of money. The exact assets and liabilities are not yet known. The business was founded thirty-five years ago.
24.May 1, 1906The Daily Morning Journal and CourierNew Haven, CT
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Article Text
Charles H. Cole's conviction followed a series of financial disturbances in Boston during the latter part of December, 1899. The business situation was seriously unsettled by the failure, on December 15, of the John P. Squire & Co. (corporation), pork packers, for $3,000,000 and the closing of the Broadway National bank the following morning. The Squire corporation had a large amount of paper in the Globe National bank, and when reports that the latter institution was unsound became current, heavy withdrawals were made by the depositors. The Globe bank failed on December 21. Cole, whose health became impaired, had gone to Los Angeles, Cal. after resigning his position as president of the bank in the fall of 1899. He was arrested in California just after the failure and brought to Boston. The warrant charged him with misappropriating $900,000. On April 14 he pleaded guilty to three of the counts of an indictment and was sentenced to serve eight years in the jail at Greenfield. When a petition was presented to President Roosevelt several months ago for a pardon he declined to grant it. Cole lost his own fortune in the disaster which overtook his investments in mining shares and in his efforts to restore money to the bank and save it from ruin.
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.
