gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
ec744f5f38b26917
Response Measures
None
Description
Bank made an assignment to the Mechanics' Trust Company on 1891-07-10, indicating failure/closure.
Events (3)
1.December 1, 1890*Run
Cause
Macro News
Cause Details
Run occurred during the general financial panic the prior fall; depositors withdrew funds.
Newspaper Excerpt
has been in a shaky condition since last fall, when a run was made on it by its depositors.
Source
newspapers
2.July 10, 1891Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bad debts and bad management; clearing house support withdrawn; bank made assignment to Mechanics' Trust Company.
Newspaper Excerpt
The Falls City bank made an assignment this morning... went to the wall... closed its doors at No. 701 West Main street.
Source
newspapers
3.August 29, 1891Other
Newspaper Excerpt
Major William Tillman, cashier of the Falls City Bank, which recently collapsed in this city, has fled to Canada. ... investigation which is being made into the affairs of the suspended bank, the disclosures being exceedingly damaging.
Source
newspapers
Newspaper Articles (20)
1.July 11, 1891The Helena IndependentHelena, MT
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Article Text
Carried by the Clearing House. LOUISVILLE, July 10.-The Falls City bank made an assignment this morning. Maj. Tillman. cashier says the liabilities are $431,000; assets nominal, $1,223,000. It it said that from the beginning of the financial panic last year the bank has been carried along by the clearing house, being on the ragged edge all the time. The bank owes the clearing house $223,900. It has been known for several days it WAS only a matter of time before the bank would have to go. Depositors will be paid in full and stockholders will possibly get thirty-five conts.
2.July 11, 1891The Morning NewsSavannah, GA
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Article Text
A LOUISVILLE BANK FAILS. Depositors Will be Paid in Full-Stockholders in the Soup. LOUISVILLE, KY., July 10.-The - Falls City Bank, established in 1865, went to the wall this morning, making an assignment to the Mechanics Trust Company, and closed its doors at No. 701 West Main street. The liabilities are $431,300, of which $223,900 are due the clearing house, and the deposits are $191,700. The assets, nominally, are $1,223,000. From the beginning of the financial panic last year the bank has been carried along by the clearing house being on the ragged edge all the time. It, has been known for several days that it was only a matter of time before the bank would have to go. Depositors will be paid in full and stockholders will get possibly 35 cents on the dollar. The capital stock is $600,000; J. T. Moore is president. The bankers regard the failure as an excellent one, as the creditors were getting ready to bring attachments.
3.July 11, 1891Wheeling RegisterWheeling, WV
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Article Text
A FINANCIAL CRASH. The Falls City Bank, of Louisville, Closes Its Doors. LOUISVILLE, KY., July 10.-Financial circles received a tremendousshock this morning, when it was officially announced that the Falls Citv Bank had closed its doors. It was S private corporation, and has been in a shaky condition since last fall, when a run was made on it by its depositors. The liabialities are about $431,000; assets, nominal, $1,223,000. Its capital stock was placed at $600,000. It is not thought that the depositors will lose any of their deposits.
4.July 11, 1891The State ChronicleRaleigh, NC
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Article Text
FALLS CITY BANK CLOSES ITS DOORS. -It was Robbed several Years Ago and Has Never Recovered. By The United Press. LOUISVILLE, Ky., July 10.Financial circles received a tremendous shock this morning, when it was officially announced that the Falls City Bank had closed its doors. It was a private concern, and has been in a shaky condition since last fall, when a run was made on it by depositors. Its capital stock was placed at $600,000. It is not thought that the depositors will lose any of their deposits. In March, 1873, on a Saturday night the bank was robbed of between four and six hundred thousand dollars in cash and convertable securities. The thieves rented a room just over the bank's vault and worked through the top. The robbery was not discovered until Monday morning as the thieves had fastened the bolts back SO that they could not be opened except by expert workmen. The thieves were never caught, though between $200,000 and $300,000 was recovered at a cost of $83,000.
NEWS OF THE DAY. Joseph Swartz, a Toronto, Ont., shoe dealer, has decamped, leaving $10,000 of debts. Chicago Democrats propose to make Carter Harrison mayor during the World's Fair. The national council of the National Educational Association is in session at Toronto, Ont. "The" Allen, the New York divekeeper, was dangerously stabbed in a quarrel over a game of cards. Paul Mitzka was killed at Plymouth, Pa., by falling beneath the wheels of a freight train on which he was tr ing to steal a ride. The Rev. M. W. Jacobus, of Princeton, N. J., has been elected to and has accepted the chair of the New Testament Exegesis in the Theological Seminary, Hartford, Conn. The result of the recent census of England and Wales has been announced. The total population is given as 29,001,018, an increase of 3,026,372, or 11.26 per cent. over the previous census. An incendiary fire at Darien, Conn., destroyed the feed store of Mather & Grannam, Mathew Lambert's road house, and George Bailey's livery stable. The total aggregate loss will reach $25,000. William C. Duncan, the 17-year-old clerk, who in January last stole diamonds valued at $30,000 from his employers, Messrs. Lewiston & Co., of New York, was sentenced to four years and five months imprisonment in the penitentiary. The Falls City Bank of Louisville, Ky., has closed it doors. It was a private corporation and has been rather shaky since last fail, when a run was made on it by its depositors. The liabilities are supposed to be about $1,300,000. Its capital stock is placed at $600,000. It is not thought that the depositors will lose any of their money.
BIG BANK FAILURE. The Falls City Bank, of Louisville, Forced to Close Its Doors. Louisville, July 11.-Financial circles received a tremendous shock Friday morning when it was officially announced that the Falls City bank had closed its doors. It was a private corporation, and has been in a shaky condition since last fall when a run was made on it by its depositors. The liabilities are supposed to be about $1,300,000. Assets $100,000. Its capital stock was placed at $600,000. It is not thought that the depositors will lose any of their deposits. The Falls City bank officers now state that their assets will be $1,200,000, 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 stockholders. The bank's money was tied up in loans and this. together with the depositor's withdrawals, brought about the collapse.
7.July 11, 1891The Roanoke TimesRoanoke, VA
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Article Text
A HEAVY FAILURE. Falls City Bank Suspends With Liabilities of $1,000,000. LOUISVILLE, Ky., July 10.-|Special]Financial circles received a tremendous sheck this morning when it was officially announced that the Falls City Bank had closed its doors. It was a private corperation and had been in a shaky condition since last fall, when a run was made on it by its depositors. The liabilites are about $1,200,000, assets $600,000. Its capital stock was placed at $600,000. It is not thought that the depositors will lose all their deposits. In March, 1873, on a Saturday night, the bank was robbed of between $300,000 and $400,000 in cash and convertible securities. The thieves rented a room just over the bank's vault and worked down through the top. The robbery was not discovered until Monday, as the thieves had fastoned the bolts back SO that they could not be opened except by expert workmen. The thieves were never caught. thought between $200,000 and $300,000 was recovered at a cost of $83,000.
8.July 11, 1891The Salt Lake HeraldSalt Lake City, UT
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Article Text
Falls City Bank Agsigns. LOUISVILLE, Ky., July 10.-The Falls City bank made an assignment this morning. Major Tellman, cashier, says the liabilities are $431,000; assets (nominal) $1,223,000. It is said that from the beginning of the financial panic last year the bank has been carried along by the clearing house, being on a ragged edge all the time. The bank owes the clearing house $223,900. It has been known for several daysit was only & matter of time before
9.July 11, 1891Fort Worth GazetteFort Worth, TX
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Article Text
FALL CITY BANK, Louisville, Ky., Goes to the Wall-Depositors to be Paid in Full. LOUISVILLE, KY., July $10.-The Falls City bank went to the wall this morning. The bank made an assignment to the Mechanics' trust company and closed its doors at 71 West Main street. The liabilities are $431,000, of which $223,900 is due to the clearing house. and deposits are $191,700. The assets (nominal) are $1,223,000. From. the beginning of the financial panic last year the bank has been carried along by the clearing house, being on the ragged edge all the time. It has been known for several days that it was only a matter of time before the bank would have to go. Depositors will be paid in full, and the stockholders will get possibly 35 cents on the $1. The capital stock of the bank is $600,000, with J. Q. Moore president. Bankers regard the failure as an excellent one, as creditors were getting ready to bring attachments.
10.July 12, 1891Daily Yellowstone JournalMiles City, MT
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HEAVY BANK FAILURE The Falls City Bank of Louisville Closes Its Doors-Liabilities One Million. A Wind Storm at Faribault, Minn., Does Much Damage to Property. LOUISVILLE, July 10.-The - Falls City bank of Louieville has closed its doors. It was a private corporation and has been in a shaky condition since last fall, when a run was made on it by depositors. The liabilities are supposed to be about $1,300,000; assets $500,000. Its capital stock was placed at $600,000. It is thought that the depositors will not lose their deposits.
11.July 16, 1891River Falls JournalRiver Falls, WI
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Article Text
OVER A MILLION. Enormous Debts of the Falls Bank of Louisville, Ky. LOUISVILLE, Ky., July 11.-The Falls City bank has closed its doors, making an assignment to the Mechanics' Trust Company. Bad debts and bad management are responsible. For over six months the clearing house has been tiding it over, but it was never able to recover from the panie of last December, when the general money market was so tight. It had a capital stock of $600,000. The liabilities, ineluding the capital stock, will reach $1,200,000. The depositors will probably be paid in full, but the stockholders will be fortunate if they get 10 per cent. The bank has been in a tottering condition for some time. It began to topple last December, but the other banks, fearful that its failure would precipitate a general crash, came to its rescue. First the clearing house loaned it $50,000, then a month later $50,000 more. It has thus been kept up until the danger of a general panie was averted. The other banks, however, have since obtained a firm footing and recently concluded to withdraw the props from the Falls City bank. This was done with the above result. In 1869 this bank was the victim of one of the most sensational robberies in criminal history. The robbers engaged a room overhead and bored through the walls into the vault, securing $400,000 in money and collaterals.
12.July 16, 1891Barton County DemocratGreat Bend, KS
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Article Text
Shaky Since Last Fall. LOUISVILLE, Ky., July 11.-Financia circles received a tremendous shock this morning when it was officially announced that the Falls City bank had closed its doors. It was a private concern and has been shaky since last fall, when a run was made on it by its depositors. The liabilities are supposed to be about $1,300,000; assets, $1,000,000. Its capital stock was placed at $600,000. It is not thought that the depositers will lose anything.
13.July 16, 1891The Farmers' UnionMemphis, MO
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FINANCIAL AND INDUSTRIAL -A. F. Phelps, fruit and general commission, of Omaha, failed. Liabilities, $25.000; assets, $10,000. He has a house also at Leavenworth. Kan. -The commander of the British naval officers in Newfoundland waters has issued an order closing fifty-eight lobster factories along the French coast, which, it is alleged, are running in violation of the modus vivendi. Over a thousand fishermen and others are thrown out of employment. Much indignation prevails. and it is doubtful if the season passes without a collision. -At Louisville, Ky., the Falls City Bank went to the wall. Major William Tillman, the Cashier, gives out the following statement of each in round numbers: Liabilities-Individual depositors. $161,000; savings deposits, $30,700; c rtificates of deposit. $15,700; the banks and clearing house, $223,900; total, $431,300. Assets-
14.July 18, 1891The Historic TimesLawrence, KS
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Shaky Since Last Fall. LOUISVILLE, Ky., July 11.-Financial circles received a tremendous shock this morning when it was officially announced that the Falls City bank had closed its doors. It was a private concern and has been shaky since last fall, when a run was made on it by its depositors. The liabilities are supposed to be about $1,300,000; assets, $1,000,000. Its capital stock was placed at $600,000. It is not thought that the depositors will lose anything.
15.July 18, 1891The Weekly TribuneGreat Falls, MT
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Article Text
A Bank Gone to the Wall. LOUISVILLE, July 10.-The Falls City bank went to the wall this morning. The bank made an assignment to the Mechanic Trust Co. and closed its doors. Liabilities $431,300, of which $223,000 is due the clearing house, and deposits are $191,700. Assets nominal are $1,223,000. From the beginning of the financial panic last year the bank has been carried along by the clearing house.
16.July 21, 1891The Laurens AdvertiserLaurens, SC
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Article Text
An "Excellent" Bank Failure. LOUISVILLE, Kv., July 10.-The Falls City Bank, established in 1865, went to the wall this morning, making an assignment to the Mechanic Trust Company and closed it doors at 701 West Main street. Liabilities $431,300, of which $223,900 is due the clearing house. and deposits are $191,700, assets nominally $123.600. From the beginning of the financial panic last year the bank has been carried along by the clearing house, being on the ragged edge all the time. It has been known for several days that it was only a matter of time before it would have to go. Depositors will be paid in full and stock. holders will get possibly 35 cents on the dollar. The capital stock is $600,000. J. T. Moore Is president. Bankers regard the failure as an excellent one, as creditors were getting ready to bring attachments.
17.July 22, 1891The Manning TimesManning, SC
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Article Text
An "Excellent" Bank Failure. LOUISVILLE, Ky., July 10.-The Falls City Bank, established in 1865, went to the wall this morning, making an assignment to the Mechanic Trust Company and closed it doors at 701 West Main street. Liabilities $431,300, of which $223,900 is due the clearing house. and deposits are $191,700, assets nominally $123.000. From the begiening of the financial panic last year the bank has been carried along by the clearing house, being on the ragged edge all the time. It has been known for several days that it was only a matter of time before it would have to go. Depositors will be paid in full and stockholders will get possibly 35 cents on the dollar. The capital stock is $600,000. J. T. Moore is president. Bankers regard the failure as an excellent one, as creditors were getting ready to bring attachments.
18.August 29, 1891Evening StarWashington, DC
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A Louisville Cashier Takes Flight. LOUISVILLE, Ky., August 29.-Major William Tillman, cashier of the Falls City Bank, which recently collapsed in this city, has fled to Canada. The news line caused a sensation both in financial and social circles. the fugitive being a prominent figure in both. His flight was prompted by the investigation which is being made into the affairs of the suspended bank, the disclosures being exceedingly damaging.
A Cashier Skips. LOUISVILLE, Ky., Aug. 29.-Major William Tillman, cashier of the Falls City bank which recently collapsed in this city, has fled to Canada. The news has caused a sensation both in financial and social circles, the fugitive being a prominent figure in both societies. His flight was prompted by an investigation which is being made into the affairs of the suspended bank. The disclosures are exceedingly damaging.
20.October 7, 1891San Antonio Daily LightSan Antonio, TX
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Clothing House Closed. LOUISVILLE, Oct. 7.-Jacob Kuhn's wholesale jeans clothing establishment assigned today. Liabilities $40,000, assets nominally the same. The failure of the Falls City bank forced payment of his debts.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
