German Savings Bank - New York, NY

Bank Information

Episode Type: Run Only
Bank Type: savings bank
Start Date: January 12, 1872
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: fdb65d6e

Response Measures

Accommodated withdrawals, Public signal of financial health

Description

Multiple contemporary articles (Jan 12–13, 1872) report a depositor run on the German Savings Bank in New York triggered by a rumor linking the bank to the failure of local brewers. The bank paid out cash (about $30,000 reported) and the panic ceased after the president published a statement showing a surplus; there is no mention of suspension or closure.

Events (1)

1. January 12, 1872 Run

Cause: Rumor Or Misinformation
Cause Details: Rumor that the bank had been involved with the failure of local brewers (John Schneider and Altenbrand Bros.) led depositors to withdraw funds.
Measures: Paid depositors about $30,000 during the day; president presented a statement showing a $32,000 surplus over liabilities to reassure depositors.
Newspaper Excerpt: There was a run on the German Savings Bank...in consequence of a rumor that the institution had been involved by the failure of John Schneider and Altenbrand Bros., brewers. During the day, the Bank paid to the depositors about $30,000.
Source: newspapers

Newspaper Articles (4)

1. January 13, 1872 The Wheeling Daily Register Wheeling, WV

Article from The Wheeling Daily Register, January 13, 1872

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NEW YORK. Movements of General Sherman. NEW YORK, January 12.-A General special Madrid says that left from and Lieutenant Grant Wabash. Sherman for Nice, to join the visited Madrid the tour in Spain they Xeres, During Cadiz, Gibraltar, Malaga, Madrid Seville, and El Granada, Cordova, Madrid General While in public Sherman Escurial. was visited by many men. Note in Regard to Herald special from St. Petersdurg Prince A the note of Chancellor Minister Gortschakoff says that to United States been regarding Catacazy, has which Curtin, in the Messager Official, the published to have been done by is supposed Government to openly express and Ruesian at the treatment by its resentment dismissal of Catacazy Fish. peremptory Grant and Secretary the Gortschakoff's GovernStates acquiescence President by note the of the holds Russian United that in the report of Catacazy have ended the Government should ment for the the recall subsequent matter, cor- but complains that, on in the part of Secretary attenrespondence there was neither sufficient to the Fish, proper respect shown of the tion nor Embassador. The tune against Russion is one of studied insolence Fish. whole President Grant and Secretary Ex-Controller Connolly himself in Jersey. is secluding City Controller Green preparing to issue under the new law is bonds for the purpose of the raising city revenue to pay off the bonds of The money falling due this month. and amount county of the bonds and interest about $6,619,000. Ed. S. Stokes, in the murderer of Fisk, was visited and by his father yesterday, two mained jail closeted with him fully hours. Run on the Savings Bank. The The run on the Third Avenue Sav- less ings Bank still continues, but briskly than formerly. The Tweed club. M. a recent meeting of "the Wm. Wm. M. Tweed At Club the names of Tweed, Wm. M. Tweed, Jr., from and the Tweed were erased to Richard of members. It is contemplated change list the name of the club. The Case of Stokes case of Stokes, for the murder Jury The is to-day before the Grand accused Fisk, an indictment against the before will and most proaably be found night. Morgan Jones Re-arrested. Morgan Jones, who was arrested the in on a warrant issued at terday of Martin J. Keese, Deputy but Sheriff, stance for slander and defamation, furnish was released on promise re-arrested to who bail to-day, bas been the prom$1000 imprisoned in default of of the and Jones is a member His General ised bail. committee of Tammany. arrest causes a sensation General Jordan Acquitted. Jordan, the Cuban leader, honorably General discharged to-day by Circuit Judge Benedict of the United States Grand He was indicted by the laws, Court. Jury for violating the neutrality and witness gave a false name Benedict not be found. be could that the witness be recommended but the Judge the facts the infor perjury and that if dicted Washington to ascertain to do sent Spanish to authorities had anything General with the conspiracy against Jordan. New Trial Granted. In the Supreme Court a decision the rendered this morning reversing verdict of the Court of General Sesin the case of McNivins, has the of Hines. A new sions' murderer ordered jury and the judgment McNiving trial of death been In all probability set aside. will escape with slight punishment States prison. Transfer of Stock. Jas. H. Coleman. receiver in the Erie transferred 12,735 shares of Erie this case, to Master in Equity White to stock afternoon. The stock is to be given Health & Rapael. Herosene Explosion. An explosion occurred this morning W. the kerosene oil works of John in Jones & Co., foot of One hundred and sixth street, East river, caused by eigniof fumes from the of oil vats carried coming by tion contact with a light was in Nicholas Mussing. Mussing estimaburnt. The damage is in the severely ted at $5000; insured for $3000 Andes of Cincinnati. The Run on the Banks. The run on the Third avenue Sav- A Bank ceased this afternoon. sensational ings report caused a slight run the German Savings Bank, corner street. of on Fourth avenue and Fourteenth institution is one of the strongest for This in the city and there is no cause alarm. Indictment Expected soon. CenStokes' The two bell boys of the Grand tral Hotel who witnessed the shooting of of Fisk were before the Grand Jury the Oyer and Terminer Court this morn- that ing, and gave evidence regarding event. An indictment of the murderer Coroner therefore expected very SOOD.

2. January 13, 1872 New-York Tribune New York, NY

Article from New-York Tribune, January 13, 1872

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Orders have been issued to remove the Russian fleet from this port to Pensacola. The run on the Third-ave. Savings Bank decreased considerably, yesterday. Over $2,630,000 has been paid out. The Rev. Dr. Chapin is delivering a series of Sunday evening lectures on the life scenes in a great city, His subject to-morrow (Sunday) evening will be the Struggle for Life." The Joint Committee on the Fourth-ave. Railroad question, Wheeler H. Peekham, Chairman, discussed the subject, yesterday, with Commodore Vanderbilt, but arrived at no conclusion. John C. Heenan arrived in this city yesterday, from Liverpool. in the steamer Algerta. He returns to New-York to investigate the origin of the report that he had been implicated in the voucher robbery. The Clearing-house Committee has selected three names from the long list of applicants for the position of Book Examiner, and has forwarded them to Washington for the consideration of Controller Hurlburd. Capt. Torbert Marray of the schooner Gem asknocked overboard by the main-boom, Dec. 22, off Cape Hatteras. He was rescued, but his son, who jumped overboard to aid him, was seized with cramp and drowned. Controller Green, since his return from Albany denies enphatically the report that he has appointed Patrick Logan, the disgraced policeman, to a position n a civil court. He has no acquaintance with the man, and no power over the office, Public Administrator Alker has appointed L. H. Arnold, jr., Proctor and First Clerk, vice J. M. Corney, and Thomas Kelly messenger, vice Henry Plumer. James Oliver, special agent, and Edward Timpson, bookkeeper, are retained for the present. The Hon. Geo. H. Boker, of Philadelphia, the newly appointed Minister to Turkey, arrived in the city yesterday, and at the Albetuarle Hotel He is accompanied by his family and Alfred Jessup. Jr., of Philadelphia. They are to sall for Europe on Monday. The examination in Harbor-Master Hart's case was continued yesterday before the Captain of the Port, Frederick Cushman corroborated the statements of Milton Knapp and William K. Niver concerning the extertion of the latter. The investigation was adjourned until Tuesday next. The Cunard steamer Algeria, 23 days out from Liverpool, arrived at this port, yesterday. She encountered violent head winds and heavy seas from Dec. 24 to Jan. 4, but sustained no damage, and was not driven out of her course. Among her passengers was 40 the Hon. James Brooks, who was received by about friend on board the steamboat Henry Smith BROOKLYN. The Water Board has decided to place watermeters in large factories, at the expense of the proprietors. Capt. Zowtow and Lient. Sailoff of the Russian frigate Svetlana visited Public Schools Nos. 15 and 11 yesterday, with E. J. Whitlock, President of the Board of Education. Business is not active in the the Navy-Yard. The frigate Canandaigua has been refitted and will go into commission on Monday, The only iron-clad in the Yard is the Roanoake. The Vermont receives daily a few enlisted sailors, but even in this branch of the service there is no unusual activity. There was a run on the German Savings Bank, in Montrose ave., in the Eastern District, yesterday, in consequence of a runior that the institution had been involved by the failure of John Schneider and A1tenbrand Bros., brewers. During the day, the Bank paid to the depositors about $30,000. but the panic ceased upon the presentation of a statement by the President, John Rober. showing that the Bank had no connection with the that the institution had a surplus 01 $32,000 over liabilities The amount on deposit is $1,055,018.0 HUDSON RIVER COUNTIES YONKERS.-The proposition to bond the village for $225 000 for the introduction of water has been defeated by 25 votes. RONDOUT.-John E. Leeds, age 28. a brakeman, while couplingcars,yesterday.on the Rondout and Oneonda Railroad, fell on the track, and a train of 15 cars passed re. over his body. POUGHKEEPSIE.- In the Ice-heat races, yesterday, the Newsboy. owned by Chas. Wilkinson, beat the Alert, owned by Mr. Gallup, and the Haze crossed the line two minutes ahead of the Ella, owned by S. V. Johnston. Challenges have been issued for several races. NEWBURGH.-- At the General Term of the Supreme Court just hold, Judge George's decision, opposing the bonding of the city for $500.000 in aid of the Newburgh and Midland Railroad, has been affirmed. NEW-JERSEY JERSEY CITY.-An unknown man was found dead, last night. on the Eric Railroad, near the eastern terminus of Bergen Tunnel. His body was horribly mutilated The Board of Finance has adopted a resolution accepting the proposition of the First National Bank to buy $1,000,000 worth of the new improvement bonds, and authorizing the Mayor to issue the bonds Thomas Mitchell No. 91 Mercer-s was run over. on Thursday night, by the Philadelphia and New-York express train, and fatally injured. NEWARK -The young man who was found dead in a hallway in Oak-st., and who is supposed to have been murdered, was Henry Theodore Maas,a German, age 32, and employed by Baldwin & Mitchell, jewelers. of this city. The Finance Committee of the Board of Education reported, last evening. as follows: Annual receipts, $165,255 expenditures, $161,393 59. Balance, $3,862 21. Registered pupile, 13,850. PATERSON.--Thomas Titus has been arraigned on two Indictments-atrocious: assault upon William Sisco with a slung-shot, and breaking jail. The Rev. Dr. David Magie of Penn Yan, N. Y., has accepted a call to the First Presbyterian Church. METUCHEN.-Two houses in Woodbridge-avd belonging to Mr. Gilbert and Mrs. Reid, were burned on Thursday. Loss, about 87,000 on each house : insured. HOBOKEN.-The Common Council passed resolutions, last night, in relation to the death of Councilman Deitering and ex-Mayor Perry. PASSAIC.-The Village Conneil has sold $10,000 worth of Village bonds to the First National Bank of Paterson, at 921. LECTURES, MEETINGS ETC. The calico hop of the Women's Typographjeal Union will take place at Irving Hall on the evening of Jan.25. Willard Paulson V D will limen enforce

3. January 20, 1872 New-York Tribune New York, NY

Article from New-York Tribune, January 20, 1872

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NEW-YORK CITY. Ex-Oontroller Connolly's landsmen are to justify on Tuesday next. M. Grunberg, bearer of dispatches from St. Petersburg to the Grand Duke Alexis, arrived here in the Java, yesterday, and left for St. Louis last evening. The Controller of Currency has declared a dividend of 30 per cent to the creditors of the Ocean Na. tional Bank, payable on Jan. 25 on all approved claims. United States District-Attorney Davis says that he has received no official information that the Secretary of the Treasury has refused to allow the $400,000 Weld sugar case to be submitted to arbitration. Several members of the Oyer and Terminer Grand Jury held a long consultation with District Attorney Sullivan yesterday. It is supposed that the Conference was preliminary to the expected adjournment to-day. Nelson & Barrett'e maccaroni factory, Nos. S13 and 815 Avenue A, was damaged by fire last night $10,000 on machinery and $3,000 on stock; insured for $2,500 each 1u the Andes and Commercial Companies The building, owned by E. Billings, was damaged $5,000; insured. The managers of the Pacific Mail Steamship Company usually send out two steamers in January, but this month they send four. They have had more than double the usual amount of freight offered, and have not been able to forward it all. This Company does not rely much on passengers, though many who are traveling toward the east and west coasts of South America use this line. The freight charges on each of the Company's vessels sent this month amount to about $75,000. In regard to the voucher robbery, last September, Mrs. Doyle, who occupied apartments in the house of Reagan, the Janitor of the City Hall, states that he received last Fall a large chest, containing ledgers, books, and miscellaneous papers, which were unpacked in the hall of his house. Her inferenceis, that the papers came from the Controller's Office, and she also alleges that carpets in his house came from the City Hall. She admits, however, that she had quarreled with Reagan and his wife. He denies her accusations empbatically, alleging that the chest belonged to his sister, and contained lottery tickets, issued to raise funds to build a new church. An increased number of depositors besieged the Third-ave. Savings Bank yesterday, and a notice was placed in the window informing the crowd on the sidewalk that as many persone bad been admitted to the bank as could be paid during the day. The bank was not open in the evening, but the officers state that they will resume payment to-day at the usual hour. There were rumore yesterday in Wall-st. of 8 run on the Market Savings Bank in Nassau-at. the German Savings Bank at Third-ave. and Fifty-fifth-st., and the Bloccker-st. Savings Bank, arising, probably, from the semi-annual payments of interest to a large number of depositore. The officers of the three banks stated last evening that the institutions were entirely solvent, and that the rumors were without foundation. BROOKLYN. The amount of municipal deficiencies last year was $299,863. At a Special Term of the Kings County Su preme Court an action was brought by Sarah Graham agt. Daniel H. McDonnell and others, to receive dower in 26 lots in Albany, Troy, and Rochester, and in Brooklyn. This is one of a series of suits brought by the plain tiff, the widow of Francis P. Graham, who was bauished to Africa for taking paft in the Denmark-Vesey insurrection in South Carolina, and who subsequently settled in New-York. His fourth wife attempted to recover dower, but failed in consequence of his previous marriage with the present plaintiff. Judge Pratt decided, yesterday. in favor of the plaintiff, but reserved the question of the value of the property. LONG ISLAND. JAMAICA.-The Board of Supervisors resumed the investigation of the Newtown frauds, yesterday. Abel Erwicker, Christopher Pittner, Joseph T. Briggs, John H. Groves, Frederick Smith, and 12 others, testif d that they had paid fines ranging from $10 to $50 to Justices Delebanty, Barke, and McKenna. These fines were not paid to the County Treasurer. HUDSON RIVER COUNTIES. POUGHKEEPSIE.-ArchbishopMcCloskeyheard yesterday the complaints of members of St. Peter's Roman Catbolic Church against the pastor, the Rev. Father Cairo, and assured them that a new pastor should be assigned to the church, and that the academy troubles should be state adjusted. NEW-JERSEY JERSEY CITY.--The Board of Education has decided to organize a High School in Public School, No. 5. NEWARK. Maria Theresa Duerr, age 7, daughter of Fred. Duerr, of No. 5 Merchant-st. was fatally burned yesterday The Common Council decided last evening to pave several streets with the Telford pavement. HOBOKEN.-B Franklin Hart, William T. Hoffman, Barent Fraser, jr., Charles Wehle, and Ralph Thomas, received the Republican nominations for Police Commissioners, last evening. HACKENSACK.-David J. Bogert of Westwood was run over by a locomotive and instantly killed, near the Midland Railroad crossing of the Hackensack Extension Railway, on Thursday.

4. January 21, 1872 Memphis Daily Appeal Memphis, Hernando, Grenada, Jackson, Vicksburg, Atlanta, Griffin, Macon, Montgomery, Selma, TN

Article from Memphis Daily Appeal, January 21, 1872

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The statement is favorable, and shows a net gain of $65,550 in the reserve fund. Banks now hold $10,931,625 abovethe 25 per cent required. The figures reflect an influx of money at this point. Miscellaneous—Rumors were current yesterday of an intended run on the Market, Bleecker Street and German savings banks...... Later—The excitement around the suspended Market bank this p.m., was very great. Crowds of indignant depositors marched up the street and indulged in vigorous threats against the officials........ John Russell, a messenger of the Metropolitan bank, was robbed on the street about noon to-day of $23,000 in gold certificates and a quantity of notes and bonds. No arrests...... City Chamberlain Palmer says there is $5,000,000 belonging to the city now on deposit in the Broadway bank, and that the comptroller is at liberty to draw on this to pay the police their back wages. NEW ORLEANS. NEW ORLEANS, January 20.—Gold, 109%. Sterling exchange, 118%; sight, par. LONDON. LONDON, January 20.— The money market at the close was as follows: Consols, money 92% | U. S. 5-20s 1865.......93% Consols, account..... 92% U. S. 5-20s 1867.......93% U. S. 5-20s 1862.......92% U. S. 10-40s 92% PARIS. PARIS, January 20.—Rentes, 56f. 55c. Specie in the Bank of France has increased 3,500,000 francs. FRANKFORT. FRANKF RT, January 20 - United States securities-five-twenties of 1862, 96%.