Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1891-08-10
THE LOAD TOO HEAVY.
The Masonic Savings Bank, Of Louis
vile, Kyr
STAGGERS FOR A LONG TIME,
Carrying the Jacksonville Bridge and Another
Oompany-At Last Finds Itself in Deb! to the
Clearing House, Without 0Ollatsral-lt
Is Said Creditors Will Get
Dollar for Dollar.

LOUloN lLlsE, h1st nus uSe - ~S
Masonic Savings Bank assigned this az
teInoon to the Germanic Safety and
Trust Company. The capital is $3.50, 900.
The statement OF July showed: Re-
sources-Bills receivable, Ss17,992;
bonds and stocks, S119, $50; real estate,
$40, $50; call loans, S162,2 due from
banks, S23, ,397; cash, Sos, ,937; suspended
debt, $40, 326; furniture, $1,000. Liabili-
ties-Capital stock, S25O,OOo; surplus,
$4,000.
Deposits, $685. ,2S4; due to banks,
los, ,O76; bills payable, S205,0OO; funds
to pay losses, S19,319; undivided profits
and unclaimed dividends, S3,03S.
The bank was one OF the first to re-
ouire the aid Of the clearing house
when the stringency came last year. 1t
carried heavy savings deposits, and as
soon as a rumor that it was embarrassed
got abroad, depositors began to draw
out. On the first OF January, however.
the statement showed about million
and a quarter deposits, but 1t was gen.
orally known that the president OF the
bank, Jacob Krieger, Sr., was backing
the bridge under construction between
this city and Jeffersonvilie, Ind, and
work on that had been suspended. De-
positors continued to draw out their
funds, but by stout effort President
Krieger succeeded in restoring con-
fdence, and all was thought safe.
In March came the Schwartz bank
failure, and this set depositors In other
savings institutions in motion, and the
Masonic deposits began to diminish.
Once more the tide appeared to be
stemmed, and on July the Directors
were hopeful that the crisis was finally
past. Then came the Falls City failure,
and depositors were again alarmed.
The bank was carrying the bridge pro-
iect, an improvement company in con-
nection with 1t. They had also the
general closeness Of the money market
TO contend with. The directors took
advantage of the rule requiring savings
depositors to give thirty days notice,
and during the interval they have made
desperate efforts to right the concern
and be ready to pay out deposits when
called for.
To-day it was found oun1dls tiss, 900, 700 and, and,
owede OWED Il" L hfnd Secured this amount by
gnt edge collateral, 1t was unable to
Furnish satisfactory security for the ad-
dtionol funds needed to meet payments
at the expiration of the thirty-day
limit next week. The assignment fol-
lowed. 1t was not a surprise In busi-
ness circles. The deed simply makes
the Germania Trust Company trustee
for the settlement of the banks affairs
by collections, sales and payments as
rapidly as possible and according to
legal rights Of all.
A statement of the banks affairs can
not be obtained, but it is confidently as
serted that it will pay dollar for dollar.
The bank charter obtained in 1854 was
part of that under which the Masonic
Temple Company was organized. The
plan was then to make the bank saw
ings institution for Masons and some
officers Of the Grand Lodge were Off
GERS Of the bank ex-officio. But this
was never really undertaken, and in
October, 1865, the bank was organized
with an additional charter, as private
concern, but with its stockholders all
Masons and under Masonic patronage.
On this basis 1t cid not pay and re-
organization was effected by Jacob
Krieger as cashier IN June, 1868. 1t
has since paid.
Krieger has been President since 1871.
In 1874, with others in the bank, he
bought the Louisville and Cincinnati
Railroad at auction, and sold 1t to the
Louisville and Nashville at handsome
profit.
President Krleger has put much OF
his private fortune into the effort to
sustain the bank and the construction
of the bridge to Jeffersonville. He said
this afternoon: II cannot make state
ment now as to the banks affairs, but
will soon. When l took the bank IL
was broke, and l have paid In dividends
more than the original stock amounted