12533. Germania Savings Bank (Jersey City, NJ)

Bank Information

Episode Type
Suspension โ†’ Closure
Bank Type
savings bank
Start Date
January 29, 1887
Location
Jersey City, New Jersey (40.728, -74.078)

Metadata

Model
gpt-5-mini
Short Digest
74d10cf4e3a00a1f

Response Measures

None

Description

The Germania Savings Bank closed its doors on Jan 29, 1887 after its secretary/treasurer C. M. E. Schroeder absconded and a $30,000 cash deficit was discovered. The directors posted a notice that the bank was closed pending application to the Chancellor and moved to settle affairs; an application for a receiver was contemplated. Trustees later arranged dividends (60% declared Feb 13, 1887) and to liquidate assets to pay depositors. There is no clear evidence the bank resumed normal banking operations; the sequence is a suspension followed by winding up/closure.

Events (2)

1. January 29, 1887 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Secretary and treasurer C. M. E. Schroeder is missing; a $30,000 deficit discovered in the cash account (embezzlement/defalcation).
Newspaper Excerpt
This bank is closed pending an application to the Chancellor for instructions. LOUIS A. LIENAN, Vice-President.
Source
newspapers
2. February 13, 1887 Other
Newspaper Excerpt
A DIVIDEND DECLARED. Sixty Per Cent. for Depositors in the Germania Savings Bank. ... the Chancellor signed an order directing that such payments be made.
Source
newspapers

Newspaper Articles (18)

Article from Evening Star, January 29, 1887

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TREASURER AND $30,000 MISSING. The Germania Savings Bank of Jersey City Closes its Doors. JERSEY CITY, N. J., Jan. 29. - -The Germania Savings bank, 140 Newark avenue, closed its doors this morning. C. M. E. Scroeder, secretary and treasurer, is missing, and it is believed he has gone to Canada. There is a deficit or $30,000 in the cash account. An application will be made for a receiver. The bank was incorporated March 29, 1871, and did an extensive savings and general banking business. Vice President Louis A. Lienau says that the securities are intact and that the deficit will not exceed the figures named. The Horrors of Eviction. DWELLINGS RAZED IN ORDER THAT THE POOR PROPLE MAY NOT FIND SHELTER IN THEM. DUBLIN, Jan. 29.- The last evictions at Coomasharr took place yesterday. Three tenants were ejected and their dwellings were levelled to the ground. Two other tenants who were evicted were reinstalled as care-takers. Agent Roe again offered his previous terms, asking in the case of one tenant one gales rent and offering to pay the costs himself. The offer was rejected. There was some trouble between the police and the crowd or on-lookers and some stones were thrown. The disturbance at one time threatened to become serious. Two villagers were hit with policemen's batons, but a magistrate interposed to prevent further trouble. The sheriffs, bailiffs and police have left Glenbeigh. The mother of Mr. Cifford Lloyd, who was a special magistrate in Ireland during Earl Spencers administration as lord lieutenant, and who was particularly severe in his enforcement of the laws against the tenantry, has written a letter sympathizing with the persons who have been evicted at Glenbeigh.


Article from Alexandria Gazette, January 29, 1887

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Closing of a Bank. JERSEY CITY, N.J., Jan. 29.-The Germania Savings Bank, 140 Newark avenue, closed its doors this morning. C. M. E. Scroeder, secretary and treasurer, is miss. ing, and it is believed he has gone to Canada. There is a deficit of $30,000 in the cash account. An application will be made for a receiver. The bank was incorporated March 29, 1871, and did an extensive savings and general banking business. VicePresident Louis A. Lienau says that the securities are intact and that the deficit will not exceed the figures named.


Article from The Indianapolis Journal, January 30, 1887

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14 Talbott}Block, Indianapolis. A SAVINGS BANK WRECKED. The Treasurer Is Missing and Is Supposed to Have Gone to Canada with $30,000 in Cash. JERSEY CITY, N. J., Jan. 29.-The Germania Savings Bank, No. 140 Newark avenue, closed its doors this morning. C. M. E. Schroeder, secretary and treasurer, is missing, and it is believed he has gone to Canada. There is a deficit of $30,000 in the cash account. An application will be made for a receiver. The bank was incorporated March 29, 1871, and did an extensive savings and general banking business. Vicepresident Louis A. Lienau says that the securities are intact, and that the deficit will not exceed the figures named. The news of the wreck of the bank spread rapidly, and the street was thronged with anxious depositors. Upon the door was the following notice: "This bark is closed pending an application to the Chancellor for instructions," and signed, "Louis A. Lienau, second vice-president." A servant said that Schroeder left his house after a brief interview with his wife, Thursday night. The trustees met last night and found the books all written up and the securities intact, but there was not a cent of the cash balance of $30,000. The trustees claim that the assets are sufficient to pay all the claims. They expect to pay 75 per cent. within thirty days, and the remainder after a sufficient delay to enable them to dispose of the real estate held by the bank. The bank's books are locked up and it is impossible to obtain details. Schroeder fled after seeing that he could not conceal his crime. He is a well-known German, and a general favorite. He has a wife and two children. He is known to have lost money in speculation, The police have learned that Treasurer Schroder was at his home at 7 o'clock this morning. He is being searched for. Trustees of the bank were on his bond for $50,000. State Senator W. K. Edwards, counsel for the bank, received instructions from Chancellor Runyan, this morning. The trustees are ordered to settle the bank's affairs by disposing of all its available securities. No receiver will be appointed, for the present, at least. Mr. Edwards stated that the depositors will not lose over 20 per cent. at the most, and that all will probably be paid in full eventually. Schroeder left a six months' note upon himself for $30,000 at the bank, dated Jan. 31, to President Leinau's order.


Article from New-York Tribune, January 30, 1887

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A JERSEY CITY BANK SHUT. ITS CASHIER AND ABOUT $30.000 GONE. APPLYING TO THE CHANCELLOR FOR ADVICE-CONFESSION BY THE DEFAULTER. A sensation was created in Jersey City yesterday by thedisciosure of the fact that Claus M. E. Schroeder, secretary and treasurer of the Germania Savings, was a defaulter and had run away. The amount of the defalcation, so far as could be ascertained from a hasty examination, is $30,000. That is probably the actual amount, as the directors, when they examined the vault, found, instead of cash, Schroeder's personal note for $30,000, datea January 31, 1887, and made payable six months after date. Schroeder was at the bank Thursday, and when he was leaving in the afternoon said that he was obliged to go to Newark the next day to transact some business. Onthat account his failure to appear on Friday morning did not attract any special attention. but when he did not arrive in the afternoon Louis Lienan, the vice-president, sent a messenger to his house. The information obtained by the messenger caused Mr. Lienan to call an immediate meeting of the directors, and they remained in secret session at the bank until 1 a. m. yesterday. The discovery was then made that Schroeder was a defaulter. At 10 a. m. yesterday, when some people called at the bank to transact business, they found the front doors closed and guarded by a policeman. On one of the doors was posted a notice which read This bank is closed pending an application to the Chancellor for instruction. LOUIS LIENAN, Vice-President. The news that the bank had closed spread rapidly among the depositors and caused great excitement. Crowds of them besieged the door but were unable to gain admittance. They lingered around discussing the matter until the heavy rain compelled them to seek shelter. Reporters who called at Schroeder's house. No. 25 Linden-ave., were told that Mr. Schroeder was not at home and Mrs. Schroeder was too 111 to be seen. The house is a large one, finely furnished, and is owned by Mrs. Schroeder. It was learned that on Thursday night Schroeder sent for James R. Williamson, an insurance agent at No. 17 Montgomery-st. who has been his most intimate friend. Schroeder and his wife were in the parlor when Williamson arrived. In the presence of his wife and the visitor Schroeder made a full confession. He said that he owed the bank $30,000, and being unable to pay it he was compelled to flee with scarcely a dollar in his pocket. On the completion of his confession the miserable man kissed his wife and two children, wrung his friend willjamson's hand and left the house. It is presumed that he has sought refuge in Canada. Schroeder was generally regarded as a man of very steady habits. He had no vices, 80 far as is known, and although he lived well it was thought that hisincome warranted it. In addition to his position in the bank, which paid him $2,000 a year, he was engaged in the real estate and insurance business. He was agent for the Hanover Insurance Company of few-York, the Lieman estate and the Hamburg-America Steamship Company. He was also treasurer of the State Council, American Legion of Honor, and of the Ancient Order of United Workmen. There should be a balance of $1,200 to the credit of the American Legion of Honor. The condition of the Ancient Workmen's fund is unknown General Agent Matthews of the Hanover Insurance Company says that the company will not lose anything. What course will be pursued by the directors of the bank has not been determined. Senator William D. Edwards, their counsel, and Vice-President Lienan went to Newark yesterday and had a consultation with Chancellor Runyon. When they returned they said the Chancellor had given verbal orders that the directors continue in possession of the concern until the formal Issue of an order giving them authority to wind up its affairs. No receiver will be appointed and It is possible that Schroeder's bondsmen will make good the deficiency. Schroeder's bond is $50,000 and his bondsmen are Michael Lienan, F. O. Matthiessen. the sugar refiner, Mr. Kunhardt, of the firm of Kunhardt & Co., 61 Broad-st., w-York, and William Schuman. a wholesale grocer in New-York. It is said that Schroeder engaged in speculations recently and that he was largely interested in a newly patented milling machine which has falled thus far to realize the expectations of its inventor. The following statement of the bank's condition has been prepared $257,530 63 Liabilities


Article from The Daily Times, January 30, 1887

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Treasurer and $30,000 Missing. JERSEY CITY, N. J., January 29.-The Germania Savings Bank, 140 Newark avenue, closed its doors this morning. C. M. E. Scroeder, secretary and treasurer, is missing, and it is believed he has gone to Canada. There is a deficit of $30,000 in the cash account. An application will be made for a receiver. The bank was incorporated March 29, 1871, and did an extensive savings and general banking business. Vice-President Louis A. Lienau says that the securities are intact and that the deficit will not exceed the figures named.


Article from Wheeling Sunday Register, January 30, 1887

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OFF FOR CANADA. Another "General Favorite" Treasurer Skips Out With the Funds. JERSEY CITY, N. J., January 29. - The Germania Savings Bank, No. 140 Newark avenue, closed its doors this morning. C. M. E. Schroeder, Secretary and Treasurer, IS missing, and it is believed he has gone to Canada. There is a deficit of $30,000 in the cash account. An application will be made for a receiver. The bank was incorporated March 29, 1871, and did an extensive savings and general banking business. Vice President Louis A. Lienan says that the securities are intact, and that the deficit will not exceed the figures named. The news of the wreck of the Germania Bank spread rapidly, and the street was througed with anxious depositors. Upon the door was the following notice : "This bank is closed pending an application to the Chancellor for instructions," and signed "Louis A. Lienau, Second Vice President. A servant said Schroeder had left his house after a brief interview with his wife, Thursday night. The trustees met last night and found the books all written up and found the securities intact, but there was not a cent of the cash balance of $30, 000. The trustees claim that the asssets are sufficient to pay all the claims-25 per cent now and the remainder after a delay of 30 days to enable the bank to dispose of the real estate held by it. The bank's books are locked up and it is impossible to obtain detais. Schroeder fled after seeing that he could not conceal his crime. He is a well known German and a general favorite. He has a wife and two children. Heis known to have lost money in speculation.


Article from Eureka Daily Sentinel, January 30, 1887

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be told that this total N timated figures reaches to more than $4,000,000, Yet such is the case, and the estimates in each instance 1 has been conservative, and under rather than above the actual facts. This, too, without counting in extra medical expense caused through sufI fering for the want of coal, and the funeral expenses of many whose deaths have been hastened, if not directly caused by the coal famine. Sullivan Gets His Broken Arm Monded. NEW YORK, Jan. 29.-Sullivan, the pugilist, arrived this afternoon to get the best surgical opinion as to his broken arm. He went to the office of Dr. Sayre, who, after an examination of the injured member, said that it had been set with the palm downward, instead of the reverse, and while the fighter conversed with his friends, the doctor, by a further glance, observed Sullivan's preoccupation, and placing his left hand on Sullivan's forearm, and his right upon the wrist, he gave the arm a sudden wrench, which broke the bones asunder the second time. Sullivan rebounded from his reclining position with a sharp cry of pain, and sank back upon the cushions in a dead fainting spell. Salts and other vivifying applications soon brought him back to consciousness, and he found his left hand lying palm upwards, as Dr. Sayre says it should be, but the fighter was knocked out, and became further wearied by fruitless retchings. He was straightened out after a while, however, and his arm was bound in felt wadding, and finally set in plaster of Paris. Dr. Sayre says it will be all right in four weeks hence, and will be as strong as ever. Release of Hamilton. PUEBLO, Col. Jan. 29.-The Colorado lawyers have made use of a Supreme Court decision, on the invalidity of criminal convictions by information, to obtain the release of Hamilton, alias Barton, from the Federal penitentiary at Albany, New York, where he is serving a sentence for stage and mail robbery near Alamosa in 1881, where he had built a pile of brushwood across the road in a woods, and set up blackened sticks in such a way as to look like gunbarrels pointing at the coach, having stopped the vehicle, and made all the passengers form in line he motioned back toward the supposed riflemen, telling them not to shoot until he ordered them to do so. While the supposed riflemen covering the passengers with the guns, they were robbered, and he escaped into the mountains. A Large Bank Deficit. JERSEY CITY, Jan. 29.-The Germania Savings Bank closed its doors this morning. C. M. E. Schroeder, Secretary and Treasurer, is missing, and it is believed has gone to Canada. There is a deficit of $30,000 in the cash account. Application will be made for a Receiver. The bank was incorporated March 29, 1871, and did an extensive saving and general banking business. Vice President Louis A. Lieran says that the securities are intact, and that the deficit will not exceed the figures named. Arrested for Conspiracy. NEW YORK, Jan. 29.-James E. Quinn, of the Executive Board of the Longshoremen's Union, was arS rested to-day by a Deputy United States Marshal, for conspiring to injure the business of the Old Dominion Steamship Company. Twenty thousand dollars in damages are asked. He was released on $5,000 bail. Miss Emmons Declared Sane. WASHINGTON, Jan. 29.-The jury in the Emmons lunacy trial has rendered a verdiot that Miss Emmons is sane, and capable of managing her own affairs.


Article from The Salt Lake Herald, January 30, 1887

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Bank Failure. JERSEY CITY, January 29.-The Germania Savings Bank closed its doors this morning. C. M. E. Schroeder, sec retary and treasurer, is missing, and it is believed he has gone to Canada. There is a deficit of $30,000 in the cash account. An application will be made for a receiver. The bank was incorporated on March 29th. 1861, and did an extensive savings and general banking business. Vice-President Louis A Lienan says that the securities are intact, and that the deficit will not exceed the figures named.


Article from Fort Worth Daily Gazette, January 30, 1887

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BUSINESS AFFAIRS. A Jersey City Savings Bank Fails Because of a $30,000 Shortage. JERSEY CITY, N. J., Jan. 29.-The Germania Savings' Bank at 140 Newark avenue, closed its doors this morning. C.M. Schroeder, Secretary and Treasurer, is missing and it is believed he has gone to Canada. There is a deficit of $30,000 in the cash account. Application will be made for a receiver. Vice-President Louis A. Lienan says that the securities are intact.


Article from The Memphis Appeal, January 30, 1887

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HE HAS GONE TO CANADA. A BANK TREASURER SKIPS WITH $30,000 Belonging to the Germania Savings Bank of Jersey City-Excited Depositors Crowd About the Doors. JERSEY CITY, N. J., January 29.The Germania Savings Bank, No. 140 Newark avenue, closed its doors this morning. C. M. E. Schroeder, secretary and treasurer, is missing, and it is believed he has gone to Canada. There is a deficit of $30,000 in the cash account. An application will be made for a receiver. The bank was incorporated March 29, 1871, and did an extensive savings and general banking business. Vice President Louis A. Leinau says that the securities are intact, and that the deficit will not exceed the figures named. The news of the wreck of the Germania Bank spread rapidly, and the street was thronged with anxious depositor. Upon the door was the following notice: "This bank is closed pending an application to the Chancellor for instructions," and signed "Louis A. Leinau, second vice president." A tervant said Schroeder had left bis house, after a brief interview with his wife, Thursday night. The trustees met last night and found the books all writen up and the securities intact. but there was not a cent of the cash balance of $30,000. The trustees claim that the assets are sufficient to pay all the claims-25 per cent. now and the remainder of er a delay of thirty days to enable the bank to dispose of the real estate held by it. The bank's books are locked up and it is impossible to obtain details. Schroeder fled after seeing that be could not conceal his crime. He is a well known German and a general favorite. He has a wife and two children. He is known to have lost money in speculation. The police have learned that Treasurer Schroeder was at his home at 7 o'clock this morning. He is being searched for. Trustees of the bank were on his bond for $50,000. State Senator W. K. Edwards, counsel for the bank, received instructions from Chancelior Runyan this morning. Tnetrustees are ordered to settle the bank's affairs by disposing of all its available securities. No receiver will be appointed for the present at least. Mr. Edwards stated that the depositors will not lose over 20 per cent at the most, and that all will probably be paid in full evenually. Schroeder left a six months' note upon himself for $30,000 at the bank, dated January 31st, to President Leinau's order.


Article from Richmond Dispatch, January 30, 1887

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A Bank Closes Its Doors. [By telegraph to the Dispatch.) JERSEY CITY, January 29.-The Germania Savings Bank, 140 Newark aveC. nue, closed its doors this morning. M. E. Screeder, its secretary and treasurer, is missing, and, it is believed, has gone to Canada. There is a deficit of $30,000 in the cash account. Application will be made for a receiver. The bank was incorporated March 29, 1871, and did an extensive savings and general banking business. The vice-president, Louis A. Lienan, says that the securities are intact, and that the deficit will not exceed the figures named.


Article from Daily Kennebec Journal, January 31, 1887

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SAVINGS BANK ROBBED. The Treasurer of a Jersey City Institution Decamps With the Funds. JERSEY CITY, N. J., Jan. 29. The Germania Savings Bank, on Newark avenue, closed its doors this morning. C.M. E. Schroeder, secretary and treasuer, is missing. and it is believed has gone to Canada. There is a deficit of $30,000 in the cash account. An application will be made for a receiver. Vice President Louis A. Lienan says that the securities are intact, and that the deficit will not exceed the figures named. The news of the defalcation spread rapidly, and the streets in the neighborhood of the bank was thronged with anxious depositors. Upon the door was the following notice: "This bank is closed pending an application tothe chancellor for instructions. LOUIS A. LIENAN, (Signed) Second Vice President." The trustees met last night and found the books all written up and the securities intact, but there was not a cent of the cash balance of $30,000. The trustees claim that the assets are sufficient to pay all claims. They ex pect to pay 75 per cent to depositors within 30 days, and the remainder after a sufficient delay to enable them to dispose of the real estate held by the bank. The bank's books are locked up, and it is impossible to obtain details. Schroeder fled after seeing that he could not conceal his crime. He is a well known German, and a general favorite. He is known to have lost money in speculation


Article from Wheeling Register, January 31, 1887

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OFF FOR CANADA. Another "General Favorite" Treasurer Skips Out With the Funds. JERSEY CITY, N.J., January 29.-The Germania Saving: Bank, No. 140 Newark avenue, closed its doors this morning. C. M. E. Schroeder, Secretary and Treasurer, IS missing, and it is believed he has gone to Canada. There is a deficit of $30,000 in the cash account. An application will be made for a receiver. The bank was incorporated March 29, 1871, and did an extensive savings and general banking business. Vice President Louis A. Lienau says that the securities are intact, and that the deficit will not exceed the figures named. The news of the wreck of the Germania Bank spread rapidly, and the street was thronged with anxious depositors. Upon the door was the following notice : "This bank is closed pending an application to the Chancellor for instructions," and signed "Lonis A. Lienau, Second Vice President. A servant said Schroeder had left his house after a brief interview with his wife, Thursday night. The trustees met last night and found the books all written up and found the securities intact, but there was not a cent of the cash balance of $30,000. The trustees claim that the asssets are sufficient to pay all the claims-25 per cent now and the remainder after a delay of 30 days to enable the bank to dispose of the real estate held by it. The bank's books are locked up and it is impossible to obtain detals. Schroeder fled after seeing that he could not conceal his crime. He is a well known German and a general favorite. He has a wife and two children. Heis known to have lost money in speculation.


Article from New-York Tribune, January 31, 1887

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C. M. E. SCHROEDER'S DEFALCATION. THE CASE TO BE PUT IN THE DISTRICT-ATTORNEY'S HANDS-DEPOSITORS PROBABLY SAFE. So far as can be learned no steps have yet been taken to pursue Claus M. E. Schroeder, the absconding cashier of the Germania Savings Bank in Jersey City, DistrictAttorney Winfield has been requested by the directors to take charge of the matter and secure the absconder if possible. Vice-President Lienau said yesterday that the exact amount embezzled by Schroeder is $30,000, and he does not believe that Schroeder has any of it left. Mr. Lienau does not believe that the depositors will lose anything. Just what course will be pursued in winding up the affairs of the bank cannot be determined until Chancellor Runyon takes official action. Business will be suspended until that time. Martin Henken, Schroeder's assistant, says he never entertained any suspicion of his principal. When Schroeder was leaving the bank on Thursday afternoon he told Henkel that he would not be down the next morning. When noon of Friday passed and Schroeder had not appeared, Henkel went to Counsellor Edwards's office, thinking that Schroeder might be there. On learning that he had not been there Henkel communicated his suspicions to Mr. Edwards, and the investigation and discovery of the defalcation followed. Henkel hastened to Schroeder's house, No. 25 Linden-ave., and found there Jame R. Williamson and his wife. He was told that Mrs. Schroeder was sick and in bed and Mr. Schroeder was not at home. When Henkel expressed his suspicion that there was something wrong at the bank Mrs. Williamson burst into tears, and her husband said that further concealment was useless. He told Henkel that Schroeder had gone away and that he was in debt to the bank $30,000. Mr. Henkel says that the cashier's bondsmen will make good the deficiency, and that If they could ascertain where Schroeder is they would send word to him to return at once. Schroeder was seen in Jersey City on Thursday night. He stopped at Haas's shoe store about 9 p. m., and left a pair of shoes and a satchel there. A short time afterward he took them to Lyons & Zeigler's drug store, a short distance further down the street. About 10:30 o'clock he called for them and went away, turning in the direction of the ferry. All visitors except the most Intimate friends of the family were turned away from Mrs. Schroeder's house yesterday. Mrs. Williamson said that Mrs. Schroeder was sick and under the care of a physician. Pictures of Schroeder have been taken to be sent to the police authorities all over the country, If it is decided to pursue the fugitive. The directors of the bank will hold a meeting this afternoon


Article from The Londonderry Sifter, February 3, 1887

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NEWS NOTES. DOMESTIC. The Governor of Ohio has appointel exPresident R. B. Hayes to be trustee of the Ohio State University for the term of seven years, beginning May 14, and the ppointment was confirmed by the Senate. About 200 cases of giant powder exploded while in transit in a magazine car over the Missouri Pacific road a half-mile west of Fort Scott, Kan. Fifteen of the 23 freight cars were completely demolished, and the magazine car was blown to atoms. The engine was badly broken up. A spec'al from Spokine Falls, Wash., says: Terrible suffering exists on the Colville reservation, 80 miles north, smallpox having broken out in the tribe with great fatality. Deep snow has prevented hunting, and government supplies have been inadequate. Hugh Sutherland, president of the Hudson Bay road, !unning from Winnipeg, Man., to Hudson's Bay, announces that the company will spend $4,000,000 the coming year in construction. Ex-Treasurer Hollingsworth of Knox county, Ind., who decamped last May with $80,000 of the public funds, recently created a sensation by walking into the court room at Vincennes, and giving himself up to Judge Mallott. The 'longshoremen's strike in New York and vicinity continues; the estimated nums ber of workmen now out reaches 50,000. Only a few European and coastwisesteamers are able to leave their docks. The jury in the case of Beiral, who was in dicted in New York for attempting to murder Surveyor Beattie last November, have rendered a verdict of guilty. C. J. Winship, constable and collector of the town of Weston, Vt.. has defaulted in the sum of $600, which his bond men must pay. Five of the men engaged in the recent robbery of the railroad train at Gordon, Tex., have been arrested. and the prospect is that the other three will be captured. The great railway suit of Sarah A. Angle against the Chicago, Portage & Superior Railway company at Madison, Wis., for violation of contract has been concluded. The jury rendered a verdict for the plain:iff of $351,965.50. Reports from the west show that heavy snowstorms prevailed in western Dako a and eastern Montana. Trains on the Northern' Pacific railroad and other roads are badly delayed. Black diphtheria is raging near Madison, Wis. The schools at Wanuakee have been closed and the town quarantined. The Little Rock, Mississi: pi River & Texas railroad has been sold under the foreclosure of mortgage, Jay Gould being the purchaser. The price paid was $1,800,000. The road runs from Little Rock to Arkansas City, a distance of 112 miles, connecting w th the iron Mountain road at Little Rock, Ark. Gould was the only bidder. Americans in the vicinity of Lewis' Cove, in Perry, Me., are indignar t at the fact that there are several fishermen from St. Andrew's in the cove, as when the fish seek the other shore the war vessels of the Dominion se ZB any American vessel tound inside the limit. A recent fire at Vanceboro, Me., destroyed the fin large steam mill used by the Vanceboro Wooden Ware Company in the manu facture of kiln dried hardwood lumber. Loss about $40,000; part!y insured. About 100 men are thrown out of employment. Diphtheria prevails to such an extent in Shelter Island, L. I., that the public schools have been closed to prevent its spread. The disease S said to have been brought from Boston. The treasurer of the Germania bank at Jersey C ty has robbed that institution of $30,000, and left for parts unknown. The depositors will be pai 1 in full. The largest and fastest passenger engine ever built was recently run out of the Rhode Island locomo ive works at Providence. During the week ending Jan. 28, 1887, 1278 gallons of soup were distribute and 6102 meals provided by the city of Boston. The reports of corresponding week of this year, show the number of gallons to be 1012, and


Article from The Austin Weekly Statesman, February 3, 1887

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BANK FAILURE. Another Good Man Gone Wrong and Off With $30,000. JERSEY CITY, January 29 -The Germania Savings bank, 140 Newark avenue, closed its doors this morning. C. M. Schroeder, secretary and treasurer, is missing and it is believed he has gone to Canada. There is a deficit of $30,000 in the cash account. Application will be made for a receiver. Vice-president Louis A. Lienan says that securities are intact. News of the wreck of the Germania bank spread rapidly, aud the street was thronged with anxious depositors. Upon the door was the following notice: "This bank is closed pending application to the chancellor for instructions," and signed "Louis A. Lineau, second vice-president." The trustees met last night, and found the books all written up and securities intact, but there was not a cent of cash. The balance of the $300,000, the trustees claim, that assets are sufficient to pay all claims, 75 per cent. now and the remainder after a sufficient time to enable the bank to dispose of the real estate held by it. The bank's books are locked up, and it is impossible to obtain details. Schroeder fled after seeing he could not conceal his crime. He is a well known German and general favorite. He has a wife and two children, and is known to have lost money in speculation The police have learned that Treasurer Schroeder was at home at 7 o'clock this morning, his house is being searched. Four trustees of the bank were on hie bonds for $50,000. State Senator W. K. Edwards, counsel for the bank, received instructions from Chancellor Rungan this morning. The trustees are ordered to settle the bank's affairs by disposing of all its available se. curities. No receiver will be appointed for the present at least. Edwards stated the depositors would not lose over 20 per cent. at the most, and that all will probably be paid in full evenentually. Schroeder left a six month note upon himself for $30,000, dated January 31, to President Lineau's order.


Article from The Diamond Drill, February 5, 1887

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THE NEWS CONDENSED. THE EAST. A NEW YORK dispatch says "the two razors which Edward Unger, the sausage peddler, used in carving his partner, August Boltz, or Bohle, after he had killed him in his sleep, in order that the body might be packed in the trunk that turned up in Baltimore, were brought to police headquarters and put away with the rest of the overwhelming evidence against the murderer. Unger sat sullenly in his cell, refusing to speak when spoken to. He is very closely watched to prevent his cheating the bangman. Sullivan, the pugilist, visited Dr. Sayre's office, at New York, when the surgeon made the discovery that Sullivan's broken arm had been set with the palm downward, instead of upward. While the champion was conversing with his friends, Dr. Sayre, with a sudden wrench, broke the knitting bones asunder, and with a sharp cry of pain Sullivan fell upon a lounge unconscious. When he recovered, the arm was re-set in n proper manner. and the Doctor thinks it will be all right in a few weeks. MASTER WORKMAN JAMES E. QUINN of District Assembly No. 49, Knights of Labor, and other leading members of the Knights have been arrested in New York on a civil suit for $10,000 damages, brought by President McCready of the Old Dominion Line. The company charges conspiracy and injury to their business by the action of these men in ordering the strike. C. M. G. Schroeder, Treasurer of the Germania Savings Bank of Jersey City, has gone to Canada. The bank has suspended, and hundreds of its poor depositors are impoverished. EDWARD UNGER, of New York, has confessed the murder of August Bohle, whose mutilated body he shipped to Baltimore in a trunk Near Stockdale, Pennsylvania, a young wife killed her brutal husband. who had threatened her life. She was immediately placed on trial for murder, without counsel or witnesses, and when the Judge directed the jury to acquit her the court room resounded with cheers.


Article from The Sunday Morning News, February 13, 1887

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A DIVIDEND DECLARED. Sixty Per Cent. for Depositors in the Germania Savings Bank. Senator Edwards, counsel for the trustees of the Germania Savings Institution, which was wrecked by Treasurer Schroeder's flight, went before Chancellor Runyon Friday night with papers showing that the trustees are prepared to pay a dividend of 60 per cent. to depositors and the Chancellor signed an order directing that such payments be made. A little time will be consumed in writing up the pass-books, and all depositors are requested to hand in their books at once, if they have not already done 80. The trustees expect to have everything in readiness by Saturday next to make the payments. An advertisement in another column contains some information for depositors. In the report published in these columns two weeks ago, the Sunday follow ing Schroeder's flight, we referred to the fact that the assets of the bank were scarcely enough, even with the $30,000 Schroeder took with him, to cover the liabilities. It is now learned that there is DO such thing as a capital or a reserve fund in Saving Banks, and that the surplus is only accumulated after years of operation. In new banks, like the Germania this is necessarily small. It is noted as a singular fact that the mortgages the bank took by assignment or pur shases are among the best of its assets, and the bank trustees have had the offer of it capitalist to buy them all at their face value with accrued interest, and to pay all the expenses attending their transfer. The shrinkage in the value of the real estate assets held by by the bank, which it was at first thought would amount to $5,000, will not, it has since been ascertained, exceed $3,500. The only securities of doubtful value held by the bank are the $26,000 of Secaucus bonds. These were given for a county road through Secaucus; and their value has been impaired by the failure of the county to enforce payment of the assessments for the improvement. There are several years' interest due on the bonds and they may prove to be worth $10,000 or $11,000 more even than the value at which they were scheduled in the statement to the Chancellor. At a meeting of the Bank Trustees, last evening, young Mr. Lienan and Counselor Edwards were appointed a committee to arrange to dispose of the bank's assets, or to determine what of them can advantageously be sold now. President Lienan, who is now in Europe, is expected baok in a fortnight. No one knows when Treasurer Schroeder may be expected back.