6476. Masonic Savings Bank (Louisville, KY)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
savings bank
Start Date
January 1, 1891*
Location
Louisville, Kentucky (38.254, -85.759)

Metadata

Model
gpt-5-mini
Short Digest
dd2ccabf3fddc8db

Response Measures

None

Description

Multiple contemporaneous reports state there were three runs earlier in 1891 (January, after the Schwartz failure in March, and after the Falls City failure) and that on Aug 8, 1891 the Masonic Savings Bank assigned (was placed in the hands of) the Germania Safety Vault & Trust Company. The assignment indicates permanent closure/assignment (assignee/receiver appointed). Directors invoked the 30-day rule for savings withdrawals prior to assignment. Causes of runs are linked to failures of other local banks (Schwartz, Falls City) and depositor alarm.

Events (5)
1. January 1, 1891* Run
Cause
Local Banks
Cause Details
Small depositors became uneasy during the general stringency; early January run amid broader banking uneasiness following the prior year's stringency.
Measures
Banks weathered the crisis; later directors invoked 30-day notice for savings withdrawals (used as a measure to stem withdrawals).
Newspaper Excerpt
There has been more or less of a run on all the banks in this city for the past two days, the Masonic Savings bank being the greatest sufferer.
Source
newspapers
2. March 1, 1891* Run
Cause
Local Banks
Cause Details
Run/withdrawals triggered by the failure of the Theodore Schwartz banking house in Louisville, which alarmed depositors at other local institutions including Masonic Savings.
Measures
Directors made efforts to restore confidence; used clearing-house aid previously; later gave thirty days' notice to savings depositors.
Newspaper Excerpt
In March came the Schwartz bank failure, and this set the depositors in other savings institutions in motion, and the Masonic deposits began to diminish.
Source
newspapers
3. July 1, 1891* Run
Cause
Local Banks
Cause Details
Another wave of withdrawals followed the failure of the Falls City Bank, further depleting Masonic's deposits.
Measures
Directors invoked the rule requiring savings depositors to give thirty days' notice in an attempt to stem outflows.
Newspaper Excerpt
Then came the Falls City failure, and depositors were again alarmed. Depositors continued to draw out their funds.
Source
newspapers
4. August 8, 1891 Suspension
Cause
Voluntary Liquidation
Cause Details
Directors concluded the situation was hopeless after sustained withdrawals and inability to secure additional clearing-house funds; they made a deed of assignment to the Germania Trust company to settle affairs (assignee/trustee appointed).
Newspaper Excerpt
The Masonic Savings Bank assigned this afternoon to the Germania (Germanic) Safety Vault and Trust Company.
Source
newspapers
5. September 15, 1891 Receivership
Newspaper Excerpt
Monday the first statement from the assignee of the Masonic savings bank, which went to the wall July 8, was made public ... personal assignment of Jacob Kreiger, Sr., president, and J. H. Eglyhoff, cashier, is announced. The liabilities of the bank are $1,119,739.81 ... about $200,000 of actual cash ... Mr. Kreiger was overdrawn $200,000 and the latter $100,000. (assignee statement published Sept. 15).
Source
newspapers

Newspaper Articles (21)
1. January 9, 1891 The Big Stone Post Big Stone Gap, VA
Article from The Big Stone Post, January 9, 1891

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RUN ON LOUISVILLE BANKS. Small Depositors Become Uneasy and Make a Dash for Their Cash. LOUISVILLE, Jan. S.-There has been more or less of a run on all the banks in this city for the past two days, the Masonic Savings bank being the greatest sufferer. All have weathered the crisis successfully, though at times there was much excitement on Main street and apprehensions entertained lest the large depositors follow the example of the smaller ones and a panic ensue. All danger has now passed however and business has resumed its normal condition. Uneasiness was felt about the Louisville City National which Pope robbed andof which Leech is cashier, as the bank has never fully recovered from the robbery. The Masonic Savings bank on the other hand is regarded as one of the strongest in the city. Money is plentiful both in New York and London and confidence is now fully restored.

2. August 9, 1891 Fort Worth Gazette Fort Worth, TX
Article from Fort Worth Gazette, August 9, 1891

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BANK FAILURE. The Masonic Savings Bank of Louisville, Kv., Goes Under-It will Pay Dollar for Dollar. LOUISVILLE, Kr., Aug. S.-The Masonic savings bank assigned this afternoon to the Germania safety vault and trust company. The capital is $250,000. The statement of July 1 showed resources: Bills receivable, $817,992; bonds and stocks, $119,980; real estate, $40,853; call loans $162,237; due from banks, $23,397; cash, $68,927; suspended debt, $19,326; furniture, $1000. Liabilities-Capital stock, $250,000; surplus, $75,000; deposits, $593,284: due to banks, $108,076; bills payable, $205,000; fund to pay losses. $19,319; undivided profits and unclaimed dividends, $3033. The bank was one of the first to require aid of the clearing house when the strin. gency came last year. It 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 a million and a quarter deposits, but it was generally known that the president of the bank, Jacob Krieger, Sr., was backing the bridge under construction between this city and Jeffersonville, Ind., and work on that had been suspended. Depositors continued to draw ont their funds. but by stout efforts President Kreiger succeeded in restoring confidence, and all was thought safe. In March came the Schwartz bank failure, and this set the depositors in other savings institutions in motion, and the Masonic deposits began to diminish. One more tide appeared to be stemmed and on July 1 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 project improvement company in connection with it. 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 the deposits when called for. To-day it was found that the bank owed the clearing house $132.500, and while it had secured this amount by gilt-edge collateral it was unable to furnish satisfactory security for additional funds to meet payments at the expiration of the thirty days' limit next week. The assignment followed. It was not a surprise in business circles. The deed simply makes the Germania trust company trustee for settlement of the bank's affairs by collections, sales and payment as rapidly as possible and according to the legal rights of all. A statement of the bank's affairs cannot be obtained, but it is confidently asserted that it will pay dollar for dollar.

3. August 9, 1891 Los Angeles Herald Los Angeles, CA
Article from Los Angeles Herald, August 9, 1891

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FORCED TO THE WALL. The Masonic Bank, of Louisville, Ky., Compelled to Assign. LOUISVILLE, August 8. -The Masonic savings bank assigned today to the Germania Trust company. No definite statement of its assets is yet obtainable. It had deposits of $600,000. The assignment was not unexpected. During the stringency last year, the bank required the aid of the clearing house, but on the 1st day of January its statement showed deposits of a million and a quarter. President Kreiger, by careful management, succeeded in restoring the confidence of the depositors. In March, however, the failure of the Schwartz bank once more startled the depositors, and the matter was not quieted down until July 1st, when the directors hoped the crisis was finally passed. Then came the Falls City failure, and the depositors were once more alarmed. The Masonic bank was also carrying the Jeffersonville bridge project, and when the depositors began to withdraw, the directors gave thirty days' notice. They have made desperate efforts to right the concern, but concluded today to assign. It is asserted the bank will pay dollar for dollar.

4. August 9, 1891 The Morning Call San Francisco, CA
Article from The Morning Call, August 9, 1891

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BUSINESS FAILURES. Assignment of a Chicago Manufacturing Company and a Louisville Bank. CHICAGO, Aug. 8.-The National Forge and iron Company, manufacturers of bar iron, car axles and forgings, and makers of railway and car-construction works, having a general office in this city and works at East Chicago, Ind., made a voluntary assignment without preferences to-day. The assets of the company are said to be from $350,000 to $400,000. and liabilities about the same. The failure is due to depression in the value of iron and other metals, and to the failure of the Union Rolling Stock Company, which owed $50,000 to the National Forge and Iron Company. Gilbert B. Shaw, President of the American Trust and Savings Bank, has been appointed assignee. LOUISVILLE, Aug. 8.-The Masonic Savings Bank assigned this afternoon to the Germanic Safety Vault and Trust Company. The capital is $250,000 and the deposits over $1,000,000. The assignment was not unexpected. During the stringency last year the bank required the aid of the Clearing-house, but on the 1st of January the statement showed deposits of a million and a quarter; and President Krieger, by careful management, succeeded in restoring confidence of depositors. In March, however, the failure of the Schwartz bank once more startled depositors, and the matter was not quieted down until July 1st, when the Directors hoped the crisis was finally passed. Then came the Falls City failure and depositors were once more alarmed. The Masonic Bank was also carrying the Jeffersonville bridge project, and when the depositors began to withdraw the Directors gave thirty days' notice. They have made desperate efforts to right the concern, but concluded to assign. It is asserted the bank will pay dollar for dollar.

5. August 9, 1891 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, August 9, 1891

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ANOTHER BIG BANK FAILS. The Masonic Savings, of Louisville-Pacific Coast Troubles. LOUISVILLE, Ky., Aug. 8.-The Masonic Savings bank assigned today to the Germania Trust Company. No definite statement of affairs is yet obtained. It had deposits of probably $600,000. The assignment was not unexpected. During the stringency last year the bank required the aid of the clearing house, but on January 1 the statement showed deposits of over one million and a quarter. President Kreiger, by careful management, succeeded in restoring the confidence of depositors. In March, however, the failure of the Schwartz bank once more startled depositors, and the matter was not quieted down until July 1, when the directors hoped the crisis was finally passed. Then came the Falls City failure, and the depositors were once more alarmed. The Masonic bank was also carrying the Jeffersonville bridge project, and when the depositors began to withdraw deposits gave thirty days' notice. They have made desperate efforts to right the concern, but concluded today to assign. It is asserted that the bank will pay dollar for dollar. SAN FRANCISCO, Aug. 8.-The Bradstreet Mercantile Agency reports twenty-two failures in the Pacific coast states and territories for the week ending yesterday, as compared with eleven for the previous week, and fifteen for the corresponding week of 1890. CHICAGO, Aug. 8.-The National Forge and Iron Company, manufacturing bar iron, car axles and torgings, and makers of railway and construction work, having general offices in this city and works at East Chicago, Ind., made a voluntary assignment without preferred creditors today. The assets of the company are said to be from $350,000 to $400,000, and the liabilities are about the same. The failure is due to the depression in value of iron and other metals, and to the failure of the Union Rolling Stock Company, which owed over $50,000 to the National Forge and Iron Company. Gilbert B. Shaw, president of the American Trust and Savin bank, has been appointed assignee.

6. August 9, 1891 The Sun New York, NY
Article from The Sun, August 9, 1891

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ANOTHER LOUISVILLE BANK DOWN. The Masonic Savings Institution Suspends with Liabilities of About $1,000,000. LOUISVILLE. Aug. 8.-The Masonic Savings Bank. the second to fail in Louisville within month. assigned to the Germanic Safety Vault and Trust Company at 2 o'clock this afternoon. The failure occasioned no surprise in business circles, as the bank has been looked upon as on the verge of bankruptcy for several months. The bank owed $132,500 when the balances were made out with the Clearing House at noon, which it was unable to pay. There have been three runs on the bank. the first in January Inst. the second following the Schwartz failure. the third following the failure of the Falls City Bank. Yestorday a meeting of the directors was called to devise means for meeting the present difficulties and keeping the doors open. After considerable discussion the hopelessness of the situation was apparent. and it was decided to assign. Accordingly a deed of assignment was made. and T. 11. Spindle. the President and manager of the trust company. was sent for. He took possession at once. and on Monday will put his force at work to prepare a statement of the bank's affairs. President Jake Krieger. the directors. and Mr. Egelhoff. the Cashier. say that depositors will be paid dollar for dollar. What the loss of the stockholders will be is not even indicated. but it is not thought that they will suffer any such losses as in the case of the Falls City failure. The failure is indirectly attributed to the building of the Jeffersonville Bridge. Mr. Krieger is the chief promoter of the bridge. and was at one time President of the Louisville and Jeffersonville Bridge Company. The public got the idea that the bank was earrying the bridge company. and this was the origin of the bank's troubles It is said. lowever. that the bridge company has never been indebted to the bank for more than $50,000. and that this did not cripple the financial institution. The exact Haollities are unknown. but. It is said. will be more than $1,000,000. No other banks are in danger.

7. August 9, 1891 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, August 9, 1891

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A LOUISVILLE BANK ASSIGNS. It is Asserted That It Will Pay Dollar for Dollar. (By telegraph to the Dispatch.] LOUISVILLE, Kr., August Masonic Savings Bank assigned this afternoon to the Germanic Safety Vault and Trust Company. The capital is $250,000 and the deposits over a million. The deposits January 1st amounted to about a million and a quarter, but in the July statement they were put at less than six hundred thousand dollars. The bank suffered from withdrawals after the successive failures of Schwartz and the Falls City Bank. 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 that the bank owed the clearing-house $132,500, and while it has secured this amount by gilt-edged collateral it was unable to furnish satisfactory security for the additional funds to meet payments at the expiration of the thirty-day limit next week. The assignment followed. It was not a surprise in business circles. The deed simply makes the Germania Trust Company trustees for the settlement of the bank's affairs by collections. sales. and payments as rapidly as possible according to the legal rights of all. A statement of the bank's affairs cannot be obtained, but it is confidently asserted that it will pay dollar for dollar. The bank charter obtained in 1864 was a part of that under which the Masonic Temple Company was organized. The plan was then to make the bank a savings institution for Masons, and some officers of the Grand Lodge were officers of the bank exofficio. But this was never really undertaken. and in October 1865, the bank was organized with an additional charter as a private concern. but with its stockholders all Masons and under Masonic patronage. On this basis it did not pay, and a reorganization was effected by electing Jacob Kreiger as cashier in June, 1868. It has since paid. Kreiger has been president since 1871.

8. August 10, 1891 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, August 10, 1891

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AVG HHL 40 SMSH The German government denies the storles circulated about Emperor William's IIIhealth. A London tramp hanged himself on the porch of a church in that city on Saturday night. President Balmaceda, of Chili, has appealed to the Spanish government to act as arbitrator, and end the war. The European triple alliance le not making much headway in its efforts to draw Switzerland into the Z ollversin. Andrew Carnegie has laid the foundationstone of a public library at Peterhead, Scotland. to which he had given £1,000. Louisville's oldest savings Institution, the Masonic Savings Bank, has suspended. The capital is $250,000 and the deposits over B Thirteen miners were burned by their naked lamps, causing an explosion of gas in the York Colliery Tonnel, at Potteville, PA, yesterday. At Hamilton, Ont., on Saturday, Hanlan and O'Oonnor won the double scull against Grandanr and McKay by four lengths. 493'81-3 18 Supeem durvo B TE Mor 9 During Barnesville, Md., yesterday. a colored man named Lewis Brown, from Richmond, Va., was shot and killed. Evangelist Moody has received a petition 160 feet long, containing 2 500 signatures, requesting him to make another evangelistic tour in Scotlard d. One man was killed and five others Injured yesterday by lightning striking asmall house in which they had taken refuge from a storm, at Vinita, Indian Territory. Tommy Ryan, odefeated Danny Needham at Minneapolis last winter, whipped William McMillen, of Washington, D.C., at Richardson, Ill., yesterday, in three rounds The Salvadorian government has confiscated the Pacific Mail steamship City of Pacama at La Liberted for leaving La Union without a permit from the captain of the port. The French Minister of Foreign Affairs will consult with M. de Giers, the Russian Foreign Minister, regarding the formation of an economic entente between the two countries. It is said that the reasons ex-Oongressman Kelly, of Kansas, recently withdrew from the republican party is that he hopes to be elected by the new people's party to succeed Senator Plumb. Proctor Knott, the famous trotter, died at Horsehaven, near Saratoga, Thursday. "aue L Nashille Jeeu 10 18 bred SWM eH -0081 best eqf JO euo shill euo 18 SEM pus horses in America. The Census Bureau has Issued a bulletin; showing that the membership of the Roman Catholic Church in America is 250,045, with church property valued at $118,381 churchea. 9476 pus 919 The Morgan line steamer Eldorado, which on Tuesday night last struck an unknown rock bearing west southwest of Men and Chicken Shoals, Great Bahama banks, will probably be a total wreck. A collision occurred yeeterday at Davidstadt, a station on the Fin'and Railway, in Finland, where a passenger train dasbed into a military train. Two soldiers were killed and 48 persons were injured. A statement prepared at the Pension Office shows that during July there were 18sued 28 107 pensions,aggregating In first payments $3,576,855.23, of which the average to each pensioner was $127.26. Admiral Watson, commanding the British fleet In the West Indian waters, has been B8 Hastin uo Matob 01088 B deex 01 ordered the latest advices received in London from Jamaica leave little doubt of an early de scent on the black republic by the revolution. Ists. It is said at Ottewa, Oat., that the Mani toba and Northwestern Railway will absorb the Manitoba of the Northern Pacific, and will in turn he swallowed up by the Canadian Pacific This will give the latter corporation every mile of railroad in ManiWilliam Fullorton, a young American, a graduate of Harvard, replaces M. de Blowliz as the working bead of the Paris office of the London Times M. de Blowitzcontianes bis special contributions. Mr. Fallerton has been connected with the Times staff for two Terrs. Three cars and an engine on the Sea Beach road to Coney Island ran off the track yesterday, and over seven hundred people narrowly escaped being killed. The news created a panic in the waiting room and in a stampede many people were knock"umop pe At Boston yesterday John Bark, a carpenter, hired 8 14-foot eallboat and took out for a eall his three children, Vincent. Lillian and James, aged respect tively 14, 10 and 8, and his niece and nepbew, Annte and James Carmody. aged 11 and 13. The boat upset and all were drowned. John Davall, a eurveyor at Annapolis, and a very old man, committed suicide at his home esterday by taking a dose oistrychnine. He had become very despondent, fearing that he would become dependent upon the community. His sisters were present when be took the poison, but they him. 6ASW you pinoo Prof. James Woodrow has been elected president of the South Carolina College, at Columbia. Several years ago Dr. Woodrow wastried before the Presbyterian Church for saying that the body of Adam was probably -108 10 smarej Jemol eqs Josh B mal life and organic dust, and was depesed from his professorship in the Theological Seminary in Columbia. said

9. August 10, 1891 The Helena Independent Helena, MT
Article from The Helena Independent, August 10, 1891

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Depositors Became Alarmed. LOUISVILLE, Ky., Ang. 9.-The Masonic Savings bank has assigned to the Germania Trust company. No definite statement of its affairs is yet obtainable. It had deposits of probably $500,000. The assignment was not unexpected. During the stringency last year the bank required aid of the clearing house, but on the first of January the statement showed deposits of a million and a quarter. President Kreiger, by careful management, succeeded in restoring the confidence of depositors. in March, however, the failure of the Schwartz bank once more startled depositors and the matter was not quieted down until July 1, when the directors hoped the crisis was finally passed. Then came the Falls City failure and the depositors were once more alarmed. The Masonic bank was also carrying the Jeffersonville bridge project, and and when depositors began to withdraw they were given thirty days notice. They have made desperate efforts to right the concern, but concluded to-day to assign. It is asserted that the bank will pay dollar for dollar.

10. August 11, 1891 Telegram-Herald Grand Rapids, MI
Article from Telegram-Herald, August 11, 1891

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LIABILITIES OF $1,000,000. Failure of the Masonic Savings Bank of Lonisville-Depositors Secure. LOUISVILLE, Ky., Aug. 10.-The Masonic savings bank, the second to fail in Louisville within a month, assigned to the Germanic Safety Vault & Trust Company at 2 o'clock Saturday afternoon. The failure occasioned no surprise in business circles, as the bank has been looked upon as on the verge of bankruptcy for some months. The bank owed $132,500 when the balances were made out with the clearing house at noon, which it was unable to pay. There have been three runs on the bank, the first in January last, the second following the Schwartz failure, the third following the failure of the Falls City bank. Friday a meeting of the directors was called to devise means for meeting the present difficulties and keeping the doors open. After considerable discussion the hopelessness of the situation was apparent, and it was decided to assign. Accordingly a deed of assignment was made and T. W. Spindle, the vice president and manager of the trust company, was sent for. He took possession atonce. President Jake Krieger, the directors, and Mr. Engelhoff. the eashier. say that depositors will be paid dollar for dollar. What the loss of the stockholders will be is not even indicated, butit is not thought that they will suffer any such losses as in the case of the Falls City failure. The failure is indirectly attributed to the building of the Jeffersonville bridge. Mr. Kreiger, the president of the bank, is also the chief promoter of the bridge, and was at one time president of the Louisville and Jeffersonville Pridge Company. The public got the idea that the bank was carrying the bridge company. and this was the origin of the bank's troubles. It is said, however, that the bridge mpany has never been indebted to the bank for more than $50,000 and that this did not cripple the financial institution. The exact liabilities are unknown, but it is said will be more than $1,000,000. No other banks are in danver.

11. August 12, 1891 The Enterprise Wellington, OH
Article from The Enterprise, August 12, 1891

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LATER. AN unknown desperado entered the Exchange bank at Columbus Grove, O., on the 8th, pointed two revolvers at Cashier Maple, grabbed $1,500 from behind the counter and was about to leave when Maple fired at him. The robber then shot Maple and a farmer named Vandemark, who was standing near the latter, fatally, and escaped. On his way out of town he shot a man named Buck, who attempted to arrest his progress. A reward of $1,000 has been offered for his arrest. A BULLETIN issued by the census office shows that in the United States there are 10,221 Catholic congregations who own 8,765 places of worship, valued at $118,381,516. The church has 6,250,045 communicants, of whom onehalf are in New York, Massachusetta, Pennsylvania, Illinois and Ohio. TRE Masonic savings bank of Louisville, Ky., suspended payment on the 8th. Its liabilities aggregate $750,000. It was the oldest savings bank in Louisvill, having been incorporated in 1864. EMMA and Albert Barth, Martha Kindling and Clara Ziegler, children of prominent Milwaukee business men, were drowned at Lake Pewaukee. Wis., on the 9th. They were sailing on the lake in a small boat when a wind storm came up and capsized the craft, throwing its occupants into the water. AT Columbus, O., on the 8th, Judge Pugh overruled the motion for a new trial in the case of Editor W. J. Elliott, convicted of the murder of A. C. Osborn, and sentenced Elliott to the penitentiary for life. A CYCLONE struck the towns of Ashland and Washburn, Wis., on the 8th, causing the destruction of a number of buildings and the loss of two human lives. A circus tent was blown down and several persons were badly injured. Half a dozen yachts in the bay were wrecked. THIRTEEN minors were injured on the 8th by the explosion of gas in a colliery at Pottsville. Pa. One of the men will die. WHILE nine persons were sailing in the yacht May on Dorchester Bay, near Boston, Mass., on the 9th, the boat capsized and all on board were thrown into the water. Three of them clung to the overturned boat until rescued by a passing boat, but the others were drowned. CONDUCTOR TOBIN and Flagman Conley have been arrested on the charge of criminal negligence in connection with the disaster on the West Shore railroad at Montezuma, N. Y., by which fourteen persons were killed.

12. August 13, 1891 Grant County Herald Lancaster, WI
Article from Grant County Herald, August 13, 1891

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LIABILITIES OF $1,000,000. Failure of the Masonic Savings Bank of Louisville-Depositors Secure. LOUISVILLE, Ky., Aug. 10.-The Masonic savings bank, the second to fail in Louisville within a month, assigned to the Germanic Safety Vault & Trust Company at 2 o'clock Saturday afternoon. The failure occasioned no surprise in business circles, as the bank has been looked upon as on the verge of bankruptcy for some months. The bank owed $132,500 when the balances were made out with the clearing house at noon, which it was unable to pay. There have been three runs on the bank, the first in January last, the second following the Schwartz failure, the third following the failure of the Falls City bank. Friday a meeting of the directors was called to devise means for meeting the present difficulties and keeping the doors open. After considerable discussion the hopelessness of the situation was apparent, and it was decided to assign. Accordingly a deed of assignment was made and T. W. Spindle, the vice president and manager of the trust company, was sent for. He took possession at once. President Jake Krieger, the directors, and Mr. Engelhoff, the cashier, say that depositors will be paid dollar for dollar. The exact liabilities are unknown, but it is said will be more than $1,000,000. No other banks are in danger.

13. August 15, 1891 Perrysburg Journal Perrysburg, OH
Article from Perrysburg Journal, August 15, 1891

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LIABILITIES OF $1,000,000. Failure of the Masonic Savings Bank of Louisville-Depositors Secure. LOUISVILLE, Ky., Aug. 10. -The Masonic savings bank, the second to fail in Louisville within a month, assigned to the Germanic Safety Vault & Trust Company at 2 o'clock Saturday afternoon. The failure occasioned no surprise in business circles, as the bank has been looked upon as on the verge of bankruptcy for some months. The bank owed $132,500 when the balances were made out with the clearing house at noon, which it was unable to pay. There have been three runs on the bank, the first in January last, the second following the Schwartz failure, the third following the failure of the Falls City bank. Friday a meeting of the directors was called to devise means for meeting the present difficulties and keeping the doors open. After considerable discussion the hopelessness of the situation was apparent, and it was decided to assign. Accordingly a deed of assignment was made and T. W. Spindle, the vice president and manager of the trust company, was sent for. He took possession at once. President Jake Krieger, the directors, and Mr. Engelhoff, the cashier. say that depositors will be paid dollar for dollar. The exact liabilities are unknown, but it is said will be more than $1,000,000. No other banks are in danger.

14. August 21, 1891 Fisherman & Farmer Elizabeth City, Edenton, NC
Article from Fisherman & Farmer, August 21, 1891

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South and West. THOMAS S. Bocock, for fourteen years a Member of Congress from Virginia, and for four years Speaker of the Confederate Congress, died recently at his home in Appomattox County, Va., aged sixty-six. THE New York and Chicago limited express jumped the track, near Salem, Ohio. The engineer and fireman were killed. A CLERK in the clothing store of A. L. Abraham & Co. indulged in a surreptitious smoke, at West Superior, Wis., and when one of the proprietors came in he hid the cigar stub on a table piled with clothing. The result was a fire, and before it was suppressed almost the entire stock, valued at $40,000, was destroyed. GOVERNOR BUCHANAN, of Tennessee, issued a proclamation calling an extra session of the Legislature for August 31. JACK ESTEES and Tom Lon :. who fought a duel in the northern part of Franklin County, Ky., election day, have died of their wounds. They were desperate men. JUDGE OGDEN HOFFMAN, the oldest Federal Judge on the Pacific Coast, died at San Francisco, Cal., after four months' illness. THE National Forge and Iron Company, of Chicago, Ill., manufacturers of car axles, fish plates and bar iron, etc., made an assignment. The liabilities are $500,000. CHARLES NIEMAN, aged twenty, shot and instantly killed George Nieman, his father, at Cincinnati, Ohio. The tragedy was the culmination of a family dispute. THE oldest savings institution in Louisville, Ky., the Masonic Savings Bank, has suspended. Liabilities over $1,000,000. A FRIGHTFUL heat wave in North Dakota seriously affected the wheat crop in a dozen counties. ALFRED DOWNING, President, and N. H. Tollman, Vice-President of the National Capital Savings Building and Loan Association of North America, have been arrested at Chicago for using the mails for Traudulent purposes. It is charged that the men conducting this association have swindled thousands of people from every State. PORTIONS of Iowa have been swept by a furious tornado. Many houses were unroofed, and several fatalities occurred. CAMP DOUGLAS, a Wisconsin town, has been almost destroyed by fire. Loss, $150,000. AN express train ran into a freight train near Fort Wayne, Ind. The engineer and fireman of the express were killed, eight freightcars destroyed and the baggage and express cars of the passenger train were ditched. WORK on the Wor. Fair buildings is being pushed rapidly at Jackson Park, Chicago.

15. August 26, 1891 The Abbeville Press and Banner Abbeville, SC
Article from The Abbeville Press and Banner, August 26, 1891

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South and West. THOMAS S. BOCOCK, for fourteen years a Member of Congress from Virginia, and for four years Speaker of the Confederate Congress, died recently at his home in Appomattox County, Va., aged sixty-six. THE New York and Chicago limited express jumped the track, near Salem, Ohio. The engineer and fireman were killed. A CLERK in the clothing store of A. L. Abraham & Co. indulged in a surreptitious smoke, at West Superior, Wis., and when one of the proprietors came in he hid the cigar stub on a table piled with clothing. The result was a fire. and before it was suppressed almost the entire stock, valued at $40,000, was destroyed. GOVERNOR BUCHANAN, of Tennessee, issued a proclamation calling an extra session of the Legislature for August 31. JACK. ESTEES and Tom Long. who fought 3 duel in the northern part of Franklin County, Ky., election day, have died of their wounds. They were desperate men. JUDGE OGDEN HOFFMAN, the oldest Federal Judge on the Pacific Coast, died at San Francisco, Cal., after four months' illness. THE National Forge and Iron Company, of Chicago, Ill., manufacturers of car axles, fish plates and bar iron, etc., made an assignment. The liabilities are $500,000. CHARLES NIEMAN, aged twenty, shot and instantly killed George Nieman, his father, at Cincinnati, Ohio. The tragedy was the culmination of a family dispute. THE oldest savings institution in Louisville, Ky., the Masonic Savings Bank, has suspended. Liabilities over $1,000,000. A FRIGHTFUL heat wave in North Dakota seriously affected the wheat crop in a dozen counties. ALFRED DOWNING, President, and N. H. Tollman, Vice-President of the National Capital Savings Building and Loan Association of North America, have been arrested at Chicago for using the mails for fraudulent purposes. It is charged that the men conducting this association have swindled thousands of people from every State. PORTIONS of Iowa have been swept by a furious tornado. Many houses were unroofed, and several fatalities occurred. CAMP DOUGLAS, a Wisconsin town, has been almost destroyed by fire. Loss, $150,000. AN express train ran into a freight train near Fort Wayne, Ind. The engineer and fireman of the express were killed, eight freightcars destroyed and the baggage and express cars of the passenger train were ditched. WORK on the Worl , Fair buildings is being pushed rapidly at Jackson Park, Chicago.

16. September 16, 1891 Telegram-Herald Grand Rapids, MI
Article from Telegram-Herald, September 16, 1891

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ASSIGNED. / Louisville Bankers Ruined by the Failure of an Enterprise. LOUISVILLE, Ky., Sept. 15.-Monday the first statement from the assignee of the Masonic savings bank, which went to the wall July 8,was made pub. lic, and with the statement the personal assignment of Jacob Kreiger, Sr., president, and J. H. Eglyhoff, cashier, is announced. The statement of the condition of the bank is not eneouraging to depositors or stockholders. The liabilities of the bank are $1,119,739.81, while in the assets column only about $200,000 of actual cash can be seen. The bills receivable amount to $786,460.57. In connection with the failure of the bank and the assignment of President Kreiger and Cashier Eglyhoff, it is stated that the former is overdrawn at the bank $200,000 and the latter $100,000. Mr. Kreiger was considered a millionaire. He undertook to build a bridge over the Ohio river here and it proved too much for him.

17. December 27, 1891 The Sunday Morning News Jersey City, NJ
Article from The Sunday Morning News, December 27, 1891

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BUSINESS FLUCTUATIONS Some of the Most Notable Collapses of the Financial World. JANUARY. 5. Failure of Dueber Watch company. Canton. O.: liabilities, $450,000. 14. Failure of O'Donnell, Spencer & Co., lumber dealers at Saginaw, Mich.: $100,000. 20. Failure of the American National bank of Kansas City for $300,000. FEBRUARY. 18. Suspension of the American Loan and Trust company of New York: deficit of $656,000. MARCH. 20. Suspension of the Keystone National bank of Philadelphia. Failure of the banking house of Theodore Schwartz & Co. at Louisville; liabilities, $750,000. 23. Suspension of the Washington National bank in New York city; shortage. $148,000. MAY. 4. Failure of J.H. Lippincott, of the American Graphophone company and North American Phonograph company, for $100,000. 8. Suspension of the Spring Garden bank and the Penn Trust and Safe Deposit company in Philadelphia. 12. Failure of Levy Bros. & Co., clothing manufacturers, in New York, for nearly $1,000,000. 19. Failure of Satterlee, Bostwick & Martin. insurance brokers, in New York, for over $100,000. 20. Assignment of the Davis Shoe company at Richmond, Va.: liabilities, $3,000,000. 25. Failure of Potter, White & Bayley, shoe manufacturers, in Boston, for $1,000,000. JUNE. 4. Assignment of the Connell-Hall-McLester company, dry goods house, in Nashville; liabilities, $464,000. 12. Failure of the London and Liverpool Clothing company and Mack & Co. in New York; liabilities over $250,000. 22. Failure of Sax Bros., bankers, in Nashville, for $600,000. 25. Assignment of the wholesale shoe firm of Emile Marqueze & Co., in Boston; liabilities, $460,000. JULY. 11. Failure of Hard Bros. & Co., spring bed makers, in Oneida, N. Y., for $125,000. 13. Failure of R. M. Bingham & Co., wagon makers, in Rome, N. Y., for $225,000. 20. Suspension of the Merchants' National bank of Fort Worth, Tex.; liabilities, $500,000. AUGUST. 2. Assignment of Abraham Backer, commission merchant and note broker, in New York: liabilities, $4,000,000. 8. Assignment of the Masonic Savings bank in Louisville, owing $1,000,000. 19. Receiver appointed for the American Wheel company, of Chicago, which has plants in six different states; liabilities, $1,800,000. 21. Seizure of the assets of the Mexican Northern railway in New York on a claim for $109,000. 22. Failure of S. V. White & Co., grain speculators of New York and Chicago, for nearly $3,000,000. OCTOBER. 19. Assignment of Jonathan Stewart, of Trenton: liabilities, $329,000. 22. Assignment of the Bank of Lewisburg, Tenn. NOVEMBER. 1. Failure of Maverick National bank in Boston; liabilities, $8,000,000. 7. Supension of National bank of Corry, Pa.: liabilities, $740,000. 10. Assignment of C.B. Paul, Louisville, lumber dealer, for $200,000. 12. Assignment of H. B. Smith & Co., New York ship brokers, for $800,000. 13. Failure of Louis Adler, New York cloak manufacturer. for $150,000. S. N. Stroube, California horse breeder, failed for $150,000. 15. Failure of Bonner & Bonner, bankers, for $500,000, in Tyler, Tex. 20. Shortage of $133,000 causes closing of Milford (Mich.) bank 25. Failure of First National bank, Wilmington, N.C. 27. Assignment of New York banking firm of Field, Lindley, Wiechers & Co., with liabilities of over $1,000,000. DECEMBER. 1. Receiver appointed for Richmond, Nicholasville and Beattyville railroad, Kentucky; debt. $3,000,000. 11. $250,000 assignment by Francis H. Baker & Co., dry goods dealers of New York.

18. December 27, 1891 The Sunday Morning News Jersey City, NJ
Article from The Sunday Morning News, December 27, 1891

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BUSINESS FLUCTUATIONS. Some of the Most Notable Collapses of the Financial World. JANUARY. 5. Failure of Dueber Watch supeny, Canton. O.: liabilities, $450,000. 14. Failure of O'Donnell, Spencer & Co., lumber dealers at Saginaw, Mich.; $100,000. 20. Failure of the American National bank of Kansas City for $300,000. FEBRUARY. 18. Suspension of the American Loan and Trust company of New York; deficit of $656,000. MARCH. 20. Suspension of the Keystone National bank of Philadelphia. Failure of the banking house of Theodore Schwartz & Co. at Louisville; liabilities, $750,000. 23. Suspension of the Washington National bank in New York city: shortage, $148,000. MAY. 4. Failure of J. H. Lippincott, of the American Graphophone company and North American Phonograph company, for $100,000. 8. Suspension of the Spring Garden bank and the Penn Trust and Safe Deposit company in Philadelphia. 12. Failure of Levy Bros. & Co., clothing manufacturers, in New York, for nearly $1,000,000. 19. Failure of Satterlee, Bostwick & Martin, insurance brokers, in New York, for over $100,000. 20. Assignment of the Davis Shoe company at Richmond, Va.; liabilities, $3,000,000. 25. Failure of Potter, White & Bayley, shoe manufacturers, in Boston, for $1,000,000. JUNE. 4. Assignment of the Connell-Hall-McLester company, dry goods house, in Nashville: liabilities, $464,000. 12. Failure of the London and Liverpool Clothing company and Mack & Co. in New York; liabilities over $250,000. 22. Failure of Sax Bros., bankers, in Nashville, for $600,000. 25. Assignment of the wholesale shoe firm of Emile Marqueze & Co., in Boston; liabilities, $460,000. JULY. 11. Failure of Hard Bros. & Co., spring bed makers, in Oneida, N. Y., for $125,000. 13. Failure of R. M. Bingham & Co., wagon makers, in Rome. N.Y., for $225,000. 20. Suspension of the Merchants' National bank of Fort Worth, Tex.; liabilities, $500,000. AUGUST. 2. Assignment of Abraham Backer, commission merchant and note broker, in New York; liabilities, $4,000,000. 8. Assignment of the Masonic Savings bank in Louisville, owing $1,000,000. 19. Receiver appointed for the American Wheel company, of Chicago, which has plants in six different states; liabilities, $1,800,000. 21. Seizure of the assets of the Mexican Northern railway in New York on a claim for $109,000. 22. Failure of S. V. White & Co., grain speculators of New York and Chicago, for nearly $3,000,000. OCTOBER. 10. Assignment of Jonathan Stewart, of Trenton; liabilities, $329,000. 22. Assignment of the Bank of Lewisburg, Tenn. NOVEMBER. 1. Failure of Maverick National bank in Boston; liabilities, $8,000,000. 7. Supension of National bank of Corry, Pa.: liabilities, $740,000. 10. Assignment of C. B. Paul, Louisville, lumber dealer, for $200,000. 12. Assignment of H. B. Smith & Co., New York ship brokers, for $300,000. 13. Failure of Louis Adler, New York cloak manufacturer, for $150,000. S. N. Stroube, California horse breeder, failed for $150,000. 15. Failure of Bonner & Bonner, bankers, for $500,000, in Tyler, Tex. 20. Shortage of $133,000 causes closing of Milford (Mich.) bank. 25. Failure of First National bank, Wilmington, N. C. 27. Assignment of New York banking firm of Field, Lindley, Wiechers & Co., with liabilities of over $1,000,000. DECEMBER. 1. Receiver appointed for Richmond, Nicholasville and Beattyville railroad, Kentucky; debt. $3,000,000. 11. $250,000 assignment by Francis H. Baker & Co., dry goods dealers of New York.

19. January 1, 1892 The Cheyenne Daily Leader Cheyenne, WY
Article from The Cheyenne Daily Leader, January 1, 1892

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MARCH, 20. Keystone National bank, Philadelphia, su> pended. Theodore Schwartz & Co., bankers, failed in Louisville; liabilities, $750,000. 23. Washington National bank suspended, New York: shortage, $148,000. MAY. 8. Spring Garden bank and the Penn Trust and Safe Deposit company suspended in Philadelphia. 12. Levy Bros. & Co., clothing manufacturers, failed in New York for nearly $1,000,000. 14. People's bank, of Knoxville, Tenn., failed. 20. Davis Shoe company, Richmond, assigned; liabilities, $3,000,000. 2. Star Rubber company, Trenton, failed for $500,000. 25. Potter, White & Bayley, shoe manufacturers, failed in Boston for $1,000,000. 27. Bunnel & Scranton, private bankers, failed in New Haven. JUNE. 4. Connell, Hall, McLester company, dry goods, assigned in Nashville; liabilities, $464,000. 12. London and Liverpool Clothing company and Mack & Co. failed in New York: liabilities over $250,000. 22. Sax Bros., bankers, failed for $600,000 in Nashville. 25. Emil Marqueze & Co., wholesale shoes, assigned in Boston; liabilities, $460,000. JULY. 19. R. M. Bingham & Co., wagon makers, failed in Rome, N. Y., for $225,000. 20. Merchants' National bank, of Fort Worth, Tex., suspended with $500,000 liabilities. AUGUST. 2. Abraham Backer, commission merchant and note broker, assigned in New York; liabilities, $4,000,000; Backer died of depression Dec. 9. 8. Masonic Savings bank, Louisville, assigned, owing $1,000,000. 19. American Wheel company, Chicago, with plants in six different states, went into roceiver's hands: liabilities. $1.800.000. 22. S. V. White & Co., grain speculators of New York and Chicago, failed for nearly $3,000,000. OCTOBER. 19. Jonathan Stewart, Trenton, assigned: liabilities, $329,000. 22. Bank of Lewisburg, Tenn., assigned. NOVEMBER. 1. Maverick National bank, of Boston, went into hands of comptroller: liabilities, $8,000,000. 7. National bank, of Corry, Pa., suspended; liabilities, $740,000. 10. C. B. Paul, lumber dealer, assigned in Louisville; liabilities, $200,000. 12. F. H. Smith & Co., ship brokers, assigned in New York; liabilities, $300,000. 15. Bonner & Bonner, bankers, failed in Tyler, Tex., for $500,000. 25. First National bank, Wilmington, N. C., failed. 27. Field, Lindley, Wiechers & Co., bankers and brokers, assigned in New York: liabilities, over $1,000,000. DECEMBER. 1. Richmond, Nicholasville and Beattyville railroad, of Kentucky, went into hands of receiver; $3,000,000 in debt. 11. Francis H. Baker & Co., dry goods, assigned in New York; liabilities, $250,000.

20. January 2, 1892 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, January 2, 1892

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JUNE 4. Assignment of the Connell-Hall-MeLester company, dry goods house, in Nashviller Habilities, $484,000. 12. Failure of the London and Liverpool ClothIng company and Mack & Co. in New York: Habilities over $250,000. 21. Failure of Sax Bros., bankers, in Nashville, for $000,000. 25. Assignment of the wholesale shoe firm of Emile Marqueze & Co., in Boston: Habilltics, $460,000. JULY. 11. Failure of Hard Bros. & Co., spring bed makers, in Onelda, N. Y., for $125,000. 13. Failure of R. M. Blugham & Co., wagon makers, in Rome, N.Y., for $225,000. 20. Suspension of the Merchants' National bank of Fort Worth. Tex.: Habilities, $500,000, AUGUST. 2. Assignment of Abraham Backer, commission merchant and note broker, in New York: Habilities, $4,000,000. 8. Assignment of the Masonic Savings bank in Louisville, owing $1,000,000. 10. Receiver appointed for the American Wheel company, of Chicago, which has plants in six different states: liabilities. $1,800,000. 21. Seizure of the assetsof the Mexican Northern railway in New York on a claim for $100,000. 22. Failure of S. V. White & Co., grain speculators of New York and Chicago, for nearly $3,000,000. OCTOBER. 19. Assignment of Jonathan Stewart, of Trenton: Habilities. $329,000. 22. Assignment of the Bank of Lewisburg, Tenn. NOVEMBER. 1. Failure of Maverick National bank in Boston: liabilities, $8,000,000. 7. Supension of National bank of Corry. Pa.: liabilities. $740,000 10. Assignment of C. B. Paul, Louisville, lumber dealer. for $200,000. 12. Assignment of H. B. Smith & Co., New York ship brokers, for $300,000. 13. Failure of Louis Adier, New York cloak manufacturer. for $150,000. S. N. Stroube, Californi horse breeder, failed for $150,000. 15. Failure of Bonner & Bonner, bankers, for $500,000, in Tyler, Tex. 20. Shortage of $133,000 causes closing of Milford (Mich.) bank. 23. Failure of First National bank. Wilmington. N. C. 27. Assignment of New York banking firm of Field. Lindley, Wiechers & Co., with Habillties of over $1,000,000. DECEMBER. 1. Receiver appointed for Richmond, Nicholasville and Beattyville railroad, Kentucky: debt. $3,000,000. 11. $250,000 assignment by Francis H. Baker & Co., dry goods dealers of New York.

21. January 12, 1893 The Princeton Union Princeton, MN
Article from The Princeton Union, January 12, 1893

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Miscellaneou Itesm. A rehearing has been asked in the Indiana apportionment case. New Mexico formally asks statehood through its legislature. Bicycle manufacturers think of constructing a wide asphalt road from New York to Chicago. The programme for the good roads convention to be held in St. Paul Jan. 25 is published. Flora Fontaine, colored, died at Columbia, S. C., at the age of 117. She was brought to that place a slave at the age of fifteen. A bill filed in the circuit court in Chicago charges three men with attempting to wreck the Dakota & Minnesota Stone company. The pope has declined to receive Senor Valeria, the Spanish envoy recently appointed on the ground that he has written immoral novels. Directors of the Masonic Savings Bank at Louisville, which failed, have been sued by the Germania Safety Vault & Trust Company for $375,000, alleging gross negligence on the part of the directors in managing the bank. Another convict dies in the Arkansas penitentiary, and cholera is feared. The mayor of Little Rock orders the arrest of the secretary of state, attorney general and other officials for violating the sanitary ordinance. At a meeting of the various college fraternities of Chicago, held recently, a letter was read from Dr. Peabody, announcing his consent to allot space for an exhibit by the college fraternities at the world's fair. It was agreed that a Greek temple would form a fitting representation of the classic institutions of the country. Chicago is to have a gigantic elephant, larger than the one at Coney Island, which is only 100 feet high. A syndicate, backed by Frank Hall, who with J. Mason Kelly, the Brooklyn architect, constructed the Coney Island affair, will begin work on the new animal building, to be located near the Fair grounds in a short time. America is to have a rim factory. The manager of the Nottingham Machinist Company, limited, of Ikestown, Eng., J. H. Ball, was in Chicago recently. It is the intention of his company to open a factory in this country for the manufacture of Ball hollow tubing, patented, used at present by nearly all the prominent makers of England. Discovery has been made in the Unica mine at Angeles, Calaveras county, of a pocket so rich that a 27 pound piece of rock yielded five pounds of gold; another piece, weighing five pounds held three pounds. The miners say it is the most valuable find known in that rich section. The mine is a steady producer of the mineral. Several weeks ago a vein of high-grade ore was opened in the Prince Albert mine, which joins the town site of Arequa near Cripple Creek, Col. This town site has been patented and lots sold. The Albert vein is supposed to run through these lots, and about 30 prospectors staked out claims on them. The agents of the town site removed the stakes, and if the prospectors attempt to work their claims trouble is likely to follow.