The Cincinnati daily star. [volume] ([Cincinnati, Ohio]) 1875-1880, 1878-12-19
C. +. ADAE & co.
Suspend with $3.50 ZOO Liabilities.


Another banking firm has suspended,
with liabilities amounting to about $3.50, 900.
the assets not being half that much. 1t IN
c. F. Adae & Co.'s German Savings Institu-
ton, located at the corner of Fifth and
Vine streets.
There was no run ON the bank, but
trouble being anticipated, the firm de-
termined yesterday afternoon to put up
their shutters in the interest of their cred
itors. Their papers had all been met 50
far as the Clearinghouse was concerned,
the amount involved being about So, 900.
Mr.. Adae had long since seen the down.
fall of the private banking business. They
had paid out over $500, 900 in the last year,
and had seen the positive indications of n
run on their "time certificates" So they
had concluded to take time by the foreiock,
and instead of paying out to the last, to
give their deposit ors an equal chance. They
had about two thousand creditors, and they
did not propose to make Hemann failure
of it.
The bank had previously been successful
one, owing to the fact that Mr.. Adae was
German Consul, which gave him the money
of large number of German citizens. The
bank was opened in 1855 with at least $780,
600 on hand, which gradually increased to
about $8O0,0O0
Ten years ago Mr.. c. F. Adae died,
when Carl A. G. Adae. his nephew and the,
present head of the bank, succeeded to its
management.
The firm at present consists of Mrs. C. r.
Adae, the widow of the laie former propri-
etor Mr.. G. A. G.. Adae, the active man
ager, and Adolph Seinecke, who has been
the Go ever since the beginning of the
banking business of Mr.. Adae. This part
nership was formed about month before
the death of Mr.. Adae, in 1867, when he
gave his share in the banking business 10
his wife, his son Charles, who died a year
ago in Paris, and his nephew, G. A. G.
Adae, aforesaid.
Mrs. Adae resides at Mount Airy. where
she has beautiful country seat valued as
$4,000. Mr.. Seinecke on Walnut Hills.
where he has handsome residence, and
Mr.. Adae on Mt. Auburn.
The following is card published Dy tho
firm:
I'm consequence of the excitement which
has been prevalent in business circles for
some time, we find it necessary to suspend
business for the present at least. During
the last twelve tbs we have met de-
lnands upon us to the amount of 500, ,OO0
and we do not feel that, in justice to our
serves and our business friends, we have the
right to persist in attempting further to
withstand the pressure which is threaten
ing to become more irresistible from day tn
day. We have made an assignment for the
beneht OF our creditors of all our assets to
Augustus A. Bennett and Philip Henry
hartmann, gentlemen whO as we believe
command and deserve the entire confidencc
OF the community. They will at once take
charge OF our affairs, and in very short
time, be able to give detailed and trust
worthy Information upon all subjects in
which the public in general, and our cred
ltors IN particular, are interested.
&c. F. ADAE & Co"
The liabilities as stated above are about
$3.50, 900. The assets are mostly in com
mercial paper. 1t is thought that the firm
Will pay 50 cents on the dollar, or PERHAPS
more.
Mr.. Adae says that it was impossible for
MS hrm to stem the tide of disaster any
longer, and that his fate would be the fats
OF all private banks, as no money could be
made by them. The incorporated banks
were the only ones making money. The
Savings Institutions have been failing ali
around.
In August Of last year occurred the crash
of the Savings Bank in St. Louis; the next
month witnessed the Chicago failure, and
IN October began the run on the banks
here, resulting in the downfall of the Gin
clnnati Savings Society, the Miami Valley
Savings Society, and Hemann's Bank.
After the crash of the last named institu-
tlon the depositors in the Adaes Bank be-
gan to get uneasy and quietly Withdrew
their support. He says the firm was moi
compelled to close yesterday but that the,
thought it best for their creditors to do so.
Therefore they made an assignment t.
Mr.. Z. II. Hartman, of Hartman, Leist &
Co., and to A. A. Bennett of Kit,redge g. Co
Ihls morning the proprietors entered the
building and went to work quietly while
two policemen guarded the entrances. The
deposltors who crowded the place last
night began to assemble again around the
building about half-past 8 o'clock this
morning.
There were poor, old, unfortunate women
there, wailing and weeping because they
had deposited their earnings with Adse.
and stalwart men stood around in crowds
cursing their fate tor putting their all in
the institution. 1t took several policemen
to keep the streets clear, but a passage Oh
the sidewalk was impossible.
There were some exciting scenes around
the building this morning, and the police
are hardly able to keep the crowd back from
storming the place.
One man. almost frantic, made rush for
the door and tried to get in.
The officer had hard struggle with him
and in the melee the man had his HAND
cut. Another one had to be taken away
as it was feared from his threats to brenI
the windows in the building that he might
induce other creditors to mob the place
The excitement outside is intense.
At 9:15 o'clock this morning the assign,
ment of Adolph Seinecke, Carl A. G. Adse
and Ellen Adae, to Augustus A. Bennett
and Philip Henry Hartman, was filed hv
their attorneys, Stailn & Kittredge. Tho
amount of the bond is not mentioned.
Pocketbooks in great variety, the largest
and finest line eve" shown in this city. NJ
Beeler & Cnrry's