German American Savings Bank (Chicago, IL)

Episode Information

Episode UID
5052637090936
Episode Type
Suspension → Closure
Bank Type
savings
Bank ID
505263709 hash
Start Date
December 11, 1877
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
1b926931830704f4

Response Measures

None

Description

Receiver appointed and liquidation reported; no article describes a depositor run.

Events (4)
1. December 11, 1877 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank suspended and liabilities listed ($175,000); closure appears due to insolvency/need for liquidation.
Newspaper Excerpt
THE German-American Savings Bank, of Chicago, suspended, on the 11th. Liabilities,$175,000.
Source
newspapers
2. December 15, 1877 Other
Newspaper Excerpt
The motion for Receiver in the case of ... The German-American Savings Bank, came up before Judge Moore again yesterday... Mr. Justus Killan was therefore appointed Receiver, his bond being fixed at $50,000, which was filed.
Source
newspapers
3. December 16, 1877 Other
Newspaper Excerpt
Mr. Kilian, Receiver of the German-American Savings Bank, filed his bond yesterday, which was approved. He will take possession Monday, and apply himself with all diligence to the work of closing up the concern.
Source
newspapers
4. March 4, 1879 Other
Newspaper Excerpt
Justus Killan, Receiver of the German-American Savings Bank, filed a report yesterday showing his cash on hand at the date of that report was $1,203.
Source
newspapers

Newspaper Articles (5)
1. December 15, 1877 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, December 15, 1877

Click image to open full size in new tab

Article Text

BROKEN BANKS. Yesterday's Developments. Yesterday was only another In the list of dall days among the banks. Receiver Jackson. of the Third National, was in the midst of his correspondence with country banks, and buay with the proofs of 'claims which are being filed. These amount to about $170.000 up to date. and the rest are coming In with beautiful regularity. Mr. Jackson could say nothing an to dividends, except that It was the Comptrolier's desire to declare one as soon as things were in shape to do 20. Receiver (llover, of the Central National, will complete his Inventory in a few days. and send It to the Comptroller, with the recommendation that A 25 per cent dividend be declared. It " possible that each a construction may be placed on the ninety-day notice rule as will insure the depositors a dividend before that time shall have clapsed. Mr. Glover has heard nothing from Mr. Endicott. The latter's brother stated Thursday that the ex-President of the bank had gone East to real. According to Mr. (lover, the brother doesn't know nie address. The Receiver wants information in regard to certain details, but can neither see the m3b who can give them not learn where a letter will reach him. The motion for Receiver in the case of Beris YR. The German-American Savings Bank, came up before Judge Moore again yesterday. The bill was filed Tuesday, and an application for Receiver made. but postponed two days to enable the parties interested to agree on some person. They did so, and vesterday Col. Inessen and Mr. Blanke, the attorneys for the bank and the complainant, respectively. appeared in court. The latter remarked that the stockholders and depositors had agreed that Mr. Justus Killan, the President of the bank, should be appointed Receiver. Stockholders to the amount of $104. 100, and depositors representing $30,630, had signed a paper to that effect. Judge Moore sold It was not the policy of the courte to allow Interested partice to act as ReceivCTP, though It was sometimes done. in which case toey generally acted without compensation. In the present Instance, however, as all consented to it, he did not fee) like refusing. Mr. Justus Killan was therefore appointed Receiver, his bond being fixed at $50,000, which was filed. Receiver Hurton, of the German Savings, 10 pre. paring bis first report, which will be submitted during the coming week. The liquidation of the German National is progressing by slow and cary stages, but the routine work in connection with its closing up shuts out any possibility of news. The private firm of Henry Greenebaum is doing very little business. A few drafts come in and are promptly met, but no European drafts are 19. sued. As Mr. Greenebaum himself expressed It yestorday. be has not recovered from the stunning effect of the failure of his other two institutions. He has as vet made little or no endeavor to get outside aid, because be hopes to pull through with. out It. In this laudable endeavor be will no doubt have the sympathy of a large mass of citizens who look upon him as the victim of misfortune and the vindictiveness of his enemies, and who admire the pluck under itall. and hope he will succeed. There was nothing but the usual routine business at the other banks. Receiver Ward, In a burst of triumph. produceds draft for $549.20. which he had just received froms country debtor, and expressed n wish that others would follow the said debtor's praiseworthy example. The balance of that Fidelity dividend, about $15,000, is being slowly worn down. Dr. Turpin thinks It will all be paid out but about 000, which will be formed into a first dividend fund, and kept for those who do not care to draw Just at present.

2. December 16, 1877 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, December 16, 1877

Click image to open full size in new tab

Article Text

P. S.; George 11. Lanin, Treasurer, Secretary; E. R. Catiin. R. A. C. A. C. Lamb, M. Third V. S. W. McArthur, M. Second V.; W. E. Poulson, M. First V. ; James McNair, Sentinel. The officers-elect of Gen. George A. Custer Post, No. 40. G. A. R., are ns follows: F. C. Vierling. Commander; John Goggin, S. ViceCommander; Philip Punch. J. Vice-Commander; Richard T. Higgins, Quartermaster; Richard D. Foss. Chaplain: L. S. Hudson, O. D.; John Moran, Adjutant: Charles Schroeder, O. G.: R. C. Gibson. Surgeon. F. C. Vierling. Frank Kennedy, and B.S. Wakeman are delegates to the State Encampment. At the regular annual convocation of Ellwood M. Jarret Chapter. No. 176, R. A. M., at Englewood, Thursday evening, the following officers were elected and appointed for the ensuing Masonic year: R. J. Colburn. M. E. II. Priest; J. G. Woods. E. King: Frank Sheffield, Scribe: A. Charles Potter, Captain of Host: E. N. Tillottson, P. Sojourner: James A. Blaine, R. A. Captain; William Puliman. Grand Master Third Veil; C. H. Vehmeyer, Grand Master Second Veil; W. S. Hancock, Grand Master First Veil; J. G. Griffiths, Sentinel. SUICIDE. Emily, aged 16, the daughter of Theodore Spangler, of No. 216 Chestnut street, committed suicide yesterday morning. She was a woman at 14, and premature development, in the opinion of the family physician, had affected her mind. At times she was apparently happy: at others melancholy. For several years she had not played with the other children. and, occasionally, would refuse to see any one at all, though usually she seemed delighted at meeting people. Within the last six months she had frequently expressed a wish that she were dead. saying she was tired of life, and asking whether strychnine or arsenic WILL the best poison. When her father left home at half-past 7 o'clock yesterday morning. she bid him good-by lovingly, and subsequently went into a neighbor's house, being apparently very cheerful. Along towards 9 o'clock. after her return, she came from the kitchen to the back parlor, where her mother was sitting, and said to her: "I have taken poison." Why did you do so?" asked her mother. **Save me! save me!" was the only reply. Dr. Strausser was sent for, but the youdg lady was in convulsions when he arrived, and. though he used the stomachpump. his efforts to save her were unavailing. She died in less than half an hour. The symptoms were those peculiar to strychnine. Where she procured the drug is unknown, as there was none in the house. The Coroner will nold an inquest today. THE BANKS. Intense quiet prevailed among the banks yesterday, nothing occurring out of the dull routine connected with the settling-up process. Receiver Jackson, of the Third National, reports that 117 claims have been proved up, representing in amount $300,000. Holders of drafts drawn upon foreign correspondents of this bank are informed that they stand in the same position as the depositors, -i.e., they are required to prove up their drafts according to the manner prescribed. Mr. Kilian, Receiver of the German-American Savings Bank, filed his bond yesterday. which was approved. He will take possession Monday, and apply himself with all diligence to the work of closing up the concern. Receiver Horton, of the German Savings, is still at work on his first report, which he hopes to file during the week. Receiver Glover, of the Central National, was not around yesterday, his attack of fever and ague keeping him at home. The clerks said there was no news. Utter. unrelieved dullness expresses the condition of things at the other institutions. HOTEL ARRIVALS. Sherman House-e. M. Brazee, Rockford; J. S. Jenkins, Clinton. la.: the lion. C. A. Hamilton, Connecticut: J. H. Dewey. Brooklyn; C. W. Goodrich, Salem, Ore: Prof. F.. 0. sewell, New York: A. J. Rock. New York: T. Maguire, San Franelseo: J. W. Sunders. Behaire, 0. Tremont House-J. J. Dan. Oshkosh: G. M. and C. B. Henderson. Portland: W. B. Williamson. New Orleans: Dr. J.J. Marston, Offawa: R. J. Bard. Deadwood; J. S. Cole, Wheeling. W. Va.: L. E. Thompson and A. M. Bennett, Detroit: W. J. Schatiner. St. Louis: G. c.

3. December 20, 1877 The Toledo Chronicle Toledo, IA
Article from The Toledo Chronicle, December 20, 1877

Click image to open full size in new tab

Article Text

DOMESTIC. A LARGE number of saloon-keepers have been recently arrested in New York City for violating the local License laws, and hundreds of the saloons have been closed. THERE were received in Chicago, on the 11th, over 55,000 live hogs-the largest day's receipts since Chicago became a livestock market. THE Newark (N.J.) Savings Institution, the largest in the State, was taken in charge by the Chancellor, on the 12th. The assets are nominally $12,000,000 and the deposits $11,000,000. THE Taunton (Mass.) Savings Bank failed, on the 11th. It was believed that depositors would be paid in full. THE National Council of the Union League of America met at Philadelphia, on the 12th, and re-elected all its old officers. AT the meeting of the Base-Ball League, composed of the professional baseball players of the country, recently held at Cleveland, it was voted that all League Clubs be prohibited from playing on the Sabbath under penalty of expulsion. THE German-American Savings Bank, of Chicago, suspended, on the 11th. Liabilities,$175,000. It was believed that depositors would be paid in full. THE Chinese question was the leading subject of attention at the Cabinet meeting, in Washington, on the 14th, and the views of some of the members seemed to be that some modification of the treaty relations between China and the United States might be made in order to limit the importation of Chinese. It was thought not unlikely that the President would, at some future time, make this question the subject of a special message to one or both houses of Congress. IT was reported from Galveston, Tex., on the 15th, that a force of Mexican marauders had crossed the Rio Grande into El Paso County, and fighting was reported to be in progress between Texas State troops and the marauders. The latter outnumbered the former, and the Governor of Texas had telegraphed President Hayes for Government troops. A Washington telegram of the 15th says Government advices from the seat of the disturbance did not warrant the impression that other than local troubles had presented themselves. Directions had been given for the mustering of the forces in Texas in such positions as to give nesessary aid to prevent assaults upon American citizens or their property. FEW days since, an armed and masked mob took possession of the Town of Osceola, Mo., went to the Court-House and seized and carried away all documents relating to tax matters. The trouble arose from the levy of a special tax to pay judgments for pastdue interest on railroad bonds. PERSONAL AND POLITICAL. AT the recent election in Boston, Pierce (Rep.) was elected Mayor by 2,151 majority. Themunicipal election in Charleston, S. C., on the 11th, resulted in the success of the Democratic ticket by e heavy majority. W. W. Sole was the Democratic candidate for Mayor, and D.F. Fleming the Independent candidate. THE President, on the 12th, nominated J. C. Bancroft Davis, of New York, to be Judge of the United States Court of Claims, vice G.1 Loring, resigned, the change to take place Jan. 1. IN Executive session, on the 12th, the United States Senate rejected two of the President's nominations for the New York

4. December 20, 1877 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, December 20, 1877

Click image to open full size in new tab

Article Text

THE BANKS. DULLNESS REIGNED supreme at the broken banks yesterday. As re. gard the Central National, #Ome important informalion was furnished by a gentleman who made a personal inspection of the bank in August last. At that time the actual cash on hand WAR $163,000, and the cash means, Including balances with agents. etc., was 70 per cent of the deposits. The bills recelvable were $314.00) of good average paper. and there were only $12,000 of past-due paper in the possession of the bank. The deposits were then $155,000. This was the bank's condition about the end of August. These facts. which are stated on Indisputable authority. show that three months before It. (ailure the bank WAS one of the strongest in the city, and give certainty to the suspicions that it Was broken down by tout play. Bank-Examiner Watson was at the Institution and diled the place of Receiver (llover, who was reported to be on the sick-liet. Mr. Watson had very little toway regarding his connection with the Allen-Brown Insneuvres in Cook County National stock, not forth In a dispatch in yesterday's paper from Des Moines, except last be was not the only broker who negotisted stock at the time. and that he attested the signature of Brown by Allen on the latter's representation that he had power of at: torney from Brown. Mr. Watson further stated that an affidavit of his. sworn to about two years ago, and probably published about that time. contained & full statement of life connection with the matter-so full, in fact, that be had nothing to add to it. Henry Greenebaum was not stound yesterday. and the reporter was Informed that he was still at his home. getting rested and endesvoring to recover from the physical and mental strulu to which be has of late been subjected. As will be seen in another place, David S, Greenebium formally expressed bis desire to como in under the bankruptcy proceedings. Mr. Kilian, onee President. and now Receiver. of the German American Savings Bank. has been engaged for the past two days in the capacity of defendant in & whisky suit in the United States Court, and has accordingly been unable to look after the interests of his depositors. Some of the latter may wish they had thought twice before recommending bim for the Receivership, provided be does not come off with a clean bill. IN COURT. In the German Savings Bank case, the Receiver alea & report assing If Le should pay Woodbridge, Blanks & Woodbridge $308 for their services in putting the bank into the bands of a Receiver and in getting on injunction against George Denetling. No one appeared to contest, and, as Mr. llorton thought the claim a reasonable one, it was al. lowed by Judge Moure. In the bankruptcy case of lienry Greenebaum & Co., a petition was filed yesterday by Heary Grocnebaum setting out the fillug of his petition $ for days for the aujudication of the firms

5. March 4, 1879 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, March 4, 1879

Click image to open full size in new tab

Article Text

Balance on hand $55,431 THE GERMAN-AMERICAN SAVINGS BANK. Justus Killan, Receiver of the German-Amertean Savings Bank, filed n report yesterday showing his cash on hand at the date of that report was 81,203. The expenses had been $47, leaving a balance of $1,216 on hand. A HEAVY CONFESSION. A judgment for the large sum of $77,373.25 was entered up-by confession yesterday in the Superior Court in favor of Georgo W. Fuller against Albert Crosby, of the Crosby Oper aHouse fame. The notes are dated July 26, 1800, for $25,000 each. and due four years after date, with interest nt 10 per cent. They were given in part payment of $160,000 worth of stock sold by Henry Fuller at that time to Crosby. The greator part of the indebtedness has been paid. Crosby, It is said, still owns the stock, but not In his own name. DIVORCES. John F. Minkler filed a bill vesterday asking for n divorce from his wife, Lizzie, on account of her desertion. Rhoda L. Kramer was married to Theodore L. Kramer Feb. 9, 1570, but he deserted her the same day, and, after waiting for blin nine years, she usks for n divorce. Lastly, Elizabeth West, who has had eighteen years' experience of married life, recorded it as her conviction that. unless she can get a better man than John C. West for a husband, she would prefer to live a single woman. His crowning net was to leave her about three years and 11 half ago and take up with another woman, with whom he is now living in a state of open adultery. He is a patent-medicine man, and she claims his profits are large enough to warrant her in asking for allmony as well as for a divorce. Judge Farwell yesterday granted divorces to Kato Miller from Michael M. Miller on the ground of cruelty; to Mary Shippy from Richand Shippy for cruelty; and to Esther McCoy from Cornellus McCoy also on the ground of cruelty. Judge Williams granted a divorce to Mary A. Houghton from John Loster Houghton on the ground of his cruelty. ITEMS. Judge Blodgett will hear submitted cases daily. Judge Drummond left for Springfield yesterday morning to be gone a week or ten days. Friday will be the last day of service to the March term of the Credit Court. Discharges were Issued to Alexander K. Shaw, David E. McLean, Thomas F. Nulson. R. E. Jenkins was appointed Assignee of George P. Van Everen. UNITED STATES COURTS. E. S. Jaffrav & Co. began a suit vesterday for $2,000 against William Luwrence, Lyman Baldwiu, and Mason A. Higuins, and another for 81,000 against the same parties. Mary 11. McKnight brought suit for $2,000 against Mrs. Henry Horner, Soloman Levy, and Joseph Horner. The Corn Exchange National Bank began a suit against the County of Cook for $0,000, another against the South Park Commissionors for $1,500, and a third for $18,000 against the City of Chicago. The Mussachusetts Home Missionary Society commenced a suit against William J. Davis to recover $50,000. The plaintif says Davis has been its agent here since 1874, and has received divers sums of money amounting to $50,000 to Invest on good real-estate security, collect Interest, and pay taxes. It is charged that he has falled to take good security, that he has necepted notes from parties who did not make the loans, and has 80 mismanaged the uffairs of the plaintiff that It has lost the sums loaned by him. SUPERIOR COURT IN BRIEF. Edward Clark flied a bill yesterday against Lauru Secley, Seymour A. Scoley, Ezra W. Seeley, James Langley, Laura Sceley, executrix of the last will of A. 8. Scoley; R. C. Wright, trustee; J. A. Tyrrell, successor III trust: Newfon Burke, guardian, and the unknown heirs of Amos J. Secley, to foreclose a trust deed for 816,500 on a lot twenty-four feet wide off the south end of the N. ½ of Lot 4, Block 118, In School Section Addition to Chicago; also Lot 3 in John C. Rue's Sudivision of the E of Lot 3, Block 118, in School Bectlon Addition. Herbert C. Ayer and Henry 1. Higuins, Judgment creditors to the amount 01 $3,612.85 of the Chicago P.ow Manufacturing Company, filed a bill against the Company to have a Receiver appointed. They say it has a large amount of debts due It which should be collected; also about $40,000 worth of machinery mortgaged to R. 11. Bacon for $12,000. They are atraid the property will be sold out under the mortgage, thus cutting off their chances of realizing the amount of their judgment, and they ask for the usual discovery of assets and account. CIRCUIT COURT. Henry S. Wheeter commenced a sult for $5,000 damages against J. R. Haggard. The Connectfent Mutual Life-Insurance Company filed a bill against Henry and Sarah B. Waller, Charles Potter, W. M. Balley, A. M. Eaton, George B. Ruggles, O. S. Stevens, C. E. Gill, and E. F. Throop to foreclose a mortgage for $10,000, on Lots 7 and 8, Block 10, of the Resubdivision by J. Alden Ellis and Matthew Luflin of Lots 17 to 87, loclusive, Blocks 19 and 20; Lots 17 to 85, inclusive, Block 31, In Lattin & Loomis' Subdivision of Blocks 6, 9, 19, and 20, and their Resubdivision of Blocks 5, 18, 21, 80, 81, 83, 33, and 41 in Canal Trustees' Subdivision of the W. y and the W ½ of the N. E. X of Sec. 17. 89, 14. Emil Dieckerbolf et al. sued Marston, Sawyer & Co. for $1,000.Willeston, Knight & Co. brought ault for $3,000 against the same parties.