Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1883-09-13

SUSPENDED!

SUSPENDED!
Schultz, Hill q Nall. Private Bank
ers. Of Treder1CktoWn, Make an
Assignment for the Benefit
Of Their Creditors.
Liabilities, About $50, 10000
Assets, About 500, 900.
[Fredericktown Plaindealer, Sept. 81
The we'll known banking firm of
Schultz. Hill & Nall, whose standing
as firm of individuals has heretofore
been counted the best in financial
way in this county and vicinity, were
compelled on Tuesday to close their
doors. To say that their suspension
excited the surprise Of the public, is
putting it very mildly; it created such
state OF CONSERVATION that nothing
else was thought of and little else was
talked about. Various were the ru-
mors of the causes that LED to the clos
ing of the doors that had heretofore
been open all the days Of the year for
years, except Sundays and holidays.
Each rumor grew larger in figures by
repitition. Speculation in this, that
and the other thing by one of the firm
was said by some to be at the bottom
of it all; but the public, while ready to
listen to all the rumors, were inclined
to believe none until something more
and to certain extent authoritative
could be learned.
Early Tuesday morning the firm de-
cided that to continue business would
be to do SO to the prejudice Of the cred
itors of the bank, and an assignment of
the resources of the institution was de-
termined on, and it was made at once,
Joseph Schultz being selected as as
signee. Jas. w. Hill and r. II. Nall
supplemented this by an assignment of
their individual real estate in this coun-
ty; the latter even surrendering, for the
benefit of his firms creditors, his beau
tiful homestead situated in this city,
which was his, exempt by law from
any anh all debts. Judge Schultz also
assigned his real estate.
| The Pl0inde0Ier reporter, wishing to
/
Is exact, sought out one of the firm and
asked a statement of the condition of
the bank and the causes which led it to
suspension. He was told that the liza
bilities of the bank to it's individual de-
positors was in the neighborhood of
$50, 10000 or $50, 100000. That to pay
this sum, the assignee would have the
loans made by the bank on personal
and real security, of which not more
than $4,000. O.OO-outside of the loan to
Hill, Nall & Co., of st. Louis, of about
$50, ,OOO-could be called bad or doubtful
paper, and real estate, which together
ought to realize 500, 10000.
| The rumors of the banks embarrass-
ed condition had been hinted at for
about ten days, and during that time
reached aud fears excited had very
Quietly withdrawn their surplus de-
posits, and when the doors were not
opened on Tuesday morning, these few
congratulated themselves "that they
were not the other men," The cause
of it all is said to be the amount $780,
OOO.OO) loaned to Hill, Nall & Co., of st.
Louis, and the rumors brought here of
that firm being involved. The rumIor
that the senior member of Hill, Nall &
Co. had speculated and lost heavily in
margins In lard, wheat and other pro-
ducts, is bitterly denied by that gentle
man, and until something better than
mere rumor of this fact is given to the
public, his statement, we believe, will
be credited.
that Hill, Nall & Co. if permitted to 90
Oh and manage it's affairs, has stock and
business enough to come out without
the loss of dollar to the creditors. But
whatever may be the embarrassment of
the st. Louis firm, it may be stated that
the belief is expressed by the firm of
Schultz, Hill & Nall that all Of its credi-
tors will be, as soon as the banks assets
can be realized on, paid in full.
Until the assignee files his bond and
takes an inventory of the assets, moth
ing much more definite can be made
known, and until this is done, it is no
more than proper that the firm, who
have shown their desire to make good
all losses by assigning all their proper
to pay creditors, should receive the
sympathy of the public. We believe
this will be cheerfully accorded them.
We trust that careful investigation
of the affairs of the bank will show them
to be in a better plight than our infor-
mant has even led us to believe, and
we feel sure that the interested credi-
tors will be carefully guarded by the
assignee, Mr.. Joseph Schultz.
From Illinois.
Ed. Register-Your correspondent in
this neck Of woods, besides running
stumpy eighty-acre farm, has had the
care of fifty colonies of bees, that during
the summer have increased to one hun
dred, and nolens volens practiced the