Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1903-10-19
IN THE HANDS
OF RECEIVERS.
The Union Trust Company of
Baltimore is Compelled to
Close Its Doors.
ALSO MARYLAND TRUST co.
Receiver Miles White for the Union
Gives 81, 600, 600 Bond--Receiyer Allan
McLane Gives Bond of 50, 900, 900.

Baltimore. oct 19.--The Union Trust
company closed It's doors at 1.iJ p. m.
Miles White, Jr, has been appointed
receiver of the company.
Receiver Miles White Jr., filed bonds
for H,00O,0OO, lie Is one of the vice
presidents Of the Union Trust company,
and states that the closing Of the
doors of that company was due to q
run upon it by depositors in conse-
quence of the announcement of the fail
ure of the Maryland Trust company 1t
is stated that there are no business
connections whatever between the two
suspended companies.
IT'S CONDITION
New York, Oct, l0.--'rhe Union Trust
company Of Baltimore, according to
recent statement, had paid up capital
OF Sl,OOO,O0O, surplus of S25OOOO, and
undivided profits Of 100000
The officers OF the Union Trust COM
pany are: George w. Blackstone, pres
ident, Richard b. Selimar. secretary
treasurer Miles White Jr. and Charles
I, Crane vice presidents,
The Union Trust company had on
deposits when its last statement was
issued SL93j,OOO Its loans were sl,4lS,-
wv,
MARYLAND TRUST co,
Baltimore, oct, l9.-Allan McLane
was today appointed receiver for the
Maryland Trust company,
The Maryland Trust company was
capitalized at SZ,l25,0CO, and In a re-
cent report the surplus was said to be
1,bUU and undivided profits 1867, 6S2
The depOsitst were So,Sl3,Sl0. The COM
pany made an effort last week to float
loan of S4,OUO,OOO. In 1902 the COM
pany paid Is per cent dividend.
Mr. McLane gave bond Tor $1,000, 000
The receiver was appointed on applica-
ton Of John S. Cuttings & Company
bankers, OF this city.
The officials OF the Maryland Trust
company are preparing a detailed state
ment OF the causes of the failure OF that
company which they win make public
later In the day. Ii Is understood that
the embarrassment is due chiefly TO an
effort to finance the Vera Cruz & Pa
ciic railroad
The doors OF the Maryland Trust
company were closed to the great sur
prise of the general public though in
financial circles 1t was known for sew
eral days that the company was em-
barrassed, and that its continuance In
business would be dependent on the
outcome of efforts that were under
way TO borrow money in London TO
tide over pressing difficulties Last
week the Maryland company had al
most completed arrangements for a
loan of s20OO,0OO, but on Saturday
afternoon, according TO the adnlis-
sions of company officials here the
prospective lenders abruptly withdrew
from further negotiations II was this
failure to realize available funds which
precpitated the suspension OF the in
stitutiont his morning.
There are many reports rife as to the
causes which brought about the failure
but according to preliminary state
ment made by the company officials and
by Receiver Allan McLane, the suspen-
sion is solely due to large loans adj
Vanced to the Vera Cruz & Pacific
railroad. II Is said that these loans ag-
gregate In excess of 100000.
Receiver McLaue Is now engaged In
the preparation Of a detailed statement
setting forth all the materials In re-
gard to the failure This statement will
be made public during the afternoon.