The Bourbon news. [volume] (Paris, Ky.) 1895-19??, 1914-05-22
ALEXANDER 8 ca,
BANK IS CLOSED
BY COMMISSIONER
State Officials Close Doors
After Making An Invest
igation of Affairs
RECEIVER TAKES
FULL CHARGE
Bad Loans Is Said to Have
Been Cause of Failure of
Institution

me Dank OF george Alexander q
Co, of this city has been closed by
order of State Banking Commissioner
Thomas j. Smith and the affairs have
been placed in the hands of the State
Banking Department for liquidation.
Mr.. Buckner Woodford, ST., has been
appointed special commissioner to
wind up the banks affairs
This action was taken by a majority
of the Board of Directors of the bank
late Tuesday afternoon, at which
meeting the report was placed before
the board, after the examination,
which had just been completed by
State Bank Examiner John B. Che
nault. Thomas j. Smith, State
Banking Commissioner attended the
meeting, as did Deputy Commissioner
Rankin r. Reviil and Examiner Che
nault. None of the officials while here
would discuss the conditions leading
to the closing of the bank
The directors who made the order
closing the bank were Harry B. Clay,
E. P. Claybrook, ]. w. Bacon, ]. M.
Brennan and R. B. Hutchcraft.
TIE bank at the time of its last ex-
animation, had a capital of $4,000
and showed a surplus of s22.500 with
deposits of s204, 343.04, with loans and
other securities showed the bank to be
fully solvent
TIE last public statement was in
January Bankers Encyclopedia,
which showed: Capital, $4,000; sur
plus. $4,000; deposits, s275,OoO; cash
on hand, $4,000; loans, bonds and
Other securities, $342, 900.
The extent of the loss to the de
positors and stockholders will be de
termined after the real value of the
banks assets are determined.
Mr.. Alexander, president of the con
Germ, will make no statement other
than the cause of the banks failure
was due to bad loans, and excessive
loans it is said will go beyond $150,00O
This loss, it is said, does not include
individual notes held against Mr.. Al
exander, to an amount said to be full
ly $4,000.
Mr.. Alexander, upon the closing o
the bank, said he would turn over hi:
individual and personal estate for the
benefit of the banks depositors ant
his creditors, and accordingly on Wed
nesday made an assignment to Samue
Clay, of Bourbon county. No seized
ule of his asset . lie oilitieS hav'
been filed in the C>s1ty Court AM
Mr.. Clay has not yet : Jared to qual
ify as the administrator OF ne estate
Mr. Woodford, who is President OF tn
Bourbon Bank & Trust Company, o
this city, Wednesday at noon assume
the receivership of the bank.
The Bank of George Alexander wa
organized fourteen years ago follow
ing the liquidation of the old Nortl
ern Bank. The late Charlton Alexar
der was President of the Norther
Bank, and his son, George Alexander
succeeded in holding the deposition
of the Northern Bank in his new IL
stitution, which was formed and Cal
italized at $4,000 and had surplu
of $4,000 A few years ago the cal
ital stock was increased to $4,000 an
the name of the institution change
to George Alexander & Co. The ban
has always enjoyed liberal patrol
age and was regarded as one of tn
safest and most reliable in the count
1t is said that with the assets {
the bank, together with other FUND
that will be raised, the depositors
the institution will be paid out. Thi
however, is a matter of conjectur
drawn from rumors that have been
circulation since the closing of II
banks doors, but nothing definite ca
he learned of the effort to relieve Il
depositors who suffered by the cras