German American Bank (Seattle, WA)

Episode Information

Episode UID
4155667691405
Episode Type
Run → Suspension → Closure
Bank Type
state
Bank ID
415566769 hash
Start Date
January 31, 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
12a7ec77fc0085b7

Response Measures

None

Description

Sources show a heavy run and the bank failed to open and suspended; later reports discuss misconduct by its president but no clear receiver assignment in these articles.

Events (3)
1. January 31, 1917 Run
Cause
Local Banks
Cause Details
Run followed failure/closure of the Northern Bank & Trust Co., producing contagion runs on other Seattle banks including German American
Measures
Clearing House Association offered assistance and pooling of funds; outside cash offers from Federal Reserve
Newspaper Excerpt
depositors in great numbers demanded their money at all banks in this city ... the run was most persistent on the savings institution
Source
newspapers
2. January 31, 1917 Suspension
Cause
Local Banks
Cause Details
Heavy withdrawals stemming from runs triggered by other local bank failures (Northern Bank) forced the bank to suspend payment
Newspaper Excerpt
the German American bank had failed to open its doors this morning ... GERMAN AMERICAN BANK HAS CLOSED ITS DOORS FOLLOWING A HEAVY RUN
Source
newspapers
3. March 21, 1917 Other
Newspaper Excerpt
the German-American bank closed its doors, but ... solvent. It is estimated here that the bank will pay out from fifty to seventy per cent of its deposits, which amounted to over one and a half million dollars.
Source
newspapers

Newspaper Articles (11)
1. January 31, 1917 The Daily Alaskan Skagway, AK
Article from The Daily Alaskan, January 31, 1917

Click image to open full size in new tab

Article Text

of Seattle, Jan. 31-As a result the failure of the Northern Bank and Trust Company yesterday, depositors in great numbers demanded their money at all banks in this city with the exception of three of the largest National Banks. The run was most persistent on the savings institution, and when it was learned that the German American bank had failed to open its doors this morning, the excitment around the other banks grew intense. In anticipation of a feeling of unrest which might be made manifest this morning a great many of the banks were prepared with vast

2. January 31, 1917 The Daily Alaskan Skagway, AK
Article from The Daily Alaskan, January 31, 1917

Click image to open full size in new tab

Article Text

DEPOSITORS BECOME PANICKY AND DEMAND MONEY FROM BANKS Run Begins When Institutions Open Three Big Doors For Day's Business German-American Banks Exempt Fails to Open Today After Hard Run of amounts of gold, silver and currency Seattle, Jan. 31-As a result OIL their counters when they opened the failure of the Northern Bank all for the day's business, and and Trust Company yesterday, dedemands were met without any hesipositors in great numbers demanded tation on the part of the paying tell their money at all banks in this ers. city with the exception of three of The Seattle Clearing house gave the largest National Banks. all The run was most persistent on notice that it would assist solvent banks in meeting the dethe savings institution, and when it mands of their depositors, whethwas learned that the German Amer they were members of the assoerican bank had failed to open its doors this morning, the excitment ciatien or not. The advice does not state whetharound the other banks grew iner OT not the German American tense. In anticipation of a feeling of bank will re-open, but owing to the unrest which might be made mani- run which was made on that infest this morning a great many of stitution all day yesterday its doors the banks were prepared with vast were no+ opened this morning.

3. January 31, 1917 The Alaska Daily Empire Juneau, AK
Article from The Alaska Daily Empire, January 31, 1917

Click image to open full size in new tab

Article Text

SEATTLE, Jan. 31.-Two more banks, following the run which was started yesterday when the Northern Bank and Trust Company's institution was forced to close its doors. failed to open their doors this morning. The two banks suspending this morning were the German-American bank, at the corner of Marion street and Second avenue. in the Marion block, and the Fremont State Bank, at Fremont. Charles E. Remsberg and A. E. Dixon, being the bankers. Every bank in Seattle. except the three National banks, were again experiencing runs today. The runs are most persistent on the savings institutions. At noon today the Clearing House Association gave notice that all solvent banks, whether members of the association or not would be assisted. At 1:30 o'clock this afternoon cash assistance was tendered to the Seattle financial institutions by out. side banks in case any was needed. The Clearing House Association officials announced that three million dollars from various sources have been offered for the relief of the local banks if this amount is needed. Late this afternoon. just before the closing hours of the banks it was stated that there is sufficient reserve in the banks to undoubtedly meet all cash withdrawals.

4. January 31, 1917 The Daily Progressive-Miner Ketchikan, AK
Article from The Daily Progressive-Miner, January 31, 1917

Click image to open full size in new tab

Article Text

A Run Is on All Banks In Seattle Two Close Doors German American Bank Fails To Open Its Doors This Morning, Clearing House Gives Notice of Solvency SEATTLE, Jan. 31.-With the exception of three banks, a run by depositors was started yesterday on every bank, principally on the savings institutions. Their halls are full of depositors. who clamor for their savings; although the Clearing House issued a statement that every bank was solvent. This, however, had no moral effect on the stampeders and the run continues. It is thought that some assistance will be given them. The German-American Bank, on which a heavy run was started yesterday, failed to open its doors this morning. The Fremont State Bank, Remsberg & Dixon, owners, closed their doors last evening. It is thought that others will follow.

5. January 31, 1917 Valdez Daily Prospector Valdez, AK
Article from Valdez Daily Prospector, January 31, 1917

Click image to open full size in new tab

Article Text

GERMAN AMERICAN BANK HAS CLOSED ITS DOORS FOLLOWING A HEAVY RUN INSTITUTION IS COMPELLED TO SUSPEND PAYMENT-BIG RUN IN PROGRESS ON THE PEOPLE'S SAVINGS BANK, AND OTHER SMALL SEATTLE FINANCIAL INSTITUTIONS ARE REPORTED TOTTERING - PEOPLE SACRIFICE THOUSANDS OF DOLLARS IN INTEREST BY WITHDRAWING SAVINGS-BANKS POOL $130,000,000 FOR PROTECTION.

6. February 1, 1917 The Wrangell Sentinel Wrangell, AK
Article from The Wrangell Sentinel, February 1, 1917

Click image to open full size in new tab

Article Text

Special Cablegram to The Seated SEATTLE, Jan. 31. - -The German American bank failed to It had a open this morning. run on all yesterday.

7. February 1, 1917 The Daily Nome Industrial Worker Nome, AK
Article from The Daily Nome Industrial Worker, February 1, 1917

Click image to open full size in new tab

Article Text

SEATTLE, Jan. 31. - With hardly any reason whatever for their acbecame tion panic depositors stricker for the safety of their savrushed to withdraw from in and several banks. The closing of the Northern Trust a day or two ago caused intense excitement, notwithstanding the government assurance that assets fully covered the liabilities if time were given to realize upon them. Today following a determined raid to withdraw deposits, the GermanAmerican bank followed suit clos-

8. February 1, 1917 The Daily Nome Industrial Worker Nome, AK
Article from The Daily Nome Industrial Worker, February 1, 1917

Click image to open full size in new tab

Article Text

SEATTLE BANK PANIC AFFECTED SMALL BANKS rumors as to the bank's founded SEATTLE, Jan. 31.-With hardly ing its doors. Many smaller banks any reason whatever for their ac- according to the statement given out stability. The Seattle Clearing House pooled tion depositors became panic tonight were tottering. one hundred and thirty millions to The most spectacular raid of all stricker for the safety of their savprotect its members and all the larin and rushed to withdraw from was made upon the People' Savings ger banks are beyond question safe. several banks. The closing of the bank which paid everyone that This afternoon just before closing Northern Trust a day or two ago asked for it and was not seriously of the banks for the day the Fedcaused intense excitement, notwith- affected. Seattleites sacrificed eral Reserve wired from San Franstanding the government assurance thousands in interest and 'stood in cisco offering Seattle $68,000,000 in that assets fully covered the liabil- the January snow on the streets case of need. It is expected that ities if time were given to realize rows deep for hours making their this will eliminate he panicky feelrush to withdraw deposits. The upon them. Today following a determined raid severe run on the Peoples occasion- ing so much in evidence. to withdraw deposits, the German- ed considerable comment, but it is Now is the time to Subscribe. American bank followed suit clos- stated that it was due wholly to un-

9. February 3, 1917 Iditarod Pioneer Iditarod, AK
Article from Iditarod Pioneer, February 3, 1917

Click image to open full size in new tab

Article Text

NORTHERNERS CONCERNED IN SEATTLE BANK FAILURE SEATTLE, Jan. 31.-The Northern Bank & Trust Company, having $1,500,000 deposits, was closed by the state bank examiner yesterday morning. A run was commenced on the institution after the failure of the Broadway State Bank, with which it was once allied. A large number of Alaskans were caught in the bank failure through their acquaintance with W. L. Collier, its president, in the North. Collier, who was merely a clerk, went to Alaska and upon his return blossomed out into a full-fledged banker. Loans of several hundred thousand dollars are said to have been made to the Issaquah-Superior Coal Mining Company, a wildcat concern promoted by Von Alvansade, whose extensive British coal and lumber holdings were confiscated at the beginning of the war. Assistance Offered Other Banks Up to 1:30 p. m. today offers of cash assistance tendered to Seattle banks by outside institutions in case of need totaled several hundred million dollars. The Fremont State Bank, a Remsberg & Dixon property, closed its doors this morning, and the GermanAmerican Bank, upon which there was a run all day yesterday, failed to ope nthis morning. There were runs on all the rest of the Seattle banks this morning, the most persistent being on the savings institutions. The clearing house has given notice that all solvent banks, whether members or not, will be assisted. Federal Reserve Bank Meets Crisis SAN FRANCISCO. Jan. 31.-Sixty-eight million dollars was offered today by the federal reserve bank to the Seattle banks in case they needed it. No Other Banks in Danger SEATTLE, Feb. 1.--The clearing house guarantee has had the effect of stopping all runs save that on the Scandinavian-American Bank, and withdrawals from that institution are not nearly so great as they were yesterday. The clearing house announced this morning that it will "stand behind every bank open for business in Seattle today." Which means that there will not be another closing, regardless of runs.

10. March 24, 1917 The Nome Daily Nugget Nome, AK
Article from The Nome Daily Nugget, March 24, 1917

Click image to open full size in new tab

Article Text

FORMER NOMEITESEATTLE BANK PRES. GOES PENITENTIARY on some of the Seattle banks. The Special to the Nugget. March SEATTLE, Broadway bank was the first to be 21 - Charged hit; next came the Northern Bank with falsifying the accounts of the and Trust Company and a few days o:hern Bank and Trust Company of which he was preside W. L later the German-American bank cclosed its doors, but s-from advices Collier pleaded guilty and was senreceived here-solvent. tenced to from one to ten years in A later wire received here today is penictnatary The state bank examto the effect that the sentence of the iners found that Collier Wis short in court is to be suspended as Collier his accounts over $30,000. has agreed to dig up the money to Will Collier is well known here cover his speculations. Also owing to where he was in the employ of the the fact that the further affairs of that Miners and Merchants bank for two summers. He has a host of friends institution cannot be straightened out both here and in Seattle all of whom without his adviceand explanation. It is estimated here that the bank will were thunderstruck at the announcement that he had falsified the acpay out from fifty to seventy per counts of the bank. cent of its deposits, which amounted A few weeks ago a run was made to over one and a half million dollars.

11. September 20, 1917 The Seattle Star Seattle, WA
Article from The Seattle Star, September 20, 1917

Click image to open full size in new tab

Article Text

By Echo June Zahl There's one link in the human chain that most folks forget. That is the growing boy. We coddle him when he is a baby-we catch up the link again at manhood and wonder from which side of the house he got his prowess at leadership or lack of it. But the gap in a boy's life-the formative gap when he affects trousers-the most precious rift in a boy's life-the adolescent period, when he is in the making-is usually passed over with a hopeless wonder "whatever is going to become of him." I mingled the other day with a bunch of boys-ranging in age from 12 years to 18-all clad in khaki suits. AND I DIDN'T WONDER WHAT WAS GOING TO BECOME OF THEM. I KNEW! They were assembled in the German American bank building, preparing to strike out for the final lap of their campaign to raise $8,500 for their organization. They're Polite As I stood there gazing at the energy and health of 250 human dynamos, a small, red-headed boy passed in front of me. "Excuse me," he said simply. This from a boy of 12! But politeness is one of the first rules of Scoutdom. There was a commotion at the other end of the room. I looked and saw a pair of legs disappearing thru a small hole that was formerly used as a teller window when the bank was running! They're Democratic A crowd of excited comrades were cheering the disappearing