The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-10-20
No More Failures Likely
Un.ess Heavy Runs.
MARYLAND AND UNION
HAVE TO CLOSE UP
Embarrassment Of the Former Que to
Investments in Mexican Securities.
and That of the Latter to Its
Inability to Place the Securi-
ties Of South andWest
Virginia Railroad.
(By Associated Press. )

tBy Associated Press.)
BALTIMORE MD, October lo.-This
has been a day of marked excitement and
subdued anxiety in the financial and bus
mess circles Of Baltimore day fun of
| tromcntous events and of Wild, irrespon-
/ sible, damaging rumors in the streets
and marts given over to monetary trans
actions. Fully a dozetf reports. well call
cIlatcd to provoke a wholesale run on
banks. got no further than the precincts
of South and German Streets, BaItimore's s
Wall Street district and did not reach
tho great army of depositors throughout
the city, thus giving ample time for tile
conservative leaders of business to allnys
popular apprehension before It reached,
! dangerous proportions.
The day began with the announcements
OF the failure of the Maryland Trust
| Company, and except to only an Initiated
few the news came like a bolt out OF Il
clear sky. spreading CONSERVATION in all
directions To these few 1t was known
that the Maryland Trust Company had
long been struggling with undigested Sc
curlties; that it sustained heavy With
drawals of deposits, and that, finally, on
Saturday last, 1t had called in its SUI
irene effort to bridge over the yawninR
ehasm by Negotiating a, 100000 loan III,
| London
Urion Trust Company Suspends.
While the bankers in their Offices. and
brokers' in clusters on the street corners,
and money dealers generally. and bust
ness men In the exchanges were still eS-
citedly discussing the collapse OF the
Maryland Company. there came another
! bolt out Of transparent sky--the sus-
pension of the Union Trust Company. and
it was this latter event. which happened
at late hour In the day, that gave
impetus to a varied number OF baseless
! lumors as to other financial Institutions
which might we'll have created a panic
had they been given currency earlier III
the day.
One of these rumors, however. assumed
more definite shape than the others, and
1t Is well known that at the request of
another trust company. the name OF
which was freely banded about, the clerk
OF the Circuit Court kept his office open
an hour later than the accustomed tinls
to accommodate one more applicant for
receivership. But the applicant did not
materialize, and the day ended with only
two suspensions to Its credit. and with
the assurance of the cool-headed Imam
clers of the city that all peril of a panic
had passed, and tomorrow would note
the dissipation Of every sign and por-
tend OF further trouble.
A leading banker, perhaps the most
prominent in Baltimore said: ut all de-
pcnds 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 If they become panic
stricken the consequences will be seri-
Gus. This is d time to use calm judg-
ment."
Are Heavy Failures.
The plain facts in to-day's history ar.
thcsc Two trust companies closed their
doors-the Maryland Trust Company was
the first to announce this suspension;
this was followed a few hours later hS
Trust Company, Allan McLane, t!ri
vice-president of the Maryland Trust
Company, was appointed 10 take charge
of the affairs of that company. Miles
White ,Jr. of tho Union Trust Company,
was appointed receiver of thai company,
Mr.. McI.ane gave bond in the sum of So
100000 and NJ r.White gave bond in the
sum OF 100000,
The last statement of the Maryland
Trust Company, issued juno lst, showe,1
capital stock of s3,125,oo0, surplus sai37
500 and undivided profits OF S6T7G0SSG.
The company has demanded time deposIts,
amounting to S5,77S,a7,15, The Union
Trust Company al the close OF buSIN'sS,
March 81, 1908 had a capital stock OF
81 ,Oo,0O0. surplus of $4,000 and undivided
profits of $l596sl,55. The Union Trust
Company has deposits amounting to
nearly $-,0OO,Wo.
Liabilities Over Ten M M'llions.
The fling of the first applications for
receivers for the embarrassed companies
was followed by petitions for co-lFa
celvers for both companies The total IN
blities OF the two companies eNceed
SIC, 100000 The two failures tie up over
$70O0OOo deposits,
The Maryland Trust CompanN'i ta'-
uro was due Ia the investments IN Men
lean securities, which could not be mar
keted The Union Trust Company failed
because of run upon Its banking dc
r,,atment about Sl69pO having been
withdrawn by deposltprS to-day HuI
In. real troubles of the cumuanes had
their origin in the organization OF The
south and Western Railroad IN Nlr-
gina. in which q capitalization ~
about S1l.O00O 600 WAS contemplated, The
Union Company WAS the tlSetl agent nf
the Virginia enterprise ana the MARYLAND!
Company MAS the fiscal agent for TIE
Mexican Railroad
Though these two failures folo'vcfs
each other closely II can he stated on
unuuest'anod authority that there Was
no connection whatever between the two
The Maryland Trust Company and the
Union Trust Company wcre not jointly
interested In any enterprise, so that
tue suspension Of one had no direct bear-