Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1903-10-22
BALTIMORE EXCITED.
Two Trust Companies In Maryland
Go to the Wall.
WHOLESALE RUN ON BANKS FEARED.
Amcng tho Alarming RumoFs Was Oas b
shs Effect That the Municipality of
baltimore Had Millions Of Its
VIA. Treasure In the Failures.


Baltimore, Nd, Oct 20.--Yesterday
Vas day Of marked excitement and
subdued anxiety in the financial and
business circles Of Baltimore. Luckily
. dozen reports, well calculated to pro-
woke wholesale run on banks, did
mot reach the great army Of depositors
throughout the city, thus giving ample
time for conservative leaders Of bust
mess to allay popular apprehension be-
fore 1t reached dangerous proportions.
The day begun with the announce
ment OF the failure Of the Maryland
Trust company, and, except to Q few.
tho news came Is q bolt out Of clear
slly. spreading conformation in all d.
Tections. TO these few II was known
that the trust company had long been
struggling with "undigested securi-
ties," that It sustained heavy with
drawals of deposits and that, finally,
on Saturday last 1t had failed in its eff
forts to negotiate q 100000 loan in
London.
The suspension of the Union Trust
company, which happened at q late
hour In the day. gave impetus to many
baseless rumors as to other financial
Institutions which might have created
D panic had they been given currency
parly in the day.
It was agreed among the leaders,
and 30 given out, that there is moth
ing alarming In the general financial
situation in this city and the mere
fact that temporary difficulties over
took one or two concerns is no reason
Why other perfectly solvent institutions
should be regarded with suspicion.
One Of the most prominent bankers In
Baltimore said:
1T all depends upon how the people |
OF Baltimore act II they do not lose
their heads the trouble will blow over
IN time and nobody will be hurt; but
lf they become panic-stricken the con-
sequences will be serious. This is q
time to use calm judgment"
Allan McLane, third vice president
OF the Maryland Trust company, was
appointed to take charge of the affairs
Of that company. Miles White, Jr.,
iirst vice president Of the Union Trust
company, was appointed receiver Of
that institution. Mr.. McLane gave
bond in the sum Of 100000 and Mr..
White gave bond In the sum Of 81, 000,-
900. The total liabilities Of the two
companies exceeds $10,000,0OO. :
The cause Of the Maryland Trust |,
company's failure was due, as is set :
forth In the statement of Receiver Nc !
Lane, to the Investment Of the assets
u the company in Mexican railway
securities which could not be mar
keted. The Union Trust company
failed because Of run on Its banking
department, about $4,000 having been
withdrawn by depositors yesterday;
but the real troubles Of the. company
had their origin in the organization
Of the South g Western railway In
Virginia, In which capitalization OF
kDtut YAAbVvvpvvV Wo9 SoAeohhpA0sous |
The Union company was the fiscal
agent for the Virginia enterprise, just
- the Maryland company was the fiscal
agent for the Mexican railway.
Though these two failures followed
20 closely 1t can be stated on unques-
toned authority that there was no
connection whatever between the two.
The Maryland Trust company and the
Union Trust company were not jointly
interested in any enterprise. Neither
cUmpany managed trisr esLateS.
Among the alarming rumors ahoat
was one to the effect that the munich
pality Of Baltimore had millions of It's
treasure realized from the Western
Maryland railroad involved In yester-
days failures. Investigation proved,
however, and the finance commission !
ara have 80 announced that the n'---