The L'Anse sentinel. (L'Anse, L.S., Mich.) 18??-current, 1903-10-31
BANKS IN CRASH.
Several Financial Institutiens Go
Into Hands Of Receivers-Causes
OF Their Troubles.

Baltimore, Md, Oct. 20.-Conserva-
tive Baltimore received shock Mon
day when two OF its 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 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 run on its banking department,
about $3.50. 900 having been Withdrawn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 a capitalization of about $11 .O00.-
900 was contemplated.
Pittsburg, Pa. Oct 22.-The doors OF
the Federal national bank were not
opened for business Wednesday morn
ing. The following notice was posted
in explanation:
CLOSED by the authority of the comp
troller of the currency. John B. Cum
ningham, receiver"
Some such action has been within the
possibilities for the past two days, fore
casted by the determined raid upon the
institutions stock on the Pittsburg
stock exchange. The positive state
ments. however. of the president, J. A.
Langfitt. to the effect that the bank was
not in need of money, and that its losses
would not affect its capital or surplus.
did much toward allaying distrust on
the part of its depositors. thus prevent
ing a run.
Mr.. Langfitt lays the suspension to
weak stockholders. who. alarmed by
the prevailing depression. threw their
stock on a weak market.
Pittsburg, Pa. Oct. 23.-Following the
suspension Wednesday of the Federal
national bank. Pittsburg, the First ma
tional bank. OF Allegheny, failed to
open its doors for business Thursday.
and its directors have notified the comp
troller of the currency that the institu-
ton has gone into voluntary liquidation.
and requests him to take the necessary
action in such cases.
The directors. however, at a meeting
decided that. considering the best inter-
ests OF all concerned. the action noted
above should be taken.
The First national bank of Allie
gheny was organized in January. 1864.
and has a capital stock of $3.50. 900. a
surplus Of 500. 900 and undivided profits
OF $34,S7I.SO.
The First national is one of the old
est banking institutions in Allegheny.
The directors of the bank are con-
nected with some OF the most important
manufacturing interests i'm Allegheny.
Leseuer. Mimi. Oct 23.-The Farm
ers' and Merchants bank. private in
stitution owned by w. H. and w. A. Pat
ten. father and son. closed its doors
Thursday afternoon. Neither OF the CO.
partners would make statement as to
the cause of the failure. nor of the finan-
cial condition of the bank, further than
to that the liabilities would amount to
$4,000. The bank was not licensed I'M
der the state banking laws and had no
capital stock. Its depositors were largely
farmers from the surrounding country.
The failure caused but little excitement,
as II had been expected for the past two
days that the institution would have to
close. II is alleged that transportation
was the cause of the failure
Oshkosh, Wis. Oct. Edward c.
Martin. of Fond du Lac, a merchant
who was former banker of
Princeton, has been appointed by
Judge Burnell. receiver of the Prince
ION slate bank. under bonds of $780,
900. This is the bank of which J. f.
Leimer. now under arrest charged with