The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1866-07-29
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birmingham July l3) telegram TO London Times
Just now, nearly midnight, il has been deter
mined that the Birmingham Banking Company
will not open its doors TO morrow. Il had three.
fourths Of al the accounts Of the greatest Of the
trading community OF this district. To say that
to give idea pf the frightfu results which
must ensue from this sxianity.
At this late hour cannot eutsr into details OF
the circumstances which have led to tais disaster
1t has arisen out of the lavish advances made q
few years since TO one individual in particular
and to many engaged in tho iron trade. The sub
Joined letter from the general manager contains
the only particulars Of this fearful disaster which
VIC can give at this moment
To The Stoeihetders Of the Birsis2Aam Bankino
Company,
GEsrLEHEs-By order OF your directors it be-
comes my painful duty to nforn you that. owing
to gross past rnismsnagcment reeeAtfy discovered
they have sustained heavy losses, and large
amount Of capital has been locked NJ in securities
that for time caunot be realized. Under these
circumstances your directors haue been compelled
| to close the bank. While expressing deep sym
patty with creditors, il is not necessary for to
say anything than that their claims are per
fecty safe; bnt to you am authorised to say that
in all probability it viii prove that although the
whole of the reserve fund il lost, portion of the
paid up capital will remAia II the estate is realized
With and economy.
am, gentlemen. your obedient scsvant,
THOMAS r SHAW. Manages.
The amount of the deposits is about fs00, eoe
Probably the total liabilities are over e. 0o0 00e
The plumber of shareholders exceeds &c., Tho
company was established in 1919; it paid up CAPT.
tai at this moment is little short of ESQ 0e0
Contingent Expectations and reserve fund 1t the
last report, in February, f200,ooa They are f2o
shares, paid up, but on the original shares no
more than q IS I'd has been paid up. Tho devil
dend and bonus Of late years has been f2 per
share annually. Less than two yssrs since the
capital Was increased by the issue OF $1,000 new
shares Of 10, paid up At flo per share prcmium
At that time the price Of its shares was II. Within
the last few months gradual decline has taken
place. Yesterday the shares ssddenly ran down
TO 20; to day it begsn to be talked about that all
was over, bat very fev people believed IL The
ehares vcrs sold 1t 10 IN tke course Of the day,
The stoppage Of Atwood : epooner's Bank
was as nothing compared with what this must be.
There has been conferences anone the other
bankers In the town tonight, and they sre well
be in town is something fearful to contemplate.
The following circular has been prepared:
SUSPENSION OF rHE BlRMrxcHAN BAxKINo con.
PAxY
The undermeutionsd banks, DESTROYS Of alleviat-
ing as much possible the effects Of the stoppage
Of the Birmingham Banking Company, are pre-
pared to afford facilities for Supplying the i'm
mediate necessities Of the depositors and custom
ers of tbs bank; Birmingham Town and District
Bank, Birmingham and Midland Bank, Birmips-
ham Joint Stock Bank flimited), Lloyd's Banking
Company tlimited), National Provinciai Bank Of
England.