4456. German-American Bank (Chicago, IL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
January 7, 1879
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini
Short Digest
716532ac

Response Measures

None

Description

Newspaper items (Jan–Aug 1879) consistently refer to Justus Killan as Receiver of the German-American Bank and to receiver's reports, dividends, and claims against the estate. There is no mention of a depositor run in these articles — instead the bank is in receivership and paying dividends under court supervision. Therefore this is a suspension with receivership (permanent closure).

Events (4)

1. January 7, 1879 Receivership
Newspaper Excerpt
The following is the report of Justus Killan, Receiver of the German-Americun Bank: RECEIPTS ... DISBURSEMENTS ... Receiver's expenses, etc Balance on hand ... The liabilities of the bank at the time of the first report were $53,100 ... which have been reduced to ... THE GERMAN SAVINGS BANK. The following is the showing made by O. H. Horton, Receiver of the German Savings Bank: RECEIPTS ... DISBURSEMENTS ... Balance on hand $ 370
Source
newspapers
2. January 7, 1879 Suspension
Cause
Government Action
Cause Details
Bank placed in receivership; a court-appointed receiver (Justus Killan) managing assets and liabilities.
Newspaper Excerpt
THE GERMAN-AMERICAN. The following is the report of Justus Killan, Receiver of the German-Americun Bank:
Source
newspapers
3. July 15, 1879 Other
Newspaper Excerpt
Justus Killan, Receiver of the GermanAmerican Bank, filed a report yesterday stating that In the date of his last report he had paid out $335.81, had received nothing, and at present had $070.75 on hand. Of the disbursements, $210 was paid for court costs, etc., and $75 to W. J. Haller by order of Court.
Source
newspapers
4. August 5, 1879 Other
Newspaper Excerpt
THE GERMAN-AMERICAN BANK. Justus Killan, Receiver of the German-American Bank, filed a report yesterday stating that RINCO the date of his last report he had paid out $335.81, had received nothing, and at present had $070.75 on hand. ... The Receiver proposes to pay an 8 per cent dividend on all new claims as fast as allowed.
Source
newspapers

Newspaper Articles (3)

Article from Chicago Daily Tribune, January 7, 1879

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Article Text

Instance on tishu $50,000 THE GERMAN-AMERICAN. The following is the report of Justus Killan, Receiver of the German-Americun Bank: RECEIPTA, 5 1,654 Balance last report 20 Hents Real estate 3,005 8 4,775 DISBURSEMENTS. 13 Account of Grat dividend $ 103 Account of second dividend 709 Paid in offsets Special loan 2,498 308 Taxes. repairs, etc 32 Sundry expenses 70- 3,887 Receiver's expenses, etc Balance on hand 888 $ The liabilities of the bank at the time of the first report were $53,100, claims presented since, $3,465, making n total of $54,635, which have been reduced to 897,008. THE GRHMAN SAVINGS BANK. The following is the showing made by O. H. Horton, Receiver of the German Savings Bank: RECEIPTS. Balance Dec. 1, 1878 $ 353 fillie receivable 2,630 Rents 545 Total $3.520 DISBURSEMENTS. Savings deposits paid by trunsfers $2,000 of bank property Ground rent 240 200 Receiver's expenses Insurance 112-$3,152 Balance on hand $ 370


Article from Chicago Daily Tribune, July 15, 1879

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Article Text

THE COURTS. A Newspaper War-Hunting for AssetsRecord of Judgments and New Sulta. A bill was filed yesterday in the Superior Court by Charles E. Brackett against his former partner, Marshall D. Talcott, to prevent him from publishing a magazine called the American Furniture Gazette. Complainant states that in August, 1874, he and Talcott formed a partnership together to publish a journal to be called the Western Furniture Trade. This was continued to January, 1870, when Talcott sold out to Brackett and also agreed not to start any other similar journal 80 long as complainant had an Interest In the above Furniture Trade. a then owned ho A short time ago Brackett, two-thirds Interest In the paper, sold It to F. B. De Berard for $4,358.85, on condition that the Intter should bromptly pay the nine notes for that amount as they fell due. De Berard, howover, defaulted in the payment of the first Installment, and complainant Immediately rosumed control of the journal, and now claims that he has never ceased to have an interest in It since January, 1870. Talcott has Just begun to issue a rival journal hero called the American Furniture Gazelte, contrary. as Brackett claims, to his agreement, and the latter now asks for an Injunction to prevent the further issue of the rival publication. ADDITIONAL MASTERS IN CHANGERY. The chancery business In the United States Courts has increased very largely of late years, so that it became necessary to have more than one Master in Chancery to attend to It. Judges Harlan, Drummond, and Blodgett had a conferonco last week, and an order was accordingly entered yesterday by them appointing Messrs. John 1. Bennutt and Elijah B. Sherman addltional Masters in Chancery. Both are wellknown and efficient lawyers, and will justity the wisdom of the selection. Mr. Henry W. Bishop, who has so ably and satisfactorily attended to all the business of this character before, will still be found in his accustomed office, and ready to attend with more case and dispatch than before to his portion of the work. AN OBSTINATE DEBTOR. Justus Killan, Receiver of the GermanAmerican Bank, filed a bill yesterday in the Superior Court against George Miller, Thomas Raymond, Catherine Milter, the United States Distilling Company. George L. Miller, George F. Robinson, Charles J. Gilbert, C. W. Brega, and the Merchants' Savings, Loan & Trust Company, stating that In March last he recovered Judgment for $1,245.82 against George Miller and Thomas Raymond. Execution was issued in due form but returned unsatisfled. The Receiver claims that Miller owns a large amount of stock In the United States Distilling Company, out It is in the name of some one else, 80 it cannot be seized. Miller has also boasted that he had concealed other property so ns to protect it against levy under execution. Miller hasalso admitted he was making $5.000 a month, and complainant nake that be and the officers of the Distriling Company, who are likewise made defendants. may becompelled to discover Miller's interest in the Company. that the other defandants may be compelled to show what assets of Miller they hold, and that the latter may be compelled to pay the judgment. ITEMS. Judge Blodgett 18 still engaged with the case of Fawcett VS. Harding. Fridav he will have a call of all pending motions for new trial. Judge Drummoud will go to Madison tomorrow to hear the land-grant cuses with Judges Harlan nivl Bunn. Judge Tuley vesterday granted a divorce to Charlotte J. B. Duygert from Wells Dygert, on the ground of desertion. BANKRUPTOY. The following cases were referred to the Reglater yesterday for final report: W. H. Lunt, P. A. Butterfield, E. B. Hanna, W. C. Lurton, William Peacock, Henry Rippe, W. C. Dandy, R. IL Stone, E. S. Skinner, Dyson & Van Wie, W. B. Mayer, Jacob Zollinger, S. V. Boyer, L. B. Wellington, Frank Klembenz, Alouzo Gro ver, J. W. McCord, Auren Garrett. SUPERIOR COURT IN BRIEF. Erick Rohne commenced a suit in trespass yesterday against John Nelson, claiming $3,000 damages. L. D. Boone filed a distress warrant against Fred W. Dipper to recover $201.00 back rent of the building on the northwest corner of Eighteouth street and Wabash avenue. CIRCUIT COUNT. John II. and William B. Wrenn began a suit for $18,000 against A. B. Meeker, W. L. Brown, and R. M. Cherrie. John Scbumllowsky commenced a sult against the Chicago & Northwestern Railway Company, claiming 85,000 damages. PROBATE COURT. In the estate of L. G. Tuttle, deceased, letters of administration were issued to Susan D. Tuttle, and bond of $100 approved. Judge Knickerbocker will split his vacation in two, taking ten days in the beginning of August and September. THE CALL, Junos TULEY (Criminal Court)-Nos. 1,400, 1, 501, 820, 1.225, and 1,080. JUDOMENTS. SUPERIOR Count COMPESSIONS - Watson S. Hinkley va. John S. Thacker, FEEDING uopare


Article from Chicago Daily Tribune, August 5, 1879

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Article Text

noubledly Lood, do not excecu $50,000, making total of $60,500 which will be derived from the bank's assets. A dividend of 8 per cent lins already been declared and paid. There Is. however, a judgment for $20,000 In favor of the United States against the bank which must be paid unless It is reversed in the Supreme Court, which will reduce the assets. Besides this, about $100,000 has been proved up aluco the Drst dividend was paid, and the Receiver proposes to pay an 8 per cent dividend on all new claims as fast as allowed. The complainent's claim is for over $700,000. An injunction was at first Issued to prevent the payment of any claims by the Receiver, but this was modified so ns to permit the payment of the above dividend. The first dividend was ordered when it was supposed the estate could pay at least 10 per cent, but some of the assets have stuce been discovered to be worthless, and now complainant asks to have the Receiver restrained from paying any dividend on the new claims until after the determination of the present suit. An order was made by Judge Drummond restraining further payments until further order of Court. THE EXCELSION MACHINR WORKS. Henry Kranel, proprietor of the Execlsior Machine Works, flled a bill yesterday against Prederic Burkhardt, John Gubblus, George Gubbins, and Peter Oleson, to prevent them from Interfering with his business. He states that In April, 1878, George Gubbins and Peter Oleson were carrying on the business of machinists at No. 345 South Canal street. BeIng in financial trouble, and not able to pay their workmen, they made over their business and machinery, etc., to complainant, on condition that be should pay the debts, and then return the property, after reimbursing himself and paying binself for his trouble. No paid out about $8,000 under this arrangement, and incurred a liability for 82,000 more. Affairs went on well, the defendants being employed as workinen in the shop until last Friday, when Burkhardt, Oleson, and John Gubbins foreibly took possession of the shop, and ordered complainant out. 110, however, maintained possession, but, fearing that, the Philistines would be too many for him, filed a bill at 12 o'clock Sunday night asking for an injunction to prevent the defendants from interiering with bim or his business. Judge Barnum was roused out of bis bed and granted the order, and one of the Circuit Court clerks came down to the Court-House, where the watchman was quietly sleeping, and made out the necessary papers. THE GERMAN-AMERICAN BANK. Justus Killan, Receiver of the German-American Bank, filed a report yesterday stating that RINCO the date of his last report he had paid out $335.81, had received nothing, and at present had $070.75 on hand. Ot the disbursements, $210 was paid for court costs, etc., and $75 to W. J. Haller by order of Court. DIVORCES. Mary Follett filed a bill yesterday agalost her husband, Martin P. Follett, asking for a divorce on the ground of crucity, drunkenness, and adultery. She was married to him In 1851, and for the greater part of the time since they have lived here. Boon after his marriage he took to drinking, and then to abusing her. He does not seom to have been guilty of any starting acts of cruelty, but by continual netty acts, refusal to give her sufficient food, tire, or clothing, and by repeated threats and the use of obseene language, bas, as also charges, made her life thoroughly miserable, and broken her down In health. no is the owner of $20,000 of real estate in or near the city, an interest in a vinegar factory on the West Stile, a large amount of inining stocks, and also has some $20,000 investin mortgages, 60 that he is comfortably dxed. Notwithstanding this he will not give hor sufficient food or tire, and she is obliged to from her friends or go without. Their home is at No. 1851 Indiana avenue, but be is threatening to sell out or rent the house and turn her into the street. She, therefore, iske for of divorce, for suitable alimony and support, and for an Injunction to provent her busband from interfering with bor in their homestead or from disposing of his property. An njunction was issued as asked. SUPERIOR COURT IN DRISP. John Redus began a suit for $3,000 yesterday, against the Chicago, Rock Island & Pacific RallRoad Company. A sult was begun by The People, for the use E. M. Miles, on the official bond of John Hoffmann, the damages being laid at $500.