German National Bank (Chicago, IL)

Episode Information

Episode UID
173400936
Episode Type
Run β†’ Suspension β†’ Closure
Bank Type
national
Bank ID
17340 national
Charter Number
1734
Start Date
December 5, 1877
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
f4cc7c25011ecbb9

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Public signal of financial health, Partial suspension, Books examined

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1878-12-20
Date receivership terminated
1884-03-01
OCC cause of failure
Fraud
Share of assets assessed as good
15.4%
Share of assets assessed as doubtful
15.0%
Share of assets assessed as worthless
69.7%

Description

Directors moved to voluntary liquidation after heavy withdrawals; savings affiliate placed in receivership.

Events (6)

1. November 15, 1870 Chartered
Source
historical_nic
2. December 5, 1877 Run
Cause
Rumor Or Misinformation
Cause Details
Heavy withdrawals triggered by recent financial excitements and 'sensational and sometimes malicious rumors' leading depositors to withdraw funds.
Measures
Directors requested depositors to forbear drafts; bank discontinued clearing through Clearing-House and placed examiner in charge; remittances routed to other banks.
Newspaper Excerpt
the financial excitements of the last few weeks, aided by sensational and sometimes malicious rumors, have gradually caused the withdrawal of this large proportion of deposits.
Source
newspapers
3. December 5, 1877 Suspension
Cause
Voluntary Liquidation
Cause Details
Directors decided to go into voluntary liquidation and suspended usual operations, asking forbearance to convert assets to cash.
Newspaper Excerpt
The directors of the German National Bank decided, after business hours, this evening, to go into liquidation, and accordingly issued to the depositors a card ... request the depositors to forbear drafts
Source
newspapers
4. December 6, 1877 Other
Newspaper Excerpt
The officers this morning say they expect to pay the depositors in full within thirty days. The stockholders will probably lose about a quarter of a million dollars.
Source
newspapers
5. December 7, 1877 Receivership
Newspaper Excerpt
An application has been granted at Chicago to place the German Savings bank in the hands of a receiver. ... The German National bank will doubtless be wound up by its officers.
Source
newspapers
6. December 20, 1878 Receivership
Source
historical_nic

Newspaper Articles (24)

Article from New-York Tribune, December 6, 1877

Click image to open full size in new tab

Article Text

FAILURES IN CHICAGO, THE GERMAN NATIONAL BANK TO GO INTO LIQUIDATION-HARDWARE MERCHANTS IN BANKRUPTCY, CHICAGO, Dec. 5.-The directors of the Germon National Bank decided, after business hours, this evening, to go into liquidation, and accordingly Issued to the depositors a card, stating that in the course of business the bank had on July 1, 1877, $1,157,000. Since that time their customers had, for various reasons, reduced the amount to $182,000, which is the total Hability to depositors. They say they consider this good work; but they cannot, without forbearance, continue. The bank has, they claim, abundant assets to pay every dollar to the depositors and had a handsome surplus if a little time is given to convert the assets into cash. They, therefore request the depositors to forbear drafts for a short time, thus avoiding unnecessary delay and the expense of a rΓ©ceiver. The President of the bank is Henry Greenebaum. and the cashier is Herman Schaefer. The savings bank connected with this institution is presumably not affected by the failure of the National Bank. No statement can be obtained at present. a J. Leipenstein & Co., hardware dealers, have filed voluntary petition in bankruptey. Their liabilities are $71,000. Their assets are not stated.


Article from Daily Press and Dakotaian, December 6, 1877

Click image to open full size in new tab

Article Text

MISCELLANEOUS. BANK STATEMENT. Chicago, Dec. 6-The condition of the German National bank, at the close of business yesterday, was as follows: Assets, loans and discounts $683,325, U. S. bonds $70,000, stocks and bonds $6,586, due from redeeming agents $4000, due from other hanks and bankers $48,386, real estate $85,000, furnituee and fixtures $75,98, current expenses and taxes paid$26,011, checks cash and other cash items$29,164, redeeming fund $3, 160. Total 963,223. Liabilities-Capital $500,000, surplus $125,000, undivided profits $10,807, circulation $63,000, bills payable $90,000, dividends unpaid-15-,deposits and certificates, $174, 401. Total 963,223. The officers this morning say they expect to pay the officers in full within thirty days. The stockholders will probably lose about a quarter of a million dollars. The saving bank deposits have been reduced to $200,000, and a slight run is being made on that institution to-day. JUDGES DRUMMOND AND BLODGETT have construed the instruction of the attor ney general and secretary of the treasury as meaning that the court here should first find udgment regarding the question of a prosecution against Jake Rehm, and have accordingly dismissed the civil suit. They will write their decision and forward it to Washington to-day.


Article from Chicago Daily Tribune, December 6, 1877

Click image to open full size in new tab

Article Text

Bank-Examiner Watson Is In charge of the bank, and the vault this morning will be opened by him. The bank will not clear through the Clearing-House to-day. Its remittances will be sent to the Commercial National. Its drafts on New York will be taken care of by the Metropolitan National of that city. In anticipation of this trouble the bank has for some time past discontinued as far as possible collecting for outside parties. A NEETING OF STOCKHOLDERS will be held this afternoon to take steps to place the bank in voluntary Hquidation. What course the Comptroller of the Currency will pursue is not known. He has been notified by telegraph of the action of the Directors. The Comptroller is known to be opposed to voluntary llquidations as a rule, but It is thought that the exceptional circumstances under which the bank has been brought to this position, and the unusual payments It has already made to its depositors, may warrant an exception to the rule: otherwise a Receiver will be appointed Immediately. The drain upon the German National since last summer has been unusually severe. Its deposits, as stated above. were $1,157,000 in July, and they have now been reduced to $174,401. To have discharged In cash 85 por cent of its liabilities to its depositors In five months is an astonishing achievement. The fallure has been the RESULT OF CAUSES LONG IN OPERATION, and larguly exterior to the bank proper. The financial excitements of the last few weeks, aided by sensational and sometimes malicious rumors, have gradually caused the withdrawal of this large proportion of deposits. The troubles and entangliug alliances of the bank date back many years. The Vice-President, Mr. Albert M. Day, Joined its management too late to stem the tide, and, notwithstanding his able and conseless efforts, the reorganization that would have enabled the bank to continue In business has not been effected. THE ASSETS OF THE BANK are, on their face, $760,000. Its statement shows $85,000 worth of real estate in the name of the bank. It holds paper secured by real estate to the amount of about $250,000. The bills receivable of the bank. It need hardly be suid, now consist mainly of slow paper. In the effort to pull through, $350,000 to $400,000 of the bills receivable have been rediscounted in New York and with other Chicago banks. Mr. Day went on for that purpose two weeks ago. The depositors of the bank have, beside the security of these assets, which are believed to be much more than ample, the double Hability of the stockholders. The capital stock is now $500,000 and the surplus $125,000. The Directors calculate that after the depositors have been paid In full, stockholders will get 60 to 80 per cent. The circulation is now $70,000, all of which is protected by the deposit of bonds In Washington. HISTORICAL. The German National was organized in January, 1571, by Henry Greenebaum. David S. Greenebaum, Michael Greenebaum, Issue Greenobaum. Leopold, Kuh, & Co., John Hertime. Leopold & Austrian, John A. Huck, Beck & Wirth. Selpp & Lehman. and other leading German houses of Chicago. The original capital was $250,000. In September, 1871. It was increased to $500,000, where It now stands. In the paule of 1873 the German National was one of the banks that and not suspend. Mr. Henry Greenebaum, who has been honorably engaged In banklug In this city since 1834, when he established the firm of Henry Greenebaum & Co., has never refused the payment of a dollar of his deposits. Ho has been through more than one trial. but has always stood the test. The stock of the bank was valued in 1876 nt 113 by experts. The heavy drain the bank has been under be judged from the fact that the deposits vesterday were drawn down $107,000. In January. 1973, the deposits of the German National were 82,000,000; to-day they stand at 8171,401. The condition of the bank at the close of business yesterday was as follows: AMOUNTS.


Article from Chicago Daily Tribune, December 6, 1877

Click image to open full size in new tab

Article Text

BANKS. The German National Asks Its Creditors for Time. Its Liability to Depositors Reduced to $170,000--Causes of the Trouble. The Directors Want to Go Inte Voluntary Liquidation--The Other Banks. THE GERMAN NATIONAL. THE DEPOSITORS ASKED FOR TIME. The depositors of the German National Bank will receive the following notice this morning from the Directors of the bank: CHICAGO, Dec. 5. 1877.-The Directors of the German National Bank respectfully submit to the depositors of the institution that, in the ordinary course of business. the bank bad In deposits July 1. 1877. $1,157,000. Since that time our customers. from one cause or another, have reduced the amount to $183,000. which 14 the total Hability 10 depositors at the present time. We consider this good work, but cannot, without forbearance, continue it. The bank has abundant nesets to pay every dollar to depositors and have n handsome surplus. but the managers require a little time to convert the effects into money. We therefore request all depositors to foroear their drafts until we shall be able to meet them. which will be in a very short time. This course will enable us to pay in the must rapid manner, and avoid the unnecessary expense and delay of a Receiver. We utter this assurance in good faith, and know that it can and will be kept. HENRY GREENEBACM, Aco. BECK, L. ELIEL, Haway LEOPOLD, S. F. LEOPOLD, A.M.DAY, Directors.


Article from The New Orleans Daily Democrat, December 7, 1877

Click image to open full size in new tab

Article Text

Greenbaum Bros. & Co.'s Failure. NEW YORK, Dec. 6,-Greenbaum Bros. & Co., German bankers of Wail street, and also of Chicago, sent a communication to-day to the president of the New York Stock Exchange, announcing that, owing to matters beyond their control, they had been obliged to make a temporary suspension of payments. Their stock exchange and gold contracts had all been provided for. Greenbaum & Co. were largely interested in the German National Bank of Chicago, which suspended yesterday.


Article from Evening Star, December 7, 1877

Click image to open full size in new tab

Article Text

THE CHICAGO BANKS.-The condition of the German National Bank of Chicago, Wednesday. when its closing was announced, showed total liabilities of $963,220, including $500,000 and $174,401 deposits, the assets, which include $683,325 loans and discounts, beingestimated at equal figures. The officers say they expect to pay the depositors in full within thirty days. The stockholders will probably lose about $250,000. The savings bank deposits have been reduced to $200,000, and a slight run is being made on that institution.


Article from Eureka Daily Sentinel, December 7, 1877

Click image to open full size in new tab

Article Text

Miscellaneous Eastern. WASHINGTON, Dec. 6. Judge Humpbreys' decision, declar ing that Patterson was not a fugitiv from justice, is regarded generally as mere make shift to avoid the responsi bility of deciding upon the merits o the case, and to refer the subject to th Senate The fifty-fifth call for the redemption of 5 20 bonds of '65, and consols of '65 is issued, and the Secretary gives notice that the principal and accrued interes of the bonds designated, will be paie at the Treasury, Washington, on and after the 6th of March, 1878, and tha the interest will cease that day. Commander John W. Phillips is or dered to the command of the Tusca rora, at the navy yard, Mare Island and Lieutenant George Reiter, of th Tuscarora, IS executive. Mr. Blaine has relinquished th chairmanship of the Civil Service and Retrenchment Committee in favor o Teller, and taken the chairmanship o the Committee on Rules. The Democratic cancus of Senators this morning, assigned Vorhees to th Finance Committee; Jones, of Florida to the Committee of Naval Affairs Butler, to the Committee on Militar Affairs; Harris, District of Columbia and McDonald, to the Committee o Indian Affairs, with the understandin that he will give way to Eustis, shoul the latter be seated. The President has nominated th New York custom officers, who fell by reason of the expiration of the extra session of Congress. Affairs of the German Nations Bank. CHICAGO, Dec. 6. The officers of the German National Bank this morning say they expect t pay the depositors in full within thirt days. The stockholders will probabl lose about $250,000. The Saving Bank deposits have been reduced I $200,000, and a slight run is being mad on that institution to day. A Branch of the German Nations Bank. NEW YORK, Dec. 6. The branch, in this city, of Green baum Bros., organizers of the Germa National Bank, of Chicago, notified tl Stock Exchange to-day of their susper sion, which they hope will be but ten porary. All contracts in stock an gold exchange, they say, are provide for. Accidentally Killed. SOUTH BERWICK, ME., Dec. 6. John H. Burleigh, ex member e Congress in the First District, an President of the South Berwick N tional Bank, was killed last night b his horse shieing off the bridge over the Salmon Falls river. A Vessel Sunk. OSWEGO, Dec. 6. The schooner Wayne, from Milwa kee, with wheat, while making po early this morning, struck the Ea pier and sank. The vessel and car was a total loss. Cargo insured. Death of a Wealthy Importer. NEW YORK, Dec. 6. Francis Copiatte, the reputed wealth importer and member of the Unio League Club, died in bed, with his fa in a pan containing chlorofort Whether his death was by accident design is not known. Funeral of Captain Geo. P. Rega BOSTON, Dec. 6. The funeral of Commander Geo. Regan, of the wrecked steamer Huro took place to-day. Naval Court of Inquiry. WASHINTON, Dec. 6. The Huron Naval Court of Inqui adjourned early to-day, owing to ti


Article from The Interior Journal, December 7, 1877

Click image to open full size in new tab

Article Text

THE German National Bank, of Chicago, the National Trust Company of New York, and the Peoples' Bank of Winchester, III., suspended yesterday, and yet Hayes adheres to the resumption hill.


Article from The Sun, December 7, 1877

Click image to open full size in new tab

Article Text

Greenebaum Brothers & Co.'s Assignment. The suspension of Greenebaum Brothers & Co., bankers, was announced in the Stock Exchange yes. terday. Itis due to the failure of their Chicago house, Henry Greenebaum & Co., and this in turn was brought about by the suspension of the German National Bank of the same city Greenebaum Brothers & Co. have made an assignment to A Becker, of Becker & Cohn. commis sion merchants, and he has taken possession. The firm have been in business mme yearsin New York and twenty four in Chicago. They estimate their liabilities at $200,000, $100,000 of which is due to depositors. They hope to be able soon to resume.


Article from Chicago Daily Tribune, December 7, 1877

Click image to open full size in new tab

Article Text

GREENEBAUM BROS. & CO. CAUSE OF THEIR VAILURE. Special Dispatchts The Chicago Tribune. New Your, Dec. U.-Greenebaum Brus. & Co., of No. 18 Wall street, made an assignment to-day for the benefit of their creditors to Abraham Backer, of Backer & Cohen, merchants, No. 30 Worth street. Mr. David b. Greenbaum said his failure was precipitated by the closing of the German National Bank of Chicago, and the consequent suspension of the Chicago house of Henry Greensbacom & Co. The New York concern was, to said, but nine years old, and was not a branch of the Chicago house, whose existence dates back twenty-three years. Each house transacted its own business entirely separate and distinct from the other, but being correspondents they were matually dependent on each other. The Chicago firm recently made heavy over-drafts on the New York concern, and its suspension necesearily involved the latter. The troubles of the Chicago house were, Mr. Greenebsum said, the result of sttempting to manage too many inturests at once. Mr. Henry Greenebanm was President of the German National Bank, whose closing was allnounced yesterday, and also of the German Savings Bank, which sustained a heavy run a short time "XO. llo was also mixed up in Chicago politics, Mr. Greeneosum said he could give no detailed statement


Article from Evening Star, December 8, 1877

Click image to open full size in new tab

Article Text

CHICAGO BANKS.-An application has been granted at Chicago to place the German Savings bank in the hands of a receiver. It was not opposed by the managers of the bank. The German National bank will doubtless be wound up by its officers.


Article from Daily Kennebec Journal, December 8, 1877

Click image to open full size in new tab

Article Text

ILLINOIS. Court Maiters. CHICAGO, December 7. Application was made in court to day for the appointment of a receiver for the German savings bank of Greenbaum Bros. As they do not oppose the application a receiver will doubtless be placed HI charge. No receiver has yet been appointed for the German National bank, and there is a probability that the officers will be allowed to wind up its affairs.


Article from The Ottawa Free Trader, December 8, 1877

Click image to open full size in new tab

Article Text

ANOTHER CHICAGO BANK EXPLOSION. On Wednesday evening the German National Bank of Chicago, of which Henry Greenebaum is president, quietly closed its door and went up the spout. The bank had been shakey for some time past. In June last its deposits amounted to $1,214,934. Since then there had been a quiet steady run on the bank so that on Wednesday its deposits had been reduced to $183,000. The directors, in a circular issued on Wednesday evening, claim to have abundant assets to pay up all liabilities and leave a handsome surplus, but go into voluntary liquidation rather than continue a losing business. Besides the German National bank, Mr. Greenebaum is also president of the German Savings Bank of Chicago, and has a private bank of his own, with a branch in New York. It is said the other institutions are in no way affected by this suspension of the German National.


Article from The New York Herald, December 10, 1877

Click image to open full size in new tab

Article Text

THE MONEY MARKET. The week just past was not altogether a red letter one in the records of the money market. The report that the National Trust Company was in difficulties, and the consequent necessity for requiring ten days' notice had a bad effect on the market. Later on it was announced that the firm of Greenebaum Brothers was embarrassed, and immediately after came the news from Chicago that the German Savings Bank had suspended. Both the latter suspensions were date to the failure of the German National Bank of Chicago. The effect of these failures was a slight hardness in the rates for money, and, although money on call on government bonds continues at 4 a 5 per cent, money lent on short collateral advanced to 7 per cent, the rates for the week being from 3 a 7 and most loans being made at 5 a 6 per cent. The bank statement was also unfavorable, there being a loss of $2,101,100 in legal tenders and an increase of only $148,600 in loans. This decrease in legal tenders is supposed to be due to large shipments West and South toward moving hogs and the cotton crops. The total reserve decreased during the week $1,430,100, the gain in specie being only $671,000 as against the large decrease in legal tenders mentioned above. The surplus reserve is now $8,245,625, or $1,417,800 less than last week. The following is a comparison of the bank averages for the last two weeks:Dec. 8. Dec. 1. Differences. Loans $238,429,600 $238. 578,200 Inc. $148,600 18,324,000 18,995,000 Inc. 671,000 Specie 40,579,800 38,478,700 Dec. 2,101,100 Legal tenders 196,961,500 196,912,300 Dec. 49,200 Deposits 18,208,300 Inc. Circulation. 18,110,300 98,000 The following shows the relations between the total reserve and the total liabilities:$18,324,000 $18,995,000 Inc. $671,000 Specie 40,579,800 38,478,700 Dec. 2,101,100 Legal tenders. Totalres've. $58,903,800 $67,473,700 Dec. $1,430,100 Res've req'ed 49,228,075 49.240.375


Article from Chicago Daily Tribune, December 11, 1877

Click image to open full size in new tab

Article Text

THE BROKEN BANKS. GENMAN NATIONAL. The officers of the German National received the Comptroller's letter yesterday authorizing them to liquidate, and they are much rejoiced at the concession. A meeting of the Directors was beld in the afternoon toagree upon a plan for winding up the affairs of the bank, and they appointed a managing Committee, who will settie everything as quickly as It is possible to do it. The alm is to pay the depositors with as 11tthe delay as possible, and It is hoped that all of them will be put in possession of their money by the first of the year. HORTON'S BOND. Mr. O. H. Horton, Receiver of the German Savings Bank, filed bis bond yesterday as Recelver in the sum of $200,000. Itls bondsmen are Thomas Hoyne, Robert Law, John Herting, William H. Bush, Le Grand Burton, and T. M. Hoyne. Mr. Horton apologized for not show. ing It to the other side to see if they were satisfied, saying that be had not bad time. Mr. Woodbridge, on hearing the names, declined to make any cross-examination, and the bond was at once suproved by Judge Mooro,


Article from Essex County Herald, December 15, 1877

Click image to open full size in new tab

Article Text

SUMMARY OF NEWS. Eastern and Middle States At Pittsburg, Pa., six men were found guilty of taking part in the riots during the recent railroad war and were sentenced to various degrees of punishment, the lowest sentence being six months imprisonment in the workhouse and fine of $500, and the highest six years and ten months in the ponitentiary and a fine of $5,000. The president of the suspended Clairmont Savings Bank, of New York, charged by the receiver with perjury and other acts that will tuake him amenable to the civil and the criminal law. At Enfield. Mass, E. E. Cabot was bitten by & sat last September, and the other day he died from its effects. Oswego, N. Ý., the Congregational Church, and a house and barn adjoining, were destroyed by fire. Loss, about $14,000; insurance, 88,500. The suit of the city of New York against Richard B. Connolly, one of the ring robbers, terminated suddenly, by defendant's counsel confessing judgment, which was accordingly found against him. The suit was for the recovery of over $8,000,000. Pending an examination into its condition, the Wolfborough (N. H.) Savings Bank has been closed. Three miners, named Carroll, Quigley and Martin, were killed by the caving in of a section of the Mount Hope iron mine at Rockaway, N.J. At Reading, Pa., E. P. Boas, late cashier of the suspended Reading Savings Bank, was arrested on the charge of misappropriating the bank's funds. The dead body of Francis Copentt, a wealthy New York business man, was found in bed at his apartments on Fifth avenue, with the face lying in stew pan containing acids and chloroform. It is supposed he was suffocated while inhaling the chemical vapors with the intention of obtaining relief from the pain of 8 nasal cancer. Hon. John H. Burleigh, an t-Congressman, was killed at South Berwick, Me., by his horse going off bridge. The village of Millerstown, Pa., was partially destroyed by fire, several blocks in the business center going down before the flames. The New York police made raid upon the unlicensed liquor dealers of the city, and arrested over three hundred of them. Greenbaum Brothers & Co., New York bankers, have failed with liabilities estimated at $250,000. The National Exchange Bank of Troy, N. Y., failed. has Harvey N. Thorpe was hanged at Auburn, N. Y., for killing William E. Howard (colored) in September, 1876. The murderer and his victim were both convicts in the Auburn prison at the time the crime was committed. Allen Congdon, of Westfield, Mass., aged four years, died after three days' sickness, caused by the bite of a Spitz dog, received six weeks ago, and the doctors pronounced the case one of genuine hydrophobia. The board of education of New Haven Conn., have resolved, by vote of six to three, to dispense with religious services in the public schools The following are the Democratic pluralities for New York State officers as declared by the board of State canvassers Lieutenant-Governor- Beach, 11,264 Comptroller-Oleott, 36, 111 Attorney-General -Schoonmaker, 11,541 Treasurer- Mackin, 13,657; State Engineer Seymour, 85,164. As two men named Tower and Long were driving across a railroad crossing near Milford, Mass., their vehicle was struck by a passing train and one man was killed and the other fatally injured. Sunday, the 9th inst., was a memorable one in the history of liquor selling in New York. as the previous three days' excitement caused by the arrest of large number of liquor dealers for failures to produce licenses culminated in the arrest of several hundred more and the shutting up of all the saloons in the city. Western and Southern States. About two years ago Lyman Blackman, a farmer living near Beamington, Mich., deeded his farm to his son Henry, on condition that the latter should support his parents and his sister. The son failed to keep his agreement, whereupon his father started for Pontiac to take out the necessary papers revoking the deed. While he was away Henry quarrelled with his mother and sister and shot them both dead. after which he set fire to the house and barn. The murderer was arrested and lodged in jail at Pontiac. Benjamin F. Godfrey. aged nineteen, was engaged to be married to Miss Nellie E. Win ninger, both of Norfolk, Va. A quarrel arose between them, and the young lady refused the young man' company from church, whereupon he went to saloon, got drunk and procured a revolver Then he went to Miss Winninger residence and asked to see her. Upon her appearance in the hallway he raised the revolver and fired, instantly killing her, and then shot himself, inflicting mortal wound. The steamer Lotus, while on her way from the Red river to New Orleans, caught fire, and the passengers and crew were compelled to jump into the water to escape burning to death. Eight persons were drowned and two met death in the flames. The rest were picked up by a passing steamer. The town of Athens, Ohio, was partially destroyed by a fire, which began in bakery in the business part of the town. The total loss is $60,000, on which there is an insurance of about $6,000. The Indians in the Black Hills region completely surrounded the city of Deadwood, and a force of United States troops was sent to the relief of the people. The German National Bank of Chicago has failed. The directors announce that they will be able to pay depositors in full. William S. Bergen, who murdered Thomas J. McBride. hotel keeper, in June last, was hanged at Mount Vernon Ohio. When the drop fell the noose slipped and Bergen dropped heavily. half strangled. After fifteen minutes delay Bergen was again placed on the scaffold and this time was launched into eternity. Most of the business portion of Otsego Mich., was destroyed by a fire. A number of men who took part in the Balti more riots during the railroad war have beer sentenced to three and eight months' imprison ment. Applications have been made to have a re ceiver appointed for the German Savings Banl of Chicago. A detachment of the Eighth United State Cavalry entered Mexico in pursuit of a body o cattle thieves at d marauders, and after ter days' scout the soldiers came upon a camp o g Indian distillers of mescal. The troops charge g upon the camp, killing two Indians, wounding three more and putting the rest to flight. Th tents and other articles found in the camp wer a destroyed. Cochran & Fulton's whiskey house in Louis ville, Ky., caught fire and was destroyed, th burning whiskey running into the street and filling the gutters. Other buildings were dam aged also, and the loss inflicted amounts t several hundred thousand dollars At Fountain Bluff township, III., Charle Mulrich shot and instantly killed his wife an then blew his own brains out. Domestic dif ficulties led to the crime. From Washington. The public debt statement for Novembe shows decrease in the debt for the month o $1,323,634.63, and the following balances in th treasury Currency, $8,816,396.39 specia fund for redemption of fractionel currency $9,806,002 special deposit of legal tenders fo y redemption of certificates of deposit, $36,055, 000 coin (including coin certificates, $82, 391,400), $133,970,214.48 outstanding lega tenders, $351,340,288 amount due militar establishments $4,500,000. The payments made from the treasury b during the Novemer.


Article from San Marcos Free Press, December 22, 1877

Click image to open full size in new tab

Article Text

was closely connected with the German National Bank, which suspended on the 5th, Greenbaum being the manager of both institutions. The amount of deposits held by the German Savings, as shown by an official statement made on the 5th, is $352,512, and the number of depositors is about 2,200. As the larger portion of these are the poorer classes, mainly German laborers, mechanics and shopkeepers, the failure will undoubtedly be productive of much suffering, as even if the bank ultimately pays nearly or quite in full, depositors will necessarily be kept out of their money for some months.


Article from The Cheyenne Daily Leader, December 23, 1877

Click image to open full size in new tab

Article Text

ILLINOIS. The Greenebaums Gone Up. Chicago, Dec. 22.-Elias Greenebaum filed his voluntary petition in bankruptcy to-day. His liabilities are over $300,000, of which $125,000 is accommodation paper held by the city bankers, and guaranteed by good men. His assets foot up about $70,000, but his personal affairs are so mixed up with those of the firm and their banks that these figures do not properly represent his condition. The three brothers, Henry, David and Elias are now in bankruptcy, and the German National, German Savings and Greenebaum & Co's. banks are in liquidation or in the hands of a receiver. The New York branch is also closed. The liabilities are perhaps over a million and a half. Their assets are much smaller, but the affairs are very much complicated.


Article from The New York Herald, December 23, 1877

Click image to open full size in new tab

Article Text

THE GREENEBAUM FAILURE. CHICAGO, Dec. 22, 1877, Elias Greenobaum filed his voluntary petition in bankruptcy to-day. His liabilities are over $300,000, of which $125,000 is accommodation paper held by city bankers and guaranteed by good men. The assets foot up about $70,000, but his personal affairs are so mixed up with those of the firm and their banks that these figures do not properly represent his condition. The three brothers-Henry. Divid and Eliss-are now in bankruptcy, and the German National, German Savings and Greenobaum & Co.'s banks are 112 liquidation or in the hands of a receiver.


Article from The Forest Republican, December 26, 1877

Click image to open full size in new tab

Article Text

'Π»Π΅Π»Π΅Ρ€Π»ΠΈΡˆ our poora UTILA committing his bloody deed, had attemptburn the dwelling by starting a fire in the with k rosene, but the woodwork was red only. John Ten Eyck, colored man, arrested for the murder, several suspicious mst nees leading to the belief that he had nitted the crime, the object of which was ery. ter B. Sweeny, in prominent member of the d ring, transferred real estate in New to a wide named Bradley. The property made over is valued at a million dollars. onsiderable conjecture is around as to the e of the transfer, ench Republican deputies, to the number 20. have resolved to vote no taxes if PresiMacMahon does not conform to the es of the majority, and 1,500 merchants nanufacturers have appealed to him to in view of the threatened of trade. e Workingmen's party will soon hold a ress in Newark, N. J. Pittsburg, Pa., six men were found guilty king part in the riots during the recent ad war and were sentenced to various deof punishment, the lowest sentence being ouths imprisonment in the workhouse a fine of $500. and the highest six and ten months in the penitentiary and a '000'9$ J 3 president of the suspended Clairmont gs Bank, of New York, is charged by the er with perjury and other acts that make menable to the civil and the cr minal law. Enfield, Mass., E. E. Cabot was bitten by last September, and the other day he died its effects. Oswego, N. Y., the Congregational ch, and a house and barn adjoining, were oved by fire. Loss. about $14,000 insur$8,500. suit of the city of New York against rd B. Connolly, one of the ring robbers. nated suddenly, by defendant's counsel ssing judgment, which was accordingly against him. The suit was for the re*000'000'88 1940 JO 4 ding an examination into its cordition, Volfborough (N. H.) Savings Bank has closed. ee miners, named Carroll, Quigley aud 0, were killed by the caving in of a secof the Mount Hope iron mine at RockT 'N P. Boas, late cashier of the suspended ng Saving Bank, of Reading, Pa., was ed on the charge of misappropriating the of the institution. ncis Copcutt, a wealthy New York imr, was found dead in his apartments on avenue, with his face thrust into a stew ontaining acids and chloroform. It is ed. that he was treating himself for a cancer, and was suffocated before he summon assistance. New York striking cigarmakers have dened upon starting a co-operative factory apetition with the employers. r three hundred liquor dealers in New were arrested in one night because they not produce a license to sell. Congressman John H. Burleigh waskilled uth Berwick, Me., by his horse falling et bridge. , blocks in the business center of MillersPa., were destroyed by fire, and a large nt of property was burned. stern and Southern States. destruction to property by the floods rdy county, W. Va., will reach $100,000. have been swept completely away and eds of farmers are ruined. eight and four-year-old children of Eliza (colored), were burned to death at &, Mo., during the mother's absence. bodies of Capt. Ryan, sommander of the ed man-of-war Huron, and other officers een recovered, nt two years ago Lyman Blackman a living near Beamingham, Mich., deeded mi to his son Henry on condition that ter should support his parentsar sister. on failed to keep his agreement, whereis father started for Pontiac to take out cessary papors revoking the deed. While away Henry quarrelled with his mother ister and shot them both dead. after he set fire to the house and barn. The rer was arrested and lodged in jail at 'o amin F. Godfrey, aged nineteen, was d to be married to Miss Nellie E. Winboth of Norfolk, Va. A quarrel crose n them, and the young lady refused the man's company from church. whereupon it to a saloon, got drunk and procured a er. Then he went to Miss Winninger's ice and asked to see her. Upon her apce in the hallway, he raised the revolver ed. instantly killing her, and then shot f, inflicting a mortal wound. steamer Lotu-, while on her way from d river to New Orleans, caught fire, and assengers and crew were compelled to into the water to escape burning to Eight persons were drowned and two ath in the flames. The rest were picked steamer... Dassing 1 town of Athens. Ohio, was partially deI by a fire, which began in a bakery in siness part of the town. The total loss ,000, on which there is an insurance '000 98 in German National Bank of Chicago has its doors. The directors say they have ant funds to pay depositors. Indians completely invested Deadwood, Black Hills, and a force of United States was sent to the of the people. -dope aug the new State constitution and the


Article from Chicago Daily Tribune, May 4, 1879

Click image to open full size in new tab

Article Text

IN GENERAL. SKETCH OF THE DECEASED. Theodore B. Weber was born in Alsenz, Rhenish Bavaria, Germany, April 29, 1825. He had 2 good elementary school education, and attended a high school for several years. He came to this country alone, when 16 years old, without any means to speak of. IIe settled first at St. Louis, and remained there until 1846. During this period he was engaged as clerk in the mercantile business. When the Mexican war broke out be enlisted as a private in a St. Louis volunteer company, took part in several engagements, and was honorably discharged at the close of the war. After his return to St. Louis from Mexico he carried on the business of a clothier and merchant .tailor in that city with his" then partner. Mr. Ballance, under the firm name of Ballance & Weber. The partnership continued until about 1851 or 1852, when he removed to Burlington, Ia., aud established himself there in the same business. In 1854 he formed a partnership with his brother, George W. Weber. and opened a wholesale boot and shoe house in Burlington, in which business he continued, under the firm name of T. B. Weber & Co., until 1862, when, with bis brother, he removed to Chicago, where they established themselves in the same business. Theodore changing his relations to the firm a few years since from я general to a special partner. When the German National Bank organized, under the management of Henry Greenebaum, Mr. Weber was transacting his financial business with Mr. Coolbaugh, who had become his personal friend during his residence in Burlington. Being always ready and anxious to advance German-American institutions, and having full confidence In the integrity and business capacity of Mr. Greenebaum, Mr. Weber invested as a stockholder in the German National and German Savings Banks to the amount of $30,000. With what sort of success this investment was rewarded is already known. Mr. Weber's integrity as a merchant was beyond question or cavil. He passed the ordeal of several commercial Danies, and in the Chicago fire his loss was very heavy indeed, including not only his stock in trade but also his homestead. In spite of all this, he scorned to make any settlement for less than the full amount of his indebtedness, paying his creditors 100 cents on the dollar. His commercial reputation, therefore, and his standing as a merchant, not only at home .but wherever his business connections extended, was always of the highest possible standard. Mr. Weber was a great reader, and was always striving to inform himself as well on the subject of politics as literature. He was considerable of-a student in his quiet, unostentations wav, and 8 very agreeable and interesting converser. His good nature, kindness of heart, and generosity towards those who were near and of kin to him were the most prominent features of his character; and he was regarded by all who knew him, and especially in German-American circles, in which he chiefly moved, as a genial, kind-hearted, and cultured gentleman. Had it not been for the appearance on the torizon of Mrs. Robert, and the events of the last year or two,-the failure of the German National and the German Savings, with the animosities stirred up in consequence thereof,-culminating as they did in his tragic taking off, it might indeed be said that be had passed through life without making an enemy, his conduct being " void of offense to all men."


Article from Knoxville Daily Chronicle, June 5, 1879

Click image to open full size in new tab

Article Text

XLVI CONGRESS. SENATE WASHINGTON, June 4, 1879. Mr. Bayard, from the Judiciary Committee, reported, with amendment, Senate bill repealing sections 820 and 821 of the Revised Statutes, which prescribe the juror's test oath, etc., and said he would probably ask leave to call it up tomorrow for consideration. It was ordered to be printed and placed on the calendar. The Senate took up the bill to amend the act in regard to the Judicial districts in Texas. The bill amending the Act creating a Northern Judicial District in Texas was considered and passed. Adjourned. HOUSE. The Senate amendments to the House Grasshopper bill (extending the time of payment by preemptors, was agreed to, and the bill now awaits the President's signature. Many bills have been introduced on leave and referred. Mr. Buckner, Chairman of the Committee on Banking and Cur= rency, reported a resolution directing an investigation into the affairs of the Ocean National Bank, New York, and the German National Bank of Chicago, and especially into the banks by their respective Receivers. In the bank investigation, after a short discussiou as to the propriety of the investigation, in the course of which Mr. Whitthorne, of Tennessee, expressed a desire that the whole National Banking System be investigated and its corruption exposed. The resolution was adopted. Mr. Atkins, of Tennessee, Chairman of the Appropriation Committee, reported back the joint resolution repealing sundry clauses of the Sundry Civil bill approved March 3rd, with Senate amendments thereto. Mr. Hunton, of Virginia, offered an amendment increasing the appropriation for the family of the late Representative Schleicher, of Texas, to ten thousand dollars Agreed to. The Senates amendment was then concurred in. Mr. Springer, of Illinois, as a question of privilege offered a preamble and resolution reciting the proceedings of the Committee on Expenditures in the State Department in the last Congress in connection with the charges against Geo. F. Seward, Minister to China, and referring the report of that committee on the articles of impeachment prepared by it, and the testimony taken in the case, to the Judiciary Committee with instructions to consider the same and take other itestimony if necessary and report to the House at the next session, which was agreed to. Ad. journed.


Article from Public Ledger, June 5, 1879

Click image to open full size in new tab

Article Text

CONGRESS. Proceedings in Both Houses. WASHINGTON, June 4.-SENATE-Mr. Bayard, from the judiciary committee, reported with amendment the senate bill repealing sections 820 and 821 of the revised statutes (which prescribe jurors' test oath). etc., and said that he would probably ask leave to call it up to-morrow for consideration. Ordered printed and placed on the calendar. The bill conferring certain powers, etc., on District commissioners was passed. The bill compensating E. E. Rice for property transferred by him to the United States for the use of its consular and diplomatic representatives in Japan was taken up and passed. The senate took up the bill to amend the act in relation to judicial districts in Texas. House bill authorizing District commissioners to issue twenty-year five per cent. bonds to redeem certain funded indebtedness of the District of Columbia was passed. HOUSE-The senate amendments to the house grasshopper bill (extending the time of payment by pre-emptors) has been agreed to. Mr. Buckner, chairman of the committee on banking and currency, reported a resolution directing an investigation into the affairs of the Ocean National Bank, of New York, and the German National Bank, of Chicago, and especially into the management of assets by the respective receivers. The resolution was adopted-yeas, 128; nays, 64.


Article from Southern Standard, February 21, 1880

Click image to open full size in new tab

Article Text

CONGRESSIONAL PROCEEDINGS. Senate-Resolutions of the Kellogg LouFEB. Legislature, declaring that Spofford isiana elected Senator, and that ordered was not should have his seat, were introduction was and and referred. After the etc., the revive of printed a number of reports, and continue memorials the Court Claims nois made bill of Commissioners to and of Mr Alabama Davis of Illi the also by made was taken up, a speech in favor of Messrs. bill. Brief and speeches Blaine were in opposition to were the hill. inEdmunds House-A large number follo of bills owing: By Mr. troduced, among them To the remove the duty on Kitchin (D., N. C. Rice (R., Mass. To es. iron and steel by Mr. Commissioners of Inter (D. of tablish a Commerce; Board of by Mr. Hutchins term State Y )-Providing that Election the shall be office N. of Chief Supervisors prohibiting of the sprest Mr. of two years; also, election day; by election officers on Commission of inquiry into Keifer the (R., cause 0.)-For and for a the prevention domestic of con ani tagious diseases Mr among Ward (R., Pa.)-Au to mals; thorizing by the Secretary of the Navy ignate a United wit claim general by Mr. contributed Speer (D., Ga. To prevent bills; by Mr. legislation on Mo appropriation w-Conferring on the claims Court Phillips Claims (D., jurisdiction over the Quarternow of prosecuted the before Commissary. Gen- for master-Gene eral General, and Third Jefferson City. Anditor also, Mr. Ryan a public building from at the Committee on and Public pass (R., Kans.) suspend the rules district Lands, moved to an "additional land and passed. the (the bill Southwestern) creating in Kansas. Agreed to, the bill 10. Senate- Mr. Burnside, Labor, from reFEB. on Education and fund the Committee to establish an educational ported a bill portion of the proceeds of public for a and apply public a education, and and provide support lands to complete endowment the advancescientific more of national <colleges for and industrial calendar ment of Placed on Secretary the of the education. authorize the of land The bill to to ascertain the amount certain States 10 cated Treasury on military warrants in The bill an as taken up and discussed of the Interior to deand thorizing Indian the Secretary trust funds in the to draw Treasury the of posit the United stipulated States, by treaty or prescribed passed... by interest lieu of investment from the Com law. in Conger R. Mich.), reported back mittee House Mr. on Ways relief and Means, of colored emigrants. con the bill for the that all charitable colored Passed It imported provides for the relief their of homes tributions who have enigra admitted from free of du to persons other States shall take be effect immediately, ties, the net in to force until February on 1, 1881 the and The bill remain to remit the passed, appraisements after long dis Hot Springs property of 125 to 421. Mr. Beltz- was cusssion, by Pa. introduced yote a bill, ainnesty. which It referred, political hoover (D., providing for general disabilities of all provides that United all States arising under the persons in the of the Fourteenth Amendment removed third section Constitution shall be forever filing with of the discharged upon such of the persons United States a dis request and the Attorney in writing General relief from such abilities 11.-Senate Mr. Hill of Colorado, report FEB. Committee on Public Lands reclamation of from favorably.on the the bill for the the calendar. ed and waste lands. Placed Committee on on Public arid Mr. Morrill, from the reported bill for The the 4. Buildings and public Grounds,rep buildings at Denver December erection of offered by Mr. Eaton, copies resolution President to transmit requesting the with foreign Govern to of all corres pondence represen tatives in relation House ments or their occanic canal, passed the of the inter Price R. lown) submitted and Currency report up Mr. Committee on Banking German National Bank of the the affairs of the newthe committee Chicagor on In the opinion of failure was that the The Di the principal cause failed in that their the duty. National rectors utterly committee amended so as to hold provide all Direct that in no Bank to act strict be accountability duty it is and to elect Directshall of their creditor stockholders ors whose case be relieved from bank personal until stock ors responsibility to not only the amount additional of sum they have paid, but also an ordered held by them, stock. The report was House then equal to said the table. The of the printed went and into laid Committee on upon revision rules. 12. Senate Mr Saunders the intro- im FEB. to abolish all duties on ascertainduced a bill salt. The bill for the militaportation of of land located on of 5 per ment warrants of the amount and for the payment to the various cent. ry of named its value was taked of up the bill. and States McDonald spoke in a favor bill to extend Mr. Mr. Garland introduced time for the completion Here for ten years and the Pacific Railroad. Commerce, Mr. reof the Texas Committee on House bill ford, from the amendment, the hospital ported, with construction of a marine calendar for at Memphis. the Placed (D., on Ga.), the from the Com House Mr. on Coinage, Stephens Weights reference and to Measures, the me reported mittee back of coinage. the bill in Ordered of some printed miscel and tric system After the disposal Revision of the Rules was further referred. laneous business, considered the in Committee of the Whole. 13 Senate- Not in session the Commit House-Mr. FEB. Wells (D., Mo.) from back the bill Appropriations, reported of $135, tee on an additional appropriation Indian tribes for fiscal 000 making for the support year, of certain and it usseed Mr.Frye Oceanthe (R. present Me. ,from the Committeeon a resolution calling Inter on the and ic Canal, reported of the Navy for all the information Internat Secretary corres spondence touching in possession of his a then department ional Canal Committee and now not heretofore reports unlished. of called Adopted. private nature relief were of Fitz John Porter Tenn.) be The bill regular for the order, Mr. Bright against (D., the ing the raised a question of refused-> consideration veas 41, Housethen nays, not bill, counted-to and the committee consider house on the private hill. The calendar wentinto Senate - Not in session only House-A FEB. 14. brief session wits held for debate