German National Bank - Chicago, IL

Bank Information

Episode Type: Run Only
Bank Type: national
Bank ID: 1734
Charter Number: 1734
Start Date: January 16, 1873
Location: Chicago, Illinois (41.850, -87.650)

Metadata

Model: gpt-5-mini
Short Digest: 93c9f725

Response Measures

None

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

Newspaper reports a run on the German National Bank (Chicago) that 'has nearly ceased' and attributes the trigger to a rumor started by an officer of the bankrupt Scandinavian Bank. No suspension, reopening, or closure is mentioned.

Events (3)

1. November 15, 1870 Chartered

Source: historical_nic

2. January 16, 1873 Run

Cause: Rumor Or Misinformation
Cause Details: A rumor (thought started by an officer of the bankrupt Scandinavian Bank) that the German National Bank was unsound triggered withdrawals.
Newspaper Excerpt: It is thought the run upon the German National Bank has nearly ceased. The people are becoming confident of the bank's soundness. It is believed the rumor that it was unsound was started from an officer of the bankrupt Scandinavian Bank.
Source: newspapers

3. December 20, 1878 Receivership

Source: historical_nic

Newspaper Articles (1)

1. January 17, 1873 The Wheeling Daily Register Wheeling, WV

Article from The Wheeling Daily Register, January 17, 1873

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Article Text

CHICAGO. -Robbed. CHICAGO, January 16.-A New York jeweler, named Mills, was robbed at the Tremont House last evening of $20,000 worth of watches and jewelry His room was entered while he was at supper and his trunks broken open. Ran on a Bank. It is thought the run upon the German National Bank has nearly ceased. The people are becoming confident of the bank's soundness. It is believed the rumor that it was unsound was started from an officer of the bankrupt Scandinavian Bank. Bankrupt Insurance Company. The assignee of the bankrupt Lumberman's Insurance Company expects to declare a dividend of 20 per cent to its creditors. Church Destroyed by Fire. The First Congregational Church, corner of Washington and Ann streets, of which Rev. E. P. Goodwin is the pastor, took fire at 9 o'clock to-night from a defective furnace in the front part of the basement, and the flames spread so rapidly that, despite the efforts of the entire fire department, nothing but the walls of the church are left standing. The loss will reach $135. 000, including an organ worth $10,000. Insurance: Underwriters Agency, $12.000; Continental, New York, $5000; German American, $5700; North British and Mercantile, $6000; Union, San Fransisco, $5700; Farmer's Fund, San Francisco, $5000; Traders. Chicago, $5000; Guard, Philadelphia, $5000; New Orleans Association, $5000, Fairfield Company, Connecticut, $5000; Western, Toronto, $5000; Home, New York, $5000; Harvard, New York, $5000; Citizen's, New York, $5000; Franklin,