The Irish standard., 1903-10-24
TWO BANKS IN CRASH.
Supposedly Strong baltimore Inxti-
tutiOns in the Hands of
Receivers.

tive Baltimore received a shock Mon
day when two of it's supposedly strong
est financial institutions closed their
, doors and were placed in the hands Of
receivers. The Maryland Trust COM
pany was the first to suspend and four
hours later the Union Trust company
+, went to the wall
The total liabilities of the two COM
panies exceed S10,0O0,0O0 Allan Nc
Lane, third vice-president OF the Mary
land Trust company, was appointed to
take charge OF the affairs of that COM
pany. Miles White, Jr., first vice-pres-
ident of the Union Trust company, was
appointed receiver Of that institution.
McLane gave bond in the sum of 81
100000, and Mr. White in the sum of
$l,OO0oO0. The last statement of the
Maryland Trust company, issued on
June 80, 1903, showed capital stock of
81 1250Oo surplus S2,437,5O0, and UNI
divided profits of $GG7 ,99S.S6 The COM
pany has time and demand deposits
amounting to S5,773,sl7.15. The Union
Trust company, at the close OF business
on March 81, 1903. had capital stock
OF S1,0OO,O00, surplus of $25o,000, and
undivided profits of $l59,GS7.55. The
Union Trust company had deposits
amounting TO nearly $2,000,00O.
The cause of the Maryland Trust
company's failure was due, as set forth
in the statement of Receiver McLane,
to the investment OF the assets of the
company in Mexican railway securities
which could not be marketed. The
Union Trust company failed because
OF a run on it's banking department,
about 100000 having been Withdrawn
by depositors Monday but the real
troubles of the company had their ORR
gin in the organization Of the South
and Western railway in Virginia, in
which capitalization Of about $11 OOO-
900 was contemplated. The Unon COM
| pany was the fiscal agent for the Vir-
ginia 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 unquestioned authority
that there was no connection whatever
between the two. The Maryland Trust
company ana the Union Trust company
were not jointly interested in any en-
terprise, so that the suspension of one
had no direct bearing upon the other.
Baltimore. Md, Oct. 21.-All the banks
and other financial institutions in Balti-
more were opened promptly at the Gus
tomary hour of ten o'clock Tuesday
morning, and those who may have had
any fears that the beginning of the
monetary day would be signalized by
the announcement of other trust COM
panies following in the wake of the
Maryland and Union companies that
failed Monday were agreeably disap-
pointed
Four millions of dollars which arrived
here by express from New York, Phila-
delphia and Washington cleared the
financial atmosphere and at the closing
time of the various monetary institu-
tons Tuesday afternoon there was every
confidence that the crisis in the financial
district of the city had been safely passed.
Every incoming train during The late aft
ernoon and evening brought packages
of money to the banks and trust COM
panies, and it is estimated that there is
at least $S,000,000 of currency in the
vaults of the financial institutions of the
CITY, Conferences were held during the
evening between various interests, and it
was stated late at night by prominent
banker that no further trouble among
the banks or financial institutions of the
city was probable.