4452. German Savings Bank (Chicago, IL)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
savings bank
Start Date
December 5, 1877
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini
Short Digest
651caa29

Response Measures

Full suspension

Other: Receiver appointed and bank placed in hands of receiver; liquidation/winding up pursued.

Description

Contemporary articles report a run on the German Savings Bank triggered by the suspension/closing of the German National Bank (Dec 5–6, 1877). The Savings Bank closed its doors Dec 7, 1877 and a receiver (O. H. Horton) was appointed Dec 9, 1877. Cause of the run/suspension is contagion from the local bank (German National). 'State' chosen because it is a savings bank (state-chartered savings institution typical of the era).

Events (3)
1. December 5, 1877 Run
Cause
Local Banks
Cause Details
Run was triggered by the suspension/closing of the German National Bank (public identified the two institutions and withdrew deposits).
Newspaper Excerpt
The panic among savings-bank depositors instituted a run on the German Savings Bank, which reflected on the German National.
Source
newspapers
2. December 7, 1877 Suspension
Cause
Local Banks
Cause Details
Closed following heavy withdrawals after the German National Bank's suspension; deposits drawn down heavily, producing closure and application for a receiver.
Newspaper Excerpt
The German Savings Bank ... closed its doors on the 7th.
Source
newspapers
3. December 9, 1877 Receivership
Newspaper Excerpt
Judge Moore this afternoon appointed O. H. Horton, receiver of the German Savings Bank. The bond is $200,000.
Source
newspapers

Newspaper Articles (23)
1. October 14, 1877 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, October 14, 1877

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NOTES INTERESTING. No more Exposition this year. Prof. Martine and dancing symbolical. Business is brisk in Chicago. Chapin. leading bookseller, 95 Madison. Be good and go to church to-day. Attend any one of Martine's academics. The autumn leaves are falling fast. Photos, chromos, etc., at Lovejoy & Foster's. Castor-oil in lozenge form is one of the new and modern facilities. Yes, dear, you are right in supposing that Seres is the goddess of periodical literature. You must be hard to please if Hatch & Breeze, 50 State street, cannot suit you in a furnace, range, or stove. In Caldwell County, N. C., has just been discovered a valuable whetstone quarry. If you want two of the best things out, get the Bryant & Stratton steel pen and the Bryant & Stratton black writing fluid. Missouri papers report that figs and almonds mature in the open air in the southwest portion of their State. The celebrated Empire gas-burner furnaces, Acme and Aldine stoves, and City of Troy ranges are sold by Leavenworth, 65 Lake street. A Sundav-school teacher in Albion, N. Y., asked her class the question: What did Simon say Thumbs up," said a little girl. The diamond and jewelry parlor of W. E. Higley, northeast corner State and Madison streets, Room 2, is meeting with the success his choice goods and his own popularity deserves. Two thousand American firms have already made arrangements to be represented at the Paris Exposition of 1878. Those handsome parlor sets at S4 and 86 Randolph will be sold next Wednesday and Saturday, at auction, by W. Morehouse & Co. The two regiments of I. N. G. whoso promptly turned out for the protection of the property of our merchants, manufacturers, and bankers, July last, certainly deserve more financial support and eucouragement than was held out to them last Thursday evening at the Chamber of Commerce meeting, in behalf of the Second Regiment. The many new goods displayed by the most popular jewelry establishment of the city, that of N. Matson & Co., corner of State and Monroe streets, and the very low prices for their goods, is drawing a large trade. Their stock is replete in every particular with all the latest innovations. It is to be hoped that Chicago will be wealthy enough to keep her streets clean and rebaved soon. Some of them are in a very disgraceful condition, and should be looked to before winter sets in. That handsome delivery-wagon seen on our streets is, as the bright glass signs indicate, run from E. J. Lehman's bankrupt and job-lot house and popular Fair, corner of State and Adams. A Vienna (Mich.) Justice of the Peace received 50 cents and a revolver for performing the marriage ceremony recently, the bride making the presentation. A noteworthy occurrence is the closing out of the retail stock of Chicago's oldest and bestknown jewelry house, Giles. Bro. & Co. Their stock is large, especially of diamonds, silverware, and tine jewelry, at prices below auction figures. The Circassian women have long been noted for their long and fine hair. but so earnestly have they entered into the present war that they are selling this natural adornment in order to raise money for the wounded. As a result, an Oxford street tirm, London, advertises tresses fifty inches in length, direct from the East, and their place of business is thronged with lady purchasers and sight-seers. The German people are noted the world over for their caution in all matters. This has been fully illustrated in the manner the bank conducted by their fellow-countryman, Henry Greenebaum, has passed in safety through the worst bank panic ever experienced in this country. The extreme caution displayed by depositors in the German Savings Bank during the run and the inquiries made regarding the stability of the bank convinced them their bank was O. K. A strong evidence of this fact is the large number of new accounts opened daily at this bank not by Germans only. but by all classes of foreigners and Americans, thus showing the entire contidence in the German Savings Bank.

2. December 7, 1877 New-York Tribune New York, NY
Article from New-York Tribune, December 7, 1877

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GREENEBAUM BROTHERS & CO. SUSPEND. HOPES OF A SPEEDY RESUMPTION-LIABILITIES ESTIMATED AT $250,000. An assignment for the benefit of creditors was filed with the County Clerk yesterday by David S. Greenebaum, Henry Greenebaum and Elias Greenebaum, of the firm of Greenebaum Brothers & Co., bankers, of No. 18 Wall st, David 8. Greenebaum signing for all three. to Abraham Backer. Mr. Backer assumed control yesterday morning. The failure was occasioned by the suspension of the German National Bank of Chicago, of which the senior member, Henry Greenebaum, is president. He is also president of the German Savings Bank of Chicago, on which there has been a heavy run, and senior partner of the Chicago banking firm of Henry Greenebaum & Co. The NewYork house was started nine years ago, and, while a separate concern, is controlled by the same men as the Chicago house, David S. Greenebaum being the resident partner. One of the clerks stated yesterday that at times the firm had deposits on hand to the extent of $400,000, but that at present $150,000 would cover them. The firm deal largely III foreign exchange. He claimed that the assets were more than ample to cover the habilities. All information as to the character of the assets was withheld. The assignee stated that he was not yet familiar with the condition of the firm's affairs, and that It would require several days to examine the books and prepare a schedule of the liabilities and assets. He said that no money would be paid out except such as might be received by collection on claims unaffected by the assignment. Referring to the constant drain from which the Chicago and New-York houses had suffered, Mr. Greenebaum stated that since July 1, the deposits at the German National Bank had been reduced from $1,157,000 to $174,000, and that the depositsof the German Savings Bank La been reduced, during the same period, from $1,000,000 to $400,000. A gentleman, recently from Chicago, stated to a TRIBUNE reporter that the founder of all these monetary institutions had been a resident of Chicago for twenty-five years. He began life by dealing in uncurrent money and steamship tickets. In a few years he accumulated money enough to open an office as an exchange broker, and, with the aid of his brothers. he started the banking house of Henry Greenebaum & Co., and subsequently established a branch house in this city, He has always been a public spirited man, and has filled the positions of Alderman and Park Commissioner. A few days ago he was indicted by a Chicago Grand Jury for an alleged over-issue of Park bonds, in connection with several other persons. The indictment, his friends claim, will am unt to nothing as far as Mr. Greenebaum is concerned. George S. Coe, of the American Exchange Bank, says that the firm of Greenebaum, Brothers & Co., enjoyed excellent credit until the suspension, and that the individual members have always been regarded as men of large means and good business capacity. It is generally believed ID business circles that the liabilties will not exceed$250,000,and that the assets areample to pay depositors in full. David Greenebaum expresses the belief that in a few days the Chicago firm will be able to affordall the relief he requires, and that be will be able to resume business, without causing the loss of a dollar to his customers.

3. December 7, 1877 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, December 7, 1877

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Article Text

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

4. December 7, 1877 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, December 7, 1877

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The German National Failure Causes a Run on the German Savings. Comptroller Knox Asked to A1low the Former to Liquidate Itself. Collopse of the New York Firm of pus FIF Broth Company. The Chicago Troubles Stated to Be -EV states 30 Cansed one signment. THE GREENEBAUM BANKS. GERMAN NATIONAL The suspension of the German National Bank. which was foreshadowed In yesterday's THIBUNE. created *catecly a ripple in floancial circles. There ou = JO understand 041 you WHAT rushing around to learn the news, no pacridcing of exchange to strengthen currency reserve. In fact. the suspension WAR long age discounted. The condition of the institution had been thoroughly analyzed and understood In hanking and commercial circles, though among email tradespeople the news of the failure was decidedly unexpected. as they had labored under the Impression that, as you could # 'JUJ or ejus only puy runq equal fall to make port In mafety. Bank-Examiner Watson was In a sort of eemiofficial possession of the bank during the day. No business was transacted beyond taking care of that pouring out of the mislis. Collections were made. and either turned over, as requested by telegraphic instructions. or retained until further orders. It had been expected that this branch of the business would have been transferred to the Commercial National Bank, but it declined. as II had all It could attend to in looking after the collections, PAILL 541 44 11 01 1940 pauses ***** -MOOLS THE 10 UNITED r NONUMELY MILL NI SHEGTON held. at which there wased attendance of nearly (mm/dd/yyyy) "JK aus jo $5.34 asjuge 10 eq.j. persond explained by the Chair, after which a resolution was information aq1 01 in qual pus paideps 041 NUM " 1541 am 01 our 10 rule on jo отести our 1541 on: 10 "11 equality pus uo on 01 помони 04 any 10 041 que possignbor DISAL 4941 concern. and could realize more from them. than 001 in passporte on oqu I Aun -justin FM uojujdo and *vapting puw Conduction 10 of pinom understand 10 quink 1041 snotti greater benefit to both creditors and stockholders than any other. To hack up this request of the stockholders the following Indorsement was also 241 03 in un quae only 10 10 aus 10 MOJA us am 10 ut pus unar signated apput 120 Fed easy Addit 1041 1081 age up anauga Annimadeal 9M 01 000 1941 am 10 on 10 EMOJA pus " again 01 pemone and four ne 59 30111 Jul In signs are OM puy 1 any (1) passe in use Lauous past awn qantu Mujop -para aus 10 signature 0111 sum DIRES and 10 pum WORK() "Must par 121100 prim 130000 an Most Cashier: Merchants National HADK, John De Koven. Cashier: Traders National Bank, O. Hetter. Pretident: Hank of Montreal, W. C. Muaro, Manager: International Bank. 11. Loowenthal, President: Union 9111 TOAT "V " "MUTH Havings. Loan & Truet Company, Charles Henrutin, THEN 'II "H 10 YORK an 'If COUNTRY 10.21.1 adjoan "MUNI [EROBIN improved "I"II quest * "PIN am Smith, Cashier: Hibernian Banking Association. John ) 1100 yours ' wast support DATE A required value 'A 'If 2021 "HERY Bank of Commerce. J. G. Orchard, Agent: J. M. 2011 Following are the shareholders. each one of #14 JO junnius on alquop " #1 way water :warage or "ПРОДУ "a changes trian, Chicago, 75: Fuldsamp & Beck. Chicago. 00: Charles Becke, Germany. 10; Fanny Bernauet, "II "M :001 1000111 "It :09 100% Children 'And *IS 'Y :00 *140 THE :19 THE T -140 PRINT " III :00 TIME :011 '07113 NOD a to o :03 1 :00% :0% MON Greenebanm & Co., Chicago. 1,013: Henry 109 "If :00 department 1 :OF 3 freid, 20: lienry Urcenebaum. 207: John tireene:001 "ЧОР :CE of 100 mineq 12011 :0F ansoff remond on "Juell upop -July :00 3 A :09 'V ugop 109 10/0014 H 'D 102 Stock V :08 *V :001 adding :000 "Unnor Peter Schuttler, 60: Amelia Rothschild, 5: It. :01 apout 'N 'I :21 V T :00 sino'] :00 :CR 123121 'V 'I Germany, 50: Amelia Ostrich. 25: Leopold. Ruh & Co., 100: Frank Lineenbarth, 50; F Leopold. *** :or 'qo'I one 10V A 'S :DOI Henry Leopold, 10; F. Madlener. 20: Levi Mayer, Philadelphia, 50; R. H McCormick, 25: MOX work 'It in 109 'D "." .5 'R "II NOTICE signary CEFT :001 THE :01 ono :0F Email :1] Louis Sner, 80; C. A. Spring trustee, 50: Saille : 'nomis und 19: Simon, Waukeyan, 5; Weiner Simon. 10; Charles Silverman. 40: Herman Schaffner. 50: Leopold Schoenbrenn, 50: Louise Schroeder, 17: W. H. Talanage Poughkeepsle. 40: T. 11. Weber, Germany, 200: Abraham Wolf, Philadelpoia. 50: and !000's TW101 100 Cleary * Identify *001$ THE SAVINGS BANK Quite A crowd of depositure and gathered around German Savings Bank yesterday morning the waiting for the Institution. They had learned that the (terman National had been forced to succuinb to the inexorable demands of Its creditors, #11 1911 13"f and pus Decame *ZUIAUN end 01 Pelation PINER all clamorous for their money. The believed that currute paint our рэимо tions which for so many years have existed under AUTHORIZED pjens ouo JO 11") any 15111 pue otto RUM 11 officer nin 10 otf) in on scul any) passport PRIM 1041 UJUA ut 1041 pur pur ajaindes 0.10m authorized our equipment 1011 PIP suo jo unpruadans on all 10 auou DAUD pinose caul am JO explanations. They demanded their money. and were then informed that they must give the rePattern 007 etring "sapon **** Supply parinh atf jo notetsord *141 jo ON *000 'RES innqe nj thoms strodep DISEASES our and 2340 100 pied NRM and am 10 PEP U uo passible Jump 01 AJV FIREST "11 RAEM "If . PAGE puw II") ti) united #11 And 018 ------------------------- "4.L ************* am 201 english 000'000$ more on 01 Persodes '00 . IRNER The private banking house of lianry Greenebaum 10 PUBLICA 041 "jenen #W undo RUM of 7 business was light. and contined mainly to the child undering pur RIO Max no 10 sheet 10 PROJE on arejan shous **INCOME 01 nur 1041 имопя assessed 11 since New York branch. doing business as "°00 & JO asnot 041 current assu sjotuns 01304 pow "papuadane put

5. December 7, 1877 Chicago Daily Tribune Chicago, IL
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

6. December 8, 1877 Evening Star Washington, DC
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.

7. December 8, 1877 The Wheeling Daily Register Wheeling, WV
Article from The Wheeling Daily Register, December 8, 1877

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The German Savings Bank, of Uhicago, suspended yesterday

8. December 8, 1877 New-York Tribune New York, NY
Article from New-York Tribune, December 8, 1877

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WITH SUPPLEMENT. THE NEWS THIS MORNING. Formign.-President MacMahon having insisted on retaining the Ministers of War, Marine and Foreign Affairs, M. Dufaure declined to form a Cabinet, and Senator Batbie has been invited to accept that task. The advance of the Turks on Tirnova has been checked, on the part of the. Russians, by a flank movement, and the dispatch of reinforcements. It is reported that the Czar will soon return to St. Petersburg. The British steamer European was lost off Ushant nearly all on board were saved. Domesfic.-Senator Patterson had an interview with the President. = The Republicans of the Senate held a caucus yesterday accusations were made against Sergeant-at-Arms French, and a committee was appointed to investigate them' Senator Conkling's friends say the only overtures made to him in behalf of Mr. Evarts have been toobtain his support in exchange for patronage. The President has not renominated Henry S. Sanford because it would be disrespectful to the Senate. ========================= A Rhode Island Supreme Court Justice has ruled that a charitable inof on is not liable for negligence. Baltimore rioters have been sentenced to three and eight months' imprisonment. Creditors of the Reading Savings Bank have petitioned that the bank and its president and cashier be adjudged bankrupts. The Board of Canvassers have seated Senator Robertson from the IXth District. The German Savings Bank, of Chicago, closed its doors, a receiver having been applied for. CONGRESS.-In the Senate Mr. Teller submitted a resolution of inquiry in relation to the cession of lands by the Ute Indians. Mr. Edmunds's resolution of inquiry in relation to criminal suits in the United States Courts of South Carolina was agreed to Mr. Mitchell called up his bill amending the Northern Pacific Railroad Act, and made a long argument in its favor; it was referred. The bill for the relief of the sufferers by the wreck of the steamer Huron was passed by both Houses, as was also a resolution providing for a recess from December 15 to January 10. In the House, several public and private bills were passed ; a resolution was adopted for securing the records of the House against fire. CITY AND SUBURBAN.-The Excise arrests caused the greatést excitement among liquor dealers. The Grand Jury declared the whole system a public seandal. More arrests were made last night. The New-York Chamber of Life Insurance has been dissolved. Dr. Bodenhamer and Jennie W. Danforth, a magnetic healer," testified, yesterday, about Commodore Vanderbilt's belief in clairvoyance. City and street railroad officials conferred about removing snow from the streets. The Rev. Joseph Cook delivered his fourth lecture, on "Life or Mechanism-Which ?" Robert L. Case obtained a stay of proceedings from Judge Dykman. The Examining Committee of the National Trust Company has reported on its condition. Coal men are seeking to form a new combination. The trial of Dr. T. S. Lambert was continued yesterday. Gold, 1023, 1027s, 1023. Gold value of the legaltender dollar at the close, 97³₁₀ cents. Stocks dull but feverish, closing firm. THE WEATHER.-TRIBUNE local observations indicate fair and slightly warmer weather, with occasional cloudiness. Thermometer yesterday, 36°, 39°, 36°.

9. December 9, 1877 The New York Herald New York, NY
Article from The New York Herald, December 9, 1877

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The three commissioners appointed by the President to examine the sections of the Southern Pacific Railroad as it IS completed are now making their report on the sections between San Gorgorus Post and Yuma City, Arizona, 117 miles, preparatory 'to the issue of land patemfs. A despatch from Chicago states that a receiver has been appointed for the German Savings Bank. There are about $350,000 deposits, and the number of dopositors IS 2,250. The foreign commerce of the port for the week was as follows:-General merchandise imports, Ancluding dry goods, $5,738,497; produce exports, $6,869,561, and specie exports, $99,588.

10. December 10, 1877 New-York Tribune New York, NY
Article from New-York Tribune, December 10, 1877

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BROKEN BANKS. RECEIVER FOR THE GERMAN SAVINGS BANK. CHICAGO, III., Dec. 9.-Judge Moore this afternoon appointed O. H. Horton, receiver of the German Savings Bank. The bond is $200,000.

11. December 10, 1877 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, December 10, 1877

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Receiver Appointed. CHICAGO, December 8.-Judge Moore this afternoon appointed O. 11. Harton receiver of the German Savings Bank; bond $200,000.

12. December 10, 1877 The New York Herald New York, NY
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

13. December 11, 1877 Chicago Daily Tribune Chicago, IL
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,

14. December 13, 1877 The Toledo Chronicle Toledo, IA
Article from The Toledo Chronicle, December 13, 1877

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General News Summary CONGRESS. THE Senate was not in session on the Among the hills in the House three into dividing upon House of Capitol THE Senate was not in session on the 5th WAS offered in the adjournment from the 10th of Decemb until 10th of of patent of existing the Patents to renew or extend any patent for any BILLS were introduced in the Sen ate Tish of Territory the 6th, the to other extend for dril ling all report Elections, former latter the the Belford the Belford Cox took the ground that there was no IN the Senate, on the 7th. the House for the relief of the sufferers by the wreck of Huron steamer was amended and to calling on the Attor of list of the United the 15th inst oJan. 10 Adjourned to the 10th. BILLS were introduced in the Senate. 10th declare certain lands heretofore and forfeited ompanies provide trials Eustis at the earliest day DOM ESTIC ORDERS were issued from Washing ton, on the 4th. for the departure of number of troops-cavalry, artillery and infantry the Rio Grande, in the interests of peace, and for the security of the people from raiding rties. IN his recent report, Sec'y Schurz states that the total number of acres of Gov ernment land disposed of during the last fiscal year was 4,849,767.70; disposals for previous year. 6,524,326.3 decrease during the last year of 1.674.558.6 66 acres. The total cash ceipts were $1,452,696.23 PRESIDENT Gow AN, ot the Reading (Pa.) Road. has informed the miners that, dur ing the next year, for every twenty five dents advance in tolls and freight the minimum of wages will be ad vanced 10 per cent. ON the evening of the 5th, the Ger man National Bank, of Chicago, closed its doors and announced its intention of going into voluntary liquidation The deposits amount $183,000, and the Directors claim that the sum will speedily be paid. dollar for dollar, and that stockholders will realize 80 per cent. on their stock ON the 6th the Secretary of the Treasury issued his fifty fifth call for the re demption of 5-20 bonds of 1865 The amount called for is $10,000,000 and Interest and principal are payable on the 6th of March next THE New York City branch of Greenebaum Bros. organiz of the suspended German National Bank of notified the Stock Exchange on the Oth. of Ita suspension, which it was hoped would be but temporary ON the hearing of a writ of habea corpus, on the 6th Judge Allister of Chica go, lately one of the Judges of the Supreme Court of illinois, decided that the Illinois law for the punishment of vagrants and vaga bonds. known as the law is uncon stitutionaland void. The Judge declared it one of the most atrocious laws ever placed upon the statute-books of any State. ANNOUNCEMENT was made on the morning of the 7th of the failure of the Lake side Publishing and Printing Compan of Chi cago. AT a meeting of the Board of Educa tion of New Haven. Conn. on the evening of the 7th, it was voted- 3-to dispense with religious exercises in the public schools of that city AT the hanging of Wm S. Bergen, at Mount Vernon Ohio on the 7th.for the mur der, in June last of McBride horrible scene took place. The knot of the noose by which the rope was adjusted around the neck man gave way, and the body fell to the platform beneath the scaffold, cessitating . second hanging which proved successful ON the morning of the 7th, the Ger man Savings Bank of Chicago Henry Greene baum Presid losed its doors. The bank claims that it will be able to pay its 2,200 de positors in full Liabilities about $360.000 KITZENBERGER Bros. dry goods merchants, of New York City, failed on the 8th Liabilities. $133,000; the assets amount in value t $57,000. AT Baltimore, Md. & few days ago, thirteen July rioters were sentenced to six to eight months imprisonment in jall. Forty others were awaiting trial PERSONAL AND POLITICAL V

15. December 13, 1877 The Milan Exchange Milan, TN
Article from The Milan Exchange, December 13, 1877

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ton. It is not considered unlikely that we may have upon our hands this winter a general war with the Sioux. At Chicago, on the 6th, a constable named McElligott was shot and fatally wounded by a woman named Mrs. Alvna McKee, while levying an execution upon some of her household property. Mr. H. W. Smithers of New York has been appointed Receiver of the Cairo and St. Louis (narrow-gauge) Railroad, upon the petition of the English bond-holders. Mr. Smithers will at once assume personal control of the road. William S. Bergen was hanged at Mount Vernon, O., on the 7th, for the murder of T.J. McBride in June last. Owing to the slipping of the noose, the condemned man fell to the ground half strangled at the first attempt to hang him. The ropewas then readjusted and the second time he was successfully swung off. At Deadwood, on the 6th, Samuel Curley shot and killed his wife, and then shot and killed himself with the same pistol. Jealousy was the cause. The German Savings Bank of Chicago, Henry Greenbaum, President, closed its doors on the 7th. This institution 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 $352,572, 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 thebank ultimately pays nearly or quite in full, depositors will necessarily be kept out of their money for some months. On the night of the 6th the residence of Mr. William S. Finney, a wealthy farmer, near Mansfield, o., was entered by a robber, who, being discovered by Mr. Finney, made an assault upon him, clubbing him to death and also beating Mrs. Finney SO badly that she can not recover. The noise of the struggle awakened Mr. Finney's son, the Rev. J. P. Finney, who with his wife occupied an adjoining room, and upon their opening the door of their apartment they were confronted by the desperado, who also knocked them both senseless. The robber then fled. The weapon used with such terrible effect by the robber was a gun. A negro named Webb, who was formerly employed by Mr. Finney, is under arrest, his guilt being attested by strong circumstantial evidence. In Fountain Bluff Township, Jackson County, III., on the 7th, Charles Maulrich, in a fit of insane jealousy, shot and killed his wife with a rifle, and then deliberately reloaded the same and shot himself. The parties had been married about four years, but had separated on account of various disagreements. Wash. Atkinson, colored, who committed a fatal assault upon a prominent citizen of Arkadelphia, Ark., named Ridgeway, was taken from the jail at that place by a party of armed men on the 7th and hanged to a cross-beam of a bridge. Ex-Gov. Pinchback, of Louisiana, has addressed an open letter to Gov. Nicholls, announcing his withdrawal from the Senatorial contest. Five persons were seriously burned by the explosion of a kerosene lamp in the house of Mr. Ragner at Glenwood, Iowa, on the night of the 8th. Two died soon afterward, and the condition of the others rendered their recovery doubtful. Mrs. Gaskill was fatally burned at Cincinnati, on the 10th, while kindling a fire with kerosene oil. The Simpson Bank of Lawrence, Kansas, has been placed in the hands of a receiver. It is believed that the assets of the bank, if not sacrificed, will be sufficient to pay the creditors of the bank in full.

16. December 13, 1877 The Anti-Monopolist Saint Paul, MN
Article from The Anti-Monopolist, December 13, 1877

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See blank space eighth page. GENERAL DEWS. All official advices from Mexico are of a friendly character. The Turkish movement forward from Elena has been checked. A large part of Ottsego, Mich., was destroyed by fire Friday morning. The lawyers of Wisconsin are called to meet at Madison Jan. 9th next to form a State bar association. The House Friday concurred in the Senate amendments to the bill for relief of sufferers by the Huron wreck. There was withdrawn from the Bank of England Friday £100,000 worth of American eagles for New York. O. H. Horton has been appointed receiver of the German Savings Bank of Chicago, with bond fixed at $200,000. Thirteen of the July rioters of Baltimore were sentenced Friday to from six to eight months in jail. Four more are waiting trial. Ghazi Mukhtar Pasha's army numbers 25,000 men. This is considered insufficient to hold Erzeroum. Reinforcements will be sent him. A letter from Rome states that Rev. John Keane of Washington, has been ap pointed Bishop of the Catholic diocese of Richmond. Ex-Gov. Pinchback of Louisiana has addressed an open letter to Gov. Nichols, resigning his place as United States Senator from that State. The board of education of New Haven, Conn., has voted, six to three, to dispense with religious exercises in the public schools of New Haven. The liquor dealers of New York, two or three hundred of whom were arrested Thursday night made a move Friday fo licenses and to give the bonds required. The Portugese minister to the Vaticar has been raised to the rank of an ambassa S dor. Portgugal claims the right of a vot in the next papal election. The case of the United States against ex Gov. Tilden, to recover alleged arrears o income tax, set down for Saturday, wa d again adjourned for two weeks. of It is officially announced that the Rus

17. December 15, 1877 American Citizen Canton, MS
Article from American Citizen, December 15, 1877

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THE German Savings Bank of Chicago, Henry Greenbaum, President, closed its doors on the 7th. This institution was closely connected with the German National Bank, which suspended on the 5th, Greenbaum being the manager of both institutions. is 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. MR. HENDRICKS has been interviewed in reference to the reports recently published, that Mr. Tilden took the oath of office last year, and would soon begin a contest for the Presidency. Mr. Hendricks says of this: "I know nothing whatever about these statements. Of course, I can not know Mr. Tilden's actions, what he has been doing, or what he intends to do. So far as I am concerned, Mr. Wheeler has been sworn into the office of Vice-President, and he may stay there for four years. When he was sworn in that ended it." MR. CRITTENDEN, of Missouri, has introduced in the House a bill for the appointment of four Commissions on the improvement of rivers-one on the Upper Mississippi, one on the Lower Mississippi, one on the Missouri, and one on the Ohio. There are five members, including two army engineers, of each commission. The bill makes adequate appropriation for the expenses of each Commission. Mr. Franklin, of Missouri, has also introduced a bill for the improvement of the Missouri River at the mouth of the Kaw, or Kansas, River. A NATIONAL Greenback league has

18. December 17, 1877 The Sun New York, NY
Article from The Sun, December 17, 1877

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A Week's Bad Record. The past week was a bad week for the unsound savings banks and insurance companies. It-opened ominously. On Monday we got news of the appointment of a receiver for the German Savings Bank of Chicago; of the discovery that an Indiana cashier was a defaulter in the sum of $50,000; and of a suit brought against the stockholders of a broken Iowa bank by indignant depositors, who averred that only $5,000 of available assets could be found to meet liabilities aggregating $1,000,000. In the middle of the week came the astounding news that the Newark Savings Institution, with $12,000,000 of assets and $10,800,000 of deposits, was in trouble, had appealed to the courts, and was paying depositors for the present only 18 per cent. of their money. The week ended as it had begun. On Saturday Receiver BEST made public the fact that the affairs of the National Trust Company of this city had been mismanaged. that there had been irregularities and violations of the charter, and that the company's assets had been impaired to the extent of $700,000. On the same day, the New York public learned that the Oriental Savings Bank had put it. self in the hands of the Attorney-General to be closed up; that a receiver had been appointed for the Brewers' and Maltsters' Fire Insurance Company at its own request; that between one and two hundred depositors of the Long Island Savings Bank had consented to take eighty cents on the dollar, and had actually received forty cents; and that good Deacon BROADWELL of Clairmont Savings Bank fame had been arrested on a beneh warrant for perjury. He is now in the City Prison, where he has ex-President CASE of the Security Life Insurance Company for a neighbor. These incidents, added to the developments of the LAMBERT trial, the arrest of the ex-cashier of the Reading Savings Bank on a charge of embezziement, and other recent occurrences of a like nature, have made a deep impression on the public mind. It is not a pleasant impression. In its first, immediate effects it is a very painful impression. These discoveries of institutional rottenness are discouraging; they are disquieting. They beget suspicion and distrust, shaking confidence, and alarming timidity. Yet, we repeat, the revelations, astonishing and discreditable as some of them may be, are to be welcomed. It is better for the community that the facts should come out-the worst of them. The disease discovered is not so dangerous as the disease unsuspected, eating its way in secret. Both the public morals and the publie pocket will gain by the disclosure of the past week. Take the case of the National Trust Company. It seemed to be, and was esteemed, a sound, safe institution. When street rumor, a fortnight or SO since, began to whisper doubts as to its real condition, its President promptly rushed into print with a card in which he affirmed that the company was as solid as granite-or words to that effectand denounced the street reports as wicked and malicious lies. He was able to refer to a report made by an examining committee of the trustees as late as Dec. 7, in which the company was described as solvent, with a clear surplus of $30,000 over all liabilities. Yet it does not take Special Examiner (now Receiver) BEST very many hours to discover a $700,000 hole in the company's assets. Mr BEST expresses the belief that many of the trustees didn't know; they were surprised and indignant when he told them. We dare say respectable trustees usually are in these cases. As the trustees are personally responsible, there is more ground than there otherwise would be for his professed confidence that depositors will ultimately lose nothing. That is one of the advantages of being a well-to-do man and depositing some of your spare money with a trust company instead such think your very a earnings little it pretentious of will being reflection be in clear a sham, a poor savings to that every insolvency man the bank. reader and exposure passing putting But upon we of a itself off as soundness, is not a thing to be mourned over but to be rejoiced in The fact is wholly deplorable, but the exposure is

19. December 20, 1877 The Redwood Gazette Redwood Falls, MN
Article from The Redwood Gazette, December 20, 1877

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pointments. The branch, in New York City, of Greenebaum Bros. (of the suspended German National Bank, of Chicago,) suspended on the 6th. The hope was expressed that the suspension would be only temporary. The steamer European, from the Cape of Good Hope, for London, was wrecked off the coast of France, on the 6th. No lives werelost. A London telegram of the 7th announces the intended resignation of Disraeli, the British Premier. Wm. S. Bergen was hanged at Mount Vernon, Ohio, on the 7th, for the murder, in June last, of T. J. McBride. On the scaffold a horrible scene occurred. The knot of the noose, by which the rope was adjusted around the neck of the condemned man, gave way, and the body fell to the platform below, necessitating a second hanging, which proved successful. The German Savings Bank of Chicago, Henry Greenebaum President, closed its doors on the morning of the 7th. The depositors number 2,200 and the liabilities aggregate $352,000. The dry-goods firm of Kitzenberger Bros., of New York City, failed, on the Sth, with liabilities of $133,000 and nominal assets of about $100,000, but of an actual value of less than $60,000. A Constantinople dispatch of the 9th says the Council of State had determined that Christians should thereafter be eligible to Governorships and other administrative funetions of the Turkish Provinces. A Paris dispatch of the 10th says a new Cabinet had been formed, based upon the policy of resistance to the Republican maority in the Assembly. CONGRESS. TUESDAY, Dec. 4.-The Senate was not in session Among the bills introduced in the House were-levying a tax on incomes: to substitute Greenbacks for the issue of National Banking Associations; dividing Michigan into three Judicial Districts: providing for general amnesty. Bills were passed-remitting the tax upon alcohol used by scientific universities and colleges in preserving specimens: repealing the iron-clad oath of office: repealing the law disqualifying jurors who have voluntarily taken up arms against the Government, or given aid or comfort to those in rebellion. A resolution was adopted instructing the officers of the House to enforce the joint rule prohibiting the sale of intoxicating liquors in the Capital building. WEDNESDAY, Dec. 5.-The Senate was not in session A resolution was offered in the House for adjournment from the 10th of December until the 10th of January. A bill was passed repealing the existing statutes for the renewal of patents, and declaring it unlawful for the Commissioner of Patents to renew or extend any patent for any design whatever. THURSDAY, Dec. 6.-Bills were introduced in the Senate-to organize the Territory of Tishmingo, and for other purposes; to extend the time for presenting claims for collecting. drilling or organizing volunteers for the War of the Rebellion. A motion was made and agreed to-41 to 18-making the House bill to authorize the free coinage of the standard silver dollar and to restore its legal tender character the special order for the 11th. A preamble and concurrent resolution were submitted by Mr. Matthews, reciting that at the date of the passage, in 1870, of the act authorizing the refunding of the National debt (by the terms of which act all United States bonds, principal and interest, were declared to be redeemable in coin of the then present standard value) the United States coin then included silver dollars of the weight of 412½ grains each, and declaring that all such bonds are therefore payable at the option of the Government in such silver dollars, and that to restore such coinage as legal tender in payment of such bonds is not in violation of public faith, nor in derogation of the rights of public creditors. A resolution was adopted calling upon the President for information as to what legal impediments, if any, existed which prevented him from executing the laws in regard to the Union Pacific Railroad and its branches, In the House, the Post-Route bill was passed. Majority and minority reports were made, from the Committee on Elections, in the Colorado case-the former declaring Patterson (Dem.) entitled to the seat, and the latter being in favor of Belford (Rep.) Seven of the Committee (all Democrats) favored Patterson, three (Republicans) indorsed the claims of Belford. and Mr. Cox took the ground that there was no valid election. FRIDAY, Dec. 7.-In the Senate, the House bill for therelief of the sufferers by the wreck of the steamer Huron was amended and passed. A resolution was agreed to calling on the Attorney General foraplist of all the criminal prosecutions commenced in the Courts of the United States in the District of South Carolina, since Jan. 1, 1876, for offenses against the lives, property, civil rights or rights of suffrage of any person, with the names of alleged offenders, and statement of the disposition of such prosecutions, and the dates thereof. Adjourned to the 10th In the House, a bill was passed for the relief of settlers on certain lands in Minnesota, heretofore granted fo railroad purposes. A reso, lution was agreed to for an adjournment from the 15th inst. to Jan. 10. Adjourned to the 10th. MONDAY, Dec. 10.-Bills were introduced, in the Senate-to declare certain lands, heretofore granted to railroad companies, forfeited, and to open the same for settlement to provide for challengest jurors on trials for bigamy and polygamy, in the Territory of Utah. The resolution declaring B. Eustis entitled to a seat as Senator from Louisiana from Jan. 12, 1876, for term ending March 3, 1879, was agreed to-49 to 8-and Mr. Eustis was sworn in. At their own requests, Mr. McDonald wasexcused from further service on the Committee on Territories, and Mr. Jones (Fla.), from the Committee on Public Buildings and Grounds, and Mr. Eustis was appointed a member of those committees. Mr. Matthews concurrent resolution declaring the right of the Government to pay the principal and interest of the bonds in silver dollars containing 412½ grains standard silver was debated, Mr. Matthews making a lengthy argument in its favor, Messrs. Morrill, Conkling, Thurman and Edmunds participating in the discussion. Among the bills introduced, in the House, were the following: Adjusting the salaries of Postmasters on the basis of the number of stamps canceled, instead of the number sold; for a tax on incomes; proposing a Constitutional amendment providing for the election of Senators by a direct vote of the people: also an amendment providing that the term of office of the President be six years. A resolution was adopted distributing the subjects treated of in the President's annual message among the various committees. Among the subjects referred to the Committee on Foreign Relations was that relative to Mexican affairs and the Rio Grande border, an amendment being offered by Mr. Hewitt, debated and agreed to, instructing the committee to take into immediate consideration the best means of removing existing and impending causes of difficulty between Mexico and the United States, and have leave

20. December 21, 1877 The Jasper Weekly Courier Jasper, IN
Article from The Jasper Weekly Courier, December 21, 1877

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Deadwood. The War Department is informed that these hostilesar largely composedof Spotted Tail's and Red Cloud's followers, some of whom recently to Washington. It is not considered unlikely that we may have upon our hands this winter a general war with the Sioux. At Chicago, on the 6th, a constable named McElligott was shot and fatally wounded by a woman named Mrs. Alvna McKee, while levying an execution upon some of her household property. Mr. H. W. Smithers of New York has been appointed Receiver of the Cairo and St. Louis (narrow-gauge) Railroad, upon the petition of the English bond-holders. Mr. Smithers will at once assume personal control of the road. William S. Bergen was hanged at Mount Vernon, O., on the 7th, for the murder of T. J. McBride in June last. Owing to the slipping of the noose, the condemned man fell to the ground half strangled at the first attempt to hang him. The rope was then readjusted and the second time he was successfully swung off. At Deadwood, on the 6th, Samuel Curley shot and killed his wife, and then shot and killed himself with the same pistol. Jealousy was the cause. The German Savings Bank of Chicago, Henry Greenbaum, President, closed its doors on the 7th. This institution 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 $352,572, and the number of dépositors 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, even if thebank ultimately pays nearly or quite in full, depositors will necessarily be kept out of their money for some months. On the night of the 6th the residence of Mr. William S. Finney, a wealthy farmer, near Mansfield, O., was entered bya robber, who, being discovered by Mr. Finney, made an assault upon him, clubbing him to death and also beating Mrs. Finney so badly that she can not recover. The noise of the struggle awakened Mr. Finney's son, the Rev. J: P. Finney, who with his wife occupied an adjoining room, and upon their opening the door of their apartment they were confronted by the desperado, who also knocked them both senseless. The robber then fled. The weapon used with such terrible effect by the robber was a gun. A negro named Webb, who was formerly employed by Mr. Finney, is under arrest, his guilt being attested by strong circumstantial evidence. In Fountain Bluff Township, Jackson County, III., on the 7th, Charles Maulrich, in a fit of iusane jealousy, shot and killed his wife with & rifle, and then deliberately reloaded the same and shot himself. The parties had been married about four years, but had separated on account of various disagreements. Wash. Atkinson, colored, who committed a fatal assault upon a prominent citizen of Arkadelphia, Ark., named Ridgeway, was taken from the jail at that place by a party of armed men on the 7th and hanged to cross-beam of a bridge. Ex-Gov. Pinchback, of Louisiana, has addressed an open letter to Gov. Nicholls, announcing his withdrawal from the Senatorial contest. Five persons were seriously burned by the explosion of a kerosene lamp in the house of Mr. Ragner at Glenwood, Iowa, on the night of the 8th. Two died soon afterward, and the condition of the others rendered their recovery doubtful. Mrs. Gaskill was fatally burned at Cincinnati, on the 10th, while kindling a fire with kerosene oil. The Simpson Bank of Lawrence, Kansas, has been placed in the hands of a receiver. It is believed that the assets of the bank, if not sacrificed, will be sufficient to pay the creditors of the bank in full. Frederick Shurer, an estimable citizen of Fort Wayne, Ind., after a few days' sickness became violently insane, and suddenly seizing his two-year-old daughter threw her out of a second-story window, causing fatal injuries. He then armed himself with an ax and drove bis wife and family from the house, after which he locked himself in and began chopping the furniture to pieces. A squad of officers endeavored to capture him, but with his uplifted ax he held them at bay for three hours. He was finally overpowered and manacled and taken to the insane asylum. The family of a Mr. Roger, at Glenwood, Iowa, were seriously burned on the night of the 8th by the explosion of a kerosene lamp, Two children died of their injuries, another was thought to be fatally burned, and the father and mother were both seriously injured. The November cotton erop reports show that unfavorable weather has greatly retarded the picking throughout all the Southwest. There is an estimated decrease in Louisiana, Mississippi and Texas, while Arkansas shows aslight increase.

21. December 22, 1877 San Marcos Free Press San Marcos, TX
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.

22. December 23, 1877 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, December 23, 1877

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THE BANKS. ELIAS GREENEBAUM filed his schedule in the United States District Court in the bankruptcy proceedings against'the firm of llenry Greenebaum & Co. and Greenebaum Bros. & Co., thus consenting to the proceedings. He has no preferred nor secured debts, and no unsecured liabilities except on accommodation paper. In this way, however, he is heavily indebted, as the following shows: He is liable to the amount of $30, to the First National Bank as guarantor of the German National Bank, the claim being secured by collaterals pledged by the German National; to the Commercial National Bank $30, also as guarantor for the German National Bank, similarly secured; to the Corn Exchange National. same amount in a similar way; to Field, Leiter & Co., guarantor as above, $25,000, and to Solomon A. Smith $10,000 in the same way as above, making a total liability of $125. us guarantor of the German National Bank. Ilis assets consist of a lot on Raudolph street, $7,000; other land-some of it "held under Master's deeds-valued at $11, 800; and the homestead, No. 583 Michigan avenue, valued at $12, 000. Pocket-money foots up $9, which is put in the schedule of *cash on hand. Mr. Greenebaum then devotes eighteen closely-printed pages to scheduling promissory notes and securities therefor belonging to the late tirm of Greenebaum & Foreman. The same were, by agreement between said Greenebaum and Foreman. left with eaid Foreman to liquidate and collect. Sald securities are in course of liquidation, and upon them suit has been brought in the Circuit Court. Greenebaum owns a half interest in these recuritie after deducting the expenses of collection. The face-value of the notes is about $150,000. Mr. Greenebaum has also a half-interest in about $40.000 of notes by various parties, many of which are worthless. He likewise holds a note for $53, 500 given him by David S. and Henry Greenebaum, dated Jan. 1, 1876, and due three years after date. The Walker notes are secured by divers trust deeds and collaterals, some of which appear to be valuable. while others are apparently worthless. The other notes, including those of lienry and David S. Greenebaum, are all unsecured: Ilis other assets consist of two horses and a cow, $225; carriages, etc., $500; 290 shares of stock in the German National "Bank, par value, $29, 000; five shares in the German Savings Bank, $500; onehalf a share in the Merchants' Savings Loan & Trust Company, $100; and a half-share in the Exposition Building stock, S100; four life-insurance policles of $15,000. payable to his wife; and $10, 000 insurance on his property. THE OTHERS. Up to the close of business yesterday 324 claims had been proved up against the Third National Bank, representing in amount $616,000. The routine work is progressing with unusual rapidity, compared with the slow-going course pursued III certain other defunct institutions not many miles distant, and the prospect of a handsome dividend in January is daily growing mere certain. Mr. Glover, Receiver of the Central National, was not down vesterday, but sent word to his assistants that he would be at the bank Monday. His report is about ready for transmission to the Comptroller. Mr. Kilian. Receiver of the German-American, is still busy with his first report, which he expects to file early in the week. Beyond that, nothing is doing at this institution. Mr. Mark Kimball, Provisional Assignee of Henry Greenebaum to Co., Chicago, and Greenebaum Bros. & Co., New York, left the city for New York Inst evening, under an order of court directing him to proceed thither, schedule the assets, sell what he could, Ile rest. the and return ,with expects to be away one or two weeks. The schedule of assets or llenry Greenebaum & Co. has been checked off and found to be correct, and the only thing to do now is to realize on them as fast as possible. Mr. Greenebaum will personally assist Mr. Horton, Receiver of the German Savings this week in his efforts to convert assets into cash and get the institution into a proper condition to pay a dividend. The paying out of the Fidelity's first dividend still goes on, but the cash on hand is being depleted by mere driblets. A lady who joined in the suits against the stockholders presented her claim for $50 worth of that dividend yesterday. The Receiver has had some doubts whether he ought to give these people a share in the dividend, since it was possible and even probable that their suits against the stockbolders would be successful. But the lady in question, who is said to have been of decidedly comely appearance, was seen walking out of that bank yesterday afternoon, and carefully depositing certain monies in her pocket-book. It is supposed that the Receiver now looks at the question in a different light.

23. December 24, 1877 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, December 24, 1877

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Commercial Troubles. WHOLESALE FAILURE IN CHICAGO. CHICAGO, December 22.-Elias Greenbaum has filed a voluntary petition in bankruptcy. Liabilities over $300,000, of which $125,000 is accommodation paper held by city bankers, guaranteed by good men; assets about $70,000, but his personal affairs are mixed up with those of the firm and their banks so that these figures do not represent his condition. Three brothers— Henry, David, and Elias-are now in bankruptcy, and the German National. German Savings, and Greenbaum & Co.'s Banks are in liquidation or in the hands of a receiver. The New York branch is also closed. FAILURE OF A SOAP COMPANY. MONTREAL, December 22.-The Canada Oil and Soap Company has failed. Liabilities, $40,000.