Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1898-10-19
RANK TAItunr.
0erman National HANK at r,ttsburr oioss.
fts Door To-day.

Pliiuburg. oct. .-Notwithstandlng
the rumOff ti have been ahuAt Tor
sumo time tuccruihg the financial
straits OF the uermau National bank Of
ibis city. the announcement this morn
Ing that the bank has gone into yolun-
tary liquidation caused great surprltt
and many dcpontora hurried 10 the
bank 90 md the doors CLOSED. a small
crowd assembled, but there was no cN-
element.
The nuspcnslon o. the bank can b.
traced directly TO two causes, the car
ryinE Of too many securities OF IN
National Coal and Coke Co. aud large
The difficulty was nearly a year ago.
whom the National company paper hc-
came the object % much Intricate llt-
CATION, IN which the German National
bank figured. This was followed a fcw
weeks aEn By the sudden Retirement Of
Charles Burgdon a. cashier Tho nnN
stroke was the confession OF heavy
%, "a, Gructslngcr ana \. GroctainFrr a
Sons to Edward Grlctulngur and the
Issuance OF executions,
a. GrnctsinEer was president Of thr
bank and his financial troubles, q o.
said were caused principally by The fall
ure o. thc Munson Betting company To-
Chicago laat week. Othef heavy losses
was supposed the large personal wealth
u the family would enable the arm 60
tide over the difficulty,
10 II said that some time ago the
| lroetnngers were awarded a contract
| Tor many thousand shoe aoles by an
| Eastern arm. but through mlsundcr-
| standing OF orders singles Instead OF
pairs were made and on this tranric-
Ion alone tg0,000 was lost. The German
National bank was organized In 1864
and reorganlzed IN issi
| At the beginning Of the present year
| lta capital stock was i2aQulli surplus
iJ0O,0 900 and undivided profits n.2oA
Last year Il was paying dividends AZ
the rate OF ~ per cent PET annum ana
since IL organization has PAID nearly a
million dollars In dividends
About the middle OF September there
were rumors ~ the banks weakness,
cnuaed BY the resignation OF otto Berg
dorf, for long time cashier OF me M
stituiion. ON September 81, when N.
last statement ~ the bank was pun
llthed these rumora were revived a. j,
was seen that the banks surplus ha,l
been reduced from 100000 TO 1850 uNl
THIS reduction was explained by frcW
dent Groetsinger NJ the time az heina
caused BY the luttTrAt carried by m,
bank In the Natalie Coal Co, The banl
examiner had ordered the paper OF thi
coal company deducted from me sur
plus, and u had 10 be- done.
Since Mr. Berg10rf'H resignation, N
former assistant cashier. J. T., WEBSTER
has acted as cashier, The gossip abou
ne banks affairs never subsidized ana
was claimed today that many Of m
most wary deposltors have been with
drawing their money
others have been corteut 20 AVA
the next report to see II the surplu
would be sun further reduced, II INA
/ We're legal
! The last statement showed indlwiun
I deposits OF N,G50.0oo; loans and DIS
/ counts u,i6S.O0O, capital stock PAID !
i $4,000; surplus fund se50,0o0.
i u was rumnred that the state treas
, urer had $4,000 on deposit In the ban
nut this was denied by the dlrector
they stated that the deposit had pee
reduced, II not entirely eliminated sine
James $. Beacon became state treas
uror.
hank Examiner Young Is now
charge.
lie says the securities held by IN
eauk are ample to pay an deposlloI
| dollar for dOllar