Evening journal., 1922-02-21
No PLAN YET To
PAYDEPOSITORS
Elkton Bank Receiver
Knows of no Proposition
TO Settle in Full
WARBURTON IN
DYING CONDITION

ELkTON, Nd, Feb. 21.-Optim-
ism which had climbed in leaps and
bounds following the report that all
deposltors Of the Second National
Bank OF Elkton. which closed Janu-
ary 90, would be paid in full, drop
ped somewhat today.
The report spread rapidly after
Henry A. Warburton, prosecutor OF
Cecil county, son OF William T. War
burton, president OF the bank, an
nounced he had heard negotiations
were under way by which funds
would be provided to pay each de-
positor dollar for dollar.
The prosecutor qualified the state
ment by adding that he had merely
heard that such a plan was under
way, but this was sufficient to inn
bue every disconsolate deposltor
with renewed hope.
Federal officials who have been IN
charge at the bank since its failure
and r. Gordon Flnney, receiver.
said they know OF no plan such as
Warburton had referred to unless
the Warburton family intended to
provide the funds from some private
source.
According TO the groups who dis
oussed the banks affairs on street
corners, the popular impression is
that William T. Warburton will sac
rifce his famous apple orchard near
Bay View. Nd, on the site OF his
birthplace, together with the Gilpin
Falls Electric Power Company,
which he owns, and all other hold
ings IN order to pay those who trust
ed him with their deposits.
But whether the one-time candi-
date for Governor Of Maryland and
leader I'm the State House OF Dele
gates at Annapolis will survive to
carry out these Intentions, II he
harbors them Is a matter of conjeo-
ture At midnight. It is said. War
burton. who has been critically III
since the bank crash, was sinking
so rapidly that members OF his fam
lily gathered about his bedside.
Residents OF Elkton are under the
belief that. even though the apple
orchard. where the thousands OF
trees have remained annually bare
Of fruit with the exception OF one
year. should not bring a large price.
Warburton would throw other hold
ings on the market. The stockhold-
ers and depositors had pinned their
greatest hopes on the lifting of
S12f.OOO worth OF bonds Of the Gil
pin Falls Electric Company through
the sale OF the concern which War
burton said before his illness would
be consummated February IA. The
sale was not made and Il Is believed
the company, which supplies current
for lighting ElSton streets. and
some OF It's dwellings. would brinl
a small price. The highest offer ye
received Is said to have been $50,
600.
Flnney. the National Bank Ex
aminer appointed receiver OF tn
bank. and the Federal agents assist
ing him in clearing up It's affairs arr
becoming less and less communica
tive as their work progresses.
Second in interest TO Elkton resi-
dents, who put plans to pay deposl
tors first, Is the apparent myster,
OF notes which the banks book
show to have existed to total o
$4,000 during the past, but whlcl
have disappeared and are not now
the receiver says. carried as assets
Federal agents have questione
many OF those. whose names hav
appeared as borrowers from IN
bank on those notes and have bee
told that no such loans were oh
tanned
To pay Off depositors in fun It
said $293.OO0 Will be required. +
w. Caiwel. superintendent {
schools IN Cecil county. says IN
school board has about $4,000 tie
up In the closed bank, but this
school teachers have been paid thu
far from other funds.
William 4. Warburton IL ais
president OF the Citizens Mutui
Fire Insurance Company. a loci
concern, and it Is said that an #
surance commissioner who recent
visited Elkton found this concern
excellent shape.