19443. German Banking Company (Pottsville, PA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
March 13, 1877
Location
Pottsville, Pennsylvania (40.686, -76.195)

Metadata

Model
gpt-5-mini
Short Digest
32aab04c

Response Measures

None

Description

The German Banking Company of Pottsville suspended payment on 1877-03-13. Reports state directors closed doors and that the bank will now go into liquidation; no articles describe a depositor run or a reopening. Suspension appears driven by distrust following failures of other local banks (Miners' Trust and Mountain City Bank). Deposits reported $35,000 and assets reportedly exceed liabilities.

Events (2)
1. March 13, 1877 Suspension
Cause
Local Banks
Cause Details
Suspension attributed to depositor distrust consequent on recent failures of the Miners' Trust Company and the Mountain City Bank in the region; officers said these failures were a heavy blow to them and injured them irretrievably.
Newspaper Excerpt
The German Banking Company, of Pottsville, suspended payment this afternoon. No public notice was given, but checks of depositors were refused on presentation.
Source
newspapers
2. March 17, 1877 Other
Newspaper Excerpt
The German Banking Company of Pottsville closed its doors on Tuesday, and will now go into liquidation. It owes depositors thirty-five thousand dollars, and has assets to double that amount, but it will take some little time to realize upon them.
Source
newspapers

Newspaper Articles (11)
1. March 14, 1877 The Cheyenne Daily Leader Cheyenne, WY
Article from The Cheyenne Daily Leader, March 14, 1877

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TELEGRAPHIC TICKS. Nearly all journals attribute Cameron's resignation to hostility to Hayes. Joe Goss, the English prize-fighter, is on his way to Kentucky, in the custody of a detective. The Colorado potatoe beetle has been discovered alive at Bremen, on goods shipped from New York. A German banking company in Pottsville, Pa., suspended Tuesday. Assets and liabilities about equal. A warehouse, occupied by W. D. Schurtz & Co. and Jesse Lazar & Co., at Baltimore, was burned Tuesday morning. Dry goods houses of Franklin street, New York, suffered losses amounting to $120,000 from fire, Tuesday; covered by insurance. The new state house bill passed the constituting board at Indianapolis. It provides for erecting a state building worth $2,000.000. A cave in the Flagstaff mine, near Salt Lake, fell in Monday, covering five men, and killing Henry Johnston; no others badly hurt. The Sun's Washington special says Hayes proposes a new election in Louisiana and South Carolina. The Sun denounces the project. The Cotton Exchange at Nashville, Tenn., has called a meeting of business men to express approval of Hayes' avowed policy tawards the south. The election of U. S. Senator at Columbus, Ohio, occurs next Tuesday noon. Matthews, Taft and Howland are prominent in the order named. Gen. Babcock, late private secretary of Gen. Grant, has taken charge of the Fifth lighthouse district, to which he was assigned as major of engineers. Mr. Kinyan, a member of the Produce Exchange of New York, failed Monday. He was heavily interested in lard, which declined so as to leave him $150,000 short. Snov has been falling in the mountains near Salt Lake for the last twelve days. A snow slide occurred near Alta, Monday, killing Matthew Ingram and Jared Pratt. Judge Lawrence, of New York, has overruled all the points raised for Joe Goss, the pugilist. on the writ of habeas corpus, except that relating to identity, and on this point reference is ordered. Jas. J. Smith, clerk of Ivison, Blakeman, Taylor & Co., educational book-dealers. New York, has been arrested, charged with stealing over $10,000 worth of steel pens and other goods belonging to the firm. The case of Martin VS. United States, appealed to the Supreme court. was decided adversely to the plaintiff. This settles a vast number of claims against the government for overwork, and allows contractors to regulate the hours of government employes without regard to the eight-hour law.

2. March 14, 1877 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, March 14, 1877

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Bank Suspension. POTTSVILLE, March 13.-The German ) ( Banking Company of Pottsville has sus1 pended. Deposits $35,000. The assets, it is thought, are more than the liabilities.

3. March 14, 1877 The Cincinnati Daily Star Cincinnati, OH
Article from The Cincinnati Daily Star, March 14, 1877

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Another in the Same Region. National Associated Press to the star. l'OTTSVILLE, PA, March 14.-The German Bauking Company. 01 this place, has suspended. The Directors held a meeting, and immediately after closed the doors. It is not decided yet whether the Company will go into liquidation or resume. All will depend upon the stockholders. It is claimed that the assets of the Company largely exceed its liabilities.

4. March 14, 1877 The Rutland Daily Globe Rutland, VT
Article from The Rutland Daily Globe, March 14, 1877

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# Pottsville Finances in a Bad Way. POTTSVILLE, March 13. The German banking company of Pottsvill suspended to-day. Deposits amount to $35,000; it is thought the assets are considerably more than the liabilities. It is believed the suspension is mainly due to a feeling of distrust among depositors, consequent upon the recent failure of the Miners' Trust and Mountain City bank. An examination of the accounts of Wm. J. Ruttler, cashier of the First national bank of Pottstown, discloses a defalcation of $17,000.

5. March 14, 1877 The New York Herald New York, NY
Article from The New York Herald, March 14, 1877

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BANK SUSPENSION. [BY TELEGRAPH TO THE HERALD.] POTTSVILLE, Pa., March 13, 1877. The German Banking Company, of Pottsville, sus. pended payment this afternoon. No public notice was given, but checks of depositors were refused on presentation. The cashier stated to a HERALD representative that the failure of the Miners' Trust Company was a heavy blow to them, and that the failure of the Mountain City Bank injured them ir. retrievably. The amount due depositors is $35,000. It is claimed that the assets are double the liabilities, and that the stockholders alone will lose by the failure. This is the third bank that has suspended here since July last. One bank has begun to wind up its business, and another is on the point of doing so. There remain only four out of nine banks in Pottsville. Within eighteen months DO less than eleven banks have closed their doors in this part of the coal region.

6. March 15, 1877 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, March 15, 1877

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FAILURE OF A BANKING-HOUSE IN POTTSVILLE.-Pottsville, March 13.-The German Banking Company, of Pottsville, suspended this afternoon. The deposits amount to 835,000, and it is thought that their assets are considerably more than their liabilities. The Board of Directors met this evening, but it is not known what action was taken or whether they will resume or go into liquidation. It is believed that the suspension is mainly due to a feeling of distrust amongst depositors consequent upon the recent failures of the Miners Trust and Mountain City Banks.

7. March 17, 1877 The Carbon Advocate Lehighton, PA
Article from The Carbon Advocate, March 17, 1877

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-"St. Patricks' Day in the morning" this (Saturday), 17th inst. - Another lot of new printing material just received at this office. Bring along your job work. -It is announced the Deleware, Lackawanna and Western Railway Company will sell 100,000 tons of coal at auction on the 28th instant. -"The American Celt" is the title of a new paper published at Hazleton, Luzerne county, by Hon. J. C. Fincher and T. J. o Brien. Price $1.50 a year. -The German Banking Company of Pottsville closed its doors on Tuesday, and will now go into liquidation. It owes depositors thirty-five thousand dollars, and has assets to double that amount, but it will take some little time to realize upon them. -The suspension of the First National bank of Allentown, Pa., was reported on Wednesday. But the fact that it paid checks for small amounts by drafts on NewYorkand hopeful assurances given by the bank officers, did not allay the general uneasiness. - A man named John Norris, of Parryville, while on his way to Hokendauqua, on Saturday last, in search of employment, attempted to board a coal train on the L. V. R.R., and in doing 80 slipped and fell with his leg under the moving cars, the wheels passing over it at the ankle. He was taken to St. Luke's hospital. -For their misdemeanor Milton Del. bert was sentenced to 10 years and Geo. Boyer to 7 years in the Eastern Penitentiary. They were conducted by Sheriff Raudenbush, to that establishment on Thursday morning last. At the same time Wm. Trumbaur, for stealing a horse and buggy from D. H. Rouse, at Weatherly, was taken down for four years. -Mrs. E. Fath, the popular Lehighton Miltiner, two doors below the M. E. Church, Bank Street, announces to the ladies that she is now receiving all the latest designs in spring millinery goods, comprising bennets, hats, ribbons, notions hair goods, &c., to which she invites their attention, believing that she can furnish articles in her line at prices fully as low as the same goods can be obtained elsewhere. No trouble to show goods.

8. March 22, 1877 Mexico Weekly Ledger Mexico, MO
Article from Mexico Weekly Ledger, March 22, 1877

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securities. The bank was patronized by the working people, who will lose about all. Edward Kulikowski, editor of the Polish weekly paper, the Kurier Norvojorski, printed at Brooklyn, N. Y., committed suicide on the 8th. He was 65 years old. Dr. Buckler Jones, well known in Baltimore as a criminal practitioner of surgery, committed suicide on the 8th by cutting his throat with a pocket-knife. He had recently been arrested for causing the death of a young woman under his charge. Simon Cameron, on the 12th, tendered his resignation as United States Senator from Pennsylvania. It was expected that his son, Don Cameron, late Secretary of War, would be chosen as his successor. Five more New York life insurance companies have been closed up and their affairs put into the hands of a receiver. These companies are the Guardian's Mutual, the Widows' and Orphans', the Reserve Mutual, the New York State, and the North America. The German Banking Company, of Pottsville, Pa., has suspended. The Connecticut Legislature has by law fixed the rate of interest in that State at 6 per cent. in the absence of contract. Smith M. Dancer, of Camden, Ohio, uncle of the late Mary M. Dancer, of New York, the gambler's daughter, who left a fortune of nearly $1,000,000 to charitable institutions, has taken steps to contest the will. The Vanderbilt heirs have settled their quarrels about the estate and the contest is removed from the courts. The New Hampshire State election, held on the 13th, resulted in the election of the entire Republican State ticket and certainly two of the three Congressmen. The result in the First District was so close as to be claimed by both parties.

9. March 22, 1877 The Milan Exchange Milan, TN
Article from The Milan Exchange, March 22, 1877

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committed suicide on the 10th. Cause not stated. REV. DR. E. O. Hovey, Professor of Chemistry and in Ind. died on swfordsville, Geology Wabash the College, 10th, 75. The deceased was one of the of this college, and of the Board of founders Trustees had for since been and of the than Bank au N. has failed; member organization, The Y., forty Exchange years. liabilities $70,000 faculty Canandaigua, $140,000 $100,000. more its to $200,000; assets not over to The cause of the failure, it is supposed, was unfortunate speculations in Western securities. The bank was patronized by the working people, who will lose about all. An Egyptian man-of-war, with 420 men on board, was recently burned in the Gulf of Suez. All but 20 escaped. Dr. Buckler Jones, well known in Baltimore as a criminal practioner of surgery, committed suicide on the 8th by cutting his throat with a pocket-knife. He had recently been arrested for causing the death of a young woman under his charge. The revenue officers have recently captured and destroyed in Georgia 21 illegal distilleries and 30,000 gallons of beer and mash, besides arresting 65 distillers and a notorious outlaw named Harrison Baker, who was in league with them. Baker was once under arrest for shooting a Government officer, but managed to make his escape. Smith M. Dancer, of Camden, Ohio, uncle of the late Mary M. Dancer, of New York, the gambler's daughter, who left a fortune of nearly $1,000,000 to charitable institutions, has taken steps to contest the will. The Vanderbilt heirs have settled their quarrels about the estate and the contest is removed from the courts. Deputy Sheriff Jason W. Fussell, of Madison County. Tenn., assisted by his nephews, William and John Anderson, went to arrest three brothers named Petete, indicted for carrying concealed weapons. The Petetes resisted, killing Fussell and wounding Wm. Anderson. John Petete was killed, Andy Petete was finally arrested, and the other one escaped. The United States Supreme Court has affirmed the decision of the Court of Claims in the famous Chorpening case. The First National Bank of Monroe, Mich., has closed its doors on account of the recent failure of C. Ives, of Detroit. The German Banking Company, of Pottsville, Pa., has suspended. The Connecticut Legislature has by law fixed the rate of interest in that State at 6 per cent. in the absence of contract. The past winter in Russia has been the severest for many years. The thermometer was nearly 20 deg. below zero in St. Petersburg on the night of the 11th inst. Michael Merriman, living at Rock Creek 10 miles south of Huntingwho had been in the and was-sent home a year ago, lum, ton, Ind., Center, about Insane Asythought to have been permanently cured, on the 13th shot one of his sons, aged 18, through the head, fatally wounding him, aged 16, through the shoulfatally wounding and der, another, probably him instantly. also. then shot and killed himself Joe Goss, indicted in a Kentucky court for participation in the Allen Goss has been arrested in New York and taken to Burlington, Kentucky, to City prize-fight, await trial. Boone CounTassey Stewart, the Californian farmer who was tried on a charge of attempting to bribe ex-Secretary Chandler to render land decision in his favor, has been acquitted. A man calling himself J. W. Brooks successfully personated an express mssen- and ger on the Allegheny Valley Railroad, on the arrival of the train in Pittsburgh carried off $4,000 of the money in his charge. James Kingan, a prominent New York provision dealer and speculator, became heavily involved, and a few days ago fied to escape his creditors. On the 14th his dead body was found lying along the track of the International Railroad, near Welford Station, New Brunswick, with the first throat cut from ear to ear. It was at supposed he had committed suicide, but he subsequent investigation indicates that was murdered. There was a riotous demonstration by the unemployed workingmen of Seranton, Pa., on the 15th, during which reiterated the cry of "Bread or blood" was through the streets. In Chicago, on the 15th, Dr. Wm. C. Pike, a phrenological lecturer, shot and killed S. S. Jones, editor of the ReligioPhilosophical Journal, for the alleged seduction of his (Pike's) wife. The store of Field Magruder, at Benning's Station, near Washington, D.C., s burned on the night of the 14th, who and Ebenezer Large and his son John, slept in the building, were burned to death. the There is but little doubt that both of men were murdered, the store robbed and then set on fire. Four colored men were executed at Aiken, S. C., on the 16th, for the murder of two white men.

10. March 23, 1877 The Jasper Weekly Courier Jasper, IN
Article from The Jasper Weekly Courier, March 23, 1877

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Union League Club also added its endorsement. Gen. Van Zandt is the Republican candidate for Governor of Rhode Island. A. M. Messenger, of Norfolk, Mass., was murdered and his house robbed on the night of the Sth. The Exchange Bank at Canandaigua, N. Y., has failed; liabilities $140,000 to $200,000; assets not over $70,000 to $100,000. The cause of the failure, it is supposed, was unfortunate speculations in Western securities. The bank was patronized by the working people, who will lose about all. Edward Kulikowski, editor of the Polish weekly paper, the Kurier Norvojorski, printed at Brooklyn, N. Y., committed suicide on the 8th. He was 65 years old. Dr. Buckler Jones, well known in Baltimore as a criminal practitioner of surgery, committed suicide on the 8th by cutting his throat with a pocket-knife. He had reently been arrested for causing the death of a young woman under his charge. Simon Cameron, on the 12th, tendered his resignation as United States Senator from Pennsylvania. It was expected that his son, Don Cameron, late Secretary of War, would be chosen as his successor. Five more New York life insurance companies have been closed up and their affairs put inte the hands of a receiver. These companies are the Guardian's Mutual, the Widows' and Orphans', the Reserve Mutual, the New York State, and the North America. The German Banking Company, of Pottsville, Pa., has suspended. The Connecticut Legislature has by law fixed the rate of interest in that State at 6 per cent. in the absence of contract. Smith M. Dancer, of Camden, Ohio, uncle of the late Mary M. Dancer, of New York, the gambler's daughter, who left a fortune of nearly $1,000,000 to charitable institutions, has taken steps to contest the will. The Vanderbilt heirs have settled their quarrels about the estate and the contest is removed from the courts.

11. March 24, 1877 The Superior Times Superior, WI
Article from The Superior Times, March 24, 1877

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NEWS IN BRIE THE EAST. IN the Rhode Island legislature, the special committee on woman's suffrage have recommended an amendment to the state constitution, BO that any married woman or widow who pays taxes shall have the privilege of voting. THE election in New Hampshire, occurred on the 13th inst. Prescott, (Rep.) was elected Governor by about 3,503 majority. The second and third district elect Republican congressmenBriggs and Blair. The first district will be very close; returns from all but one town give Marston (Rep.) 13,843, and Jones (Dem.) 13,770. If the town to be heard from returns the same vote as last year it will make a tie vote. CHAS. PARRISH under his contract to mine coal for the receivers of the Lehigh and Wilkesbarre company has reduced the miners wages 15 per cent., the miners have stopped work, they ask for a guarantee from Mr. Parish that they will be paid for the work. If the latter is done they will probably submit to a reduction. A CONFERENCE embracing representatives from all the coal companies of the Wyoming and Lackawana regions was held at Pittsburg, Pa., on the 12th inst. Some of the operators maintained that a general stoppage of two months was absolutely necessary to keep the price of coal at a figure which will meet the actual cost, but the decision was finally reached that operations should continue without interruption on the basis of a reduction of from 10 to 15 per cent, on all mine labor. In order to mitigate the effects upon the men, whose wages are already at starvation figures by reason of several reductions, it was decided that the prices of all supplies should be reduced in proportion. THE German Banking Company of Pottsville, Pa., suspended on the 13th inst. Deposits $35,000. It is thought the assets are considerably more than the liabilities. THE VandowLite will case nas been satisfactorily settled without resorting to the courts. Gov. HARTRANTT officially notified the senate and house of representatives of Pennsylvania, March 12, that Hon. Simon Cameron had resigned his position as U. S. senator. THE executive committee of the Western Union Telegraph Company recommends the declaration of the usual quarterly dividend of 1 per cent. THE following is the schedu le of rates of freigh from New York to western points which went into effect on Monday, March 12: