The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1903-10-23

Baltimore Md, October 19.-This has
been a day of marked excitement and
|subdued anxiety in the financial and
circles of Baltimore, a lay
full of momentous events and of wild,
irresponsible, damaging rumors in
those streets and marts given over 10
monetary transactions. Luckily Il
dozen reports. we'll calculated to pro-
woke a Wholesale run on banks got nc
further han the precincts of South
land German streets. Baltimore's Wall
street district, and did not reach the
great army of ~depOsitOrs throughout
the city, thus giving ample time for
1.-THE conservative leaders of business to
lallay popular apprehension before it
reached dangerous proportions.
The day began with the announce
lment of the failure Of the Mary
Hand Trust Company, mo except
Ito only an initiated few, the
NEWS came like a bolt out of a clear
lsky, spreading CONSERVATION in all di-
lrections. TIC these few it was known
that the Maryland Trus Company &
Hong been struggling with ~undigesteG
securities, that it sustained heavy
Withdrawals of deposits and that, fan
Ially on Saturday last it had failed in
Its supreme effort to bridge over the
l%yawnlng chasm by negotiating a
l$2, 900, 900 loan in London.
While the bankers in their offices,
land brokers in clusters on he street
lcorners, and money dealers generally
land business men in the ang were
Iexcitedly discussing the collapse of the
Maryland company. there came another
bolt out of a transparent sky, the
suspension of the Union Trust COM
lpany and it was this latter event which
happened at a late hou in the day,
THAT gave impetus to a varied number
lof baseleSS rumOrS as to other financial
institutions which might we'll have
lcreated Il panic had they been given
lcurrency earlier in the day.
One of these rumors however, as
Isumed a more definite shape than the
Iothers and it is we'll known that at the
request of another trust company, the
name of which was freely banded
lout. the clerk of the circuit court kept
his office open an hour later than the
accustomed time to accommodate n
more applicant for a receivership. But
1.-THE applicant did not materiallZe and
the day ended with only two SuSpen-
Isions to its credit. and with the assur-
IliiNS VI liz I''1 Sb"NN VI
the city that all peril Of Il panic had
Ipassed. and that tomorrow would note
1.-THE dissipation of every sign and poe
ltend to further rOuble
A leading banker, perhaps the most
prominent IN Baltimore aid
1T all depends upon how the people
Iof Baltimore act. If they do not lose
their heads. the trouble will blow over
lin time. and nobody will be hurt; but
if they become panic-stricken, the con-
sequences will be serious. This IS q
time to use calm Judgment"
The plain facts in today's history arr
las follows:
Trust companies closed their doors.
The Maryland Trust Company was the
first to announce its suspension. This
was followed a few hours later by the
lclosing of the doors of the Union Trust
Company.
Allan McLane. third vice president
Iof the Maryland Trust Company VAS
appointed to take charge of the affan1
Iof the company. Miles White, Jr.. first
vice president of the Union Trust
company. vas appointed receiver Of
that institution. Mr.. McLane gave
bonds in the sum of 50, 900, 900 and Mr..
White gave bond in the sum of ST.
600. 600.
The last statement of the Maryland
Trust Company. issued on Tune 30;h.
1903. showed capital stock of $2,125,0 $50,
surplus s., 437 500, n undivided profits
of $671, 1855. The company has de-
manded time deposits amounting to
50. 773. S17.15.
The Union Trust Company at the
EclOse Of business on March 81. 1903 had
a capital stock of 81. 900. 600, surplus Of
$3.50. 900 and undivided profits of $751;
,6S1.55. The Union Trust Company has
deposits amounting to nearly W mil
lions.
The filing of the first applications for
receivers for the embarrassed com
ipanies was followed by petitions for
ico-receivers for both companies. The
total liabilities of the two companies
iexceed $4,000 600.
The cause of the Maryland Trust
I~COmpanY's failure was due to the in
tveStnlent Of the assets Of the company
i'm Mexican railway securities VIII h
icou,d not be marketed. The Union
Trust Company failed because OF a run
.On its banking department. about $15G.-
600 having beer Withdrawn by deD-s-
iitCrS today. but the real troubles OF tie
company had their origin in the organ
.ization of the South and Western rail-
way n Virginia in which 4 CapitaliZ3-
!tiou OF about $1,000 600 was cOntem-
iplatet. The Union Company was the
fiscal agent for the Virginia enterprise
just as the Maryland company was the
fiscal agent for the Mexican railway.
Though these two failures followed
so closely. it can be stated on unquas-
toned authority that there was 70
connection whatever between the VIC
The Maryland Trust Company and the
JniOn Trust Company were not Jointly
interested in any enterprise. so that the
suspension Of one had no direct bear
ing upon the other 1t also may he