German American Mercantile Bank (Seattle, WA)

Episode Information

Episode UID
19001771405
Episode Type
Run → Suspension → Closure
Bank Type
state
Bank ID
1900177 routing
Routing Number
19-0017
Start Date
January 30, 1917
Location
Seattle, Washington (47.606, -122.332)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
d04186f6a58628cc

Response Measures

None

Description

Bank was placed in hands of the state bank examiner and later liquidated/receivership proceedings followed.

Events (3)
1. January 30, 1917 Run
Cause
Local Banks
Cause Details
Run triggered by failure of the Northern Bank & Trust Company and runs on other local banks
Measures
Posted notice that no demands would be met in savings department unless notice given; officers posted notices and sheriff/plainclothes officers placed in banks
Newspaper Excerpt
A heavy run on the German-American Mercantile Bank commenced this afternoon, following the failure of the Northern Bank and Trust Company
Source
newspapers
2. January 31, 1917 Suspension
Cause
Government Action
Cause Details
Bank placed in hands of the state bank examiner following heavy withdrawals and nearby bank failure
Newspaper Excerpt
Notices were posted that the bank was in the hands of the state bank examiner. The German-American Mercantile bank did not open for business today.
Source
newspapers
3. April 8, 1919 Receivership
Newspaper Excerpt
In the Matter of German-American Mercantile Bank, a Corporation, Insolvent... State Bank Examiner will receive sealed bids for virtually all of the assets of said German-American Mercantile Bank remaining in his hands.
Source
newspapers

Newspaper Articles (8)
1. January 31, 1917 The Washington Herald Washington, DC
Article from The Washington Herald, January 31, 1917

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Article Text

Failure of Seattle Bank Starts 'Runs' on 2 Houses Seattle, Jan. 30.-A heavy run on the German-American Mercantile Bank commenced this afternoon, following the failure of the Northern Bank and Trust Company and the run on the Peoples' Saving Bank. Officials of the bank have posted a notice about the savings deposit windows that no demands will be met in that department unless noticè is given. A small run has also commenced on the Fremont State Bank, a city suburb. Sheriffs and officers in plain clothes have been placed in all banks where difficulties are expected.

2. January 31, 1917 Elko Independent Elko, NV
Article from Elko Independent, January 31, 1917

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Article Text

SEATTLE BANK FAILS LARGE RUN ON ANOTHER SEATTLE, Jan. 31.-The GermanAmerican Mercantile bank went into the hands of the state bank examiner following a heavy run on the institution today. A large run was commenced also on the Scandinavian American bank. The trouble was caused by the failure of the Northern Bank and Trust company yesterday. All the banks of Seattle are hard pressed. The federal reserve bank of San Francisco has offered aid to the banks which are members of the reserve.

3. January 31, 1917 Evening Capital News Boise, ID
Article from Evening Capital News, January 31, 1917

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Article Text

German-American Places Itself in Hands of State Examiner When Crowd of Depositors Appears. SUPPORT PROMISED. San Francisco, Jan. 31.-The federal reserve bank here telegraphed all Seattle banks today that it was prepared to support them. Seattle, Jan. 31.-The German-American Mercantile bank did not open for business today. The bank's officers had stated earlier in the day that the bank would open. A line of 300 persons gathered at the bank before 10 o'clock and at that time notices were posted that the bank was in the hands of the state bank examiner. The clearing house association, prior to. 10 o'clock issued a statement saying it "stands willing and able to assist all solvent banks of the city if occasion should arise." The banks of the city have resources totaling over $130,000,000. The association also said it knows the present disturbance is not a legitimate cause for alarm. The German-American Mercantile bank is capitalized at $100,000. No recent statement of its affairs has been published. The bank is not a member of the clearing house. RUN ON BIG BANK. Half an hour before the People's Savings bank opened 500 persons stretched in a long double line from the bank doors. Every effort was made by the bank, which is one of the strongest in the Pacific northwest to expedite payments. The run was regarded as due to the bank's location near the Northern bank. which failed yesterday. The lobbies of the ScandinavianAmerican bank and the Northwest Trust and Safe Deposit company were filled, but there was no crowd in the street. Both paid depositors without asking questions. The American Savings Bank and Trust company, which had more than the usual crowd in the lobby, demanded 60 days' notice of withdrawals of savings deposits.

4. January 31, 1917 The Evening Herald Albuquerque, NM
Article from The Evening Herald, January 31, 1917

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Article Text

Seattle Bank Fails To Open Doors; Run On Others Follows (By Evening Herald Leased Wirel Seattle. Wash.. Jan. 31.-The Ger. man-American Mercantile bank did not optn for business toda: A line of 300 persons gathered at the bank before 10 a. m. At that time notices were posted that the bank was in the hands of the state bank examiner. The German-Ameriean bank is capItalized at $100,000. Several hundred persons assembled in a line in front of the People's Savings bank before its doors opened this morning. and when the institution started the day's business, depositors destring their money were paid as rapidly as possible. The People's Savings is said to be one of the strongest banks in the Pacific northwest nd bankers attributed the run due to the fact that it Is located near the Northern Bank & Trust company which closed yesterday. All other banks paid depositors as they appeared and there were no street lines except at the People's bank. The clearing house issued a statement saying "The present dis. turbance is not a legitimate cause for alarm."

5. February 1, 1917 El Nuevo Mexicano Santa Fe., Santa Fe, NM
Article from El Nuevo Mexicano, February 1, 1917

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Article Text

RESERVE BANK TO RESCUE WITH OFFER OF $68,000,000 Ample Aid Promised to Seattle; Another One Closes Doors (By Leased Wire to New Mexican) San Francisco, Calif., Jan. 31.Sixty-eight million dollars was offered today by the Federal Reserve Bank of San Francisco to its six member national banks in Seattle, in case they should need it, in connection with bank failures there yesterday and today. Seattle, Wash., Jan. 31.-The German-American Mercantile Bank did not open for business today. A line of three hundred persons gathered at the bank before 10 a. m. At that time notices were posted that the bank was in the hands of the state hank examiners. The German-American Bank is capitalized at $100,000. Several hundred persons assembled in a line in front of the People's Savings Bank before the doors opèned this morning and when the institution started the day's business depositors desiring their money were paid as rapidly as possible. The People's Savings Bank is said to be one of the strongest banks in the Pacific Northwest and bankers attributed the run due to the fact that it is located near the Northern Bank and Trust company which closed yesterday. All other banks paid depositors as they appeared and there were no street lines except at the People's Bank. The clearing house issued a statement, saying: "The present disturbance is not a legitimate cause for alarm."

6. February 8, 1917 Mexico Weekly Ledger Mexico, MO
Article from Mexico Weekly Ledger, February 8, 1917

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Article Text

FINANCIAL SUCCESS A SECOND bank in Seattle closed late Wednesday. The German-American Mercantile Bank was the institution, while Tuesday the Northern Bank & Trust Co. suffered a devastating run. The First National Bank, of Seattle, of which Morris Arnold, a former Mexico boy is president, is one of the strongest institutions of its kind in this country, and the failure of two banks in that city has materially aided the First National in that its unquestionable stability has brought it new depositors during the present unfortunate financial conditions in that city. The First National of Seattle, of which D. H. Moss, who married Miss Anna Bell Arnold, is cashier, has deposits, according to its last statement, of $6,897,742.23, while its capital stock is only $400,000. Its surplus and undivided profits are $262,242.94. Mr. Arnold, who received his banking experience under his father, R. R. Arnold, who recently died in Florida, while President of the Mexico First National Bank, is one of the most capable and successful young bankers in America. His-financial success, according to his own statement, is due to the careful training he received under the direction of his father.

7. September 27, 1918 The Seattle Star Seattle, WA
Article from The Seattle Star, September 27, 1918

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Article Text

Await Collections to Pay Depositors Depositors who lost their savings a 10 per cent dividend is declared he receives one dime, while the dewhen four Seattle banks collapsed two years ago will receive no impositor with a filed claim of $1,000 mediate dividends, according to would get $100." State Bank Examiner Lewis H. "All our work is done with the Moore. court," he continued. "Every time a "Dividends will be declared as person files a claim, it is registered soon as 10 per cent of the claims in court. No dividends are paid without a court order. filed and approved by the court "Another important thing." he are collected," explained Moore. "Each bank is dealt with separately. added, "is that people who have No definite time for declaring a money coming should be sure and dividend can be set because the let us know of any change in address, for we have several checks moneys of the banks change hands continually. Mortgages owned by in our Seattle office for depositors that have never been called for. the bank, fall due, real estate also owned by the banks must be sold, Depositors should keep in touch with the Seattle office in the White requiring a continuous flucuation of the banks' money." building. so that they will be notiThe German-American Mercantile fied of any rulings in regard to their savings." bank has paid a dividend of 45 per cent on the filed claims, according to the state bank examiners, which involved nearly a million dollars. Chief Warren Made The filed claims of the Fremont state bank, the Broadway state National Official bank and the Northern Savings OAKLAND. Cal., Sept. 27.-Chief Bank & Trust company run over of Police J. F. Warren, of Seattle, $100,000. The Fremont bank has has been elected vice president of paid a dividend of 10 per cent on the National Traffic Officers' asso. filed claims, the Broadway bank 20 clation recently formed here. per cent and the Northern bank 25 per cent. "Each depositor is treated 'share Dr. Gregor McGregor has reopened and share alike,''' stated Moore. dental offices at 516 Leary Bldg., "If a person has a dollar claim when Second & Madison.-Advertisement.

8. April 15, 1919 The Seattle Star Seattle, WA
Article from The Seattle Star, April 15, 1919

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Article Text

and the liquidation of the GermanAmerican Mercantile Bank. that the undersigned will make his report to the above entitled court on the bids so received by him for said assets, and that said report will come on for hearing in Department No. 1 of the Superior Court of the State of Washington, for King County, on May 15, 1919, at the hour of 10 o'clock a. m., at which time and place all persons interested in the assets and affairs of said bank. and any sale of the inforesaid assets. may appear and offer any objections that they may have to the confirmation by the court of the State Bank Examiner's report and recommendation on said proposed sale. LOUIS H. MOORE. 1 State Bank Examiner of the State of Washington. IN THE SUPERIOR COURT OF THE States of Washington, for King County. NO. 121,964. NOTICE OF SALE In the Matter of German-American Mercantile Bank, a Corporation, Insolvent. NOTICE IS HEREBY GIVEN that by virtue of an order made and entered in the Superior Court of the State of Washington for King County, in the matter of the insolvency of the German-American Mercantile Bank, Louis H. Moore, as State Bank Examiner. will receive sealed bids for virtually all of the assets of said GermanAmerican Mercantile Bank remaining in his hands. A copy of the list of said assets which are offered for sale is on file with the Superior. Court of the State of Washington, in the above entitled proceedings, having been filed therein on April 8, 1919. A copy of the list of all of said assets is also on file and may be seen at the office of said State Bank Examiner. 218 White Building. Seattle, Washington. A copy of said list of assets will be sent to any intending purchaser upon request. These assets comprise promissory notes, both secured and unsecured, and all other debts due the bank, real estate, judgments, bonds and warrants and furniture and fixtures. Louis H. Moore, as State Bank Examiner, will receive sealed bids for all of said assets up to 5 o'clock p. m. on May 10. 1919, at the aforesaid office. All bids must be sealed, and there must accompany such bid either a cash payment or a certified check of 10 per cent of the amount of such bid. The Bank Examiner reserves the right to reject any and all bids. Any successful bid. after approval by the State Bank Examiner. will be subject to the further approval of the Superior Court of the State of Washington, for King County. LOUIS H. MOORE, As State Bank Examiner of the State of Washington, liquidating German - American Mercantile Bank. IN THE SUPERIOR COURT OF Washington, for the County of King. NO. 121837. NOTICE OF HEARING OF RECEIVER'S FINAL ACCOUNT Lorenzo Dow Byers, Plaintiff, vs. Washington Lumber Company, a corporation. Defendant. NOTICE IS HEREBY GIVEN under and by virtue of an order of the above entitled court. entered in the above cause on the 11th day of April, 1919, that the report of the undersigned receiver has been filed. in the above cauee and will