Himlerville: Hungarian Cooperative Mining in Kentucky - The Filson ...

1992] HimlerviUe 539
J
Remaining buildings in HimlerviUe: left, company store; house
on hill, home of Martin Himler; right, Martin-Himler State
Bank
Chuck Perry, Lexington
sitated a large expenditure during a time Of war-induced, artificial
prosperity. When the coal industry collapsed in 1920, the
Himler Coal Company was left with large debts and no market
for the coal it mined. Making the coal more difficult to sell was
the reputed impurity of the Himlerville coal. These factors contributed
to the cooperative's bankruptcy.74
For three years the receivership tried to improve the Himler
Coal Company's financial condition and pay its debts. By 1928,
however, the indebtness was insurmountable. Three difficulties
faced the receivers: coal prices below the cost of production;
short working time; and heavy, fixed operating costs. s In 1928,
$24,500 was owed on the first mortgage. The interest, at a fixed
rate of seven percent, had been paid until 1 March, but the
mortgage was due to be paid by 1 September. Tax liens on the
74 Ibid.
75 Ibid.