The citizen. (Frederick City, Md.) 1895-1923, 1911-01-20
Court Proceedings.

/ appointed by the court to take charge O
the Brunswick Savings Bank, after hav
! ing investigated the condition of the banI
with the aid of expert accountants have
submitted their report to the court. stat
ing that the bank is ''hopelessly insol
vent" and that its assets are considerably
less than its liabilities; just how much less
will depend very largely upon the
! amounts that can be realized upon the
hundreds of notes which the bank holds. "
The court signed an order this morning
for the receivers to proceed with as
great dispatch as conveniently may be to
/ collect the notes" and the overdraits due
said bank.
The total due the depositors of the
bank is 1924, I6I. 80, which does not take
into account any interest on deposits,
except such as had been credited or paid
prior to the appointment of receivers.
Against this liability the following items
are put: Active paper, SI36, 7Sr.43; shares
Frederick County National Bank stock,
$500; bank house, lot, etc, $4,000; cash
in bank, $2S,427. "a; interest on notes to
January I, 1911, S2o,47347, Thus is
figured a deficiency Of S35,S7ooo. The
accountant classified as suspended assets
the doubtful notes and overdraits That
is to say, doubtful notes amounting to
the sum of SS,S76.2I and the overdralt in
the personal account of William Schuauf-
fer, cashier, of $50 o75.7S and all other
overdrafts amounting to ST2,S7o.oo.
The court authorized and empowered
the receivers, upon the payment to them
of any note or the balance due on any
note, secured by mortgage to the bank,
to either assign the mortgage, or release
the same, as they may be requested by
the person or persons owning the prop
erty on which any such mortgage is a
lien. The questions of the disposition of
the property owned by the Savings Bank
and the dissolution OF said corporation
have been reserved for future determine
ton by the court.
The cause of the failure Of the bank is
attributed by the receivers as follows:
Some of the shortage is due to bad loans,
some of it to overdrafts which were per-
mltted, some OF it 10 failure TO promptly
collect notes and interest when the same
became due and payable; but the princi-
pal cause of shortage seems to be due to
the fact that the bank was being run at a
loss; that is to say, that the expense OF
running the institution, plus the interest
paid on interest bearing deposits,
amounted to more than the interest re-
ceived. And this is again largely attrib-
utable to failure TO collect promptly
interest on loans. Very few of the notes
held by the bank were discounted"
Lena Sabina HORNE was permitted by
the Court to change her name to Lena
Sabina Whip. Urner & Urner repre-
sented Miss HORNE.
The Younkins VS. Rudy case for s., 900
damages was tried before a jury who
awarded Younkins one cent damages.
Sloner, Weinberg and Harp for plaintiff.
Coblentz, Brown and Coblentz for de-
PENDANT.
The case of ]. w. FELTON, vs. the Walk
ersville Water Company for $1,000 dam
ages was tried before jury. Stoner &
Weinberg for plaintiff. Coblentz & Co
blentz for defendant.
Judge Motter released VIM Holmes.
committed by Justice Jordan. of Bruins
wick, as commitment was defective.
Samuel Lewis appeared for Holmes.
The case of VIM Foust, of Glen Rock,
Pa, VS.. Major E. Y. Goldsborough, was
taken up before the court. Before the
case had progressed very far, the plaintiff
entered plea of non pros. Stoner and
Etchson represented the plaintiff and
Albert Brown represented Major Colds
borough.
Thaddeus FELTON, was awarded $40 and
costs in his suit against the Walkersvile
Water Company for diverting the water
in Israels Creek. Stoner & Weinberg
represented Mr.. FELTON, and Coblentz &
Coblentz represented the Water Com
pany.
The members OF the jury were excused
when the case of James c. Shriver VS.. ].
Augustine Mason and J. Mcpherson Scott
will be takenup. This case was removed
here from Washington county. AS this
is the last case for the consideration of
the jury, the jurors will be discharged
from further attendance after it is COM
pleted.