9874. German-American National Bank (Saint Paul, MN)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
national
Start Date
August 4, 1893
Location
Saint Paul, Minnesota (44.944, -93.093)

Metadata

Model
gpt-5-mini
Short Digest
e711d17d

Response Measures

None

Description

The German-American National Bank suspended on Aug 4, 1893 (officers cited continual withdrawals and business failures / difficulty making collections). It subsequently reopened (reports in mid-August that it 'will reopen' and a clear reopening reported Oct 30, 1893). There is mention of runs on other banks after the German-American closed, but the articles do not describe a depositor run on the German-American preceding the suspension; the suspension is attributed to withdrawals and bad collections (bank-specific adverse information).

Events (2)
1. August 4, 1893 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Continual withdrawal of deposits compounded by business failures and difficulty making collections; bank compelled to suspend though officers asserted ample assets.
Newspaper Excerpt
The temporary suspension of the German-American National Bank last night...; notice: Owing to the continual withdrawal of deposits the bank has been compelled to suspend. The bank has ample assets to pay all liabilities.
Source
newspapers
2. October 30, 1893 Reopening
Newspaper Excerpt
The German-American National bank, which suspended recently, reopened its doors to-day and is doing a good business. (Report of transfer of large cash reserve into its vaults.)
Source
newspapers

Newspaper Articles (9)
1. August 5, 1893 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, August 5, 1893

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Article Text

ABINGDON, VA., August 3, 1893. To the Editor of the Dispatch: In my dispatch of last Saturday evening I stated that some twenty of the twentyeight delegates from Washington county would be for Colonel O'Ferrall. This statement was made the evening of the election from information I had received and also from what I supposed was the sentiment of the people of the county. I am a Tyler man and would not do him an injustice, but aimed to give you facts as they were. The delegation from this sounty stands 14 for O'Ferrall, 10 for Tyler, and 4 for Buford. S. M. WITHERS. Situation at St. Paul. (By telegraph to the Dispatch.] ST. PAUL. MINN., August 4.-The temporary suspension of the German-American National Bank last night. although not unexpected in banking circles, was a great surprise to the general community. Still, so confident are the people of the strength of the remaining banks, that, although some depositors are quietly withdrawing money from a few banks, there is no particular excitement or general run on any of the banks. The savings banks for several days have been enforcing the sixty-day rule, although most of them have abundant resources for any emergency.

2. August 5, 1893 The Morning News Savannah, GA
Article from The Morning News, August 5, 1893

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ST PAUL BANKS GO UNDER. The Suspension of the German-American a Surprise. St. Paul, Minn., Aug. .-The temporary suspension of the German-American National Bank last night, although not unexpected in banking circles, was a great surprise to the general community. Still so confident are the people of the strength of the remaining banks, that, although some depositors are quietly withdrawing money from a few banks, there is no particular excitement or general run on any of the banks. Thesavings banks for several days have been enforcing the 60 day rule, although most of them have abundant resources for anyemergency. The failure of the Seven Corners bank on Tuesday attracted little attention as it had been known to be weak for months. Some of the banks had helped it at times, but felt at the present time a disinelination to continue their help, which seemed only to postpone the failure that finally came. The closing of the German-American bank last night was of a different character. It and its predecessors have been in the city as institutions for years, the first organization having been effected in 1856, and all subsequent changes strengthening and enlarging the bank, which now has $4,000,000 of good commercial paper, its banking house as property besides, worth tleast $1,200,000. and other assetts, which will make $500,000 more, or a total of $5,000,000. The People's bank with a capital of $200,000 has suspended, but no figures have as yet been given out concerning it. Its failure is not considered an important one.

3. August 5, 1893 New-York Tribune New York, NY
Article from New-York Tribune, August 5, 1893

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Article Text

ST. PAUL BANKS GO UNDER. SURPRI THAT THE GERMAN-AMERICAN CLOSED ITS DOORS. A STATEMENT FROM ITS OFFICERS TWO SMALLER INSTITUTIONS COMPELLED TO SUSPEND PAYMENT. St. Paul, Aug. 4.-The temporary suspension of the German-American National Bank last night, although not wholly unexpected in banking circles, was a great surprise to the general community. Still, so confident are the people of the strength of the remaining banks, that although some depositors are quietly withdrawing their money from a few banks, there is no particular excitement or general run on any of the banks, the savings banks for several days having been enforcing the sixty day rule, although most of them have abundant resources for any emergency. The failure of the Seven Corners Bank on Tuesday attracted little attention, as it has been known to be weak for a good many months. Some of the other banks had helped it at times, but felt, at the present time, a disinclination to continue their help, which seemed only to postpone the failure that finally came. But the closing of the German-American Bank last night was of a different character. It and its predecessors have been institutions of the city, the first organization having been effected in 1856, and all subsequent changes strengthening and enlarging the bank. Among its depositors were a great many small German depositors, who have been quietly withdrawing their money for some months. The bank was a severe sufferer by a number of business failures during the last two years. The difficulty of making collections and dislike for forced collections caused the suspension. The notice on the door reads: "Owing to the continual withdrawal of deposits the bank has been compelled to suspend. The bank has ample assets to pay all liabilities." According to statements by the officers and directors of the bank, the bank has $4,000,000 of good commercial paper, a banking-house and property worth at least $500,000, and other assets which will make $500,000 more, making a total of $5,000,000 to pay a deposit account of $2,261,000. The bank could go on again in ninety days if the Controller thought it best, even if the stockholders had to pay an assessment of 10 per cent. The People's bank closed its doors at noon. It has a capital stock of $200,000. No detailed statement of the affairs of this bank can be obtained before to-morrow. The same answer was given to the United Press representative when a statement of its affairs was asked of the officers of the West Side Bank, which latter has a capital stock of $100,000 and closed its doors at 1 o'clock. There are a few people hanging around some of the other banks, but no general run on any of them. There was a steady run on the Germania Bank all day. The officials decided to keep the bank open until 6 o'clock. St. Paul, Aug. 4 (Special).-"The Daily News" says: "Certain irregularities of the past of C. A. Hawkes, former cashier of the Seven Corners Bank, made the suspension of the institution necessary, and not the financial situation generally. Mr. Hawkes had the fullest confidence of the bank's officials, and bore an unblemished character. He employed this confidence in securing large loans, aggregating more than $35,000, from the funds of the bank, and placing his unsecured notes and the notes of his brother as security for the repayment of the money. This obtained, Mr. Hawkes had glittering prospects at the time money was taken out. He failed to lift his notes, however, although the matter was canvassed on several occasions by the directors. "Finally a time came when Mr. Hawkes stepped out of the cashier's desk, whether by request or voluntarily has not been stated by the bank people. No charges have ever been lodged against Mr. Hawkes by President Banholzer, of the bank, and according to Mr. Banholzer's own statement no charge will be preferred. T. B. Kellogg, attorney for Mr. Hawkes, appeared before the bank officials a day or two since and offered settlement in full of the Hawkes paper held by the bank. A day later Mrs. Mary B. Hawkes, mother of the cashier, transferred to President William Banholzer some real estate, the consideration being $18,500. This property is subject to a mortgage of $8.500 leaving $10.000 actually paid on the Hawkes

4. August 10, 1893 Courier Democrat Langdon, ND
Article from Courier Democrat, August 10, 1893

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Article Text

ST. PAUL FAILURES. St. Paul, Aug. 5.-When it became known yesterday that the German-American National bank had closed its doors a run was made on all the other banks of the city, and the West Side bank and the People's bank closed their doors. They are small institutions. By evening the runs had nearly subsided and no further failures are feared.

5. August 18, 1893 Fort Worth Gazette Fort Worth, TX
Article from Fort Worth Gazette, August 18, 1893

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Article Text

WILL REOPEN. ST. PAUL, Minn., Aug. 17.-The German-American National bank. which suspended a few days ago, will resume business just as soon as the necessary formalities can be complied with.

6. August 24, 1893 Barton County Democrat Great Bend, KS
Article from Barton County Democrat, August 24, 1893

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MISCELLANEOUS. THE Bruis photographic telescope, made by Alvin G. Clark, of Cambridge, after designs made by Prof. Edward C. Pickering, of Harvard university, was successfully tested on the grounds at Mr. Clark's workshop. CoL. BRENNAN, who led the mob in the recent Denver lynching, has been acquitted. AT Herne Hill, London, F.J. Osmond covered with his wheel two miles in 4:24 2-5, thus beating the world's two mile bicycle record. THE great Oliver Iron & Steel Co., Pittsburgh, Pa., has gone into the hands of a receiver. A GANG of men have been arrested in Biskupitz, Croatia. The men have for years made a trade of crippling young children and then sending them out to beg or selling them to others for the same purpose. Two robbers boarded the 'Frisco train near St. James, Mo. They compelled the messenger to open the safe. After taking the contents they pulled the bell cord and escaped when the train stopped. AN appeal of the Lafayette opera house riot case has been filed in the supreme court at Indianapolis. A FAMILY of nine persons were poisoned by drinking from an Indiana well. Three of them cannot recoyer. ARMED forces met in the outskirts of Piedras Negras, Mexico, but the citizens readily submitted to the federal forces. THE Iron Trade Review says there will be a still further reduction of the output of pig iron in August, because of the small demand. The only encouraging feature is the activity of the steel mills at Pittsburgh. THE street car employes of Superior, Wis., struck, owing to a 20 per cent. cut in wages. THE German-American national bank, of St. Paul, which suspended a few days ago, will resume business just as soon as the necessary formalities can be complied with. TEN men were killed and twenty-six wounded in a fight on the streets of Aigues-Morles, France, between French and Italian workmen. THE national bank of South Pennsylvania, at Hindman, Bedford county, has closed its doors. Six thousand boxes of oranges which came over on the steamer Karamania, which was detained at quarantine some days ago, were sold at an average price of a little over $2 a box. A BILL to foreclose a mortgage of $14,668 was filed against the company owning the John Brown fort which was recently taken to Chicago for exhibition. The bill alleges that the exhibition has been a failure. COMPTROLLER ECKELS has been informed that the People's national bank of Winston, N.C., capital $100,000, had suspended. THERE appears to be a concerted move in labor circles to forward as many of the unemployed to Washington as possible, so that their condition may be visible to congress. THE San Francisco Examiner says that the attacks on Chinese are due to the government not enforcing the Geary law. THE wholesale grocers of Memphis have issued notice that they will sell hog product for cash only hereafter

7. August 26, 1893 Macon Beacon Macon, MS
Article from Macon Beacon, August 26, 1893

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Article Text

MISCELLANEOUS THE Bruis photographic telescope, made by Alvin G. Clark, of Cambridge, after designs made by Prof. Edward C. Pickering, of Harvard university, was successfully tested on the grounds at Mr. Clark's workshop. COL. BRENNAN, who led the mob in the recent Denver lynching, has been acquitted. AT Herne Hill, London, F. J. Osmond covered with his wheel two miles in 4:24 2-5 thus beating the world's two mile bicycle record. THE Oliver Iron & Steel Co., great into the Pittsburgh, Pa., has gone hands of a receiver. A GANG of men have been arrested in Biskupitz, Croatia. The men have for years made a trade of crippling young children and then sending them out to beg or selling them to others for the same purpose. Tworobbers boarded the 'Frisco train near St. James, Mo. They compelled the messenger to open the safe. After taking the contents they pulled the bell cord and escaped when the train stopped. AN appeal of the Lafayette opera house riot case has been filed in the supreme court at Indianapolis. A FAMILY of nine persons were poisoned by drinking from an Indiana well. Three of them cannot recover, ARMED forces met in the outskirts of r Piedras Negras, Mexico, but the citie zens readily submitted to the federal y forces. d THE Iron Trade Review says there will be a still further reduction of the output of pig iron in August, because y of the small demand. The only enr couraging feature is the activity of the d steel mills at Pittsburgh. e THE street car employes of Superior, s Wis., struck, owing to a 20 per cent. hcut in wages. heTHE German-American national bank, S of St. Paul, which suspended a few of days ago, will resumè business just as n soon as the necessary formalities can be complied with. TEN men were killed and twenty-six owounded in a fight on the streets of in Aigues-Morles, France, between French nand Italian workmen. cy THE national bank of South Pennes sylvania, at Hindman, Bedford county sh has closed its doors. at Six thousand boxes of oranges which ed came over on the steamer Karamania nd which was detained at quarantine some xdays ago, were sold at an average pried ed of a little over $2 a box. A BILL to foreclose a mortgage o ed $14,668 was filed against the company mowning the John Brown fort which wa exrecently taken to Chicago for exhibi tion. The bill alleges that the exhibi nd tion has been a failure. k, COMPTROLLER ECKELS has been in en formed that the People's national ban ar. eat of Winston, N. C., capital $100,000, ha on suspended. THERE appears to be a concerte a move in labor circles to forward a en th "many of the unemployed to Washing ton as possible, so that their condition may be visible to congress. THE San Francisco Examiner say caose that the attacks on Chinese are due th the government not enforcing ror ew Geary law. THE wholesale grocers of Memph as have issued notice that they will SS am bog product for cash only hereafter.

8. August 26, 1893 Baxter Springs News Baxter Springs, KS
Article from Baxter Springs News, August 26, 1893

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THE WEST. THEGerman-American national bank, of St. Paul, which suspended a few days ago, will resume business just as soon as the necessary formalities can be complied with. ST. PAUL and Minneapolis publishers are talking of reduced prices for typesetting. AN express car containing a consignment of gold for Chicago was wrecked on the Fort Wayne, at Whiting, Ind., and the coin was scattered in the road but was all saved. IT was reported that soldiers and a band of sooners had fought on the strip and that three of the sooners had been killed. THE other night an unarmed body of laboring men waited on the Chinese restaurants in Selma, Cal., and deported the keepers, sending them out of town quietly and using no violence. GEORGE A. DEAN, an actor in Denman Thompson's "Old Homestead" company, dropped dead of apoplexy in Chicago. Dean, who was 65 years old. has played the part of Cy Prime in the company ever since the play was first put on the stage. THIEVES broke into the rooms of the republican city committee, of Indianapolis, and stole all the precinct poll books for one ward and other valuable information. By an explosion in the boiler-room of a wire works at Joliet, Ill., restarting has been delayed, one man was killed and two fatally hurt. IN order that they may not adjoin any of the Cherokee allotments the county seats and land offices in the strip have all been moved. IT is said at Denver, Col., that Will R. Perry gutted the county funds to the amount of $22,000 before he absconded. A REPORT has it that Treasurer McCurtain, of the Choctaw nation, has failed with $500,000 of the lease money. THE world's fair directory has requested Theodore Thomas to resume charge of the music. WALTER SANGER, the bicycle champion, has been expelled from the Milwaukee club for refusing to appear in a race after being advertised. CROP bulletins of Illinois and Iowa say that recent rains have been greatly beneficial to corn, though more is needed yet, especially in portions of Illinois. Apples and potatoes will be short in Illinois. AT Caldwell, Id., the house of a family named Brookshire, lately from Missouri, was burned. Two children aged 4 and 2 years were burned to death. THE private bank of J. N. Knapp & Co., of Cedar Falls, Ia., failed to open its doors. E. M. DONALDSON. president of the Marion (Kan.) First national bank, also of a dozen Iowa banks and secretary of the Union Trust Co., Sioux City, all suspended institutions, is a fugitive, charged with forgery and embezzlement of over $600,000. THE Butlen-Mueller Co., Milwaukee, dealer in lumber, has assigned. THE Indiana Manufacturing Co., of Peru, Ind., one of the largest woodworking establishments in the west, made a general assignment of 10 per cent. among its employes. THE People's bank, of St. Paul, Minn., which closed August 4 in order to protect its creditors from a prospective run, although at that time perfectly solvent and able to pay all depositors, has reopened. CONSTABLE JOE JONES was instantly killed at Paul's Valley, I. T., by John Stevenson, whom he was trying to arrest. THE Ohio Stone Co., of Cleveland, went into the hands of a receiver. Assets about $300,000 and liabilities $250,000. THEODORE HAUGHEY, his son Schuyler Haughey and three others asso-v ciated with them, have been arrested at Indianapolis charged with wrecking the Indianapolis national bank. The arrests were made by the United States

9. November 2, 1893 Reporter and Farmer Webster, SD
Article from Reporter and Farmer, November 2, 1893

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BUSINESS RESUMED. St. Paul, Oct. 30.-The German-American National bank, which suspended recently, reopened its doors to-day and is doing a good business. There was removed from the vaults of the Merchants' National bank Saturday to those of the German-American a sum approximating $610,000. part of the $896,000 cash reserve with which the bank opened its doors to-day. The transfer of this vast sum was made under the direction of Daniel W. Lawler. who, ever since the suspension of the German-American, has served as special bank examiner. Fifteen men were required to carry the sacks of gold, silver and currency between the vaults and the express wagon which had been hired of the Adams Express company. The transfer was protected from the assaults of the possibly avaricious and covetous by the presence of Chief Garvin. of the police force, and Chief of Detectives McGinn, not to mention six policemen in citizens' clothes, who patrolled the streets along the route taken by the wagon between the two banks.