Globe National Bank, Boston, MA (Charter 936)

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The Globe Bank of Boston obsolete $1
The Globe Bank of Boston obsolete $1, Haxby MA-210, with signatures of C. Sprague, Cashier and I. Sargent, President, dated January 1, 1859. Haxby plate example. Courtesy of Heritage Auctions, www.ha.com

Globe National Bank, Boston, MA (Chartered 1865 - Receivership 1899)

Town History

Boston is the capital and most populous city of the Commonwealth of Massachusetts and 24th-most populous city in the U.S. The city proper covers about 48.4 square miles with a population of 675,647 in 2020, also making it the most populous city in New England. It is the seat of Suffolk County (although the county government was disbanded on July 1, 1999). The city is the economic and cultural anchor of a substantially larger metropolitan area known as Greater Boston, a metropolitan statistical area (MSA) home to a census-estimated 4.8 million people in 2016 and ranking as the tenth-largest MSA in the country. A broader combined statistical area (CSA), generally corresponding to the commuting area and including Providence, Rhode Island, is home to some 8.2 million people, making it the sixth most populous in the United States.

Boston is one of the oldest municipalities in the United States, founded on the Shawmut Peninsula in 1630 by Puritan settlers from the English town of the same name. It was the scene of several key events of the American Revolution, such as the Boston Massacre, the Boston Tea Party, the Battle of Bunker Hill, and the siege of Boston. Upon American independence from Great Britain, the city continued to be an important port and manufacturing hub as well as a center for education and culture. The city has expanded beyond the original peninsula through land reclamation and municipal annexation. Its rich history attracts many tourists, with Faneuil Hall alone drawing more than 20 million visitors per year. Boston's many firsts include the United States' first public park (Boston Common, 1634), first public or state school (Boston Latin School, 1635), first subway system (Tremont Street subway, 1897), and first large public library (Boston Public Library, 1848).

Today, Boston is a thriving center of scientific research. The Boston area's many colleges and universities make it a world leader in higher education, including law, medicine, engineering and business, and the city is considered to be a global pioneer in innovation and entrepreneurship, with nearly 5,000 startups. Boston's economic base also includes finance, professional and business services, biotechnology, information technology and government activities.

Boston had 84 National Banks chartered during the Bank Note Era, and 75 of those banks issued National Bank Notes. Boston also had 63 Obsolete Banks that issued Obsolete Bank Notes during the Obsolete Bank Note Era (1782-1866).

Bank History

  • Organized March 16, 1865
  • Chartered March 25, 1865
  • Succeeded Globe Bank
  • Receivership December 21, 1899

The Globe Bank of Boston was originally chartered on July 1, 1824. It received its national charter on March 25, 1865.[1]

In October 1841, the directors of the Globe Bank were James Read (President), Abel Adams, Stephen Fairbanks, Henry Hall, John Lamson, Payson Perrin, Isaac C. Pray, John F. Priest, Ignatius Sargent, and Enoch Silsby.[2]

In October 1856, at the annual meeting of stockholders for the Globe bank for the choice of directors, the following board was elected: Ignatius Sargent (President), Abel Adams, Stephen Fairbanks, Henry Hall, Franklin H. Story, and Ezra Lincoln.[3] Mr. Sargent was also president of the Lyman Mills with capital stock of $1,475,000.[4]

In March 1864, Charles Sprague, Esq, the "Banker Poet," was paying the 79th semi-annual dividend he had personally superintended to the stockholders of the bank in which he was chosen its first cashier in 1824, the year the institution received its charter.[5] In December, Charles Sprague resigned as cashier and was succeeded by his son, Charles J. Sprague.[6]

Directors elected January 14, 1868 were William B. Stevens, Peter C. Brooks, Francis A. Gray, Shadrach H. Pearce, Ignatius Sargent, Franklin H. Story and Nathaniel Thayer.[7]

In January 1869, the directors were W.B. Stevens, P.C. Brooks, F.A. Gray, S.H. Pearce, I. Sargent, F.H. Story, and N. Thayer. W.B. Stevens was re-elected president.[8]

On Tuesday, January 14, 1873, stockholders elected the following directors: W.B. Stevens (President), P.C. Brooks, F.A. Gray, I. Sargent, C.E. Stevens, F.H. Story, C.S. Sargent, and A. Sigourney Bird.[9]

On Tuesday, January 13, 1880, stockholders elected the following directors: A.S. Bird, F.A. Gray, C.S. Sargent, W.B. Stevens (President), C.E. Stevens, and F.M. Story.[10]

On Thursday, July 26, 1894, directors of the Globe bank elected Cashier Charles H. Cole, vice president, and Charles H. Hooke, assistant cashier, was appointed cashier.[11]

In January 1895, C.E. Stevens was elected president in place of C.O. Billings, resigned. C.H. Cole became vice president and C.H. Hooke, cashier.[12] 

The Boston Stock Exchange listed the Santa Fe Gold & Copper Mining Company, incorporated Jan. 21, 1899, under New Jersey laws, capital stock 250,000 shares par value $10, cash on hand $500,000, stock in treasury 25,000 shares. Edward A. Clark was president; Charles H. Cole, Jr., treasurer; F.W. Batchelder, secretary; and Messrs. Clark, Cole, A.S. Bigelow, Leonard Lewisohn, William H. Coolidge, J.T. McLaughlin, Charles H. Cole, Charles S. Henry and Edgar Buffum, directors; principal  offices No. 8 Congress Street, Boston, and Jersey City, New Jersey; place of registration, the Globe National Bank, 92 State Street, Boston.[13][14]

On November 8, 1899, at a meeting of the board of directors, the resignation of Charles H. Cole as president was accepted. Horace H. Stevens was elected president and George H. Ball, vice president. The statement was issued: The directors stated that the bank had incurred no loss from or through the transactions of its late president, Charles H. Cole. The directors were Albert S. Bigelow, Horace H. Stevens, George H. Ball, James L. Wesson, Henry Brooks, and Charles G. White.[15]

On Wednesday, December 27, 1899, the Boston Stock exchange announced a few minutes after the opening of the embarrassment of E.C. Hodges & Co., bankers and brokers, in the Exchange building, 58 State street. This was a surprise to many, although not altogether unexpected by some of the larger financial interests. The suspension of this well-known house brought the total of liabilities of concerns over the past two weeks to an estimated $17,000,000. A few months ago, such widespread troubles in the financial section of Boston were not considered possible. A greater part of the difficulty was attributed to unfortunate speculation men who, before the crash, were wealthy, and to the embarrassment of the Globe National Bank. This failure was due, partially at least, to the tremendous fall in United States copper and United States oil and other securities. The failed concerns included: Globe National Bank, Broadway National Bank, John P. Squire & Co. and allied firms, provisions and pork packers, Joseph C. Squire & Co., provisions, Francis Batchelder & Co., provisions, Dillaway & Starr, bankers and brokers, John P. Lovell Arms Co. and John P. Lovell Co., E.C. Hodges & Co., bankers and brokers.[16]

The house of the John P. Lovell Arms Company was founded in 1841 by John P. Lovell and was a first engaged solely in the manufacture of guns. It soon branched out into the sporting line of business and grew to be one of the largest concerns of the kind in New England, there being scarcely an article used by a sportsman that was not carried in its stock. At the death of the senior member in 1897, John P. Lovell was president, Col. B.S. Lovell, treasurer, and Henry L. Lovell Clerk. For a great many years the firm did all its financial business with the Globe National Bank. Col. Benjamin S. Lovell, the treasurer of the company, had for many years been a familiar figure in Grand Army and political circles in Massachusetts. He had been a member of the Legislature and was a member of Gov. Greenhalge's personal staff. The Boston News Bureau reported the Lovell Arms Company loans and over-drafts constituted the largest item in the troubles of the bank with more than $1,000,000 of the Globe Bank's money and of its president going into this concern. The discovery of the condition of affairs at the Globe Bank was quite accidental. The bank examiner, after passing the Globe Bank's account, happened to go directly to the Second National Bank and there, finding an item of $250,000 due from the Globe Bank, could not remember the corresponding item on the debit side of the Globe's ledger and went back for an explanation.[17]

On December 23, 1899, Charles H. Cole, ex-president of the Globe National Bank was arrested at Los Angeles where he was stopping with his wife and son. He was charged with embezzlement of the bank's funds to the amount of $900,000. His residence was in Hingham.[18]

On May 14, 1900, the Franklin County Jail received its most distinguished prisoner, Charles H. Cole, the former president of the Globe National Bank of Boston. He was sentenced that morning by Judge Francis C. Lowell in United States District Court at Boston to serve eight years for the offence of misapplication of the bank's funds. Mr. Cole was 55 years old and for over 30 years had been connected with the bank which had recently gone into liquidation. He began as a messenger boy and rose through successive responsible positions. In court, Cole pleaded guilty to three out of the 34 counts in the indictment against him. The district attorney immediately moved for sentencing and for the next 30 minutes addressed the court, going over the way the trouble was discovered at the bank, the misapplication of its funds, the financial transactions with the Lovell and Squire companies and the methods adopted by Cole in making loans to these concerns and concealing them from the directors of the bank. Melvin O. Adams, counsel for the defendant pointed out that Cole made every reparation for the sums of money which he had taken from the bank, repaying $200,000 before the discover and $600,000 immediately on discovery. "The case," said Colonel Adams, "is absolutely without any evidence of a scheme or intent to permanently deprive the bank of any of its property. His whole conduct is essentially that of an honest man."[19]

Official Bank Title

1: The Globe National Bank of Boston, MA

Bank Note Types Issued

1882 Brown Back $100 bank note
1882 Brown Back $100 bank note with pen signatures of C.H. Hooke, Cashier and C.E. Stevens, President. Courtesy of Heritage Auctions, www.ha.com
1882 Brown Back $5 bank note
1882 Brown Back $5 bank note with pen signatures of C.H. Hooke, Cashier and Charles H. Cole, President. Courtesy of Heritage Auctions, www.ha.com

A total of $3,360,870 in National Bank Notes was issued by this bank between 1865 and 1899. This consisted of a total of 266,650 notes (266,650 large size and No small size notes).

This bank issued the following Types and Denominations of bank notes:

Series/Type Sheet/Denoms Serial#s Sheet Comments
Original Series 4x5 1 - 10200
Original Series 3x10-20 1 - 6200
Original Series 50-100 1 - 900
Original Series 500 1 - 150
Series 1875 4x5 1 - 12110
Series 1875 3x10-20 1 - 10950
Series 1875 50-100 1 - 1810
1882 Brown Back 4x5 1 - 11911
1882 Brown Back 3x10-20 1 - 11329
1882 Brown Back 50-100 1 - 5140

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1865 - 1899):

Presidents:

Cashiers:

Other Known Bank Note Signers

  • No other known bank note signers for this bank

Bank Note History Links

Sources

  • Boston, MA, on Wikipedia
  • Don C. Kelly, National Bank Notes, A Guide with Prices. 6th Edition (Oxford, OH: The Paper Money Institute, 2008).
  • Dean Oakes and John Hickman, Standard Catalog of National Bank Notes. 2nd Edition (Iola, WI: Krause Publications, 1990).
  • Banks & Bankers Historical Database (1782-1935), https://spmc.org/bank-note-history-project
  1. ↑ The Bankers' Magazine, Vol. 22, July 1867-June 1868, p. 976.
  2. ↑ Boston Post, Boston, MA, Fri., Oct. 8, 1841.
  3. ↑ Boston Evening Transcript, Boston, MA, Wed., Oct. 22, 1856.
  4. ↑ The Springfield Daily Republican, Springfield, MA, Tue., Mar. 22, 1859.
  5. ↑ Boston Evening Transcript, Boston, MA, Fri., Mar. 25, 1864.
  6. ↑ Springfield Weekly Republican, Springfield, MA, Sat., Dec. 31, 1864.
  7. ↑ The Bankers' Magazine, Vol. 22, July 1867-June 1868, p. 976.
  8. ↑ Boston Evening Transcript, Boston, MA, Tue., Jan. 12, 1869.
  9. ↑ Boston Evening Transcript, Boston, MA, Tue., Jan. 14, 1873.
  10. ↑ Boston Evening Transcript, Boston, MA, Tue., Jan. 13, 1880.
  11. ↑ Boston Evening Transcript, Boston, MA, Thu., July 26, 1894.
  12. ↑ Boston Evening Transcript, Boston, MA, Wed., Jan. 9, 1895.
  13. ↑ Boston Evening Transcript, Boston, MA, Fri., Feb. 24, 1899.
  14. ↑ Boston Evening Transcript, Boston, MA, Sat. Dec. 30, 1899.
  15. ↑ Boston Evening Transcript, Boston, MA, Wed., Nov. 8, 1899.
  16. ↑ The Fall River Daily Herald, Fall River, MA, Wed., Dec. 27, 1899.
  17. ↑ Fall River Daily Evening News, Fall River, MA, Wed., Dec. 27, 1899.
  18. ↑ The Recorder, Greenfield, MA, Sat., Dec. 30, 1899.
  19. ↑ Greenfield Daily Recorder, Greenfield, MA, Wed., May 16, 1900.
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