21491. German Banking Company (Alexandria, VA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
private
Start Date
April 2, 1884
Location
Alexandria, Virginia (38.818, -77.082)

Metadata

Model
gpt-5-mini
Short Digest
82bd62f4

Response Measures

None

Description

Articles from 1884 report the board suspended the cashier, found a deficit (~$12,612), took possession of assets and resolved to wind up the company and pay creditors. Later articles (1885, 1889) confirm the bank suspended in 1884 and depositors were protected while stockholders lost. No run is described in the sources.

Events (1)

1. April 2, 1884 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Discovery of shortages and irregularities in the cashier's accounts (suspended cashier Jas. H. Reid); deficit of about $12,612.50 found, prompting board to take possession and wind up the bank.
Newspaper Excerpt
The Board of Directors suspended Jas. H. Reid, late cashier, and at once took possession of the assets and effects belonging to this Company... the capital of the company has been impaired to the extent of $12,612.50 and that the stock is worth... Resolved, that the affairs of the Company be wound up as speedily as possible.
Source
newspapers

Newspaper Articles (4)

Article from Evening Star, March 6, 1884

Click image to open full size in new tab

Article Text

Alexandria Affairs. Reported for THE EVENING STAR. BRADDOCK HOUSE CHANGE-The assignment in New York of Geo. W. Brown, the owner of the Braddock House here, will not close that hotel, at least for the present. S. G. Brent, esq., the counsel for the assignee, has now control of Mr. Brown's affairs here. The house is indebted for supplies to Harlow & Bro., W. Cogan, Wm. Gray and others, but It is thought that all the Alexandria establishments will in the end be fully paid. Mr. G. W. Brown, the Mansion House proprietor, obtained the hotel then known as the Mansion House from the heirs of Jas. Green, by exchanging the Alexandria hotel for desirable residences in Brooklyn. Mr. Green had thirty years ago made the Mansion House hotel out of the Alexandria Bank, and had joined to it the Cariyle-Herbert property adjoining, on which the historic Braddock house stands, but which had then fallen into the hands of Mr. John Lloyd. Mr. Green extended the hotel in front of the Braddock House, and made a building with some hundred rooms. A most commodious establishment. It was first constructed by Mr. A. G. Newton. During the war it was rented by the United States as a hospital, and after several hosts had tried their hands at hotel keeping there, it was many years conducted by Mr. John W. Green for the Green heirs, and at last It fell into the control of Mr. Brown, the proprietor who has just assigned his rights. PROPOSED BANK CLOSING.-The German banking company here is considering the question of closing that institution, and a meeting of the stockholders will be held next month to determine whether the bank shall continue. All the private banks in the state are required to become public by a bill now before the general assembly of the state. A CHARGE OF SHOOTING.-R. J. Nicholson is held at the police station house, charged with carrying concealed weapons and shooting at Lawrence Bayne. He was arrested by Officers Thomas and Patrick Hayes. NOTES.-Isaac Eichberg, esq., has been re-elected president of the German banking company.-The new bolt and chain works will be opened before the close of the month in the building on Wailes' alley, in the rear of the Neptune iron works.-The Hydraulion fire company has presented Councilman Charles Goodrich with a handsome engraving in acknowledgment of his services to the company.


Article from Alexandria Gazette, April 5, 1884

Click image to open full size in new tab

Article Text

ALEXANDRIA GAZETTE AND VIRGINIA ADVERTISER if I had compared, and I say further, put GERMAN BANKING COMPANY. FROM WASHINGTON. MR. JOHN WISE is reported as saying: "I yourself in the same place and in my opin(Special Correspondence of the Alexanoria Gazetta.) A meeting of the stockholders of the am an aristocrat in heart, a democrat at ion you would act as I did. You take other WASHINGTON, D. C., April 5, 1884. German Banking Company was held at the banks; they have to rely on their officers. bottom, and, except from my necessary A well-known Virginia republican On the 25th of February the Board of banking house, on King street, to-day, association with negroes, a gentleman here to day says the opposition to MaDirectors suspended Jas. H. Reid, late which was numerously attended and exhone there comes from three quarters: throughout." If this be so nobody envies cashier, and at once took possession of the cited considerable interest. from the democrats, from the straightMr. Wise for the notoriety he has achieved. assets and effects belonging to this ComGeo. L. Simpson presided and M. B. Harout republicans, and, the most bitter TYRANNIS pany, and on examining the bills and notes of all from his own party. He also says THE FACT that some people are surprised low acted as secretary. according to his statement there were found that Blaine is the favorite of a large majority about $8,000 in bills and notes short but on On a call of the roll it appeared that of that the red flag of the commune was raisof the republicans of the State, the others amending his statement the next day, and the 1003 shares outstanding 699 were reped during the Cincinnati riot shows that being divided between Logan and Sherman, some notes found by him in the safe, the they know little or nothing about the world resented in person and by proxy. the latter the weakest. He also says that amount was found to be right with the the Arthur boom has developed SO little After some discussion, in which W. H. in which they live. exception of a few hundred dollars. strength in the South that the President's The Board of Directors, then and there, May took the ground that a director could friends will advise him to forbid the presenMOST PEOPLE are under the impression came to the conclusion to call a stockhold. not act as proxy, it was decided by the tation of his name to the convention, and ers meeting on his statement and recomthat imprisonment for debt is prohibited in ADVERTISER meeting that such was not the case, and two that as Southern republicans like to be on mended to wind up the Bank and pay the this country, but such of them as go to New or three directors, who held proxies, were the strong side the probability is that though stockholders their money. York and get in debt there, find themselves the Southern delegationsma be appoineted The Board of Directors instructed their allowed to vote the stock represented by woefully mistaken. as Arthurites they will vote for Blaine in KANDRIA, VA. president to employ a competent bookkeeper them. the convention. He also says that it is to examine the books. I at once got Mr. The report of the President and Directors THE DEMOCRATS of Connecticut have dethought possible in his State that both the EVENING, APRIL 5. O'Brien to look over the books and going was then submitted and read as follows Mahone and straightout delegations from clared for revenue reform. It is possible over the individual deposit book we found that State may be admitted to the national To the Stockholders of the German Banking we owe depositors about $15,000 that those in Virginia can desire anything (Palm Sunday) will be apconvention, but the votes of the two to more than the cashier reported. He Company of Alexandria, Va.: less? lebrated by myriads in every count as one. The undersigned, on behalf of the Board also reported about $15,000 over drafts, The contested election case of Massey globe in commemoration of of Directors, presents the following statewhich report was not correct by about $6,EDITORIAL BREVITIES. Redeemer of mankind into against Wise from Virginia will probably ment of the affairs of the company, in which 000. Now you can see how your Board of -Catherine Bailey, of Fanwood township, come up before a sub-committee of the Directors have been misled. In conclusion are included the transactions of April 2d, he whole scene had been miHouse Elections Committee next week. The N. J., while drunk on Monday, attempted 1SS4, and submits a report thereon. I will say to you that since this bank has by the prophet (Zech. ix., 9) briefs in the case have been prepared. In (what has proven fatal to sober persons) been organized the directors, or any of us, Assets of the Company. previously, and by an exMr. Massey's it is stated that Mr. John have not made one cent directly or indito fill a lighted kerosene lamp. The lamp Notes in the First National Bank the above reference any unbiWise, a candidate for Congress at the elec. rectly on the other hand I have lost large $22,537 os of Alexaudria, in accordance with the well-known rules tion, as U.S. District Attorney, ordered the amounts of money indirectly through this be convinced of one instance 3,391 33 Do. in hands of Isaac Eichberg, governing such experiments, exploded and arrest of every judge of election who rebank, which can be verified by the books of fulfilment of scriptural Do. in German-American Bank, fused to receive a vote upon an illegal tax she was burned to death. Her husband who Respectfully, this company. 1,190 51 the same time the transiBaltimore, ISAAC EICHBERG. receipt. 496 54 was present, though he managed to crawl Do. in State Bank, Richm'd., Va. of rabbles which one day The House to-day soon after meeting 2,611 28 The following resolutions were, after disfrom the house himself, was too intoxicated Due by depositors, overdrafts, took up the Agricultural appropriation bill the skies and the next cry 6,477 81 Tickets against Jas. H. Reid, to save her. cussion, adopted and passed it before two o'clock. The him." While the object of Suspense account, (W. & O. R. R. Whereas the report submitted by the President -Ten trackmen who had been at work amount appropriated by the bill is $430,000, 3,450 25 on behalf of the Board of Directors, shows that world in observing this day and John West) which is $25,000 more than appropriated by on the Lebanon Valley Railroad, near Werinstead of there being a surplus fund as reported 1,374 3S Cash, mind back in the centuries the bill of last year, and $82,000 less than by the late cashier, the capital of the company Three hundred shares Baltimore nersville, Pa., and who had decided objecthe estimates of the Agricultural Departthe Holy One of Israel has been impaired therefore be it 60 00 and Hampshire Coal Co., value tions to pushing their hand-cars home, on ment. Resolved, that the affairs of the Company be City of the Great King, it Loudoun National Bank, LeesAt the Danville investigation this mornwound up as speedily as possible. Thursday night fastened the same to a fast 102 09 same time be a season for a burg, Resolved, that the President and Board of Diing the witnesses examined were: Geo. H. passenger train. On passing, a switch while 600 00 Furniture, safe, &c., rectors, together with піне other stockholders, Southall, of Lynehburg, for the prosecution, templation of events still in collect and convert the assets of the company going at a high rate of speed the trucks were and W. B. Armstead and G. D. Wise for the hen He will again come to into cash. $42,291 27 thrown from the track and the ten men defence. Mr. Wise gave a plain and fair Resolved, that the Presidentand Board of Direccity, though under much Liabilities. flew in all directions and seven of them statement of the outrageous means resorted tors are hereby authorized to employ a competent $2,628 55 sumstances. The origin of Due depositors, to by the Mahoneites to decrease the demobook-keeper to post the books of the company, were badly hurt. 557 78 Ninth Nat'l. Bank, New York, will be found in Matt. xxi., 8-9 and furnish a balance sheet therefrom, and also cratic and to increase their own vote; made 131 44 -Albert Zabn, of Philadelphia, having Franklin Bank, Baltimore, multitude spread their garments to employ an attorney to advise them, and to take clear the illegality of the tax receipts upon cut down branches from the trees, Expenses, dividends unpaid, atsuch legal steps as they may deem requisite. grown weary of his daily plod through this which the negroes voted, and told how the in way. 500 00 Resolved, that after all the creditors of the comtorney fees, &c. that went before. and that folthe Mahoneites had arrested the judges of vale of tears, concluded to make his exit 51,086 00 pany are satisfied, and the expense incident to Hosanna to the Son of David Capital stock, election at the white precinets; thereby from the planet last Thursday, and forthcometh in the name of the Lord: Howinding up its affairs are paid, so soon as the depriving the voters at those precincts assets in cash are sufficient, a dividend of twenty Total with proceeded to hang himself. It was a $54,903 77 of their votes, while they allowed the judges per centum shall be declared and paid on stock; we are called upon to Liabilities in excess of assets $12,612 successin every particular, as Zahn, fearing and as soon as the assets in cash are sufficient, a at the negro precincts to remain at their time when the Jewsecond dividend of twenty per centum shall be 42,291 27 his body not sufficiently heavy to break his From the total assets, to-wit posts and receive all the votes that were declared, and paid on stock, such dividends to be have ever since ignored His Deduct amount due creditors offered. Among the witnesses examined 3,817 77 neck, tied a blacksmith's anvil to his feet to receipted for, and likewise credited on certificates Messiab, hailed the advent of yesterday afternoon was Mr. Thomas Popof stock. That, after the payment of the second weigh him down. When found his head Left for stockholders $38,473 50 ham, of Rappahannock county. He /made to their capital with endividend aforesaid, a meeting of the stockholders was nearly severed from the body. the remarkable statement that the votes of shall be called to receive a report, and for further as the One "coming in the 51,086 00 Capital stock -The fact that some daughters of Eve the people of his county could be bought for action by them. 38,473 50 Applicable to stockholders Lord," all of which had been a sheep, and that money carried the elecare so devoid of modesty as to stand as statUnder the second resolution the chairretold and literally fulfiled. tions there. ue models for artists in large cities has been Deficit $12,612 50 man, W. H. May, appointed the following The expert employed by the House Disxxiii., 39, after the enactment The forgoing exhibit assumes that all the doubted in some quarters, but the annexed stockholders: Geo. L. Simpson, M. B. Hartrict Committee to examine the financial the Saviour Himself makes items of the assets are good, and that every item from the telegraphic dispatches of affairs of the District Government reports low, R. H. Havener, John Lannon, J. H. D. dollar thereof will be collected, and from hich has never yet been fulthat under the system of the former comThursday ought to settle the matter: HoSmoot, Henry Strauss, Alexander Lyles, this exhibit it appears that the capital of the He uses words identical with missioners all sorts of corruption were possirace N. Allkins, an artist of considerable Max Pretzfelder and Peter Wise. company has been impaired to the extentof ble, which it is now impossible to detect, but found above. After weeping $12,612.50 and that the stock is worth repute in Canada, in a fit of jealousy Thurs. The meeting then adjourned. that by the system now in operation cheatHe seventv-five cents in the dollar W.. 11.. mesued said


Article from Evening Star, January 22, 1885

Click image to open full size in new tab

Article Text

Ward. EX-SENATOR CHAFFEE TRYING TO GET EIS MONEY FROM THE DEFUNCT FIRM. The case of ex-Senator Chaffee against the firm of Grant & Ward to recover $500,000 from the bankrupt firm was continued in New York yesterday. U. S. Grant, Jr., said a loan of $100,000 was paid by Mr. Chaffee in two checks of $70,000 and $30,000 respectively, dated May 21st and May 26th. 1883. The loan was returned on June 21st, with 86,000 profit. On July 26th $14,000 additional profit was paid. No receipt was given Mr. Chaffee; the agreement was verbal. It was arranged that $150,000 should be paid Mr. Chaffee for the loan of $140,000, in lieu of his share of the $20,000 profits. On several occasions the witness borrowed money from his brother and others, and returned it with the profits added. No account was opened with Mr. Chaffee when the loan was made. On the 21st of November, however, an account was opened. Each time the witness made an investment he put Mr. Chaffee's money in first. It was in this way that he could identity Mr. Chaffee's interest. On November of $75,000 was loaned on government bonds; at least it was supposed that It was on governments. Mr. Ward gave witness receipts for the amounts received, together with the profits. and whenever the witness had any curiosity he would compute the totals from the receipts. The profits were sometimes as great in one month as in two mouths. Different contracts showed different profits. The Richmond Auditor's Office Fraude CHECKS FOR $20,000 DRAWN TWO YEARS AGO FOUND IN CLERK SMITH'S VALISE. The irregularities in the auditor's office in Richmond, Va., become more puzzling. In the satchel found at the house of Clerk Wm. R. Smith envelopes containing checks aggregating $20,000 in amount have been found. A letter sent from Wise county contained three checks for nearly $3,000, another from Lexington contained three checks for about $1,500. There are several checks sent to the auditor's office by Col. Mayre while he was clerk of Alexanária city. One is for $691.24 on the German bank of Alexandria, which has since suspended. A check of S. P. Waddell, clerk of Henrico county, for $1,676.68 sent in 1880, and a check of M. A. Cogbill, clerk of Chesterfield county, for $577.09, are also among these papers. Clerk Cogbill's check was for writ tax for 1879-80. This discovery makes the case more mysterious than ever, since it shows that Smith has had these envelopes, containing nearly $20,000, for two years unopened. He took them to his home to examine, he alleges, when there was a probability of a change or omcers. The change not being made he forgot them. The Mississippi has reached the danger line at Vicksburg, and nothing but an ice-block-de can prevent an overflow.


Article from Alexandria Gazette, January 30, 1889

Click image to open full size in new tab

Article Text

RUMORED SUITS -It is said that the recoul decision of the Court of Appeals in the ease of Marshall VS. the Farmers and Mechanics' Savings Bank of this city, in which. that court concurs fully with Judge Hughes of the U.S. District Court in his decision in the Dollar Savings Bank case, in holding of the bank to such a strict acsustained by deposithrough negligence or carelessness of directors, will probably reFult in other suits being brought in this city. It is said that the above mentioned decisions have & direct bearing on the affairs of the German Banking Company of this city which suspended in 1884 By this suspension the depositors lost nothing, but the stockholders did, and some of the latter claim that their losses resulted from the carelessness or negligence of the directors of the banking company. So far as known no definite action in this matter has been taken, but it is rumored that some of the stockholders who lost money by the bank's failure, will, on the strength of the decisions above referred to, now bring suit against the directors to recover the amount of their losses, claiming that the directors did not give the affairs of the bank sufficient attention and allowed the officers too much latitude in conducting its business. The stockholders have receiv60 per cent. on the amount they paid out.