9929. German American Bank (St Paul, MN)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
August 1, 1893*
Location
St Paul, Minnesota (44.944, -93.093)

Metadata

Model
gpt-5-mini
Short Digest
c56a13c7

Response Measures

Full suspension, Books examined

Other: Comptroller appointed an examiner (Daniel W. Lawler / Thorne) to take charge; conditions and extensions sought for resumption.

Description

Multiple articles report a run and suspension of the German-American Bank in early August 1893, the comptroller appointing an examiner/agent to take charge, and later reports that the bank would reopen (a Sept. 6 reopening is reported in one paper and a Nov. 2 report confirms it reopened after several months). The suspension appears driven by heavy withdrawals during the nationwide 1893 panic (contraction/hoarding) rather than a discrete false rumor or embezzlement scandal. I classify cause as macro_news (systemic panic/hoarding leading to drain).

Events (3)

1. August 1, 1893* Run
Cause
Macro News
Cause Details
Heavy withdrawals and deposit hoarding during the nationwide 1893 financial panic led to a run on the German-American Bank in early August 1893.
Measures
No specific emergency liquidity measure described in articles; later the comptroller appointed an examiner to take charge.
Newspaper Excerpt
Saw large man Meiggs in the bank on first day of the run on the bank, which was in August
Source
newspapers
2. August 4, 1893 Suspension
Cause
Macro News
Cause Details
Suspension attributed to constant drain upon the bank from heavy withdrawals and hoarding of deposits amid the broader financial stringency of 1893; articles explicitly state the bank 'suspended' or 'closed its doors.'
Newspaper Excerpt
The comptroller of the currency has appointed Daniel W. Lawler of this city to take charge of the GermanAmerican bank.
Source
newspapers
3. September 6, 1893 Reopening
Newspaper Excerpt
The German-American Bank of St. Paul will reopen its doors Sept. 6.
Source
newspapers

Newspaper Articles (10)

Article from Deseret Evening News, August 4, 1893

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ASt. Paul Savings Bank Closes Its Doors. ST. PAUL, Aug. 4.-The People's Savings bank closed its dooss this morning. The West Side Bank, with a capital ofa hundred thousand, closed its doors at lo'clock. No statement has been made. Bank officials say they expect to resume in a few days. The comptroller of the currency has appointed Daniel W. Lawler of this city to itake charge of the GermanAmerican bank. ONLY TEMPORARY. LEBANON, Pa., Aug. 4.- Lebanon Trust and Safe Deposit Bank failed this morning. It is a state institution and has a capital of $50,000. It is believed the suspension is only temperary. A BANK PRESIDENT ASSIGNS. JAMACIA, L. I., Aug. 4.-Frederick W. Dunton, president of the bank of Jamaica, New York, Brooklyn Surburban Investment company and Boynton 1 Bicycle Railroad company hasmadean assignment. He was one of the largest investors in Queens and Suffolk counties. The assets are more than enough to cover all the liabilities if not forced upon the market. He has resigned as president of the Jamaica Bank. AN INSURANCE COMPANY. DENVER, Aug. 4.-A receiver has been appointed for the Equitable Ac. cident Insurance company. The outstanding risks are six millions, reinsured with the Union Casualty company. Trouble among the stockholders was the cause of the failure. JAMES H. WALKER & CO. CHICAGO, Aug. 4.-James H. Walker & Co., dealers in dry goods, one of the firms in the city, confessed judgment today on a note for $5495. A receiver has been asked for. The amount involved is $2,000,000.


Article from The Prison Mirror, August 10, 1893

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NEWS OF A WEEK. August 2 Wheat crop promises better than expected. Stocks in Wall street seem surely stronger. Gold reserve again exceeds $100,000,000 limit. England ships $6,000,000, gold, to New York, Committee on rules will probably adopt closure on silver debate. Dr. Campbell, Canadian presbyterian divine, to be tried for heresy. All products climb upward at Chicago in spite of several failures. Tammany growls at the President's appointment of anti-snappers. Gov. Waite of Colorado repeats in the silver convention his gory remarks. Mrs. Maybrick's mother sues for the recovery of 2,500,000 acres of land in the Virginias and Kentucky fraudulently obtained from her. August 3. Hulda trots a third race-heat in 8½. In New York over 36,000 workmen idle. A stampede from Naples on cholera account. An'attempted Duluth bank robber blocked and captured. Cmmissioner Lochren promises fairness to pensioners. The late millionaire Mitchell's family air dirty linen in court. Canadian Pacific cuts rates between San Francisco and New York. Nicaraguan canal men will try to get Uncle Sam to adopt their child. The American yacht Navaho racing in gale in England proves unseaworthy. Mexicans propose a Latin-American silver league to prevent depreciation of that metal. August 4 Canada free from panic or stress. Cheap R. R. rates make business brisk. Gold imports of $11,000,000 expected this week. Theodore Thomas resigns directorship of World's Fair music. The destructive army-worm devoured and exterminated by parasites. Officials at Memphis indicted for allowing prisoners to be taken and lynched. Pierre, S. D., has a combination water and gas artesian well of considerable power. The treasury department says the absence of small notes is ;an evidence of private hoarding and withdrawal from circulation. The closing of the German American bank of St. Paul causes runs on other banks and suspensions by the West Side and Peoples banks, all said to be temporary. August 5. Crisp to be speaker. Silverites will accept a 20 to ratio. Famine of small denomination bills. Stocks show strength in Wall street. A premium reported as offered for gold. President's message will deal with Hawaii. Chamberlan, S. D., has an 8,000 gallon a minute artesian well. McKinly says distrust, not silver, is the cause of tight times. Populists urge the West to boycott eastern products in silver's cause. Gould says legislative action against corporations has made hard times. World's Fair board of lady managers indulges in a ward caucus sort of row. Boyd, minister at Siam, to be dropped for talking against France and Gresham. August 6. Fremont. Ohio, has a bad railroad wreck. India recovering from the financial flurry. Some advocate running the Fair into 1894. Free coinage men will at once present bills. Reservoir at Portland, Me., bursts killing four. Three killed at White Bear by a Duluth train. Would be lynchers in Indiana routed by lynchees with a loss of five killed. Senator Washburn will try to introduce antioption with George's ammendment. Controller Eckles says legislation for the enrichment of individuals caused the crisis. August 7. Stocks and wheat both flutter. Four silver schemes are to be'presented. Twenty excursionists drowned in Wales. Treasury $2,000,000 ahead of the reserve. Crisp, re-elected speaker, opens congress. A small Chicago bank refuses New York exchange. International socialists' convention"repudiates anarchistis. Currency very scarce and at 2 to 3 per cent premium in New York. Conrad boys reported to have killed three more White Caps. Conservative members caught napping at an early stage of Irish Home Rule report. August 8. Stocks and grains again weak. Drouth seriously affects crops. Revolution in Buenos Ayres ends. North Dakota short of harvest hands. Exciting silver debate in House of Commons. Knights of Pythias have a great day at the World's Fair. English legislators to sit till Home Rule passes and supply is voted. Warrants sworn out for the Conrads who killed five would be lynchers. Winter wheat harvesting shows better results than hoped for. Presidential message emphatic on repeal; finance to be handled before tariff. Hill, of New York, introduces bill in senate to


Article from Dakota Farmers' Leader, August 11, 1893

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An Object Lesson. Arch-bishop Ire.and of St. Paul in a recent interview during the excitement over the suspension of the German-American bank of that city said: Money taken away from banks and hoarded up at home is put out of circulation. Money is the life-blood of commerce, of industry: it is its use which permits the employment of labor and enables the masses to earn their daily bread. Men and women hoarding their money are the causes of all business stagnation, and are the enemies of the community. The above explanation applies like a bull's eye shot to the condition of the country before the panic began. The withdrawl and hoarding of deposits leaves the bank without resources, and brings ruin and stagnation of business, and the attempt to transact the business of this nation on one half of the money actually required has the same effect on the country at large, and at no time in the history of the country can a contraction of the currency of the nation be better understood than at present. The great banking houses of the east are responsible for this limited circulation, but they are now crying for a rapid increase.


Article from Little Falls Transcript, August 11, 1893

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The failure or suspension of the German American bank in St. Paul is the greatest. that has yet occurred in the northwest. The directors assert that it is attributable to the constant drain upon the lank. Of course this is the worst time for western banks when money is being used to gather and move the crops and nothing yet is being realized from them. Still if the outlook is really growing better it seems very unfortunate to the northwest that the affairs of the bank could not have been tided over for a week or two until the crop does really begin to move.


Article from St. Paul Daily Globe, August 21, 1893

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# STATE PRESS NOTES. The St. Paul GLOBE shows some regard for country papers. The GLOBE knows which side its bread is buttered on.-West Duluth Sun. There has been a policeman discharged at St. Paul for taking a nap on his beat. The officials over there are getting particular.-Stillwater Gazette. Denver papers say they have no confidence in the present congress. On the other hand, congress says that it has no confidence in the Denver papers-Fisher Bulletin. The entire state of Minnesota is proud of the St. Paul Boat ciub, that bore that proud name to such grand victories in the recent international rowing regetta at Detroit, Mich.-Lake Crystal Mirror. Prof. J. T. McCleary has announced his intention to speak on the silver question. If he will stop when he has told what he knows about it, he will not take long.-St. Peter Herald. It is folly for Republican papers to allege that the panic of the present is caused by anything the Democratic party has done since it came into power, because it has legislated not at all.-Hutchinson Leader. The German-American Bank of St. Paul will resume business in a few days. If the depositors had possessed a little good, cool sense, the bank would not have suspended. St. Louis Journal-Press. In the present time of need, it is pleasant to see Republicans and Democrats working together in the effort to restore confidence and revive business. As much cannot be said of the Populist cranks in congress. - Appleton Press. One of the Denver banks that suspended business recently resumed yesterday. The German-American Bank of St. Paul will reopen its doors Sept. 6. These are good signs that the financial world is experiencing a decided improvement.-Duluth Herald. Talk about calamity howlers. Why the Republicans are ar improving their short opportunity to attribute everything evil to the fact that there has been a change in the administration. If a change has this effect, we had better keep the Democrats in a good while, now that they are in.-Buffalo Gazette. Nathan Myrick, of Si. Paul,one of the oldest pioneers of the Northwest, celebrated his golden wedding in the city on the 17th inst. The St. Paul GLOBE prints a list of the invited guests on that eventful occasion, which occupies names to the extent of two columns.-Winona Herald. Just as soon as everybody reaches the conclusion, as they must sooner or later, that the financial stringency is but a bogy man of the imagination, it will go the way of the other bogy man. It is in the power of congress to greatly aid the people in reaching that conclusion.-West Duluth Sun. Congress is "all at sea" on the financial question. There appears to be no end to the "theories" entertained, but when it comes down to facts that count on the side of "confidence restored," the present grist of national Sotons are "not in it," to any great extent.-Renville Times. Less attention is being paid to the silver speeches than to the results of the ball games. The people don't want to read speeches; they are anxious for the vote which is promised on the 28th, and they want that vote to be sufficiently large to do away with the free silver question.-Stillwater Gazette. As oarsmen, the Minnesota boys now are champions of America. What an inducement to establish colleges out here where the cyclone and chinook wind play tag with each other while they are imparting some of their strength to the muscles of Minnesota's brawny sons.-Litchfield News-Ledger. The rumor that the elevator companies would be compelled to buy wheat this fall on thirty days' time was just a bit of harmless "joshing" by some financial wag. The ten millions necessary to remove the crop of the Northwest will be in the hands of elevator agents in the next ten days.-Ortonville Star-Herald. We find it difficult to enthuse over the clearing-house plan of moving the crops. Perhaps it is because it brings the monetary difficulty so near home! For so staple a commodity as wheat it would seem as if current coin and notes might be obtained by good parties at a moderate brokerage.-Glyndon News. Once in a while there is a dishonest bank, as there are dishonest individuals and firms in all the walks of life, but there are no more of them than have always existed. Money is plenty and deposits are safe, absolutely safe in the national banks, and the man who draws out his money, except to meet payments and do business, is only delaying the hour when full confidence shall be restored.-Faribault Democrat.


Article from Iowa County Democrat, August 25, 1893

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CONDENSED NEWS. The bank of Springfield, Mo., ha failed. May Bros., Cincinnati clothiers hav failed, owing $110,000. Eastern railroads are accused ( secretly cutting world's fair rates. "Old Hutch" withdraws from th Chicago board of trade and retire from business. The German-American bank of S Paul will soon re-open. The world's fair lady managers qui quarreling. Fifty persons are drowned by cloudburst in Hungary. The government is printing nationa bank notes at an increased rate. Mrs. George Sherman, of Macon, Ga was fataily injured by being throw from a buggy. Virginia republicans have decide not to nominate a state ticket thi fall. The business part of New Richmond O., was burned. The loss is $100,000. A. W. Dunham killed his wife a Pensacola, Fla., and ended his ow life. August Utlant was run over by wagon at Greenville, Ala., and killed. The Meadow Grove carpet work were burned at Ardmore, Pa. Loss $60,000. Henry Clews says he believes th trade depression has reached its low est depth. The corner stone of the Chicag public library building will be lai Sept. 1. Dr. R. W. Buchanan, of New Yor city, will be electrocuted Oct. 2 fo killing his wife. There have been plentiful rains in Iowa, having a most beneficial offec on the crops. Inmates of the state industrial schoo for girls at Beloit, Kan., are said to have been horribly maltreated. A Cando (N. D.) man was shot by : cowboy who was endeavorng to kil another cowboy. The murderer com mits suicide. The Spanish steamer, loaded with Chinese, was burned off the coast o China, 182 persons being burned to death or killed by sharks. C. A. Hawkes, late assistant cashier of the Seven Corners bank, St. Paul has been arrested on a charge of em bezzlement. The difficulty in the Order of Rail way Telegraphs may result in an ap plication for a receiver for the order. The old elevator at Lincoln, III., the scene of the Zura Burns tragedy, has been burned. Fire at Jamestown, N. D., Sunday destroyed the Capital hotel, Metropoli tax block, and other property. Loss $60,000. & cyclone destroyed the farmhouse of W. Jackson, near, Winona, Kan. and killed two children. The Argentine Republic has just pass ed through a cabinet crisis and a new ministry has been formed. Rev. Dr. Thomas McClure Peters srch-deacon of the diocese of New York, is dead, aged seventy-two. F. H. Hinkson, of Chicago, committ ed suicide at a Breman (Neb.) hote by taking a dose of laudanum. Professor Frank Wilson, of New castle, Ind., has become insane. H was a member of Gilmore's band fo many years. in rounding a curve near Gunnison Col., a coach on a train on the Creste Butte road left the rails Expres messenger Cuthbert jumped among th rockes and died from his injuries. The shop force of the Chattanoog & St. Louis railway has been paid of and discharged. The international labor exhange a New York was opened with a grea labor display. George Bradley, 67 years old, con mitted suicide by disemboweling hin self at Pittsfield, Mass. Rose Bailey committed suicide at I1 danapolis on the eve of her weddin day. She took poison.


Article from The Superior Times, August 26, 1893

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THE el etric light plant at Franki Ind., was destroved by a boiler exp sion. The loss is $10,000. FREIGHT handlers in St. Louis, M failed to strike, as was expected, on count of a reduction 10 wages. \ SECOND fight between boomers a troops has taken place in the herok Strip, Two boomers were killed. THE property of the company pla ming an electric road between India apolisand bicago has been attached THE Standard Bievele Manufacturi Company, of Indianapolis has faile The assets and liabilities are each $6 000. THE Niedringhaus timplate and stan ing works at St. Louis. Mo., will start next week. giving employment to 2,0 hands. ARRY Lt rzand George Ross. propr tors of the Areade ice cream parlo Muncie, Ind., are under arrest charg with arson. NEARLY all mills at Fall River, Mas have shut down. THE Bank of Commerce at Hava Cuba, has suspended. ANOTHER death from cholera has curred on Swinburne Island. W. W. DEAN,a prospector, was buri in the sand near Lincoln, Neb. MRS. SOPHIA BEANING was killed an electric car at Indianapolis. PRINCE LEOPOLD, of Austria, is of hunting trip in the Adirondacks. MOBS still threaten to attack Chir men in San Joaquin Valley, Cal. MAIL M. B. FARR, a well-kno Brookly newspaper man, is dead. CHOCTAWS and Chickasaws refuse sell their lands to the government. JOHN HOGAN was mysteriously mi dered by poison at Shelbyville, Ind. THE Finney County Bank of Kans was deliberately looted by the officers JOHN OLESON, of Oswego, III., SI posed to have suicided, was murder NELLIE GRAY, of Rochester, Ind under arrest on a charge of horse-ste ing. IN a fight between Mexican troo and rebels three of the latter we slain 1. M. MMINGS, of Des Moines, I IS a candidate for United States NE ator. ST. PAUL printers refused to acce the cut in wages suggested by owners offices. THREE of the Wilson gang of Ke tucky desperadoes were captured officers. THE post-office at Washington, I was robbed of $75 in money and $300 stamps. THREE attempts were made near S Francisco to wreck atraincrowded " passengers. BARRETT Scorr. county treasurer a fugitive from Lincoln, Neb. He is defaulter. THE Irondale Rolling Mill Company Anderson, Ind., has signed the Annal: mated scale. PRESIDENT CLEVELAND, and family " leave Buzzard's Bay for Washington September 1. FRED. MILLER, a juryman, fell fro the court-house window at Newton, I and was killed. \ JEWELRY store in the City of Me CO was robbed of several thousand de lars worth of goods. JOHN TERHAN fell into a well which was cleaning at Reading, Ohio, and " suffocated by foul air. \ BOAT capsized in Niagara River a Edward Brennan, of New York Ci was.carried over the falls. WILLIAM HIGHFIELD, the Whitee: was sentenced to two years 111 the pe tentiary at Evansville, Ind. THE Hubbard & Vincent saw mill Duluth. Minn., burned. Loss, $16.0 \ BLOCK of buildings burned at T. arkana, Ark., causing a loss of $40,000 \ DOZEN buildings were destroved fire at Benton, III., causing a loss $150,000 Lois ARMSTADE, ont of employment Toledo, O., committed suicide by taki laudanum. THE body of John Oleson, an Oswes 111. farmer, was found in the road " a bullet in the head. THE residence of .I. W. Ellis, at No port, R. 1., was entered by burglars a robbed of jewelry worth $8,000. JOHN M. LOWERY, a prominent citiz of Hot Springs, Ark., was shot killed by a dairy named Wilson. BURGI VRS cracked the safe in 1 Missouri Pacific freight office at No raska City, Neb., and secured $1,000. JOHN W. ASILEAR, the painter member of the National Academy sit 1851 and an associate since 1835. is JOHN BOYD and George Terry resist arrest at the hand of a sheriff's posse Winslow, Ark., and Boyd was si dead. J. B. BRT NER. treasurer of the CO bined Masonic lodges of Omaha, No IS alleged to be $1,200 short in h counts. WILLIAM Mo MAIN, a miner of Dona souville, ind., was badly erushed 11110 falling slate and died soon after bei taken out. THE German American Bank at Paul will resume business. CONGRESSMAN DENN. of New Jersey seriously ill with heart failure. CYRUS BROWN. aged 50 years, shot killed his wife near Columbus, Ind THE Sons of Veterans have adop black belts instead of belts of g color THE steamer Weser from Naples arrived at New York with 1,000 pass gers. MALIGNANT diphtheria has broken in Findiay, O., and the town has be quarantined. S M. DORR & Sox, in Western be and mortgage business at Rutland. ) failed. Liabilities, $142,875. In has been necessary to call


Article from Jamestown Weekly Alert, September 7, 1893

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Banker Thorne on the Ground to Review the Work of the Committee. Board of Education Discusses New High School Course of Study. Millers Pronounce the Wheat Especially Good-Makes Strong Flour. To Review Work Done. Examiner Thorne arrived Wednesday from St. Paul. He was sent here by the comptroller tosee what progress had been made towards resumption of the Lloyde National bank. The desire of the comptroller 18 at this time, to give all suspended banks all the leeway possible consistent with safety, and for that reason the liberal time afforded the bank officers, stockholders and depositors here has been allowed. Mr. Thorne was busy with the bank's business all the afternoon. Judge Rose the temporary examiner, was out of the city and so consultation with him was prevented today. Mr. Thorne has been made acquainted with the report of the committee and the other work in the way of getting extensione and the taking of stock. He could, at this time, express no opinion as to the probability of the bank's resuming business, but it is stated from other sources that the progress towards fulfilling the conditions imposed by the comptroller in the matter of extensions by depositors and the subscriptions to the new capital stock of $100,000. etc., has been slow, and not entirely satisfactory. However, nothing definite can be learned of the ultimate action of the bank, and so any statement of such action would only be in the nature of surmise. It is probable that something positive may be announced in the course of a week or ten days. Mr. Thorne has the extensive affairs of the German-American bank at St. Paul in charge, pending resumption or the appointment of a receiver. The past few weeks have been busy ones for the examiners of the national banks, and it is stated by those who have been 80 in formed that Mr. Thorne's work is considered by the co.aptroller as among the best in that department of the service, and is of the highest value to the government. Mrs. Thorne, whose serious illness caused the examiner to hastily leave Jamestown several weeks ago, has so much improved as to be removed from all danger.


Article from Echo De L'ouest, November 2, 1893

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Ciho de l' Quest MINNEAPOLIS, 2 Nov. 1893. L'armée russe a augmenté son affectif de 150 000 hommes. Aussitôt l'exposition de Chicago terminée on commencera à démolir les tatiments. A vendre a sacrifice un bon plano. S'adresser à Mme. Deslauriers No. 31 Ortman St.S.E. Samedi à 9 henres du matin la "German American Bank" de St. Paul a rouvert ses portes après plusi urs mois de suspension.


Article from St. Paul Daily Globe, December 3, 1893

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OLD STORIES OVER AGAIN WITNESSES WHO SAW FLEURY THE OTHERS PAID THEIR BOARD IN Removal of Baggage and Identif cations - Tickets for Chicag Bought by Another Man-Ba gage Traced - Witness One of the Accused Told He Had a Bag of Gold. At the opening of the district esterday morni ng before Judge he Fleury case was promptly taken and good progress made during the n the taking of testimony. The rowds were in attendance both ng and afternoon, and the proceeding vere watched with unabated interest present II Josiah Fairchild sworn: Saw arge man Meiggs in the bank on irst day of the run on the bank, which vas in August, He was talking he cashier. Cannot state the time eference to the day the German-Ame can bank suspended. 1 can't say tively Meiggs is the man, out 1 thin ie is. George W. Dieter Sworn: Am n First National bank; I think I hat man Meiggs half a dozen time ever saw him before that time: it before the robbery-one, two or thr lays after the run on the Germa-nA can bank: looked over the crowd lay and saw Meiggs: he had a ipe hat on: he is of such nature that vould be noticed. John Mallia was sworn. This ess testified to about the same nent he made in the first trial; be eated his testimony as to what he n Martin Milon's saloon; he saw our men come in: in his conversation with Meiggs, the latter spoke of ard times, and told witness he was erested in the mining business vanted to find out how many factori vere in operation and men out of loyment here in St. Paul: next he to f the inquiries about Stillwater White Bear, and the cost of going Stillwater by way of the lake; the vere five of them, and wanted to he trip to Stillwater by team; rranged to meet him next day. ailed to keep the appointment. Martin Maion sworn: This witne estified on the first trial, and adhere retty closely to the story told by hen. He was a saloonkeeper at eenth and Jackson streets last Augus where he first saw the men. It hen he saw Fleury and his companion ie talked with defendant, and in main corroborated the story of revious witness. Henrietta Moennisch sworn: estified in the first trial, and losely to her first testimony: she