3854. German National Bank (Chicago, IL)

Bank Information

Episode Type
Run โ†’ Suspension โ†’ Closure
Bank Type
national
Bank ID
1734
Charter Number
1734
Start Date
December 5, 1877
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini
Short Digest
cec50079b4134edc

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Fed/other loan, Full suspension, Books examined

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1878-12-20
Date receivership terminated
1884-03-01
OCC cause of failure
Fraud
Share of assets assessed as good
15.4%
Share of assets assessed as doubtful
15.0%
Share of assets assessed as worthless
69.7%

Description

Contemporary reports (Dec 5-7, 1877) describe heavy withdrawals/small runs on the savings department and a steady drain of deposits culminating in the directors placing the national bank into voluntary liquidation/closing its doors on Dec. 5-6, 1877. Directors asked depositors to forbear drafts; officers said depositors would be paid in full but the bank was wound up. The institution did not resume normal operations and was wound up (closure). A receiver was placed for the German Savings Bank shortly afterward. Cause of run cited as sensational and sometimes malicious rumors and prolonged exterior drains; suspension described as voluntary liquidation by directors.

Events (5)

1. November 15, 1870 Chartered
Source
historical_nic
2. December 5, 1877 Suspension
Cause
Voluntary Liquidation
Cause Details
Directors resolved to go into voluntary liquidation/close the bank because withdrawals had depleted deposits and they sought time to convert assets rather than have a receiver appointed.
Newspaper Excerpt
The directors of the German national bank decided after business hours this evening to go into liquidation ... We therefore request depositors to forbear drafts until we shall be able to meet them.
Source
newspapers
3. December 6, 1877 Run
Cause
Rumor Or Misinformation
Cause Details
Articles state sensational and sometimes malicious rumors and an extended drain on deposits since summer reduced deposits from over $1,100,000 in July to about $174,000 by early December, prompting heavy withdrawals and a slight run on the connected savings bank.
Measures
Directors issued a circular requesting depositors to forbear drafts; officers announced intent to pay depositors in full within ~30 days; remittances routed through other national banks (did not clear through Clearing-House).
Newspaper Excerpt
the financial excitements of the last few weeks, aided by sensational and sometimes malicious rumors, have gradually caused the withdrawal of this large proportion of deposits.
Source
newspapers
4. December 8, 1877 Receivership
Newspaper Excerpt
An application has been granted at Chicago to place the German Savings bank in the hands of a receiver. ... The German National bank will doubtless be wound up by its officers.
Source
newspapers
5. December 20, 1878 Receivership
Source
historical_nic

Newspaper Articles (23)

Article from Daily Press and Dakotaian, December 6, 1877

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MISCELLANEOUS. BANK STATEMENT. Chicago, Dec. 6-The condition of the German National bank, at the close of business yesterday, was as follows: Assets, loans and discounts $683,325, U. S. bonds $70,000, stocks and bonds $6,586, due from redeeming agents $4000, due from other hanks and bankers $48,386, real estate $85,000, furnituee and fixtures $75,98, current expenses and taxes paid$26,011, checks cash and other cash items$29,164, redeeming fund $3, 160. Total 963,223. Liabilities-Capital $500,000, surplus $125,000, undivided profits $10,807, circulation $63,000, bills payable $90,000, dividends unpaid-15-,deposits and certificates, $174, 401. Total 963,223. The officers this morning say they expect to pay the officers in full within thirty days. The stockholders will probably lose about a quarter of a million dollars. The saving bank deposits have been reduced to $200,000, and a slight run is being made on that institution to-day. JUDGES DRUMMOND AND BLODGETT have construed the instruction of the attor ney general and secretary of the treasury as meaning that the court here should first find udgment regarding the question of a prosecution against Jake Rehm, and have accordingly dismissed the civil suit. They will write their decision and forward it to Washington to-day.


Article from The Rock Island Argus, December 6, 1877

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Failures CHICAGO, Dec. 5,-The directors of the German national bank decided after business hours this evening to 20 into liquidation, and accordingly issued a card to depositors stating that in the ordinary course of business the bank had on July 1. 1877, $1,157,000. Since that time their customers had, for various reasons, reduced the amount to $182,000, which is the total liability to depositors, They say they consider this good work, but they cannot without torbearance continue. The bank has, they claim, abundant assets to pay every dollar to depositors. and have a handsome surplus. if a little time is given to convert the assets. They therefore request depositors to forbear drafts for a short time, thus avoiding unnecessary delay and expense of a receiver. The president of this bank is Henry Greenbaum, and the cashier is Herman Schaefner, The savings bank connected with the institution is presumably not affected by the failure of the national bank. No statement can be obtained until very late. J. Liebenstein & Co., hardware dealers, have filed 8 voluntary petition in bankruptey. Liabilities $71,005; assets not given.


Article from Chicago Daily Tribune, December 6, 1877

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Bank-Examiner Watson Is In charge of the bank, and the vault this morning will be opened by him. The bank will not clear through the Clearing-House to-day. Its remittances will be sent to the Commercial National. Its drafts on New York will be taken care of by the Metropolitan National of that city. In anticipation of this trouble the bank has for some time past discontinued as far as possible collecting for outside parties. A NEETING OF STOCKHOLDERS will be held this afternoon to take steps to place the bank in voluntary Hquidation. What course the Comptroller of the Currency will pursue is not known. He has been notified by telegraph of the action of the Directors. The Comptroller is known to be opposed to voluntary llquidations as a rule, but It is thought that the exceptional circumstances under which the bank has been brought to this position, and the unusual payments It has already made to its depositors, may warrant an exception to the rule: otherwise a Receiver will be appointed Immediately. The drain upon the German National since last summer has been unusually severe. Its deposits, as stated above. were $1,157,000 in July, and they have now been reduced to $174,401. To have discharged In cash 85 por cent of its liabilities to its depositors In five months is an astonishing achievement. The fallure has been the RESULT OF CAUSES LONG IN OPERATION, and larguly exterior to the bank proper. The financial excitements of the last few weeks, aided by sensational and sometimes malicious rumors, have gradually caused the withdrawal of this large proportion of deposits. The troubles and entangliug alliances of the bank date back many years. The Vice-President, Mr. Albert M. Day, Joined its management too late to stem the tide, and, notwithstanding his able and conseless efforts, the reorganization that would have enabled the bank to continue In business has not been effected. THE ASSETS OF THE BANK are, on their face, $760,000. Its statement shows $85,000 worth of real estate in the name of the bank. It holds paper secured by real estate to the amount of about $250,000. The bills receivable of the bank. It need hardly be suid, now consist mainly of slow paper. In the effort to pull through, $350,000 to $400,000 of the bills receivable have been rediscounted in New York and with other Chicago banks. Mr. Day went on for that purpose two weeks ago. The depositors of the bank have, beside the security of these assets, which are believed to be much more than ample, the double Hability of the stockholders. The capital stock is now $500,000 and the surplus $125,000. The Directors calculate that after the depositors have been paid In full, stockholders will get 60 to 80 per cent. The circulation is now $70,000, all of which is protected by the deposit of bonds In Washington. HISTORICAL. The German National was organized in January, 1571, by Henry Greenebaum. David S. Greenebaum, Michael Greenebaum, Issue Greenobaum. Leopold, Kuh, & Co., John Hertime. Leopold & Austrian, John A. Huck, Beck & Wirth. Selpp & Lehman. and other leading German houses of Chicago. The original capital was $250,000. In September, 1871. It was increased to $500,000, where It now stands. In the paule of 1873 the German National was one of the banks that and not suspend. Mr. Henry Greenebaum, who has been honorably engaged In banklug In this city since 1834, when he established the firm of Henry Greenebaum & Co., has never refused the payment of a dollar of his deposits. Ho has been through more than one trial. but has always stood the test. The stock of the bank was valued in 1876 nt 113 by experts. The heavy drain the bank has been under be judged from the fact that the deposits vesterday were drawn down $107,000. In January. 1973, the deposits of the German National were 82,000,000; to-day they stand at 8171,401. The condition of the bank at the close of business yesterday was as follows: AMOUNTS.


Article from Chicago Daily Tribune, December 6, 1877

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BANKS. The German National Asks Its Creditors for Time. Its Liability to Depositors Reduced to $170,000--Causes of the Trouble. The Directors Want to Go Inte Voluntary Liquidation--The Other Banks. THE GERMAN NATIONAL. THE DEPOSITORS ASKED FOR TIME. The depositors of the German National Bank will receive the following notice this morning from the Directors of the bank: CHICAGO, Dec. 5. 1877.-The Directors of the German National Bank respectfully submit to the depositors of the institution that, in the ordinary course of business. the bank bad In deposits July 1. 1877. $1,157,000. Since that time our customers. from one cause or another, have reduced the amount to $183,000. which 14 the total Hability 10 depositors at the present time. We consider this good work, but cannot, without forbearance, continue it. The bank has abundant nesets to pay every dollar to depositors and have n handsome surplus. but the managers require a little time to convert the effects into money. We therefore request all depositors to foroear their drafts until we shall be able to meet them. which will be in a very short time. This course will enable us to pay in the must rapid manner, and avoid the unnecessary expense and delay of a Receiver. We utter this assurance in good faith, and know that it can and will be kept. HENRY GREENEBACM, Aco. BECK, L. ELIEL, Haway LEOPOLD, S. F. LEOPOLD, A.M.DAY, Directors.


Article from The Dallas Daily Herald, December 7, 1877

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Commercial and Bank Failures. BOSTON, Dec. 6.-James Sturgis, an East Indian trader, is embarrassed. Liabilities $250,000. TROY, N. Y., Dec. 6.-The Note Exchange bank, of this city, has gone into voluntary liquidation by resolution of the stockholders. NEW YORK, Dec. 6.-Greenbaum Bros. & Co. have suspended. The firm are connected with the suspended German national bank at Chicago.


Article from Evening Star, December 7, 1877

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THE CHICAGO BANKS.-The condition of the German National Bank of Chicago, Wednesday. when its closing was announced, showed total liabilities of $963,220, including $500,000 and $174,401 deposits, the assets, which include $683,325 loans and discounts, beingestimated at equal figures. The officers say they expect to pay the depositors in full within thirty days. The stockholders will probably lose about $250,000. The savings bank deposits have been reduced to $200,000, and a slight run is being made on that institution.


Article from Eureka Daily Sentinel, December 7, 1877

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Miscellaneous Eastern. WASHINGTON, Dec. 6. Judge Humpbreys' decision, declar ing that Patterson was not a fugitiv from justice, is regarded generally as mere make shift to avoid the responsi bility of deciding upon the merits o the case, and to refer the subject to th Senate The fifty-fifth call for the redemption of 5 20 bonds of '65, and consols of '65 is issued, and the Secretary gives notice that the principal and accrued interes of the bonds designated, will be paie at the Treasury, Washington, on and after the 6th of March, 1878, and tha the interest will cease that day. Commander John W. Phillips is or dered to the command of the Tusca rora, at the navy yard, Mare Island and Lieutenant George Reiter, of th Tuscarora, IS executive. Mr. Blaine has relinquished th chairmanship of the Civil Service and Retrenchment Committee in favor o Teller, and taken the chairmanship o the Committee on Rules. The Democratic cancus of Senators this morning, assigned Vorhees to th Finance Committee; Jones, of Florida to the Committee of Naval Affairs Butler, to the Committee on Militar Affairs; Harris, District of Columbia and McDonald, to the Committee o Indian Affairs, with the understandin that he will give way to Eustis, shoul the latter be seated. The President has nominated th New York custom officers, who fell by reason of the expiration of the extra session of Congress. Affairs of the German Nations Bank. CHICAGO, Dec. 6. The officers of the German National Bank this morning say they expect t pay the depositors in full within thirt days. The stockholders will probabl lose about $250,000. The Saving Bank deposits have been reduced I $200,000, and a slight run is being mad on that institution to day. A Branch of the German Nations Bank. NEW YORK, Dec. 6. The branch, in this city, of Green baum Bros., organizers of the Germa National Bank, of Chicago, notified tl Stock Exchange to-day of their susper sion, which they hope will be but ten porary. All contracts in stock an gold exchange, they say, are provide for. Accidentally Killed. SOUTH BERWICK, ME., Dec. 6. John H. Burleigh, ex member e Congress in the First District, an President of the South Berwick N tional Bank, was killed last night b his horse shieing off the bridge over the Salmon Falls river. A Vessel Sunk. OSWEGO, Dec. 6. The schooner Wayne, from Milwa kee, with wheat, while making po early this morning, struck the Ea pier and sank. The vessel and car was a total loss. Cargo insured. Death of a Wealthy Importer. NEW YORK, Dec. 6. Francis Copiatte, the reputed wealth importer and member of the Unio League Club, died in bed, with his fa in a pan containing chlorofort Whether his death was by accident design is not known. Funeral of Captain Geo. P. Rega BOSTON, Dec. 6. The funeral of Commander Geo. Regan, of the wrecked steamer Huro took place to-day. Naval Court of Inquiry. WASHINTON, Dec. 6. The Huron Naval Court of Inqui adjourned early to-day, owing to ti


Article from The Interior Journal, December 7, 1877

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THE German National Bank, of Chicago, the National Trust Company of New York, and the Peoples' Bank of Winchester, III., suspended yesterday, and yet Hayes adheres to the resumption hill.


Article from The Sun, December 7, 1877

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Greenebaum Brothers & Co.'s Assignment. The suspension of Greenebaum Brothers & Co., bankers, was announced in the Stock Exchange yes. terday. Itis due to the failure of their Chicago house, Henry Greenebaum & Co., and this in turn was brought about by the suspension of the German National Bank of the same city Greenebaum Brothers & Co. have made an assignment to A Becker, of Becker & Cohn. commis sion merchants, and he has taken possession. The firm have been in business mme yearsin New York and twenty four in Chicago. They estimate their liabilities at $200,000, $100,000 of which is due to depositors. They hope to be able soon to resume.


Article from Chicago Daily Tribune, December 7, 1877

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GREENEBAUM BROS. & CO. CAUSE OF THEIR VAILURE. Special Dispatchts The Chicago Tribune. New Your, Dec. U.-Greenebaum Brus. & Co., of No. 18 Wall street, made an assignment to-day for the benefit of their creditors to Abraham Backer, of Backer & Cohen, merchants, No. 30 Worth street. Mr. David b. Greenbaum said his failure was precipitated by the closing of the German National Bank of Chicago, and the consequent suspension of the Chicago house of Henry Greensbacom & Co. The New York concern was, to said, but nine years old, and was not a branch of the Chicago house, whose existence dates back twenty-three years. Each house transacted its own business entirely separate and distinct from the other, but being correspondents they were matually dependent on each other. The Chicago firm recently made heavy over-drafts on the New York concern, and its suspension necesearily involved the latter. The troubles of the Chicago house were, Mr. Greenebsum said, the result of sttempting to manage too many inturests at once. Mr. Henry Greenebanm was President of the German National Bank, whose closing was allnounced yesterday, and also of the German Savings Bank, which sustained a heavy run a short time "XO. llo was also mixed up in Chicago politics, Mr. Greeneosum said he could give no detailed statement


Article from Evening Star, December 8, 1877

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CHICAGO BANKS.-An application has been granted at Chicago to place the German Savings bank in the hands of a receiver. It was not opposed by the managers of the bank. The German National bank will doubtless be wound up by its officers.


Article from Lyon County Times, December 8, 1877

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Over one hundred Republican Senators and Representatives have signed a communication to the President recommending Packard for the P S1tion of Collector at New Orleans. A movement is on foot in Wash ington to induce the Government to purchase the Palace Hotel in San Francisco for use as a post office, military headquarters, etc. The Post, a new Democratic daily has been started in Washington. The Sioux Indians are murdering and plundering in every direction, and it is rumored that Deadwood City is completely invested. All the available troops have been ordered to the scene of the trouble. The German National Bank of Chicago has failed. All reports of a compromise between the President and Conkling seem to have been premature, as the indications are now that the Senator is determined to "carry the war into Africa." The House bill to authorize the free coinage of a standard dollar and to restore its legal tender character will come up in the Senate on Tuesday next as the special order of the day. It is rumored that the Mexicans will shortly make a grand raid into Texas for the purpose of sacking several American towns on the Rio Grande. General Sherman poohboohs the idea of such 11 raid, and the General is probably right. The reinforcements now on the way will increase General Ord's command to 5,000 men, three fifths of whom will be cavalry. The National Exchange Bank of Troy, New York, has gone into voluntary liquidation. Two well-known Comstock characters have "passed in their checks" at Deadwood, Black Hills. Sam. Curley shot Kitty Leroy through the heart and then blew out his own brains. They had been married five months, but lived uhappily. Lerdo withdraws all pretensions to the Mexican Presidency and recommends his friends to support General Escobedo for the position. Mr. Bowles is growing perceptibly weaker. The President on Thursday sent a considerable number of appointments to the Senate. The President has renominated the New York customs officers who fell by reason of the exuiration of the extra session of Congress. Senator Jones says a fair indication of the strength of the silver bill 10 the Senate is given by the vote of 40 to 18, making it the special order for next Thursday. He doubts the passage of the bill over the President's veto, however, in the Senate. By the fall of a new building in St. Johns, N. B., eight men were crushed to death. Gold closed yesterday at 102%. MacMahon has yielded to the popular will. At the council yesterday he accepted the resignations of the Ministry. M. Dufare has agreed to attempt the organization of a new Cabinet, which will probably occupy two or three days. The snow around Erzeroum is three


Article from Daily Kennebec Journal, December 8, 1877

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ILLINOIS. Court Maiters. CHICAGO, December 7. Application was made in court to day for the appointment of a receiver for the German savings bank of Greenbaum Bros. As they do not oppose the application a receiver will doubtless be placed HI charge. No receiver has yet been appointed for the German National bank, and there is a probability that the officers will be allowed to wind up its affairs.


Article from The Ottawa Free Trader, December 8, 1877

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ANOTHER CHICAGO BANK EXPLOSION. On Wednesday evening the German National Bank of Chicago, of which Henry Greenebaum is president, quietly closed its door and went up the spout. The bank had been shakey for some time past. In June last its deposits amounted to $1,214,934. Since then there had been a quiet steady run on the bank so that on Wednesday its deposits had been reduced to $183,000. The directors, in a circular issued on Wednesday evening, claim to have abundant assets to pay up all liabilities and leave a handsome surplus, but go into voluntary liquidation rather than continue a losing business. Besides the German National bank, Mr. Greenebaum is also president of the German Savings Bank of Chicago, and has a private bank of his own, with a branch in New York. It is said the other institutions are in no way affected by this suspension of the German National.


Article from The New York Herald, December 10, 1877

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THE MONEY MARKET. The week just past was not altogether a red letter one in the records of the money market. The report that the National Trust Company was in difficulties, and the consequent necessity for requiring ten days' notice had a bad effect on the market. Later on it was announced that the firm of Greenebaum Brothers was embarrassed, and immediately after came the news from Chicago that the German Savings Bank had suspended. Both the latter suspensions were date to the failure of the German National Bank of Chicago. The effect of these failures was a slight hardness in the rates for money, and, although money on call on government bonds continues at 4 a 5 per cent, money lent on short collateral advanced to 7 per cent, the rates for the week being from 3 a 7 and most loans being made at 5 a 6 per cent. The bank statement was also unfavorable, there being a loss of $2,101,100 in legal tenders and an increase of only $148,600 in loans. This decrease in legal tenders is supposed to be due to large shipments West and South toward moving hogs and the cotton crops. The total reserve decreased during the week $1,430,100, the gain in specie being only $671,000 as against the large decrease in legal tenders mentioned above. The surplus reserve is now $8,245,625, or $1,417,800 less than last week. The following is a comparison of the bank averages for the last two weeks:Dec. 8. Dec. 1. Differences. Loans $238,429,600 $238. 578,200 Inc. $148,600 18,324,000 18,995,000 Inc. 671,000 Specie 40,579,800 38,478,700 Dec. 2,101,100 Legal tenders 196,961,500 196,912,300 Dec. 49,200 Deposits 18,208,300 Inc. Circulation. 18,110,300 98,000 The following shows the relations between the total reserve and the total liabilities:$18,324,000 $18,995,000 Inc. $671,000 Specie 40,579,800 38,478,700 Dec. 2,101,100 Legal tenders. Totalres've. $58,903,800 $67,473,700 Dec. $1,430,100 Res've req'ed 49,228,075 49.240.375


Article from Essex County Herald, December 15, 1877

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SUMMARY OF NEWS. Eastern and Middle States At Pittsburg, Pa., six men were found guilty of taking part in the riots during the recent railroad war and were sentenced to various degrees of punishment, the lowest sentence being six months imprisonment in the workhouse and fine of $500, and the highest six years and ten months in the ponitentiary and a fine of $5,000. The president of the suspended Clairmont Savings Bank, of New York, charged by the receiver with perjury and other acts that will tuake him amenable to the civil and the criminal law. At Enfield. Mass, E. E. Cabot was bitten by & sat last September, and the other day he died from its effects. Oswego, N. ร., the Congregational Church, and a house and barn adjoining, were destroyed by fire. Loss, about $14,000; insurance, 88,500. The suit of the city of New York against Richard B. Connolly, one of the ring robbers, terminated suddenly, by defendant's counsel confessing judgment, which was accordingly found against him. The suit was for the recovery of over $8,000,000. Pending an examination into its condition, the Wolfborough (N. H.) Savings Bank has been closed. Three miners, named Carroll, Quigley and Martin, were killed by the caving in of a section of the Mount Hope iron mine at Rockaway, N.J. At Reading, Pa., E. P. Boas, late cashier of the suspended Reading Savings Bank, was arrested on the charge of misappropriating the bank's funds. The dead body of Francis Copentt, a wealthy New York business man, was found in bed at his apartments on Fifth avenue, with the face lying in stew pan containing acids and chloroform. It is supposed he was suffocated while inhaling the chemical vapors with the intention of obtaining relief from the pain of 8 nasal cancer. Hon. John H. Burleigh, an t-Congressman, was killed at South Berwick, Me., by his horse going off bridge. The village of Millerstown, Pa., was partially destroyed by fire, several blocks in the business center going down before the flames. The New York police made raid upon the unlicensed liquor dealers of the city, and arrested over three hundred of them. Greenbaum Brothers & Co., New York bankers, have failed with liabilities estimated at $250,000. The National Exchange Bank of Troy, N. Y., failed. has Harvey N. Thorpe was hanged at Auburn, N. Y., for killing William E. Howard (colored) in September, 1876. The murderer and his victim were both convicts in the Auburn prison at the time the crime was committed. Allen Congdon, of Westfield, Mass., aged four years, died after three days' sickness, caused by the bite of a Spitz dog, received six weeks ago, and the doctors pronounced the case one of genuine hydrophobia. The board of education of New Haven Conn., have resolved, by vote of six to three, to dispense with religious services in the public schools The following are the Democratic pluralities for New York State officers as declared by the board of State canvassers Lieutenant-Governor- Beach, 11,264 Comptroller-Oleott, 36, 111 Attorney-General -Schoonmaker, 11,541 Treasurer- Mackin, 13,657; State Engineer Seymour, 85,164. As two men named Tower and Long were driving across a railroad crossing near Milford, Mass., their vehicle was struck by a passing train and one man was killed and the other fatally injured. Sunday, the 9th inst., was a memorable one in the history of liquor selling in New York. as the previous three days' excitement caused by the arrest of large number of liquor dealers for failures to produce licenses culminated in the arrest of several hundred more and the shutting up of all the saloons in the city. Western and Southern States. About two years ago Lyman Blackman, a farmer living near Beamington, Mich., deeded his farm to his son Henry, on condition that the latter should support his parents and his sister. The son failed to keep his agreement, whereupon his father started for Pontiac to take out the necessary papers revoking the deed. While he was away Henry quarrelled with his mother and sister and shot them both dead. after which he set fire to the house and barn. The murderer was arrested and lodged in jail at Pontiac. Benjamin F. Godfrey. aged nineteen, was engaged to be married to Miss Nellie E. Win ninger, both of Norfolk, Va. A quarrel arose between them, and the young lady refused the young man' company from church, whereupon he went to saloon, got drunk and procured a revolver Then he went to Miss Winninger residence and asked to see her. Upon her appearance in the hallway he raised the revolver and fired, instantly killing her, and then shot himself, inflicting mortal wound. The steamer Lotus, while on her way from the Red river to New Orleans, caught fire, and the passengers and crew were compelled to jump into the water to escape burning to death. Eight persons were drowned and two met death in the flames. The rest were picked up by a passing steamer. The town of Athens, Ohio, was partially destroyed by a fire, which began in bakery in the business part of the town. The total loss is $60,000, on which there is an insurance of about $6,000. The Indians in the Black Hills region completely surrounded the city of Deadwood, and a force of United States troops was sent to the relief of the people. The German National Bank of Chicago has failed. The directors announce that they will be able to pay depositors in full. William S. Bergen, who murdered Thomas J. McBride. hotel keeper, in June last, was hanged at Mount Vernon Ohio. When the drop fell the noose slipped and Bergen dropped heavily. half strangled. After fifteen minutes delay Bergen was again placed on the scaffold and this time was launched into eternity. Most of the business portion of Otsego Mich., was destroyed by a fire. A number of men who took part in the Balti more riots during the railroad war have beer sentenced to three and eight months' imprison ment. Applications have been made to have a re ceiver appointed for the German Savings Banl of Chicago. A detachment of the Eighth United State Cavalry entered Mexico in pursuit of a body o cattle thieves at d marauders, and after ter days' scout the soldiers came upon a camp o g Indian distillers of mescal. The troops charge g upon the camp, killing two Indians, wounding three more and putting the rest to flight. Th tents and other articles found in the camp wer a destroyed. Cochran & Fulton's whiskey house in Louis ville, Ky., caught fire and was destroyed, th burning whiskey running into the street and filling the gutters. Other buildings were dam aged also, and the loss inflicted amounts t several hundred thousand dollars At Fountain Bluff township, III., Charle Mulrich shot and instantly killed his wife an then blew his own brains out. Domestic dif ficulties led to the crime. From Washington. The public debt statement for Novembe shows decrease in the debt for the month o $1,323,634.63, and the following balances in th treasury Currency, $8,816,396.39 specia fund for redemption of fractionel currency $9,806,002 special deposit of legal tenders fo y redemption of certificates of deposit, $36,055, 000 coin (including coin certificates, $82, 391,400), $133,970,214.48 outstanding lega tenders, $351,340,288 amount due militar establishments $4,500,000. The payments made from the treasury b during the Novemer.


Article from San Marcos Free Press, December 22, 1877

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was closely connected with the German National Bank, which suspended on the 5th, Greenbaum being the manager of both institutions. The amount of deposits held by the German Savings, as shown by an official statement made on the 5th, is $352,512, and the number of depositors is about 2,200. As the larger portion of these are the poorer classes, mainly German laborers, mechanics and shopkeepers, the failure will undoubtedly be productive of much suffering, as even if the bank ultimately pays nearly or quite in full, depositors will necessarily be kept out of their money for some months.


Article from The Sun, December 23, 1877

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The Greenebaum Failure. CHICAGO, Dec. 22.-Elias Greenebaum filed his voluntary petition in bankruptcy to-day. His liabilities are over $300,000, of which $125,000 is accommodation paper. held by city bankers and are guaranteed by good men. The assets foot up about $70,000 but his personal affairs are so mixed up with those of the firm and their banks that these figures do not properly represent his condition The three brothers, Henry. David, and Elias, are now in bankruptcy, and the German National Ger man Savings, and Greenebaum & Co.'s banks are in liquidation or in the hands of A receiver. The New York branch is also closed


Article from Chicago Daily Tribune, May 4, 1879

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IN GENERAL. SKETCH OF THE DECEASED. Theodore B. Weber was born in Alsenz, Rhenish Bavaria, Germany, April 29, 1825. He had 2 good elementary school education, and attended a high school for several years. He came to this country alone, when 16 years old, without any means to speak of. IIe settled first at St. Louis, and remained there until 1846. During this period he was engaged as clerk in the mercantile business. When the Mexican war broke out be enlisted as a private in a St. Louis volunteer company, took part in several engagements, and was honorably discharged at the close of the war. After his return to St. Louis from Mexico he carried on the business of a clothier and merchant .tailor in that city with his" then partner. Mr. Ballance, under the firm name of Ballance & Weber. The partnership continued until about 1851 or 1852, when he removed to Burlington, Ia., aud established himself there in the same business. In 1854 he formed a partnership with his brother, George W. Weber. and opened a wholesale boot and shoe house in Burlington, in which business he continued, under the firm name of T. B. Weber & Co., until 1862, when, with bis brother, he removed to Chicago, where they established themselves in the same business. Theodore changing his relations to the firm a few years since from ั general to a special partner. When the German National Bank organized, under the management of Henry Greenebaum, Mr. Weber was transacting his financial business with Mr. Coolbaugh, who had become his personal friend during his residence in Burlington. Being always ready and anxious to advance German-American institutions, and having full confidence In the integrity and business capacity of Mr. Greenebaum, Mr. Weber invested as a stockholder in the German National and German Savings Banks to the amount of $30,000. With what sort of success this investment was rewarded is already known. Mr. Weber's integrity as a merchant was beyond question or cavil. He passed the ordeal of several commercial Danies, and in the Chicago fire his loss was very heavy indeed, including not only his stock in trade but also his homestead. In spite of all this, he scorned to make any settlement for less than the full amount of his indebtedness, paying his creditors 100 cents on the dollar. His commercial reputation, therefore, and his standing as a merchant, not only at home .but wherever his business connections extended, was always of the highest possible standard. Mr. Weber was a great reader, and was always striving to inform himself as well on the subject of politics as literature. He was considerable of-a student in his quiet, unostentations wav, and 8 very agreeable and interesting converser. His good nature, kindness of heart, and generosity towards those who were near and of kin to him were the most prominent features of his character; and he was regarded by all who knew him, and especially in German-American circles, in which he chiefly moved, as a genial, kind-hearted, and cultured gentleman. Had it not been for the appearance on the torizon of Mrs. Robert, and the events of the last year or two,-the failure of the German National and the German Savings, with the animosities stirred up in consequence thereof,-culminating as they did in his tragic taking off, it might indeed be said that be had passed through life without making an enemy, his conduct being " void of offense to all men."


Article from Daily Press and Dakotaian, June 4, 1879

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CONCRESSIONAL. SENATE. Washington, June 4.-Bayard, from the jadiciary committee, reported with amendments the senate bill repealing the sections of the revised statutes which prescribe jurors' test oatns. etc., and said he would probably ask leave to call it up to-morrow for consideration. Ordered printed and placed on the calendar. The bill compensating E. E. Rice for property transferred by him to the United States for the use of its consulate and diplomatic representatives in Japan, passed. The senate took up the bill to amend the act in relation to judicial districts in Texas. Ti e house bill authorizing the district commissioners to issue twenty year five per cent bonds to redeena certain funded indebtenness of the District of Columbia, passed. HOUSE Washington, June 4.-Tne senate amend ment to the house bill extending the time of payment by pre-emptors was agreed to. Buckner, chairman of the committee on banking and currency, reported a resolution directing investigation into the affairs of the Ocean National bank of New York and the German National bank of Chicago, and especially into the management of the assets by the respective receivers. The resolution was adopted-yeas 128, nave 64.


Article from Daily Globe, June 5, 1879

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House of Representatives. CONCURRED IN. WASHINGTON, June 4.-The Senate amendments to the House grasshopper bill, extending the time of payment by pre-emption, were concurred in. BANK INVESTIGATION. Mr. Buckner, chairman of the committee on banking and currency, reported a resolution directing an investigation into the affairs of the Ocean National bank of New York and the German National bank of Chicago, and especially into the management of the assets by the respective receivers. The resolution was adopted-yeas 138, nays 64. PORT OF REFUGE. Mr. Frost introduced a bill for a harbor of refuge at or near St. Louis. Referred. COMMERCIAL INTERESTS. Mr. Russell offered a resolution directing the committee on commerce to inquire and report wherein the existing law can be SO amended as to afford relief to the commercial interests of the country, and whether measures can be adopted by Congress calculated to secure a return of prosperity by an increase of trade and an extension of the business of the merchant marine. SUNDRY CIVIL BILL. Mr. Atkins, chairman of the committee on appropriations, reported back the joint resolution repealing certain clauses of the sundry civil bill appropriated March 3, 1879, with the Senate amendments thereto, with recommendation that they be concurred in with the following among other amendments: Appropriating $9,235 to the widow of Rush Clark, Iowa, and one year's salary to the widow of Gustave Schleicher. - Mr. Atkins explained the Senate amendments, which were principally verbal, the only important one being repealing the law authorizing the secretary of war to lease the water power at Moline to the Moline Water Power company. Mr. Hunton submitted an amendment increasing the appropriation to the family of the late Gustave Schleicher to $10,000. Agreed to. The Senate amendments as amended were concurred in. .and the bill returned to the Senate for its action. GEO. F. SEWARD. Mr. Springer, as a question of privilege,offered a preamble and resolution reciting the proceedings of the committee on expenditures in the State department in the last Congress, in connection with the charges against Geo. F. Seward, minister to China, and referring the report of that committee, the articles of impeachment prepared by it, and the testimony taken in the case, to the judiciary committee, with instructions to consider the same, take other testimony if necessary. and report to the House at the next session. The points of order made by Conger and Calkins were overruled, and the preamble and resolutions were agreed to. POSTAL SERVICE. Mr. Evins, from the committee on postoffices and postroads, reported back the Senate bill to extend the time for special postal service, with an amendment limiting such extension to one year. The amendment was agreed to and the bill passed. The Senate amendments to the post-route bill were concurred in. Adjourned. )


Article from National Republican, June 5, 1879

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the time for the payment of pre-emptors on certain public lands in Minnesota and Dakota. Mr. ACKLEN, from the Committee on Commerce, reported the following bills, which were ordered printed and recommitted For the protection and propagation of salt-water fish. To incorporate the United States Board of Trade, Agriculture, and Commerce. The following dillswere intreduced and referred: By Mr. WHITTHORNE: To abolish the office of mates in the navy. By Mr. THOMPSON: To regulate the number of supervisors of election and deputy marshals. By Mr. BUCKNER: Relating to the public debt. Also imposing EL tax on sales of stocks and bonds. Also prohibiting the payment of interest on deposits by national banking associations. A resolution was adopted calling on the Secretary of the Interior for information as to the Pawnee, Ponca, Nez Perces, Modoc, and Cheyenne Indians. Mr. RUSSELL(Mass.) offered a resolution directing the Committee on Commerce to inquire and report wherein existing law can be soamended as to afford relief to the commercial interests of the country, and whether measures can be adopted by Congress calculated to secure a return of prosperity by an increase of trade and an extension of the business of the merchant marine. Adopted. Mr. BROWNE offered a resolution donating condemned cannon and balls to the Oliver P. Morton Monumental Association. Referred. The morning hour was dispensed with without objection, and the Speaker announced that the regular order of business was a motion to table an appeal from the decision of the chair, that a resolution offered by Mr. Springer some time ago should be read. Mr. CONGER withdrew his appeal, and the resolution was read and laid over, under the rules. It amends the rules so as to provide that any pending measure reported and not disposed of shall be regarded as unfinished business and shall be in order after the morning hour. Mr. BUCKNER, chairman of the Committee on Banking and Currency, reported a resolution directing that committee to investigate the affairs of the Ocean National Bank, of New York, and the German National Bank, of Chicago, and inquire especially into the management of the assets of the banks by the respective receivers and the conduct of any officer of the Government touching said recelverships or the disposition of assets. The resolution gives the committee permission to sit during the recess in New York and Chicago and appropriates $2,000 to meet the necessary expenses. Adopted-yeas, 128; nays, 64. Mr. ATKINS, chairman of the Committee on Appropriations, reported back joint resolution repealing certain clauses of the sundry civil bill, approved March 3, 1879, with Senate amendments thereto, with the recommendation that the Senate amendments be concurred in, with the following amendments: ppropriating $9,235 to the widow of Rush Clark, of Iowa, and one year's salary to the widow of Gustav Schleicher; appropriating $7,500 to meet the deficiency in pay of military cadets; appropriating $13,000 to pay expenses incurred in taking the eighth and ninth census, and appropriating $9,800 for the payment of buildings used in Washington by the Pension Office. He explained the Senate amendments, which were principally verbal, the only important one being that repealing the law authorizing the Secretary of War to lease the water-power at Moline to the Moline Water-Power Company. Mr. HUNTON offered an amendment increasing the appropriation to the family of the late Gustav Schleicher to $10,000. Agreed to. Mr. HAWLEY offered an amendment providing that retired officers of the army who have not received their pay according to the rank on which they were originally retired. shall be paid the difference between the amount actually paid them, and their pay as fixed by law on the rank on which they were so retired, and hereafter they shall be borne on the retired list with the rank and pay as originally retired. Ruled out on point of order. The Senate amendments as amended were concurred in, and the bill returned to the Senate for Its action. On motion of Mr. KNOTT, Senate bill in regard to the accounts of the United States entomological Commission, was taken up and passed. The Speaker announced the appointment of Mr. MeLane as one of the Board of Visitors to West tend. Point in place of Mr. Johnson, who is unable to atMr, SPRINGER, as question of privilege, offered preamble and resolution reciting the proceedings of the Committee on Expenditures in the State Department in the last Congress in connection with the charges against Mr. George F. Seward, Minister to China, and referring the report to that committee, the articles of impeachment prepared by it, and the testimony taken in the case to the judieiary Committee, with instructions to consider the


Article from Southern Standard, February 21, 1880

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CONGRESSIONAL PROCEEDINGS. Senate-Resolutions of the Kellogg LouFEB. Legislature, declaring that Spofford isiana elected Senator, and that ordered was not should have his seat, were introduction was and and referred. After the etc., the revive of printed a number of reports, and continue memorials the Court Claims nois made bill of Commissioners to and of Mr Alabama Davis of Illi the also by made was taken up, a speech in favor of Messrs. bill. Brief and speeches Blaine were in opposition to were the hill. inEdmunds House-A large number follo of bills owing: By Mr. troduced, among them To the remove the duty on Kitchin (D., N. C. Rice (R., Mass. To es. iron and steel by Mr. Commissioners of Inter (D. of tablish a Commerce; Board of by Mr. Hutchins term State Y )-Providing that Election the shall be office N. of Chief Supervisors prohibiting of the sprest Mr. of two years; also, election day; by election officers on Commission of inquiry into Keifer the (R., cause 0.)-For and for a the prevention domestic of con ani tagious diseases Mr among Ward (R., Pa.)-Au to mals; thorizing by the Secretary of the Navy ignate a United wit claim general by Mr. contributed Speer (D., Ga. To prevent bills; by Mr. legislation on Mo appropriation w-Conferring on the claims Court Phillips Claims (D., jurisdiction over the Quarternow of prosecuted the before Commissary. Gen- for master-Gene eral General, and Third Jefferson City. Anditor also, Mr. Ryan a public building from at the Committee on and Public pass (R., Kans.) suspend the rules district Lands, moved to an "additional land and passed. the (the bill Southwestern) creating in Kansas. Agreed to, the bill 10. Senate- Mr. Burnside, Labor, from reFEB. on Education and fund the Committee to establish an educational ported a bill portion of the proceeds of public for a and apply public a education, and and provide support lands to complete endowment the advancescientific more of national <colleges for and industrial calendar ment of Placed on Secretary the of the education. authorize the of land The bill to to ascertain the amount certain States 10 cated Treasury on military warrants in The bill an as taken up and discussed of the Interior to deand thorizing Indian the Secretary trust funds in the to draw Treasury the of posit the United stipulated States, by treaty or prescribed passed... by interest lieu of investment from the Com law. in Conger R. Mich.), reported back mittee House Mr. on Ways relief and Means, of colored emigrants. con the bill for the that all charitable colored Passed It imported provides for the relief their of homes tributions who have enigra admitted from free of du to persons other States shall take be effect immediately, ties, the net in to force until February on 1, 1881 the and The bill remain to remit the passed, appraisements after long dis Hot Springs property of 125 to 421. Mr. Beltz- was cusssion, by Pa. introduced yote a bill, ainnesty. which It referred, political hoover (D., providing for general disabilities of all provides that United all States arising under the persons in the of the Fourteenth Amendment removed third section Constitution shall be forever filing with of the discharged upon such of the persons United States a dis request and the Attorney in writing General relief from such abilities 11.-Senate Mr. Hill of Colorado, report FEB. Committee on Public Lands reclamation of from favorably.on the the bill for the the calendar. ed and waste lands. Placed Committee on on Public arid Mr. Morrill, from the reported bill for The the 4. Buildings and public Grounds,rep buildings at Denver December erection of offered by Mr. Eaton, copies resolution President to transmit requesting the with foreign Govern to of all corres pondence represen tatives in relation House ments or their occanic canal, passed the of the inter Price R. lown) submitted and Currency report up Mr. Committee on Banking German National Bank of the the affairs of the newthe committee Chicagor on In the opinion of failure was that the The Di the principal cause failed in that their the duty. National rectors utterly committee amended so as to hold provide all Direct that in no Bank to act strict be accountability duty it is and to elect Directshall of their creditor stockholders ors whose case be relieved from bank personal until stock ors responsibility to not only the amount additional of sum they have paid, but also an ordered held by them, stock. The report was House then equal to said the table. The of the printed went and into laid Committee on upon revision rules. 12. Senate Mr Saunders the intro- im FEB. to abolish all duties on ascertainduced a bill salt. The bill for the militaportation of of land located on of 5 per ment warrants of the amount and for the payment to the various cent. ry of named its value was taked of up the bill. and States McDonald spoke in a favor bill to extend Mr. Mr. Garland introduced time for the completion Here for ten years and the Pacific Railroad. Commerce, Mr. reof the Texas Committee on House bill ford, from the amendment, the hospital ported, with construction of a marine calendar for at Memphis. the Placed (D., on Ga.), the from the Com House Mr. on Coinage, Stephens Weights reference and to Measures, the me reported mittee back of coinage. the bill in Ordered of some printed miscel and tric system After the disposal Revision of the Rules was further referred. laneous business, considered the in Committee of the Whole. 13 Senate- Not in session the Commit House-Mr. FEB. Wells (D., Mo.) from back the bill Appropriations, reported of $135, tee on an additional appropriation Indian tribes for fiscal 000 making for the support year, of certain and it usseed Mr.Frye Oceanthe (R. present Me. ,from the Committeeon a resolution calling Inter on the and ic Canal, reported of the Navy for all the information Internat Secretary corres spondence touching in possession of his a then department ional Canal Committee and now not heretofore reports unlished. of called Adopted. private nature relief were of Fitz John Porter Tenn.) be The bill regular for the order, Mr. Bright against (D., the ing the raised a question of refused-> consideration veas 41, Housethen nays, not bill, counted-to and the committee consider house on the private hill. The calendar wentinto Senate - Not in session only House-A FEB. 14. brief session wits held for debate