The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1903-10-23
TWO BAL T|MORE
TRUST cos FAIL
The Maryland and Union Trust
Companies Close Their Doors.
LIABILITIES OVER slO,O0O,000
cosh We're Larg.. Financial 1sststsi-
ltoms, Having capital 0uMst"y
~ Into tn MIl1i~ns-Ss"th
im Rrretvcrs' HANDY.


Baltimore. Nd, Oct. 2o.-The DORIS
az the Maryland Trust Co were closed
Monday Il the great surprise OF the
general pr bile. though in financial cir
| les II was known for several days
kat the company was embai raised ani
that its continuance in business would
he dependent on the outcome Of e.
forts that were under way 10 borrow
money in London &c tide over pressing
u.fficulties
This failure was followed latcr in the
lay by that of the Union Trust Co. The
latter was caused. the officials lay. by
run on IL. following the collapse OK
he Maryland company. Both concerns
are in the hands of receivers.
Luckily. dozes reports. well cal
culaIed % provoka a wholesale run IN
hanks, did not reach the great army
u depositcrs throughout the city. thus
giving ample time for conservative
leaders Of business to allay popular
apprehension before IL reached dan-
gerous proportions
Spreads Cs.nstcrnatioa.
The day began with the announce
T1ent Of the failur, OF the Maryland
Trust Co.. and except 10 only an In
! iiiated few. the news came like Dol,
'c,t OF clear sky spreading conssor-
nation In all directions. To tlese lew
il was kncwn thaz the Maryland Trdss
Co. had long been struggling with "un-
digested securities" that it aaslainal
heavy Withdrawals of deposits aud
that finally. on Saturday last, 1t had
failed in its effort 10 negotiate a s.
oo0. 900 loan in London.
The suspension OF the Union Trust
Co., which happened al late hour "a
the day, gave imbetus 10 many base
less rumors as To other financial insii-
utions which might well have Gre
ated panic had they been given car
rency earlier in the day.
LIZ was agreed among the leaders arl
20 given out that there is morning
alarming In the general financial sill
nation in this city. and the riere fact
hat temporary difficulties overlook
one or two concerns is no reason Why
uther perfectly solvent institutions
should ne REGARDED with suspicion. Olc
OF the most prominent bankers in Bal
timore said:
Trouble VIII Soon How Over
1T all depends on how the peop,,
If Baltimore act. II they don't Lose
their heads the trouble will blow over
in time and nobody will be hurt but il
they become panic stricken III, conse-
luences v i'll be serious This IL time
to use clean Judgment
Allan McLane. third vice-presidea-
If the Maryland Trust Co. was appoint
ed 10 take charge Ct the affairs ~ that
company. Miles White Jr. first vice
president Of the MON Trust Co. was
appointed receiver Of that ms tuition
NJ. NcLane gave bond in tho sum OF
s. 100000. and Nj White gave bond
in the sum Of 81 100000.
The last statement OF The Maryland
Trust Co. issued on June 80. 1898.
showed capital stock OF SIPS 900, sur.
plus 1851 500 and undivided profies
II s.11s:s.s6. Tho company has le-
mand AMI time deposits amounting 10
s5.173, sl715.
The Union TrGst Co.. al he close
Of business on March 81. 1909. lad cap
ital stock of $1,000 .ooo surplus oi $780,
900 and undivided profits Of sl59. 6S7.55.
The Union Trust Co. has deposits
amounting to nearly two millions. The
fling Of the first applications for re-
ceivers for the embarrassed compan.e
vas followed by petitions fer core
eeivers for both companies
Total Liabilities Exceed xiD,,un.1cO.
The total liabilities of the two COM
aanies exceed slo.ooo,0oo. The cause
II the Maryland Trust Co.'S failure
was due. as Is set forth in the state
ment of Receiver McLane. 10 loans adj
vanced 10 the Vera Cruz a. Pacific rail
road II Is said that these loans aggre-
gate in excess of $1,000 600. which
could not be marketed Tn. unien |
Trust Co. failed because OF d Jun ~
its banking, department. about $4,000 |
having been withdrawn by deposi;crs |
company had It's origin in the organs
ization Of the Sol III a. Western rail |
way, in Virginia. in which capital- !
zatiOn OF about 81 600 900 vas con- |
femplated The Union company was |
the fiscal agent Tor the virginia IN |
ierprise, just as the Maryland company |
was the fiscal agent for the Mexican
railway
Though these two failures followed
sc closely. IL can bc stated on unqu,s-
toned authority that there was no
connection whatever between The two
The Naryla nd Truss Co and The Union
Trust Co. were not Jointly interested
In aGy enterprise. Neither company
managed trust estates.
Dropps From the RoIls.