German Savings Bank (New York, NY)

Episode Information

Episode Type
Run → Suspension → Closure
Start Date
October 8, 1875
Location
New York, New York (40.714, -74.006)
Bank Type
savings

Metadata

Notes

Dates of suspension and receivership are reported across different articles and years; exact suspension motive not fully explicit.

Events (3)

1. October 8, 1875 Run
Cause
Bank Specific Adverse Info
Cause Details
Heavy withdrawals reported in October 1875; officers invoked sixty days' notice for some withdrawals, indicating strain on liquidity
Measures
Invoked the sixty days' notice for withdrawals over specified amounts; officers reassured depositors and paid some drafts on demand
Newspaper Excerpt
There were runs today on the German Savings Bank, Fourth avenue and Fourtconth street
Source
newspapers
2. December 7, 1875 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank suspended operations (likely due to continued strain and liabilities reported), 4,900 depositors and liabilities ~ $830,000 reported in period accounts
Newspaper Excerpt
The German Savings Bank of New York suspended on the 7th.
Source
newspapers
3. July 1, 1877* Receivership
Newspaper Excerpt
He was appointed receiver of the German Savings Bank by Judge Langdon in July or August, 1877. There was tried ... a suit brought by Williams J. Best, receiver of the German Savings Bank, ... (1878).
Source
newspapers

Newspaper Articles (14)

Article from Alexandria Gazette, October 9, 1875

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There were runs yesterday on the German Savings Bank, and the German Uptown Savings Bank, New York. The former took advantage of the sixty days' notice, but the run on the latter being slight, it paid all drafts on demand. The officers of both banks are confident that the "runs" will subside, and affirm that the banks can pay all drafts on demand on brief notice.


Article from Chicago Daily Tribune, October 9, 1875

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FINANCIAL, BANK RUNS IN NEW YORK. NEW YORK, Oct: 8.-There were "runs" today on the German Savings Bank, Fourth avenue and Fourtconth street, and the Gorman Up-Town Savings Bank, No. 908 Third avenue. The former took advantage of the sixty days' notice, but the run on the latter being elight, it paid all drafts on demand. The officers of bothjbanks are confident that the "runs" will subside, and affirm that the banks can pay all drafts on demand on brief notice,


Article from The Anti-Monopolist, December 16, 1875

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GENERAL MATTERS

China has appointed ministers for the United States, Peru and Japan. A Madrid, Spain, telegram of the 7th, says the weather is very cold in the north,and some soldiers have been frozen to death. The execution of an imperial decree reforming and reorganizing the tribunals of Turkey has been officially announced. The German Savings Bank of New York suspended on the 7th. The bank had 4,900 depositors. Liabilities about $830,000. The guard gates of the Sault Ste. Marie canal have been closed for the winter, and the work of repair will be commenced immediately. The question of the $30,000 race at San Francisco, is again being revived, but as some of the hor es to contest are still suffering from epizoot, it is not certain when it will come of. At Homestead, Iowa, fifty miles west of Davenport, on the 28th ult., a farmer who caught the wrong man in his wife's bed room, killed the introder by a blow with an axe, which smashed in his skull. The Kentucky State grange, P. of H.. has adopted resolutions favoring government aid to the Southern Pacific railroad, and also against attaching to the Order the colored organization known as the Council of Laborers.


Article from The New York Herald, February 1, 1877

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SUMMARY OF LAW CASES

In the suit of Merrick Plummer and Isaac M. Corts against E. P. Belden and others Judge Lawrence yesterday denied the motion to vacate the order of arrest. James McGuinness has finally come off the victor in his long contested suit against the city for $350, the value of his horse, which was lost by backing over a pier into the East River. Judge Lawrence yesterday gave judgment for the plaintiff. Nine cases or burglary and grand larceny were disposed of yesterday by Julge Gildersleeve and Assistant District Attorney Rollius. They did not, however, possess any special features of interest. William H. Bundy claims $10,000 damages from John Delaney, growing out of the sale of the "Excelsior Hay Carrier and Lifter." The suit was brought in this county and a motion was made yesterday to change the venue to Dutchess county. Charles L. Halberstadt, the lawyer committed to jail for contempt of court, was yesterday discharged by Judge Donohue. The discharge was on account of his sickness, and inability, therefore, to comply with the order of the Court. W. Z. Morton, referee in the case of the volunMr. dissolution of the Harlem and Spuyten Duyvil Navigation tary Company, submitted yesterday his report hands Donohue. He reports $10.230 in his to for Judge distribution to the holders of the 1,000 shares of the company, being $10 33 per share. the suit of George J. Luxton against the Howe to Machine In Company. a motion was recently made the amount required as security for reduc- costs. Judge reduce J. F. Daly yesterday rendered a decision ing the amount from $750 to $500. Charles A. Eaton and William V. King are ordered cotton Nicholas Mairazi, as they allege, brokers. to purchase ou his account 500 bales of cotton, them of which has not been paid. A MOLIOD de- to the make price the compiaint more specific was yesterday nied by the Judge'J. suit brought F. Daly. by Herman Uhl, receiver of Mill- the In German Savings Bank, against Betts mortUptown which was for a foreclosure of a $10,000 the dehauser, Judge Van Vorst yesterday decided that reduced gage, lendant's claim that the mortgage had been ordered $5,000 was substantiated. and judgment was accordingly. thirteen suits brought against the Lake Shore Of Southern Railroad Company, the partichave been published in have been tried and two remain to and eleven ulars Michigan of which the HERALD, be granted, tried. who has tried all the suits. au adjournment in the the ground of the sickyesterday, Judge S. Barrett, Prouty, adjournment suit brought being by John the absence of one counsel in Washington and of another. ness injunction suit of Augustin Daly against Sam- of In French the and another to restrain the publication have uel entitled "Lemons," " the facts of which Judge a play heretofore pubhshed in the HERALD, J. been yesterday, upon application of ex-Judge order A. Speir counsel for the defendants, gave an Dittenhoeler, to Mr. J. V. B. Lewis to take the allidavits Neuendorff and one J. Coggswell took a lease for years, of of reference Adolph Mary Heubener. three 26 Mrs. a year, of the turnished house No. Being West at $5,000 street, troin William P. Earl. for Twenty-third in rent Mr. Earl has brought suit attending its in arrears She says that through neglect of inmates recovery. plumbing, as promised, several of the and the to the last year taken III with typhoid fever has were vacated. She says, further, that the lease Donobue house been cancelled by mutual consent. Judge the matter before a referee. sent Horace Andrews has brought a suit against Corne- City Farley to recover on his official bond while a dislius There was a motion recently made to Marshal. the action unless the plaintiff tile security motion for miss Judge J F. Daly yesterday granted the unless costs. the case is brought to trial in the February term. Catharine McCarthy, who owned the house No. Mrs. East Forty-uith street. arranged to exchange the Eighty232 with Seigel Bernard for No. 328 East titles same street. When they came to exchange false refused to do so, claiming as Mrs. had been made to her by fourth representations McCarthy Beroard that Barrett value and rental of his house. Judge to the decision yesterday sustaining Mrs. McCarthy gave ordering a a dismissal of the complaint. and of administration were yesterday granted Calvin to the following by M. White, OD the estate of Letters Surrogate named Augustus persons:- Gilles- D. Elizabeth Julia Healey, on the estate of William WallWhite; Jacob Wallbacn, on the estate of Ellen Isaac Bern. p:c; Morris Bernstein. on the estate of bacn; Elizabeth Lewis, on the estate of William Emilio Ludovici. stein; Lewis and Julius Ludovici on the estate of Jones of Zeiss and others against the German in The Association case came up before Judge Donohue motion Press Court, Chambers, yesterday, on a 10 pay to Supreme the receiver of the defunct association positions compel the plaintifs, who tormerly occupied the over to and compositors of the as in his hands. The answer amount editors now association, has of collected the rethat since his appointment he over as coiver is which amount he IS willing to turn being only soon $200, as the referee before whom the case is now heard thes record his report. of business transacted in the Marine exThe of this city for the month of January, 1877, and zeal Court a most favorable light the industry of in dispensing of the heavy of that come continually before them for hibits the judges in calendars adjudica- Clerk cases Mr. John Savage, the efficient and zealous Termtion. the Court, compiles the following:-Trial of, 49. of tried and otherwise disposed 99. Part 1.-Culisos -Causes tried and otherwise disposed of, 60. Part 3--Causes tried and otherwise disposed of, moPart Special Term, Chambers-Contested Total, 208. 444; in which written opinions were parte filed, orders 32; opinions tions, indorsed on papers, 392; ex 1,102 658. Total business in Chambers, of Augusta E. Marsters against motion In Insurance Company there was a for the signed, Life the suit ago the Eclectic before Judge Van Hoesen some time the Supermade of judgement is the action requiring distributo intendent entry a of the Insurance Department to


Article from The New York Herald, March 16, 1878

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THE GERMAN SAVINGS BANK

There was tried yesterday before Judge Van Brunt, holding Supreme Court, Circuit, a. suit brought by Williams J. Best, receiver of the German Savings Bank, against Nicholas Phil to recover upon bond and mortgage for $1,000 given by Mr. Phil to Mr. Ernest Hall, the attorney of the bank, and by him assigned to the bank and forming part of the bank's assets coming into the hands of the receiver. The defence was that the mortgage was without consideration, and that it was given by the defendant as trustee of the bank to help make up a deficiency on loans on Oswego and Midland Railroad stock accepted as collateral for such loans, and which meantime had greatly depreciated in value. It was stated that this deliciency amounted to $21,000, and that the trustees agreed among themsolves to make up the deficiency. It was stated turther that his deed was recorded without his knowledge or consent, and claimed that the loans on the ruilroad stock were contrary to statute and therefore void. Upon the testimony taken in this case-Mr. Frederick Smyth appearing for the receiver and Mr. Algernon S. Sullivan for the detendant-there was submitted a somewhat similar suit brought against George Schippel. In this case, however, the mortgage was assigned to Jacob Held, the president of the bank, as alleged, for good consideration.


Article from Evening Star, April 27, 1878

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The Runs on the New York Savings Banks. NEW YORK, April 27.-Tne runs on the Dry Dock and German Savings Banks had considerably decreased to-day. A number of Jews were offering to buy bank books of the Dry Dock for fifty cents on the dollar. The president of this bank received a letter from the bank department approving the course he had taken in reference to demanding sixty days' notice for sums over$100. The German Savings Bank is paying all depositors who ask for their money, without the customary sixty days' notice.


Article from Public Ledger, April 29, 1878

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Run on a Bank

New YORK, April 29.-The run on the German Savings Bank continued to-day. The officers state they have no intention of enforcing the sixty day clause. The run on the Dry Deck Sav.ngs Bank has abated.


Article from The Dallas Daily Herald, April 30, 1878

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passengers and crew landed safely here. TROY, N. Y., April 20.-Senator Morrissy was struck with paralysis of right arm yesterday and is helpless. He cannot speak but partakes of food drink. NEW YORK, April 29.-The run on the German savings bank continued to-day. The officers state that they have no intention of enforcing the sixty days clause. The run on the Dry Dock savings bank is abated. LONDON, April 29.-The Manchester Guardian says the struggle in the cotton trade continues, but the prospect of a peaceful settlement appears somewhat less remote.


Article from Evening Star, April 30, 1878

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THE RUN on the German Savings Bank in New York continued yesterday, and the officers say they have no intention of enforcing the sixty-day rule. The run on the Dry Dock Savings Bank has abated.


Article from Daily Globe, April 30, 1878

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The W ork of Pirate Sherman. CHICAGO, April 29.-H. H. Walker has filed a petition in bankruptcy. Preferred debts, $10,000; unsecured, $194,000. Assets, land, $33,000; claims against Samuel J. Walker, also in bankruptcy, $200,000. NEW YORK, April 29.-The run on the German savings bank continued to-day. The officers state that they have no intention of enforcing the sixty days clause. The run on the bank has abated.


Article from The Daily Dispatch, April 30, 1878

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New York Savings Banks

NEW YORK, April 29.-The run on the German Savings Bank continued to-day. The officers state that they have no intention of enforcing the sixty-days clause. The run on the Dry-Dock Savings Bank has abated.


Article from The Indiana State Sentinel, May 1, 1878

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Runs on Savings Banks

NEW YORK, April 27.-The runs on the Dry Dock and German savings banks were sensibiy diminished to day. The German continues to pay all deposits on demand. Its liabilities are $10,000,000, and the surplus in January was $600,000.


Article from The Stark County Democrat, May 2, 1878

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NEW YORK BANK RUNS

New York, April 27.-The runs on the Dry Dock and German Savings Banks were sensibly diminished to-day. The German continues to pay all deposits on demand. The liabilities are ten millions, and the surplus in January was six hundred thousand dollars.


Article from New-York Tribune, September 12, 1882

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stitution of this city, as well as of the National Trust Company. He received $125 a month for his services in the last-named institution and $1,000 a year was his salary in the other two institutions. The witness is the only clerk now employed by Mr. Best in the management of these trusts. After a recess, which was taken to allow Sergeant-at-Arma Corning to hunt up Mr. Best, who could not be subponned on Saturday, the receiver arrived and was put on the stand. He said that he was appointed by Judge Donohue as receiver of the National Trust Company on December 7, 1877. The appointment was made on the petition of several directors and stockholders of the company, who alleged that it was insoivent. About a year afterward he was again appointed under legal proceedings by the Attorney-General, but he could not remember the name of the Judge who issued the order. Recorder Smyth had been employed by him as counsel under the direction of the Court, but he had employed A. J. Vanderpoel in several instances. He could not say from recollection what sums he had paid for legal services, but all that had been paid was protected by orders of the Court. Between the time of his first and second appointment as receiver he had been paid 212 or per coat on his receipts and disbursements. The witness was appointed receiver of the Mechanics and Traders' Savings Institution by Judge Osborne in July, 1876, and receiver of the German Savings Bank by Judge Langdon in July or August, 1877. The depositors of the National Trust Company had been paid in full, but there was about $1,000,000 due to the stockholders. The amount which the stockholders would receive was dependent on the outcome of certain pending litigations. The witness did not think, however, that they would receive more than 10 per cent. He was now engaged in closing up the affairs of the company, but could not do so until these suits were settled. The committee adjourned until Saturday morning, when the examination of Receiver Best will be resumed. Chairman Kiernan will go to Albany to-day to induce the members of the cominittee who were not present at yesterday's session to come to New-York. There 18 a division of sentiment as to the advisability of the committee holding its sessions in this city or in Albany. Mr. Kiernan said yesterday that he would not, as chairman. hold any session except in New-York. Mr. Russell was also eniphatte in saying that he would not attend any except New-York sessions.