Willmar tribune. [volume] (Willmar, Minn.) 1895-1931, 1903-10-24

International Bank and Trust Conn
pany Of America at Dover
..=.s-y ,g..
Closes Its Doors. Tx
BrTrER FEELING APPARENT IN ::
BALTIMORE FINANCIAL CIRCLES

Fears Of Further LiQuidatioas Dis
appear aad No Run ON Institutions
Anticipated-Un1onT Trust Company
Soon to Res1ne-No Excitement ON
'ChanRe.
Dover, Del, Oct. 2I-Chancellor
Nicholson Tuesday granted an appli-
cation for a receiver for the Interna-
tional Bank and Trust Company OF
America James H. Hughes, of Della
ware, was appointed receiver and sub
ordinate receivers will later be ap-
pointed in all other states where the
corporation has assets.
Efforts will also be made to have sub
ordinate receivers named in Mexico.
Herbert Compton, a stakeholder, made
the application for . receiver, and Law
yer William L. Gooding made answer
for the company. When an effort was
made to reach the chancellor Monday
night he was on pilot boat of Della
ware breakwater, but party of officers
and stockholders located him and by
megaphoning the boat the chancellor
was brought ashore, and after some ex-
plantations BY counsel the application
was granted.
Situation 1T Baltimore.
Baltimore, Nd, Oct z1.-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 tho 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 AEreeably disap-
pointed. Not only did every institution
open, but among local dnanciers gener-
ally there was a uniform expression of
confidence that no other suspensions are
now probable and that whatever of
p2nicky feeling was manifested has
practically disappeared. Late Monday
afternoon and continuing far into the
night there were significant reports that
three moro trust companies whose
names were freely discussed would ap-
ply AOI ICCSAVS6b, OuI tuCoC COM pdu1S0
threw their doors ajar as usual when the
clocks struck ton and their officials de-
clAred that tho apprehension which had
been felt in their behalf was unfounded
and that they arc in no manner embar-
raised.
It is true, however, that while the
fnanciers Themselves and the brokers
and bankers around South and German
streets maintain IN air of serene con-
fidence there Is 4 degree Of uneasiness
in the popular mind, and it is expected
that this feeling may prompt more
voluminous withdrawal of deposits dur
ing the day than usual But there is
no reason for anticipating that there
will be anything like a run on any Of
the banks.
The stock exchange opened as usual
without furry or exciting incident
Monday the brokers came to the rescue
of the situation by deciding to carry out
buying orders only 80 far as possible,
and to refuse selling orders. 1t is under
stood that If necessary they will con-
tinue the same conservative policy.
! take an optimistic view of the situation,
and this optimism is particularly
strengthened by the fact that local Sc
curities were not involved in either OF
the suspensions.
Confidence Increased.
Tuesday afternoon showed steadily
increasing confidence among financiers
that the worst has happened and that
there will not be any additions to the
list of failures.
! On the stock exchange the sentiment
during the whole day has been optimis-
tic, and in the closing hours there was
evidently not a member who entertained
any apprehension that there would be
any further trouble. "T
A factor in allaying apprehension was
the knowledge that many of the financial
institutions had strengthened their re-
sources during the night. A large
amount of currency from New York,
Philadelphia and Washington was sent
to Baltimore during the night and Tues
day morning.
How much was received is not def
nitely known, but it is estimated that
between 100000 and 100000 is in
the vaults of banks and trust companies
which was not there Monday.
One Of the reassuring incidents OF the
day was the announcement that the
Union Trust company, one of the sus-.
pended companies, would resume busi-
ness in short time. The directors Of
that concern were in conference during
the day to formulate plan by which
the company's affairs may be adjusted
and the receiver discharged as soon al
that is practicable. Receiver White
stated that the resumption Of business
by the Union Trust company would
be a matter of only a few days. ..#55
Another incident that gave confidence
was an inquiry from the treasury de-.
partment at Washington asking II the
national banks needed assistance. 81