German National Bank - Washington, DC

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: national
Start Date: October 31, 1878
Location: Washington, District of Columbia (38.895, -77.036)

Metadata

Model: gpt-5-mini
Short Digest: ca0547c6

Response Measures

Full suspension, Books examined

Description

Newspaper accounts describe heavy withdrawals/closure in late Oct 1878, the bank being suspended by mid-November with an examiner/receiver appointed and a receiver's statement of assets/liabilities published. Causes described are bad real-estate investments/illiquid assets and impaired solvency rather than a mere rumor. No reopening is reported; a receiver is in charge.

Events (3)

1. October 31, 1878 Run

Cause: Bank Specific Adverse Info
Cause Details: Large real-estate loans and illiquid investments; pressure of withdrawals revealed apparent insolvency of the bank's assets.
Measures: None specified in articles beyond examination and statements by officers; officers called examiner/receiver to assess condition.
Newspaper Excerpt: CLOSED. BANK. ... the German ... bank the orderly ... find ... closed ... depositors ... drawn ... heavy withdrawals ...
Source: newspapers

2. November 8, 1878 Receivership

Newspaper Excerpt: The DELAY OF THE RECEIVER of the German National bank to publish a statement of its condition ... has given rise to ... criticism. (also) B. U. Keyser, the examiner and receiver of the German National Bank ... reports that its liabilities are $293,634, and its assets $294,350. (1878-11-16 copy of receiver's statement). The Receiver of the German National Bank at Washington, D. C., states that the liabilities ... (1878-11-16).
Source: newspapers

3. November 12, 1878 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Formal suspension following the liquidity/solvency problems arising from real-estate investments and heavy withdrawals noted earlier; examiner appointed to settle affairs and respond to creditors' anxiety.
Newspaper Excerpt: the suspension of the bank. yesterday morning ... examiner of the suspended German National Bank ...
Source: newspapers

Newspaper Articles (6)

1. October 31, 1878 Evening Star Washington, DC

Article from Evening Star, October 31, 1878

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CLOSED. BANK. After Their Money Looking Depositors the About Failures. National in Bank, reduncing mesented what said the German heavy American drafts cash being on of their ted. realized The officers consenting of mence the of securities amount of not having afterresterdas the reasury Treas bank hand, and the some amount compt This of morning the Mr. examine 7th neared and noon requested charge of the of the house Treasur. corner he to this day and to B take keyser, the one banking took At an and other hour per- but bank, closed bank and appeal streets, an exam mbers of deseared at the the door door morning mak! ing nun checks Around (the next mox mori holding doors sa ings them that round sons the medican of informa the German hundr nich information bank the orderly, OD find equence placard rational the sus Baterly Bank this and The trouble be In commercial rowd to keep under would only Josed. closed. mer but little troup the to Bank tha come the small nice open Many least others id suffer. that the The heterday friends balances way pre that all right positors positors had of drawn the that such ecement af this the ernoon making the National be called upon false Mr Keysel is the busy the depos are any delldoubt but holders to make up OF THE so fat bank national did not them in the night the called bank; of them that would the bring banks claim on the best From the posit The indi large business the per of deposit avidual deposition among bank bank bank the their that the the real does not application appear wild-cal years in o-day andaged all in thought many some thereon and held did made nich loans the make bank legititate. and upon wammer namme had done its solvent forbids the bank would been on real to ine under bank loans bank mate but the law trouble BANK made follow the mense cause of the TEMP OF na Jonal THE bank the instant the of the bankite of pon the assets on and John on the 12th the 1st the company Hitz, by R B. Ison and currency. cashier Rupp counts, prentis and Christain and bonds Response $2,830.00 bonds other and banks lation overar $70.000 bonds and $212.04 $42 due from and <149.34 other from ional ban $10,613 $12.62; 56: tixture $2 cash $1 $1 bills house. and paid fund it. $1 due other bank REAL ESTATION NER OF CAUSE ['HE alled to-day upon the the ional German Bank is the immedial Mr charge aske of the what from numbe de ment of this and failure or sin arises if left to work of time cause Mr. Key Keys The bank could in due surplus These of own for dollar It the Distri time to time than pay dollar real estate from this valuable were was much made higher the bank not are available If real vestments estat The asests assetts, but what are mean it now valuable appreciate proper due could very readily valuab paid the with? when You mor pay! in the end has had and the not care to pres you knew the loaned saving Distri you market It in this good were thorous in this real estate bu they The bank by bank is just assets on has been its deposit which pro made deal not have were but of ready cash pay Courses force ments does there sale of its The offi nest the think bank though pay for dollar dollar deposit is will least (am pay cents THE BANK, Mr durin He view. Prentisided the that Keysel Ke diltors rull. the dollar THE ASHIER OF was with would Bank be paid of line had were you? deposits deposit counts was bust your What large many small with did hea line of ith us. but ness there continee to did positors we had quit to concerns deposit we had of small THE FAIL RES seems bank a large number THE FACT AS wolled TO down did all of the of bout the this: two The money property ngs real esta was helped at its them flood out investment estiment of chen ional prope Bank one, bene for the conce the National the both bank The were law The forbids savings to bank the to such the holders of invest bank in realty. asa helper the could bank nen seems Bank to have enable been its officer invest ments Real estate dema the helped bank bank to as make current ational pric of either and national concerns to make at creditor The had stop pressure bought were made by the other bank out until being continued upon both, they THE BANK, helped urotect one itself the saving and both the ECHETARY Collapsed pressed OF THE is due suspension MR HATTING his opinion shrinka the located in Fed states that in to the nich when property 000, and but the building was in them about the has pato eral that buildings) n.and has cost not been paying all be bank all right was that up, late that has the that the savings the doubt and of the opinion THE LOSERS. LOTIONS loses $5,050 by SOME OF coachman luss, the the $450. President The bank compan was failure. Adoiph littl Jerry ermanta savings Vings, Life Insu will lose heavily thought has paid wolders agent lost lis of the the of aend $35,000 for the past lia of New York; about no are personally rore usual is The bank stoc their share board of direc run mina from $300. The of to the depos it will be the seen that bank months ple for the ements amount made balanc and on from this large The anally state show 10 $350,000 balan 50 000, was doing a

2. November 8, 1878 Evening Star Washington, DC

Article from Evening Star, November 8, 1878

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THE EVENING STAR. Washington News and Gossip. GOVERNMENT RECEIPTS TO-DAY.-Internalrevenue, $394,126.31; customs, $470,174.08. SUBSCRIPTIONS to the four per cent. loan today amounted to $222,250. THE CABINET was in session about two hour and a-half this afternoon. What should be abodied in the annual reports of the diffe en Catinet officers and of the President was discussed. Secretary McCrary submitted reports showing that everything on the Rio Grande was quiet anl peaceable, with the prospect that they would remain SO permanently. Both Mexico and the U S. force were doing excellent duty in punishing raid and depredations. This information was the subject of much gratification to the Presi lent and all the members of the Cabinet. THE DELAY OF THE RECEIVER of the German National bank to publish a statement of its condition has given rise to a good deal of harsh criticism, and if the bank is in as solvent a condition as the receiver reports it verbally to be, then that fact should be officially communicated to the public. It is but justice to the bank officers, its patrons and the receiver, that this should be done to stitle stories afloat about fraudulent transactions. THE APPROPRIATION BILLS.-COL. Robert J. Stevens, clerk to the House committee on appropriations, has issued a call for the assembling of that committee in this city on the 20th inst. It is expected that there will be a very full atThe committee will get its sessions will be the of on the to tendance. work, until and reassembling Congress immediately almost continuin December. For the past or Col. Stevens has been ous first three Monday weeks and visiting procui two the the different departments them data concerning the will submit to and such other which these ing heads from of data, they information Congress. estimates From as it be to secure from committee will have a good to begin the work of the ments, may the necessary preparation the founda- depart- of the Most of as the fortification bill, the Indian bill, and the West bills-such bill. tion regular appropriations. the the Point peasion smaller billfor submission to Work will also be will reassembling. be ready the gotten House executive, at well its under way on the larger bills-the and legislative and judicial, the sundry civil. the post office bills. It is not thou cht that they be will be ready for submission, but they will pretty completely blocked out. THE OPPONENT OF GEN. HUNTON received only three votes in Alexandria. In view of the there is a custom house and post in that city presumably under office fact that looks the patron- on the of the the administration, it the age returns as if the employes of buildings of There are also quite a aforesaid face the faith. of ths government had number departed in Alexdepartment clerks living overlooked the andria, government who probably held. important fact that an election was being NAVAL ORDERS.-Lieut. commander Oscar F. ordered to the New Hampshire, at S. C., as executive. ordered to duty as W. Port A. Hegerman, smith, Royal. purchasing Paymaster Inspector pay- JOS master at Washington, D. C. Pay Williams, detached as purchasing paymas- in W. at Washington, and ordered as inspector yard. charge ter of stores at the Washington navy GEN. KETCHAM'S MAJORITY. - The Poughsays:- The majority for General is not only unprecedented it is one of the largest ever Ketcham keepsie but Eagle in this received district, by candidate for congress in this state. so our far any from this county. now complete special returns the voteon congressmen, and Columbia as regards received from Putnam and It enable us to give the couities, legrams majority Colum- nearly exact, as follows:-In Dutchess, 6,345; bia. 140: evidence Putnam. of Gen. 1.096. Ketcham's popularity at This home is very gratifying to his numerous his friends in the District of Columbia. SCUADRON IN ASIATIC WATERS.-Rae Admiral OUR T. H. Patterson, commanding the U.S. Astatic station, in a communica Yohohama naval to force the Navy on department, dated movemen tion Japan, vessels October under 11. 1STS, his reports command the as follows be of the Monongahela, capt. Fitzhugh, the cholera The declared U.S.S. free from disease, and Shanghai, ing disappeared from 1s having entirely returned to that place October boilwas to Woosung have Bar to complete repairs to Yokohama on from when she would proceed Alert, Com ers, &c., Nagasaki and Kobi. The where via Boyd, is at Feochow. further apmancer remain until there is no and their prehension would of American thence citizens she would proto occasion may property Hong being moiested; Kong. and visit Swaton, Amoy, receed and places in that vicinity, Boyd. as leaving Amoy rock for quire. Kong, commande would make a search bark for the Forest winter. Hong Belle upon is which alleged commander the to American have Manley, struck having last Hong Kong been subjected The Panger, to the enervating on heat being of rellevedd by during the proceed to the Alert Perkins, would commander past summer, Bang-Kok, Yohohama. left Yoko- Stam, The Ashuelot, 3d for Saigon on her return and hama Park-hol October and Hot would HOW, reaching Februery call at Hong next. the middle of will, Kong about Lieutenant Commander Green, Teintsin The her Palos, services are not required, sets in. leave The health of good. is for if the Shanhai officers before and men winter of the squadron remain

3. November 13, 1878 Evening Star Washington, DC

Article from Evening Star, November 13, 1878

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time since entered a suit against him for bastardy and to compel him to support the child. and about the same time the girl's mother entered suit for damages for the loss of services of her daughter, &c., laid at $5,000. Messrs. W. J. Fisher and J. P. Jordan appeared for the plainiff and Messrs. Hine and O Neal for the defendint. Among other papers filed in the case is an affidavit of Thos. J. Bicksler. late a constable. to the effect that on the 13th of February last he warrant was placed in his hands for service. said warrant being executed by one F.A. Bueer: that he called on Mr. Witmer, and advised him (W.) that if guilty he had better settle some way and get rid of the girl. Defendant said he had made better arrangements. and that he ntended to have judgment rendered in his favor to avoid the disgrace; that he was able and willing to pay to have it done. and he would settle with the girl afterwards: that he had lready spoken with the justice, and had given him $20 on account and requested him to see J. C. Cox, who represented ida Hamilton. and ell him what he wanted done: that he would ay Cox a fee. and settle with and do right by the girl; that he gave affiant $15 to give the ustice, and he handed Beuter $10 and kept $5. He further swears that he called on Mr. J. C. Cox, as requested by Witmer, and accompanied him to Mr. Witmer's place of business, and it vas there agreed that the trial should be late it night, and that no matter what the evidence should be the attorney for the girl should subnit an opinion that the evidence was not suficient to justify the justice in giving judgment or plaintiff, and he would submit to judgment or defendant, which it was considered would eave Mr. Witmer's name and reputation untained by the proceedings. He (W.) then paid C. Cox $10 and agreed to pay him a further um of $15, when the case was decided as greed on, which it was. The day after the rial. Witmer left a check for $40 or $45 at Jusice Beuter's office, payable to the order of Beuter, after banking hours. and witness went with B. to Mr. W.'s store and got the money rom him. Out of this money Beuter handed ffiant $20 to settle with Cox, and he paid Cox 10 taking his receipt at B.'s suggestion, that he possession of this receipt would be a means I preventing Cox talking of the settlement at ny future period. etc. This case promises ome further curious developments. It is laimed by Witmer's friends that the whole *Reuour The 01 Coundsuos B SI REAL ESTATE SALES.-Messrs. Young & Middle on have sold at auction for Messrs. Samuel TOSS, R. Ross Perry, and Judson T. Cull the ollowing properties: On October 23d part of lot -Hemp 2010 AJOIS-OMA U Aq рэлолиции 891 bs October $20.00 101 seuor S If JW 01 "30 your I "II 17 "as V pur 419 COLLET 198 bs 1 10 and 02184 18 3 099 JN 01 "II SSI & quare foot. October 26th. the south 20 feet by he depth of lot 12. sq. 951, improved by a twotory frame dwelling on 10th, between I and K .e., to Mr. M. Kauffman for $670. on the same 'bs $88 101 10 undep am 19 1001 18 unnos on AB can JK 01 "a's N and IV between 141h uo 11 Goldberg at 27c. per square foot. October 29th. or Mr. R. Ross Perry trustee, parts of lots 202 01 uomppe SUINABH and Beatty ut 203 put Georgetown, improved by a two-story brick welling on the west side of High St. near corer of 5th, to Dr. L. W. Ritchie for 600. Octoer 30th. for Messrs. James F. Kines and L. L. -0AM B Aq 969 bs '61 101 thustees new tory frame dwelling, on the n.e. corner of N nd 3d sts. S.W., to Mr. John Grinder for $615. November 2d. for Mr. A. C. Bradley, trustee, 22 eet 6 inches front by the depth of lot 30. sq. 05, improved by the three-story brick dwelling NO. 806 18th St. n.w. to Mr. Randall Hagner, atorney, for $5,100. November 9th, for Messrs. I. W. Garnett and B. H. Warner, trustees, two 419 818 and IIS 'SON HOLIQ KIOIS-OM t. n.w., to Mrs. Alice L. Nairn for $1,100 each. November 11th, for Mr. B H. Warner, trustee, y decree of court. lot 10. Sq 202, fronting 20 Geo an 01 1001 06 10 qidep 8 10 IS M uo 100 Truesdell, trustee, for 13c. per foot, and lot 11, ame size, to same party. for 15½ cents. THE DISTRICT JUDICIARY.-The question as to the uo uno '8 'V aspng pessons shall OUA ench of the Supreme Court of the District is till agitated, although it is by no means settled whether a vacaney will occur. Some months ince, when Judge Olin's health was rather eeble, he seriously contemplated leaving the ench, feeling that with the immense amount 1 pending business which has been on the inrease for years. that it would be well for some nore active member of the bar to succeed him. Ve may say, however, that at no time has Judge )lin contemplated making a vacancy by resigation, as it has been always his desire that when death should call him that he would be ound in the harness. If. however. under the et creating the court he can retire after havng served fifteen consequtive years, and his ealth should not improve beyond the expectaions of himself and friends, he will consent to e retired. In the meantime, anticipating his etirement, the claims of Mr. Joseph H. Bradley ave been already presented to the President. Ir. A. B. Hagner. of Annapolis, Md., is backed p by a number of prominent Maryland repubJujeq SI OMO 10 "sawer d o aspnr :suce ressed for the position, and It is said that he laims to have the Presidehtial promise for the ppointment. Mr. Westel Willoughby is also entioned in connection with the place, asalso Ir B. J. Darneille, of Georgetown, and there is ome talk of presenting the name of Mr. W. D. 01 consent IIIM en II Insignop SI 01 and applicate UP a THE GERMAN NATIONAL BANKS.-The state ent of Mr. S. L. Mattingly, cashier of the Ger an-American Savings Bank, submitted to the oard of directors last Saturday afternoon. has een placed in the hands of Messrs. Samuel ross and W. G. Metzerott, who have consented 0 become a committee to examine it, and they fill commence their work this evening. They fill complete their examination as soon as possile. and the statement will then be published is rumored that Christian Ruppert, the wellnown 7th street merchant. one of the directors ( the German National Bank. in consequence f depression of spirits, caused by the suspenon of the bank. yesterday morning attempted uicide in the upper part of his store. but he as cut down by one of the attendants. His riends deny the rumor as without any foundaon. VATERPROOF CLOTHS-navy blue, grey, seal rown and black. Canton flannels, 61/2 ets. All 001 black cashmeres, yard wide, from 50 cts. 11k faced mohairs, 25 ets. New fall dressgoods, 2c., 15c., 20c., 25c. Colored cashmeres, yard ride, 50c. Boys Cassimeres, 37, 50. 62, 75, 87c., 1.00. Cloaks, new styles, $5.00 up. Shawls. 50 up. Blankets, $2.00, $2.50, $3.00, $4.00 per air. Bed comforts. 75c. $1.00. $1.25

4. November 13, 1878 Evening Star Washington, DC

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LETTERS FROM THE PEOPLE. A Case of Brother-in-law. Mr. Editor: The statement published in one of our morning papers some days ago that Mr Benjamin U. Keyser, the gentleman appointed examiner of the suspended German National Bank of this city, was not a brother-in-law of Mr. John J. Knox, the comptroller of the currency, from whom he obtained his appointment, is untrue. Every person who has resided in Washington for any length of time knows that Mr. Keyser and Mr. Knox are brothers-in-law, and I am surprised that the editor of the Post, and one or two writers in that paper, should say anything to the contrary. It is also susceptible of proof that Mr. Keyser was appointed bank examiner solely because he was Mr. Knox's brother-in-law. As to Mr. Keyser's responsibility I have not a word to say, but a less competent and a more unsuitable person to perform the duties pertaining to his position it would be a difficult matter for Mr. Knox to find among the business men of Washington. For the sake of the large number of poor people who have placed their funds in this bank and who are spending days and nights of the most intense anxiety be. cause of its suspension, I do think Mr. Keyser ought to relinquish his position and let some first class business man be appointed in his place. This would be SO much more satisfactory to the creditors of the bank. You know, Mr. Editor, there is everything in having a number one business man to settle the affairs of a susBUSINESS. pended bank. November 12. 1878.

5. November 16, 1878 The Wheeling Daily Intelligencer Wheeling, WV

Article from The Wheeling Daily Intelligencer, November 16, 1878

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ALL AROUND THE WORLD. No crop report will be issued this month but a report covering the yield and average will be made in December. Herman Moran fell into a settler in Dalzen & Chapin's salt blocks, at Bay City, Mich., to-day, and was scalded to death. At noon to-day Napoleon Campana of Bridgeport, Ct., had scored 440 miles in his effort to beat O'Leary's record,3 hours remain. M. Frank Page, of Boston, has been held for examination on the 20th on a charge of a conspiring to cheat his creditors. Bail fixn ed at $75,000. An overflow of the Tiber has inundated the Ripelta Piazza of Pantheon, Via Tardimona, Piazza St. Angelo, Ghetto and all the lower streets of the city. E. C. Harden, of Montpelier, Vermont, was sentenced to-day to be hanged on the first Friday after the first of January, 1880. The Supreme Court refused a new trial. Lawrence Reilly, of New York, age 60, knocked his wife, age 45, insensible today, and thinking he had killed her, cut his own throat. The wife may recover. Bombay dispatch to Timesof India, from Kohat, says: the Government at Simla, has issued stringent orders, to military comanders to supervise all press telegrams. Captain John S. Sleeper formerly Editor and part proprietor of the Boston Jour. nal and a popular writer under the non de plume of Hanser Martingale, died last evening. aged 84. The Receiver of the German National Bank at Washington, D. C., states that the liabilities of the concern are $293,634, and the assets $294,350. In addition the personal liabilities of the stockholders are estimated at $100,000. The Grand Officers of the Ancient Order of United Workmen met at Chicago this morning for the purpose of adjusting their losses on account of the yellow fever. The Order was seriously impoverished, and especially in Tennessee. Joseph Levy, Isaac Perlatein, Abraham D. Freeman and Charles Bernstein have been arrested in New York by the Fire Marshal on the charge of causing a number of fires on the east side of the city in the hope of securing excessive insurance. At the request of a number of prominent citizens of Cincinnati, the College of o music will reproduce the Oratorio Messiah during Christmas week. This Oratorio, it will be remembered, was one of the distinguising features of the festival last to spring. Mr. Whitney has alreaday been engaged. A London Committee of which Lord I Lawrence is chairman and which was formed to seek expression of public opinion about the early summoning of Parliament have asked Lord Beaconsfield to grant them an interview November 20th, the day on which the time given the Ameer of Afghanistan to reply to the British ultimatum expires. The Berlin Post in an article relative to the closing of the Paris Exhibition, says that Germany observes without anxiety the renewed power of France, which would only be dangerous if the nation surI rendered its right of judgment to the adventurous usurpers. The present moderate and conservative republic offers a guarantee against all excessesi in the foreign policy The suit instituted by Peter Marie, o Frank A. Otis, Geo. Fearing, N. A. Condrey, R. L. Cutting, jr., and Jacob Cromt well against Cornelius Garrison, for $3,600,000 damages, for the alleged violation of an agreement by Garrison for the reorganization of the Pacific Railroad of Missouri, was argued in the Superior Court of New York yesterday. The Judge took the papers.

6. November 16, 1878 The Daily Gazette Wilmington, DE

Article from The Daily Gazette, November 16, 1878

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General News. The assessed valuation of property in Philadelphia subject to taxation for next year is $534,909,684, a depreciation of $52,878,283 as compared with the assessed valuation returned last year. The grand officers of the Ancient Order of United Workmen met at Chicago yesterday for the purpose of adjusting their losses on account of the yellow fever. The order was seriously impoverished, especially in Tennessee. B. U. Keyser, the examiner and receiver of the German National Bank in Washington, reports that its liabilities are $293,634, and its assets $294,350. In addition to the assets he personal liabilities are estimated at $100, 00. The Sellew Manufacturing Company of Cincinnati suspended yesterday. A member of the corporation says it will probably pay in full. Henry D. Meek, the absconding Secretary of the Gas Company at Bellaire, Ohio, embezzled $10,000. The fire in Bradford, Pa., on Thursday night destroyed the Theatre Comique, the Riddle House and twenty o her buildings, besides the works of several oil we Is. The aggregate loss not including the oil wells, is $138,000. The burnt district covers five acres. Fi izpatrick and Gouthreax, the Democratic Criminal and Civil Sheriffs elect in Orleans Parish, La., have been notified that seats will be contested by the Citizens' candidates. Three of the Citizens' candidates for City Administrators will also contest the election of their opponews.