4448. German National Bank (Chicago, IL)

Bank Information

Episode Type
Run → Suspension → 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
56682841

Response Measures

Accommodated withdrawals, Books examined

Description

The German National suffered heavy withdrawals (runs, driven in part by sensational and sometimes malicious rumors and by runs on the affiliated savings bank), directors asked depositors to forbear and moved to voluntary liquidation in early December 1877. The Comptroller authorized liquidation and the bank was wound up; later dividends were paid by the receiver. Sequence: run → voluntary suspension/liquidation → permanent closure/liquidation.

Events (4)

1. December 5, 1877 Run
Cause
Rumor Or Misinformation
Cause Details
Large, sustained withdrawals since summer and a heavy recent drain accelerated by sensational and sometimes malicious rumors and by runs on the affiliated savings bank; deposits fell from $1,157,000 in July to about $174,000 by Dec.
Measures
Bank discontinued some outside collections, rediscounted bills in New York/other Chicago banks, asked depositors to forbear drafts and requested time to convert assets to cash.
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
2. December 5, 1877 Suspension
Cause
Voluntary Liquidation
Cause Details
Directors moved to voluntary liquidation/stop payments (asking depositors to forbear) because continued withdrawals made operations impossible despite assets believed sufficient if converted to cash.
Newspaper Excerpt
The directors ... decided ... to go into liquidation, and accordingly issued to the depositors a card ... We therefore request all depositors to forbear their drafts until we shall be able to meet them.
Source
newspapers
3. December 7, 1877 Other
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
4. August 25, 1879 Receivership
Newspaper Excerpt
The comptroller of the currency has declared the following dividends to creditors to be paid ... German National bank, Chicago, first dividend, 25 per cent.; ... management of the assets by the respective receivers.
Source
newspapers

Newspaper Articles (23)

Article from New-York Tribune, December 6, 1877

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FAILURES IN CHICAGO, THE GERMAN NATIONAL BANK TO GO INTO LIQUIDATION-HARDWARE MERCHANTS IN BANKRUPTCY, CHICAGO, Dec. 5.-The directors of the Germon National Bank decided, after business hours, this evening, to go into liquidation, and accordingly Issued to the depositors a card, stating that in the 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 Hability to depositors. They say they consider this good work; but they cannot, without forbearance, continue. The bank has, they claim, abundant assets to pay every dollar to the depositors and had a handsome surplus if a little time is given to convert the assets into cash. They, therefore request the depositors to forbear drafts for a short time, thus avoiding unnecessary delay and the expense of a réceiver. The President of the bank is Henry Greenebaum. and the cashier is Herman Schaefer. The savings bank connected with this institution is presumably not affected by the failure of the National Bank. No statement can be obtained at present. a J. Leipenstein & Co., hardware dealers, have filed voluntary petition in bankruptey. Their liabilities are $71,000. Their assets are not stated.


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 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 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 Wheeling Daily Intelligencer, December 7, 1877

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; German National Bank of (hicage. CHICAGO, December 6.-The condition of the German National Bank at the close of business yesterday was as folIOWA: Assets, loans and discounts, $683, 325; U. S. bonds, $70,000; stocks and bonds, $6,586; due from redeeming agents, $4,000; due from other banks and bankers, $48,386;real estate, $85,000; furniture and fixtures, $7,598; current expenses and taxes paid, $26,011; checks cashed and other cash items, $29,164; redeeming fund, $31,500; total, $963,223. Liabilities -Capital, $500,000; surplus, $125,000; undivided profits, $10,807; circulation, $63,000; bills payable, $90,900; dividends unpaid, $15; deposits and certificates, $174,410; total, 963,223. The officers this morning say they expect to pay the depositors in full within thirty days. The stockholders will probably lose about a quarter of a million dollars. The Savings Bank deposits have been reduced to $200,000, and a ,light ran is being made on that institution NEW YORK, December 6.-The branch in this city of the Greenbaum Brothers, organizers of the German National Bank of Chicago, notified the Stock Exchange to day of their suspension, which they hope will be but temporary. All contracts in the Stock and Gold Exchange they say are provided for.


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 Chicago Daily Tribune, December 7, 1877

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THE FINANCIAL DEPRESSION. The closing of the German National Bank, After a desperate fight to maintain its position among the financial institutions of the city, is to be regarded rather as a natural incident of a long ern of financial depression than 88 a disaster or cause for alarm. The bank suspensions of the last few weeks are not of the same character as those of the corresponding period four years ago they are not the warnings of a now panic, but the results of the old panic. The general shrinkage of values has compressed all the confidence out of the community, and suspicion once contered upon a financial institution in these timos, recovery scoms to be impossiblc. The condition of the German National Bank, as shown by the statement of its affairs at the close, would have warranted a continuation of business, and commanded public confidence, in a season of ordinary business prosperity. There are assets of nearly $1,000,000 to moet liabilities of less than $180,000 in deposits, $90,000 in bills payable, and $63,000 of circulation. The capital of $500,000, with A surplus of earnings amounting to $125,000, and undivided profitsof $10,000'more, are represented in the investments, and would ordinarily provide abundant protection. Even the frightful shrinkage in many of the securities (and especially in the real estate which this bank, along with others, has been compelled to take in settlement of loans) is not enough to create an apprehension that the capital and surplus will be wiped out, or that the depositors will lose anything. Yet the German National was forced to yield to nu implacable depression. HENRY GREENEDAUM, the President and Manager, fought his way through with the grit and tenacity of a little bull-dog. The bank went through the fire with flying colors, and came out of the panio with credit and vigor. But the lines were all the time drawing closer. The panic among savings-bank depositors instituted a run on the German Savings Bank, which reflected on the German National. Both institutions were in the same building, and the public identified them. It was enough to start a persistent drain upon the resources of the German National. Between $200,000 and $300,000 of deposits were withdrawn in the two or three days' flurry caused by the suspension of the Third National. Nearly $1,000,000 of deposits have been drawn out since July. A bank that was able to pay out 85 per cent of its liabilities to depositors in cash during four months ought to have won its way back into public confidence, but the public mind is in no frame to listen to logic; no financial institution now brought under suspicion, however unjustly, is given the benefit of a donbt, a hope, or even demonstrated solvever. How long, o Lord, how long is the wall of the community at every new evi. Vence thus offered that we have not yet outlived the effects of the long era of extravagance, inflation, speculation, and intoxication preceding the panic of 1873. How many settlements remain to be made before the commercial community and the capitalists can venture with confidence upon the usual basis of business relations? It is a problem that can only be solved now by such national legislation as will afford reliof to institutions and men who are tottering and fainting from mero inanition. There have been promises of improvement for a year and more. There have been evidences of a revival of business and confidence that need only proper oncouragement to develop into facts and realities. There has been a substantial basis for building 'up now prosperity in the rare abundance of the crops and the exceptional foreign demand therefor. These hopes have been smothered by the money-sharps of the East in their blind and obstinate determination to enforce a resumption of speciepayments in a year from now on an exclusive gold basis. This necessity has been held over the heads of the people for two years. " You must submit to our time and our terms," say the Shylocks and the sharps. The people protested and elected a Congress from which obedience to the popular will, and not subservience to the Shylocks, was expected. The extra session afforded an opportunity for the measures of relief that are demanded, but Congress preferred a partisan squabble to the interests of the county. The partisan struggle over, the people breathed again, and turned their eyes to the regular session for some response to the popular wall. At this juncture the President avails himself of the privilege of his annual message to blast the popular hope by casting his influence, and in effect threatening his veto, in behalf of the bloodsuckers, who insist upon receiving from 15 to 23 per cent more than they loaned, in addition to their interest. This Presidential utterance has deepened the general desponden. cy of the country pending the uncertainty as to its influence on Congress. The people


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 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 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 Chicago Daily Tribune, December 11, 1877

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THE BROKEN BANKS. GENMAN NATIONAL. The officers of the German National received the Comptroller's letter yesterday authorizing them to liquidate, and they are much rejoiced at the concession. A meeting of the Directors was beld in the afternoon toagree upon a plan for winding up the affairs of the bank, and they appointed a managing Committee, who will settie everything as quickly as It is possible to do it. The alm is to pay the depositors with as 11tthe delay as possible, and It is hoped that all of them will be put in possession of their money by the first of the year. HORTON'S BOND. Mr. O. H. Horton, Receiver of the German Savings Bank, filed bis bond yesterday as Recelver in the sum of $200,000. Itls bondsmen are Thomas Hoyne, Robert Law, John Herting, William H. Bush, Le Grand Burton, and T. M. Hoyne. Mr. Horton apologized for not show. ing It to the other side to see if they were satisfied, saying that be had not bad time. Mr. Woodbridge, on hearing the names, declined to make any cross-examination, and the bond was at once suproved by Judge Mooro,


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. Ý., 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 Cheyenne Daily Leader, December 23, 1877

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ILLINOIS. The Greenebaums Gone Up. 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 the city bankers, and guaranteed by good men. His 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, German Savings and Greenebaum & Co's. banks are in liquidation or in the hands of a receiver. The New York branch is also closed. The liabilities are perhaps over a million and a half. Their assets are much smaller, but the affairs are very much complicated.


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 я 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 The Portland Daily Press, June 5, 1879

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XLVICONGRESS-1ST SESSION SENATE. WASHINGTON, June 4. Mr. Bayard, from the judiciary committee reported with amendments the Senate bill repealing the sections of the Revised Statutes which prescribe the jurors test oath, etc., and said he should probably ask leave to call it up to-morrow. Ordered printed and placed on the calendar. The bill conferring certain powers, etc., on the District Commissioners was passed. A resolution was adopted directing the Secretary of War to inform the Senate of the circumstances leading to the arrest and removal of certain Cherokee Indians from the Cherokee nation. Mr. Voorhees had information showing that they were forcibly removed by the United States without any reason being given for the action. The bill compensating E. E. Rice for property transferred to the United States for the use of its consular and diplomatic representatives in Japan, was passed. The Senate took up the bill to amend the act in relation to judicial districts in Texas. Mr. Buckner, chairman of the banking committee, reported a resolution directing an investigation into the affairs of the Ocean National Bank of New York, and German National Bank of Chicago, especially as to the management of the assets by the respective receivers. Bill authorizing the District Commissioners to issue 20 year 5 per cent bonds was passed, and at 1.30 the Senate adjourned. HOUSE The Senate amendments to the House grasshopper bill, extending the time of payments by preemption, was agreed to and the bill now awaits the President's signature. Many bills were introduced on leave and referred. The banks investigation resolution was adopted. Resolution by Mr. Russell of Massachusetts was adopted directing the committee on commerce to inquire and report where the existing law can be amended to relieve the commercial interests of the country and whether measures can be adopted by Congress calculated to secure a return of prosperity by increase of trade and extension of business of the merchant marine. Mr. Atkins reported back a joint resolution repealing certain clauses in the sundry civil bill with amendments appropriating $9,235 for the widow of Russ Clark, and a year's salary to the widow of Gustave Schleicher and, other appropriations aggregating $30,000. The appropriation for the family of Schleicher was increased to $10,000. Mr. Springer offered a preamble and resolution which was agreed to, reciting the proceedings of the committee of the last Congress on the Seward case and referring the papers in the case to the judiciary committee with instructions to consider and take other testimony if necessary and report to the next session of Congress. An unsuccesssul effort was made by Mr. Cannon to have the letter carriers bill made a special order for tomorrow. Mr. Evans reported back the Senate bill extending the time for special postal service until obtained by advertisement, limiting the time to one year. Passed. The Seneate amendment to the post route bill was concurred in. Adjourned.


Article from Chicago Daily Tribune, June 5, 1879

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HOUSE. The Senate amendments to the House Grass hopper bill (extending the time of payment if pro-emptors) have been agreed to. Mr. Buckner, Chairman of the Committe on Banking and Currency, reported a resoution directing an Investigation Into the affair of the Ocean National Bank of New York and the German National Bank of Chicago, and especially into the management of their ascis by the respective Receivers. The resolution was adopted-cas, 128; nays, 61. Mr. Frost introduced a bill for a harbor of refuge at or near St. Louis. Referred. On motion of pr. Wishburo, the Senate amendments to the HORBO bill extending the time for the payment of pre-emptions on certain public land in Minnesota and Dakota were concurred in. Mr. Russell flored a resolution directing the Committee or Commerce to Inquire and report wherein the xisting law can be 60 amended as to afford rever to the commercial interests of the country and whether any measures can be adopted b' Congress calculated to secure a return to posperity by an increase of trade and extension business of the merchant marine. Mr. Atglis, Chairman of the Committee on Approprations, reported back the joint resolution revealing certain clauses of the Sundry Ciril MI, approved March 8, 1870, with Senate amentments thereto, with the recommoudation tharthey be concurred In, with the following atring other amendments: Appropriating $1,235 to the widow of Rush Clark, Iowa, and Jne year's salary to the widow of Gustave Schleicher. Mr. Atkins explained the Senate amendments, which were principally verbal, the only important one being the repealing of the law authorizing the Secretary of War to lease the waterpower nt 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. Mr. Springer. as a question of privilege, offered a presmble and resolution reciting the proceedings of the Committee on Expenditures In the State Department in the last Congress, in connection with the charge against Georgo F. Seward, Minister to China, and referring the report of that Committee on the articles of impeachment prepared by It and the testimony taken in the case to the Judiciary Committee, with instructions to consider the saino, take other testimony, if necessary, and report to the House at the next session. Points of order made by Mr. Conger and Mr. Calkins were overruled, and the preamble and resolution agreed to. Mr. Evins, from the Committee on PostOffices and Post-Roads, reported back the Senate bill to extend the time for special postal service until such service can be obtained by advertisement, 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. CORRECTION. In the report of yesterday's House proceedIngs, Mr. Humphrey, of Wisconsin, is made (In connection with the statement of Mr. Calkins that there were some Republicans who were in sympathy with Mr. Conger in opposing all legislation except as to the appropriation bills) to say: "Confounded few of them." That rumark was made in immediate relation to the further observation by Mr. Calkins that there were some Republicans who were not in such sympathy.


Article from The Somerset Press, June 12, 1879

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debtedness of the District of Columbia passed In the House, the Senate amendmetts to the House Gra-shopper Bill, extending the time of the payment by preemptors, has been agreed to. Mr. Buckner, Chairman of the Committee on Banking and Curreney, reported a resolution directing an investigation into the affairs of the Ocean National Bank of New York and German National Rank of Chicago, especially into the management of assets by the respective receivers. The resolution was adopted-yeas 128, nays 64. In the Senate, June 5, by a vote of ayes twenty one and nays eighteen, the bill reported yesterday by Mr. Bayard from the Judiciary Committee relating to juries and the repeal of Sections 801, 880 and 821 of the Revised Statuths, was taken up. Mr. Hampton, after briefly supporting the bill. spoke upon the general political issues. Ia the course of his speech, Mr. Hampton said he would not in any event vote to deny necessary appropriations to support the army and the departments of the Government. The President's message franemitFitz the in the record ting referred was Porter John case, 13 the Committee on Military Affairs In the House, Mr. Atkins reported the Legislative, Executive and Ju ticial Appropriation Bill, and moved the bill be printed and recommitted. Mr. Hawley offered an amendment to the motion, instructing the Committee on Appropriations to report bill substantially in the form of the Legislative Appropriation Bill last agreed to, excluding therefrom all general political législation and all appropriations for judicial expenses. Mr. Atkins thereupon withdrew the bill. The House then resumed the business of the morning hour. On June 6, the Senate Finance Committee voted, five to foitr, to postpone Action: on the Warner Silver Bill until next December. The vote stood: For postponement-Messers. Kernan, Bayard, Allison, Ferry, Morrill; against-Messrs. Voorhees, Beck, Booth and Jones of Nevada. The action of the committee roused the wrath of the silvermen in the Senate, and the first thing in the morning hour was a resolution by Mr. Coke of Texas, discharging the Finance Committee from its further consideration. Objection being made, the resolution went over till to-morrow. The bill to abolish the test orth was passed In the House, the Afmy Appropriation Bill was reported, ordered printed, and recommitted. This bill is identical with the Army Bill previously passed at this session, with the exception of the appropriation for a store-house at Omaha and the substitution of the following as section six, in lieu of that section in the previous bill "Bection 6, That no money appropriated in this act is appropriated, or shall be paid, for the subsistence, equipment, transportation, or compensation for any portion of the army of the United States to be used as a police force to keep the peace at the polls atany election held within any State." The Senate bill creating the Northern Judicial District of Texas was passed. The House S went into Committee of the Whole upon the , bill making additional appropriations for t the Post-office Department. d The House, on June 7, defeated the bill reported from the Committee on Appropria ations to reduce the pay of the letter car e riers, and passed an appropriation of $415,n 000 to continue the service as it now is for e the next fiscal year. The Kellog-Spofford e contested election case is proceeding before the Senate Committee. So far each has d succeeded in fully establishing his own entire innocence, and the fact that his opponent was elected by the most bald-headed bribery and corruption.


Article from Daily Globe, August 26, 1879

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WASHINGTON. Dividends to Stockholders of Suspended National Banks-Silver Shipments, Etc. DIVIDENDS DECLARED. WASHINGTON, Aug. 25.-The comptroller of the currency has declared the following dividends to creditors to be paid as soon as the necessary schedule can be prepared: German National bank, Chicago, first dividend. 25 per cent.; National bank of the State of Missouri, St. Louis, fifth dividend, 20 per cent., making in all 70 per cent. Also the following dividends to the share holders of the insolvent national banks, 100 per cent. and interest having previously been paid to creditors: Farmers' National bank of Platte City, Mo., first dividend, 13 per cent. Commercial National bank of Kansas City, Mo., third dividend, 11 per cent., masing in all 31 per cent. SILVER SHIPMENTS. Shipments of standard silver dollars by the treasury for August aggregate $511,500. Today's shipments amount to$ 55,500, as follows: Illinois, $12,000; Pennsylvania, $11,000; Wisconsin, $10,000; Ohio. $6,000; Virginia, $4.000; Colorado, $4,000; Iowa. $3,000; Indiana, $2,000; Ken:ucky, Michigan and Missouri, $1,000 each; Kansas, $500. DELINQUENT LANKS. WASHINGTON, Aug. 25.-The unsettled accounts of banks on subscriptions to the 4 per cent. loan amount to $32,000,000. This amount is due from the First National bank, New York, and Bank of Commerce, New York. Reported Outrages by Yanktonias Sioux" YANKTON, Aug. 25.-A gentleman who arrived to-day from Sprink county, on Jim river, a hundred and fifty miles above Yankton, brings intellegence that Fighting Goose's band of Yanktonias Sioux are making trouble with settlers. Sunday three of them attempted to outrage a woman, but she stood them off with a revolver. John Bell, mail carrier between Foster City and Jamestown, is missing, supposed to be murdered by Indians, His horses strayed into the station last Sunday, and one of them had an Indian lariat tied to the halter. The wagon has not been found. These are the Indians whom the President has just given three townships of the choicest land on Jim river. Since the order conveying this land was issued, they have become imbued with the notion that they are backed by the government and will be protected in any excess they may commit. The Crow Creek agency is one hundred miles west of Sprink county.


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