German American Mercantile Bank (Seattle, WA)

Episode Information

Episode UID
19001771405
Episode Type
Run → Suspension → Closure
Bank Type
state
Bank ID
1900177 routing
Routing Number
19-0017
Start Date
January 30, 1917
Location
Seattle, Washington (47.606, -122.332)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
c6acbd981b3f4948

Response Measures

None

Description

Closure inferred from later report saying the bank closed and being placed in hands of state examiner; additional records could confirm permanent liquidation.

Events (3)
1. January 30, 1917 Run
Cause
Local Banks
Cause Details
Run triggered by the failure of the Northern Bank and Trust Company and runs on other local Seattle banks
Measures
Posted notice that savings deposit windows would not meet demands unless notice given; officials placed sheriffs and plainclothes officers in banks
Newspaper Excerpt
A heavy run on the German-American Mercantile Bank commenced this afternoon, following the failure of the Northern Bank and Trust Company
Source
newspapers
2. January 31, 1917 Suspension
Cause
Local Banks
Cause Details
Placed in hands of state bank examiner after heavy withdrawals prompted by nearby bank failures
Newspaper Excerpt
The German-American Mercantile bank did not open for business today ... notices were posted that the bank was in the hands of the state bank examiner
Source
newspapers
3. February 8, 1917 Other
Newspaper Excerpt
The German-American Mercantile Bank was the institution [that] closed late Wednesday ... the failure of two banks in that city has materially aided the First National ... the failure of two banks in that city has materially aided the First National in that its unquestionable stability has brought it new depositors during the present unfortunate financial conditions in that city.
Source
newspapers

Newspaper Articles (6)
1. January 31, 1917 The Washington Herald Washington, DC
Article from The Washington Herald, January 31, 1917

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Article Text

Failure of Seattle Bank Starts 'Runs' on 2 Houses Seattle, Jan. 30.-A heavy run on the German-American Mercantile Bank commenced this afternoon, following the failure of the Northern Bank and Trust Company and the run on the Peoples' Saving Bank. Officials of the bank have posted a notice about the savings deposit windows that no demands will be met in that department unless noticè is given. A small run has also commenced on the Fremont State Bank, a city suburb. Sheriffs and officers in plain clothes have been placed in all banks where difficulties are expected.

2. January 31, 1917 Elko Independent Elko, NV
Article from Elko Independent, January 31, 1917

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Article Text

SEATTLE BANK FAILS LARGE RUN ON ANOTHER SEATTLE, Jan. 31.-The GermanAmerican Mercantile bank went into the hands of the state bank examiner following a heavy run on the institution today. A large run was commenced also on the Scandinavian American bank. The trouble was caused by the failure of the Northern Bank and Trust company yesterday. All the banks of Seattle are hard pressed. The federal reserve bank of San Francisco has offered aid to the banks which are members of the reserve.

3. January 31, 1917 Evening Capital News Boise, ID
Article from Evening Capital News, January 31, 1917

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Article Text

German-American Places Itself in Hands of State Examiner When Crowd of Depositors Appears. SUPPORT PROMISED. San Francisco, Jan. 31.-The federal reserve bank here telegraphed all Seattle banks today that it was prepared to support them. Seattle, Jan. 31.-The German-American Mercantile bank did not open for business today. The bank's officers had stated earlier in the day that the bank would open. A line of 300 persons gathered at the bank before 10 o'clock and at that time notices were posted that the bank was in the hands of the state bank examiner. The clearing house association, prior to. 10 o'clock issued a statement saying it "stands willing and able to assist all solvent banks of the city if occasion should arise." The banks of the city have resources totaling over $130,000,000. The association also said it knows the present disturbance is not a legitimate cause for alarm. The German-American Mercantile bank is capitalized at $100,000. No recent statement of its affairs has been published. The bank is not a member of the clearing house. RUN ON BIG BANK. Half an hour before the People's Savings bank opened 500 persons stretched in a long double line from the bank doors. Every effort was made by the bank, which is one of the strongest in the Pacific northwest to expedite payments. The run was regarded as due to the bank's location near the Northern bank. which failed yesterday. The lobbies of the ScandinavianAmerican bank and the Northwest Trust and Safe Deposit company were filled, but there was no crowd in the street. Both paid depositors without asking questions. The American Savings Bank and Trust company, which had more than the usual crowd in the lobby, demanded 60 days' notice of withdrawals of savings deposits.

4. January 31, 1917 The Evening Herald Albuquerque, NM
Article from The Evening Herald, January 31, 1917

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Article Text

Seattle Bank Fails To Open Doors; Run On Others Follows (By Evening Herald Leased Wirel Seattle. Wash.. Jan. 31.-The Ger. man-American Mercantile bank did not optn for business toda: A line of 300 persons gathered at the bank before 10 a. m. At that time notices were posted that the bank was in the hands of the state bank examiner. The German-Ameriean bank is capItalized at $100,000. Several hundred persons assembled in a line in front of the People's Savings bank before its doors opened this morning. and when the institution started the day's business, depositors destring their money were paid as rapidly as possible. The People's Savings is said to be one of the strongest banks in the Pacific northwest nd bankers attributed the run due to the fact that it Is located near the Northern Bank & Trust company which closed yesterday. All other banks paid depositors as they appeared and there were no street lines except at the People's bank. The clearing house issued a statement saying "The present dis. turbance is not a legitimate cause for alarm."

5. February 1, 1917 El Nuevo Mexicano Santa Fe., Santa Fe, NM
Article from El Nuevo Mexicano, February 1, 1917

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Article Text

RESERVE BANK TO RESCUE WITH OFFER OF $68,000,000 Ample Aid Promised to Seattle; Another One Closes Doors (By Leased Wire to New Mexican) San Francisco, Calif., Jan. 31.Sixty-eight million dollars was offered today by the Federal Reserve Bank of San Francisco to its six member national banks in Seattle, in case they should need it, in connection with bank failures there yesterday and today. Seattle, Wash., Jan. 31.-The German-American Mercantile Bank did not open for business today. A line of three hundred persons gathered at the bank before 10 a. m. At that time notices were posted that the bank was in the hands of the state hank examiners. The German-American Bank is capitalized at $100,000. Several hundred persons assembled in a line in front of the People's Savings Bank before the doors opèned this morning and when the institution started the day's business depositors desiring their money were paid as rapidly as possible. The People's Savings Bank is said to be one of the strongest banks in the Pacific Northwest and bankers attributed the run due to the fact that it is located near the Northern Bank and Trust company which closed yesterday. All other banks paid depositors as they appeared and there were no street lines except at the People's Bank. The clearing house issued a statement, saying: "The present disturbance is not a legitimate cause for alarm."

6. February 8, 1917 Mexico Weekly Ledger Mexico, MO
Article from Mexico Weekly Ledger, February 8, 1917

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Article Text

FINANCIAL SUCCESS A SECOND bank in Seattle closed late Wednesday. The German-American Mercantile Bank was the institution, while Tuesday the Northern Bank & Trust Co. suffered a devastating run. The First National Bank, of Seattle, of which Morris Arnold, a former Mexico boy is president, is one of the strongest institutions of its kind in this country, and the failure of two banks in that city has materially aided the First National in that its unquestionable stability has brought it new depositors during the present unfortunate financial conditions in that city. The First National of Seattle, of which D. H. Moss, who married Miss Anna Bell Arnold, is cashier, has deposits, according to its last statement, of $6,897,742.23, while its capital stock is only $400,000. Its surplus and undivided profits are $262,242.94. Mr. Arnold, who received his banking experience under his father, R. R. Arnold, who recently died in Florida, while President of the Mexico First National Bank, is one of the most capable and successful young bankers in America. His-financial success, according to his own statement, is due to the careful training he received under the direction of his father.