Der Deutsche correspondent. [volume] (Baltimore, Md.) 1841-1918, 1916-05-14


transacted a general commercial and
savings business, receiving deposits,
granting discounts on certain days,
loaning funds, etc
In 1854 we find that one savings
bank has disappeared from the above
list, two savings banks have been
added and that six private banking
houses have been established. The
combined capital of the commercial
banks was then $7,587,765. The
country had just passed through a
disastrous financial panic, which,
while it caused some losses found
the banks well able to Withstand the
storm.
In 1856 there was established by
the banks the Baltimore Clearing
House to facilitate the movement Of
business and exchange, an institu-
tion which has abundantly proven
its usefulness since that time and
which has been of incalculable value
to the banks and the community in
times of financial storm.
In 1863 there was passed by the
National Congress a bill of the
greatest Importance to the banks:
the National Bank Act. whereby
banks were permitted to incorporate
as National" banks, coming under
the control of the United States
Treasury Department. Among other
privileges and restraints the banks
were allowed to issue bank notes in
their own names against bonds of
the National Government deposited
with the United States Treasurer in
Washington.
A number Of the banks availed
themselves of this act and we find
in 1854 that there we're thirteen
national banks, six state banks, four
savings banks and seventeen private
banking houses in Baltimore. The
national and state banks had com
bined capital of $10,072,98S, show
ing, Notwithstanding the Civil War
substantial growth In resources.
In 1864 the Safe Deposit Company
of Baltimore was incorporated. This
institution began business in 1867
and was for the purpose of provid-
ing for the safe keeping of bonds and
other securities or valuables. 1t was
later granted powers to act as trus.
tee, and while the first trust company
in the city, it has never done bank
| ing business.
On May 1st, 1867, there was es-
tablished In Baltimore the first Ger
man banking house, the firm OF
Hummer & Becker, Mr. Arnold Kun
mer and Mr.. Henry Becker being the
co-partners. This firm was formed
for the purpose Of engaging in a
private banking, exchange and for
eign exchange business, issuing let.
ters of credit drafts etc. on all for.
eign countries; on June /, 1877, Mr.
Hummer was admitted to member.
ship In the Baltimore Stock Ex-
change and dealing in stocks, bonds
and other securities was added tc
the business. The firm has always
enjoyed the confidence of the com
munity, particularly finding friends
among the Germans, and, although
the original members Of the firm
have passed away, it is still an active
and grateful recipient of the favors
of its customers, both old and new.
on July i, 1868, there was incor.
porated the German Savings Bank oil
! Baltimore City, with capital oil
| $520,000, its president being Mr.
| Charles Weber and the cashier Mr.
Henry Wees. On July ], 1875, the
capital was increased to $600,00
and the name Of the institution
changed to The German Bank Of Bal
timore, being the first German com
mercial bank in the city. In March
1881 the capital was reduced to Its
present amount, 100000 and the
name changed to The German Bank
of Baltimore City This institution
has always occupied place of its
own in the financial community, has
always had the confidence Of the
public (by no means confined to the
German element) and has served its
clients with banking facilities second
to none. 1t now has, in addition to
its capital a surplus and undivided
profits account Of $265,000
In 1874, Notwithstanding the fact
that the country had just passed
through financial upheaval, we find
that the resources of the banks had
increased to- s14,197078, that there
had been added six new banks and