Charles H. Cole (banker)
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Charles H. Cole (January 5, 1847 – August 14, 1906) was an American banker who served as president of the Globe National Bank of Boston from 1897 to 1899. He pleaded guilty to willful misapplication of bank funds and served six years in jail.
Cole was born on July 5, 1847, in Plymouth, Massachusetts, to Job and Hannah (Frye) Cole.[1] At the age of 5 his family moved to South Boston. In 1862, Cole began his business career as an office boy in a private banking house.[2]
Business career
Globe National Bank
In 1868, Cole went to work as a clerk at the Globe National Bank. He rose through the company over the next 13 years and in 1881 he was made cashier. As cashier, Cole was given authority greatly beyond what was normal for the office, especially in the matter of loans. He was permitted to exercise his judgement in areas that were usually decided by the president. He eventually assumed practical control of the bank. In 1894 he became the bank's vice president and was given a seat on its board of directors. In 1897 he became bank president following the death of Charles E. Stevens.[2]
Other endeavors
Cole was an incorporator and director of the United States Oil Company, a business that ran profitable oil wells in Virginia. He was reported to have invested heavily in the business and his personal wealth grew rapidly as a result. In 1896, Cole became director of a mining company. The business was a success and he increased his wealth by $1.5 million. In 1898 he purchased a large amount of stock in the American Lead and Zinc Company, which owned mines around Joplin, Missouri. The company was initially successful, but its value dropped significantly due to a drop in the price of zinc. In 1899, Cole became involved with the North American Gold Dredging Company. This business was not a success. That same year, he was an incorporator of the United States Mining Company, which mined copper, and the Santa Fe Gold and Copper Mining Company.[2]
Personal life
In 1870, Cole married Mary Lyon Ball. The couple had three children, Charles Jr., George, and Edward.[3] The family lived in South Boston until 1890, when Cole moved to a modest home in Hingham, Massachusetts. In 1893 he purchased a large Hingham estate that neighbored John Davis Long's. Cole reconstructed the interior of the house, purchased land surrounding the property, and built a conservatory and stable, where he kept six to eight horses and a number of fine carriages.[2]
Municipal government
In 1895, Boston Mayor Edwin Upton Curtis appointed Cole to a commission investigating municipal finances. In 1897, he was appointed to Boston's sinking fund commission by Mayor Josiah Quincy.[2][4] Cole resigned in 1899, as he was planning to take a trip out west.[2]