Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1891-07-16
CLOSED ITS DOORS.


The Falls City Bank of Louisville, Ky.'
Succumbs to a Continuance of Adversely
An Assignment Made and the Doors
Closed-The Depositors will be PAID In
Full and the Stockholders May Realize
Something.
LOUISVILLE, KY, July 1.-THE Falls
City bank has closed its doors and
entered into deed of assignment, corr
veying all of its assets to the Mechanics
Trust Co. for the benefit of its creditors.
The news caused a great shock In the
business community, although 1t mas
been known that the bank was IN a
shaky condition for some time. Gen
erous and prompt assistance has kept
the unfortunate financial institution on
it's feet for six months, but the collapse
will have but little effect on local finan-
ciers. The failure six months ago might
have entailed serious consequences
and have forced several banks to the
wall. There is a general feeling OF
confidence throughout the local money
market and all the banks can stand the
slight run that may be caused among
their depositors by the Fall City col
lapse. The history of the banks en-
barrassments dates from the beginning
of the panic which spread over the
country last fall in consequence of the
Barring Bros complications and the
collapse of the Argentine securities.
Though ably managed. the Falls City
bank had got very low in its cash when
the tidal wave broke over the country,
and rumors of it's shaky condition hav-
ing been circulated throughout bust
ness circles there was a steady with
drawal of deposits. At this time 4
| meeting of the clearing house and
banks was held and a special aid COM
| mittee was appointed to inquire into
the standing of the bank daily and rem
der the necessary assistance to tide them
through the crisis when a failure would
mean disaster to all. The local banks
advanced 100000 and offers came from
the country banks as well, but they
were declined. For a week past the
directors of the bank and the clearing
house committee have been in consulta-
ton daily regarding the collapse that
was bound to come in time, and it was
generally agreed that as there seemed
to be no means of building up the bust
ness at present, and the situation was
becoming daily more complicated, a
suspension and assignment was the
wisest thing that could be done. The
local bankers are 10th to discuss
the failure. In March, 1878, on a
Saturday night, the bank was robbed
of between $500, 600 and $500, 900 in cash
and convertible securities. The thieves
rented a room just over the banks
vault and worked down through the
top. The robbery was not discovered
until Monday morning as the thieves
had fastened bolts back SO that they
could not be opened expect by expert
workmen. The thieves were never
caught. though between s2OO,000 and
$500, 900 was recovered at cost of $751;
600.
The Falls City bank officers now
state that their assets will be $780,
600 and liabilities little more than
half that amount. The depositors will
be paid in full, and it is expected there
will be something left for the stock
holders. The banks money was tied
up in loans, and this, together with the
depositors' Withdrawals, brought about
the collapse.