Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-12-17
PAGE TAKES CHARGE
OF MARYLAND BANK
Petition Disc|oSes Trust
Company Had Exhausted
Required Reserve.

Upon filing petition for appoint
ment of a receiver which STATED that
bank examination disclosed that the
Southern Maryland Trust Co. was con-
| Quoting its business in an unsafe or
| unauthorized manner, in that its re-
serves, as required by law, had become
exhausted" George w. Page. bank COM
missioner of Maryland. was today ap-
pointed receiver for the trust company
at court proceedings at Marlboro, Md.
The company until recently was headed
by Samuel J. Henry, indicted president
of the F. H. Smith Co.
The appointment was made by Cir
cult Court Judge Joseph G. Mattingly,
who fixed Pages bond at 100000,
which was Immediately furnished by
the Maryland Casualty Co.
In addition to a petition for appoint
ment of a receiver Page filed a petition
for appointment of counsel, and the
court authorized Ogle Marbury to act
in that capacity. A writ of subpoena
for the officials of the bank was also
asked and granted, but no date named
as yet for them to appear in court
for hearing.
Commissioner Page and Marbury
went into conference with States At
torney j. Frank Parran after return
ing the orders of the court.
Page was in conference with Judge
Mattingly and Ogle o. Marbury. at
torney for the bank commission, for
about an hour.
Knows General Status.
Page said the work of going over the
accounts of the Southern Maryland
Trust Co. was not yet completed, but
that he knew in a general way the
status of the bank. He would give no
more definite statement, but declared
he certainly hoped" there would be no
loss to depoSitorS.
In the event the bank examination
reveals any illegal procedure, Page said
he was undecided as yet what action
would be taken.
Negotiations which it is hoped will re-
suit in the early opening of the banks
of the Southern Maryland Trust Co. at
Seat Pleasant and Upper Marlboro
through the consolidation of those in
situations by other financial houses APP
parently were taking definite form to-
day.
Representatives of some of the banks
which ere considering taking over the
Southern Maryland Trust Co. were in
Marlboro today and declared they ex-
pected to talk to Commissioner Page.
Henry resigned as president of the
trust company on December 7. Hubert
T. Plaster, vice president of the trust
company, had resigned November 80.
Between that date and last Friday when
the bank was closed, the Prince Georges
County commissioners withdrew their
funds from the bank.
Deposits Amply Protected.
Although the Prince Georges County
commissioners withdrew their funds
from the Southern Maryland Trust Co.
before 1t was closed last Friday, 1t was
implied in statement today by County
Treasurer r. Ernest Smith that other
funds of the county were in the banks
when they closed. These, he says, are
amply protected by surety bonds.
Smiths statement, very brief one,
was that "the taxes collected by these
banks and the money deposited in said
banks are amply protected by surety
bonds"
The banks received funds for the
county taxes up to the day they were
closed. The money which the county
commissioners withdrew are said TO
have been sinking funds.