The Cincinnati daily star. [volume] ([Cincinnati, Ohio]) 1875-1880, 1878-11-01
TENANTS HOIST,
Suspension of a German Bank.
Liabilities Estimated at $125, 600;
Assets Unknown.

Intense excitement was created in the
city late yesterday afternoon by the an
nouncement, which spread like wild fire,
that the German bank of Joseph A. He
mann & Co., in operation here for the laxt
decade, had suspended payment.
In May last the house at southwest corner
of Third and Walnut streets had deposits
to the amount of $3.50, 900, on which an in
terest of six per cent. was being paid.
The bank for some time had been largely
patronized with the money and influences
of Rev. Edward Purcell.
Lately there was quiet but steady run
on the bank, owing to the fact that Fathar
Purcell had withdrawn his patronage.
Up to the closing hours of the bank all
checks were met, but there was matter OF
S., 900 worth of paper in the Clearing -houss
that brought the bank to suspension.
At $50 p. m. Deputy Sheriff Brown man
aged to get into the bank to serve an attack
ment gotten out by John Berger who has
a claim for 81, ,140. Mr.. Hemann's house
hold furniture was also attached on the
same claim.
1t isunderstood that the liabilities of ME
Heniann are about $25O,O0O, while his as
sells are about $780, 900.
Some years ago Mr.. Hemann was a MEM
ber of the Volksfreund Publishing Compa-
ny. In later years the two firms had 10
connection other than as bankers and de-
| positors, and at the time of the failure tho
| Volksfreund Company had no funds on de-
post. Mr.. Hemann and his family were
stockholders to the extent of $14, 900 in the
Catholic Institute, which failed last
spring but the stock, previous to the fail
ule of the institute, had been disposed OF
to other parties. Reports as to the firms
losses obtained, and large depositors at once
began to withdraw their deposits. From
I deposits amounting to over $500, 600, depos-
itors withdrew to the amount of nearly
100000 SO that during the summer there
was a general run upon the bank, while the
bank was unable to call in its loans to cor
respond with the demands.
In the last few days small checks wero
not honored but few heavy ones were
still paid yesterday afternoon.
1t is understood that Mr.. Alexander
Long is to be made the assignee of Mr..
Hemann, but up to this time the ia.ter's
attorneys, Long, Kramer & Kramer, have
not filed papers to that effect in the Pro-
bate Court.
The Catholic congregations who were the
principal depostors in the Bank, have
mostly all secured their money i'll time
The Directors of St. Georges Church up
to recent date had considerable money
with Hemann, but they must have 'smelt
a mice" for they withdrew it and depos-
tied it in another bank. St. AIMS and ST
Paul's Churches have some money on de-
post, but what the amount is can not he
ascertained just now.
There is also rumor that Bishop Tocbbe,
of Coyington, is heavy deposition in The
bank.
Mr.. ]. Fl. Hartke Secretary of the s..
Aloysius Orphan Society, states ii there is
any money in the bank belonging to the
Society it is but a small amount lie
| thinks, however that the money is depos-
tied with the German American Bank
Mr.. George Till, the Vine-street halter,
and Treasurer of the st. AloysiuS Orphan
Sncety, stated to the reporter that the So
! ciey had not cent on deposit with He
mann's Bank.
| 1t is also allowed that no money belong
ing to the Catholic Institute is with Mr..
| Hemann.
| The Cedar Grove Building Association
No. l has about $1,000 on deposit at this
| bank. The Associa ion claims that TIE
| Treasurer is responsible for the sum.
Shortly before noon to-day Mr. Hemann,
through his attorney, filed an assignment
in The Probate Court The assignOr, Joseph
A. Hemann, rs the firm of J. A. Ilemann &c
Co., transfers to +. p. Broadstreet, the a.
torney, corner of Fourth and Main streets.
as assignee, all his personal properly con-
sisling of mortgages, bonds, stocks, bills re-
ceivable, book accounts, cash OH hand, cash
balances, books, fixtures and all other per-
sonal property belonging 10 him.
Also all of his real estate, consisting OF
houses and lois in this city, lot in Glen
dale the Bailey House in Xenia, Ohio, and
houses and lots in Batesville, Ind, includ-
ing twenty-five lots in the la ter iowa.
The property and personally the assignnr
deeds for the equal benefit OF each and all
of his credit ors.
The value OF the above is not stated, nor
is the bond of the assignee.
MIR. August Won Martels, well-known
young attorney of this city, was one of he
lucky ones who drew their money previous
to the big crash. He had u 900 OF his and
his clients money in the bank. His father,
however was not so fortunate, and is now
mourning the loss of quite handsome
| little fortune.