German American Bank - Milwaukee, WI

Bank Information

Episode Type: Run Only
Bank Type: state
Start Date: July 22, 1893
Location: Milwaukee, Wisconsin (43.039, -87.906)

Metadata

Model: gpt-5-mini
Short Digest: e3326886

Response Measures

None

Description

Multiple articles (dated July 22–24, 1893) report heavy crowds and withdrawals at the German-American Bank in Milwaukee tied to failures/closures of other local banks (Milwaukee National, South Side Savings). There is no indication the German American suspended or closed; one dispatch even denies a run but other reports document heavy withdrawals — interpreted here as a run that did not lead to suspension. Bank charter type not stated in the articles, so set to unknown.

Events (1)

1. July 22, 1893 Run

Cause: Local Banks
Cause Details: Runs were triggered by failures/closures of other Milwaukee banks (Milwaukee National, South Side Savings) and resultant panic/runs on neighboring institutions.
Newspaper Excerpt: There is a heavy run on the German-American and Merchant's Exchange banks.
Source: newspapers

Newspaper Articles (6)

1. July 22, 1893 Alexandria Gazette Alexandria, VA

Article from Alexandria Gazette, July 22, 1893

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crushed and burned in a horrible manner and was dead when extricated. Among the failures reported to-day are the Citizens' Bank of Jellico, Tenn; the First National Bank of Anthony, Kon.; the Milwaukee National Bank and South Savings Bank of Milwaukee: the Union Bank of Greeley, Col ; the private banking house of J. and L. Galbraith at Lampasas, Tex.; the State National Bank of Knoxville, Tenn.; the Kentucky National Bank of Louisville; and the State National Bank of Vernon, T.x. There is a heavy run on the German American and Merchants' Exchange Banks of Milwankee. At Shooting Park on the outskirts of Milwaukee, Wis., two thousand five hundred turners from all parts of the United States c ngregated yesterday, and the twenty-sixth annual bundesturufest WAS inaugurated. A duel, that resulted fatally to both the participants, took place in the outskirts of Victoria. Mex., on Thursday between a young law student and a young business man. The quarrel was over a young woman. Weather permitting Edw. Hanlan and Jacob Gaudaur will row at Orillia, Ont., this afternoon for the championship and a stake of $2,000.

2. July 23, 1893 The Morning News Savannah, GA

Article from The Morning News, July 23, 1893

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MILWAUKEE'S BANKS. A Couple of Failures and a Heavy Run on Others. Milwaukee, Wis., July 22.-Reports sent out from this city to the effect that the German American Bank had succumbed to a run was without foundation. The German American is exceptionally sound and it has experienced no run whatever. It could not be better prepared than it is to meet a run. The false report concerning it was due to the failure of another southside bank. The Milwaukee National bank closed its doors this morning, The South Side Savings bank did not open its doors this morning. There was a heavy run on the German American and Merchants' Exchange banks.

3. July 23, 1893 The Sun New York, NY

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MORE BIG BANKS CLOSED. THE MILWAUXEE AND KENTUCKY NATIONAL BANKS QUIT. Runs Throughout the Day In MilwankeeThe South Side Savings Also Goes Us der-Both Milwaukee Banks Were Com sidered Sound-The Kentucky National Has Been in Straits Two Years-0 her Suspensions In the South and Went MILWAUKEE. July 22.-Two more banks failed to-day. and there were runs on the leading banks of the city. especially the German-American and Merchants' Exchange. The Milwaukee National Bank did not open its doors this morning. and the South Side Savings Bank suspended at 101/2. The Milwaukee National. of which C. J. Bradley is President had A capital of $250.000, and was considered one of the soundest instie tutions in the city. Its failure created much surprise. The July 12 report of the condition of the bank showed total resources. including loans. discounts. overdrafts, and unsecured accounts. bonds to secure circulation due from other banks. etc., of $1,965,385.76. Liabilities were placed at the same figures, including Individual deposits subject to check. $413,836: demand certificates of deposits. $310.161: due other national banks and bankers. $198,890. George H. Noves was President, G. McClure. oashier. and George H. Noyes and J. H. and J. D. Imbusch. directors. The officers of the South Side Savings Bank are President G. A. Trumpff and Cashier J. B. Koetting. each of whom holds $50,000 of stock in the bank and are the only stockholders. The semi-annual statement made July 1 placed the liabilities at $1,158,955.17. Of this $286,012. 48 was due to depositors on demand and $735,452.71 on time. President G. C. Trumpff in referring to the trouble said: "Since the Plankinton Bank closed we paid out in savings and certificates over $350,000 besides large drafts made on us by commercial customers. We have since July 15 paid out in savings over $120,000 besides other certificates. When the Commercial Bank closed we had a hiu run here and paid out every cent We had in the house yesterday. The savings depositors and the commercial depositors commended to check against us heavily. and in addition to the money we had on hand we were compelled to raise $6,000 to satisfy the demands of the day. We made very good connections during June and July. and our coinmercial creditors did everything to give us hearty support. We could not collect money enough. however. to pay all demands which were made on us. and therefore were compelled to suspend. I shall move for the appointment of a receiver as soon as possible. and then shall he able to make n statement for our creditors. In sofar as I am able to say at this time the condition of the bank is good." The Milwaukee National acted as the clearing house. and the Wisconsin National was promptly named to take its place in this eapacity. The news of the trouble in these two institue tions. together with the failure of the Commercial Bank and H. IM. Beniam yesterday. started runs on A number of the other banks. Crowds gathered in front of the GermanAmerican. Merchants' Exchange. and Second Ward banks. but by noon the excitement had in a measure subsided. and A general feeling of confidence in the security of these places of deposit prevailed. A notice was posted on the doors of the Merchants'Exchange Bank which said the undersigned, directors of the bank. were personally responsible for moneys UAposited. The notice was signed by five die rectors. This had a quieting effect. and by means of a few policemen the erowd was considerably lessened. The depositors in the Second Ward Bank are mainly German working people. who seemed to have become pania-stricken. despite the fact that the bank is backed by Milwaukse's wealthy brewers. who have given n personal guarantee for everything in the bank. The closing of the Milwaukee National was a surprise, even to some of the stockholders

4. July 23, 1893 Richmond Dispatch Richmond, VA

Article from Richmond Dispatch, July 23, 1893

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Sundry Banks Suspend. [By telegraph to the Dispatch.] MEMPHIS, TENN., July 22.-The Citizens' Bank of Jellico, Tenn., the only banking institution in that place, failed to open for business yesterday. No figures known. GREELEY, CoL., July 22.-The Union Bank made an assignment yesterdav. It 18 thought the step was voluntarily taken to avoid a contingency that might arise should some creditor take advantage of the attachment law. The bank is perfectly solvent and not a depositor will lose a dollar. VERNON, TEX., July 22.-The State National Bank of Vernon closed its doors yesterday. Every cent of money was paid out, except ten cents, before the doors were closed. The failure was due to inability to realize on securities. The directors state that depositors will be paid in full. LOUISVILLE, Kr., July 22.-The Kentucky National Bank, this city, closed its doors this morning. Capital stock $1,000,000. paid up. This bank is also a government depository and its last statement showed $190,000 to the credit of the government. The loans and discounts outstanding amounted to $1,719,966, and the surplus was $108,500. MILWAUKEE, WIS., July 22.-The SouthSide Savings Bank did not open its doors this morning. There is a heavy run on the German-American and Merchant's Exchange banks. KNOXVILLE, TENN., July 22.-The State National Bank closed this morning atter opening four minutes. A notice was posted on the door saying: This bank has closed for liquidation. Depositors will be paid in full." MILWAUKEE, WIS., July 22.-The Milwaukee National Bank closed its doors this morning. LAMPASAS, TEX.. July 22.-The private banking-house of J. & L. W. Galbraith failed to open its doors yesterday having made an assignment to J. I. Campbell. Liabilities $60,000; assets. $120,000. A run on the First National Bank started, but it was fortunately in a position to withstand all demands. The depositors in Galbraith's Bank will be paid in full. TOPEKA, KAN., July 22.-The First National Bank of Anthony closed its doors yesterday. Assets, $154,000; liabilities, $50,000. RUSSELL, KAN., July 22.-The First National Bank, of this place, closed this afternoon and was taken possession ot by C. M. Sawyer on the order of the Comptroller of the Currency. No statement is made.

5. July 24, 1893 The Madison Daily Leader Madison, SD

Article from The Madison Daily Leader, July 24, 1893

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SHUT THE BANKS. Milwaukee National and South Side Savings Banks Close Their Doors. Withdrawal of Deposits and Inability to Realize on Securities the Cause. First National Bank of Louisville, With $1,000,000 Capital, Also Assigns. MILWAUKEE, July 24.-The Milwankee National and the South Side Savings banks have closed their doors. The Milwaukee National acted as the clearing house and the Wisconsin National was promptly named to take its place in this capacity. The news of the trouble to these two institutions, together with the failure of the Commercial bank and William H. M. Benjamin Friday, threw the city into a small panic and runs were at once started on a number of the other banks. Crowds soon gathered in front of the German-American, Merchants Exchange and Second ward banks, but at noon the excitement had in a measure subsided and a general feeling of confilence in the security of those places of deposit prevailed. The city, however, was full of wild rumors, impossible to verify, and probably for the most part without foundation. Responsible For Deposits. At 11 o'clock notice was posted on the doors of the Merchants Exchange, on which there had been a heavy run: "The undersigned directors of the Merchants Exchange bank are personally responsible for moneys deposited in this bank." Signed by Rudolph Nunnemacher, Reid Vogel, Jr., Julius Golt, Charles F. Pfister, Frank J. Kipp. This had a quieting effect and by means of a few policemen the crowd was considerably lessened. The statement on the doors of the Milwaukee National was simply: "By order of the board of directors this bank is closed." The statement o the condition of this bank on July 12 last gave the liabilities as $1,965,383.76 Of this the capital amounted to $200.000, the surplus fund $250,000, undivided profits $99,439.32 national bank notes outstanding $89. 250; deposits $1,045,898.33; notes and bills discounte.1 $230,798.11. Statement of President Noves. George H. Noyes is president of the bank, and J. McClure cashier. President Noyes, in referring to the condition of the Milwaukee National bank, said: "This bank I consider perfectly sound. It has $500,000 in assets above the liabilities. In ordinary times it would pay all depositors in full within three months, leaving a surplus of 200 cents on the dollar for distribution among its stockholders. The reason for the closing is the one that has been so much repeated in the last 60 days, that the public know it without being told. The shrinkage and withdrawals of deposits and the inability of customers to meet their obligations to the bank have

6. July 27, 1893 Mexico Weekly Ledger Mexico, MO

Article from Mexico Weekly Ledger, July 27, 1893

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BANKS SUSPEND PAYMENT. The Financial Flurry in Milwaukee Causes Several Banking Institutions to Close. Special Dispatch to the Ledger. MILWAUKEE, WIS., July 22.-The financial excitement still continues in this city. The South Side Savings and the Milwaukee National Banks closed their doors to day and there is a heavy run on the GermanAmerican and the Merchants Exchange banks. THE LOUISVILLE NATIONAL CLOSES. LOUISVILLE, KY., July 22.-The Kentucky National Bank of this city closed its doors to-day. Capital, $1,000,000.