Western National Bank (Baltimore, MD)

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Banking Holiday for All Maryland

Feb. Albert Ritchie late tonight declared tomorrow legal holiday all banking and financial institutions of Maryland and made Monday and Tuesday in an effort for banks here take against heavy this week. Howard Bruce, chairman of the Baltimore Trust company, said withdrawals totaling made his institution today and the week's withdrawals were $13,000,000.

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Banks on For Maryland

Acts After Heavy Baltimore

Feb. ciated bank and financial institution in Maryland closed today by proclamation of Governor Albert Ritchie stem heavy withdrawals from Baltimore concerns during the week. Governor Ritchie, by his proclamation, declared today legal holiday and with that the would be extended daily to include Monday and Tuesday while the Maryland general prepared legislation to aid the banks. The governor's statement as interpreted by Attorney General William Preston Lane, affectbanks, savings institutions, trust companies and building and lqan associations, totaling more than 200 in the state as well as the Baltimore stock exchange. withdrawal, principally by small depositors from Baltimore banks this week, prompted the bankers the state confer the Federal Reserve branch bank night with Governor Ritchie and state officials. The conference followed by the governor's proclamation and statement.

Legislature to Act Attorney General Lane immediately began, with the aid of John Gringher, recently appointed state bank and the state law and banking departments, several measures intended relieve financial introduction in the state legislature. reconvenes at Annapolis Monday night. The provisions of the proposed legislation were not revealed the state officials but bankers timated they would be designed to declare the assets of all banking

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MARYLAND

Governor Ritchie Acts to tect Institutions After Withdrawals.

Baltimore, bank and financial institution in Maryland was closed today by proclamation of Gov. Albert Ritchie to stem heavy withdrawals from Baltimore concerns during the week. Governor Ritchie, by his proclamation, declared today legal day and accompanied it with statement that the moratorium would be extended daily to include Monday and Tuesday while the Maryland general assembly prepared legislation to aid the banks. The governor's interpreted by Attorney General William Preston Lane affected banks, savings institutions. trust companies building and loan associations, more than 200 the state as well as the Baltimore stock exchange.

Withdrawal. withdrawal. principally by small depositors from Baltimore banks this week, prompted the of the state to confer federal branch bank last night with Ritchie state officials. The conference by the governor's proclamation and statement. Attorney General Lane immediately began, with the of John Ghingher, recently appointed state bank commissioner, and state and banking department, preparation several measures tended to relieve the financial cerns introduction in the state which reconvenes at napolis Monday night. The provisions the proposed legislation were not revealed by the state officials bankers they would designed to declare the assets of all banking institutions "frozen" basis that would classify them in the rate which withdrawals from each be permitted after the holiday's close. Harry Fahnestock, president the Baltimore stock exchange, nounced today the exchange would closed until further notice.

Confer with Bankers.

Washington, of the poration have been conferring Maryland bank officials the situation in that state the several and although corporation discuss the question was understood today that for the banks likely to arranged. Field workers for the corporation keeping in close touch with state officials well bank presidents and directors. Since the Michigan bank holiday two weeks ago, more than the usual been shown members of the corporation board anything connected with the banking situation. Executive meetings of the board have been held with all except the actually needed employes barred from the room.

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SENATE AND HOUSE BOTH APPROVE BILL CONCERNING BANKS

Couzens Resolution Is Passed, Giving More Power to Comptroller.

Feb. 25.-Acting senate today concurred in house to the Couzens emergency banking enabling the of the currency authorize bank co-operation banks in crises as those Maryland and Michigan. senate acted after the The resolution will sent to the White House for it has been signed Vic President Curtis Speaker Garner The would be in effect six with provision can be for like period by of the It introduced by Senator Couzens, (R.), Governor of declared eight-day Sponsors the believe will effective co-operation to emergencies as that in Specific against any of banking by national the nary powers granted the comptroller

All banks Maryland closed under banking holiday by Albert Ritchie stop heavy drawals the stability of the state's financial instituThe holiday impounding deposits of more than $800,000,000 in 205 banks and companies. will con. at least through Tuesday Ritchie formal announcing the holiday exthe banks would be reopen Wednesday after passage of emergency legislation enabling to demand withdrawals given percentage of depositors' proposal will be presented legislature when Annapolis Monday night. Immediate passage under suspension of rules will be sought Governor Ritchie announced the holiday last midnight after six-hour conference leading Baltimore bankers the Federal Reserve Branch To assure legality of the action, he today to be legal holiday for all issued proclamation declaring financial in the state. He arranged issue similar proclamations succeeding business days until emergency legislation enacted. was precipitated by heavy withdrawals banks. The withdrawals began increased day by and yesterday reached One at $6,000,000 and the total for the week more than $13,000,000. banks have deposits of about Officials the crisis was conto city It was to the holiday the hold three-fourths the state's total deposits. The 205 banks the on Dec reported aggregate reof $889,000,000.

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BANK HOLIDAY IS DECLARED IN MARYLAND

Governor Ritchie Takes Action To Prevent Withdrawals Of Money

$13,000,000 IS TAKEN FROM ONE INSTITUTION

Legislation For Protection Of Depositors Be Presented

Feb. Governor Albert C. Ritchie late to-night declared to-morrow legal holiday for all banking and nancial of Maryland also made Monday and Tueslegal holidays an effort for day banks take against heavy withdrawals this week. Howard Bruce chairman Baltimore Company, talling $6,000,000 made his institution to-day and Governor Ritchie formal statement: believe there justification which place, savings Ritchio city and state these large withshould stop. concensus that bank holiday should be declared to-morrow, Monday and Tuesday, during certain legislathe protection the and security the banks could be presented to the legislabank holiday will cease soon legislation has been passed.

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IN MARYLAND

Deposits Are Impounded

BALTIMORE, Md. All banks in Maryland were closed Sat. urday under three-day banking holiday proclaimed by Gov. Albert Ritchie stop heavy withdrawwhich threatened the stability of the state's financial institutions The holiday. impounding depos its more than in banks and trust companies. will continue least thru Tuesday. Governor Ritchie formal statement announcing the holiday expressed confidence the banks would able to reopen on Wed nesday after passage of emergency legislation enabling them strict demand given percentage of funds. The governor expected to work out details of the legislation Satur day with Atty. Gen. William Pres. Lane. The proposal will be presented the state legislature when reconvenes at Annapolis Monday night. Immediate passage under suspension rules will be sought. Governor Ritchie announced the holiday last midnight after conference with leading timore bankers the federal branch bank. To assure legality of the action. he also issued proclamation claring Saturday to be legal iday for all financial Institutions similar (Continued on Page

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Maryland Emergency Bank Law Drafted

Continued From Page 13 were hampered somewhat in transaction of business.

Bank Statement Erroneous BALTIMORE, Feb. 25 (A P.).In the announcement of the Maryland bank holiday last night, statement was made that withdrawals from the Baltimore Trust Company yesterday were $6,000,000. incorrect, and was incorrectly attributed Howard Bruce, the board. Mr Bruce did not make statement. The was announced by the Bank who said it was from all Baltimore banks. The Associated Press is glad to this correction.

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DEPOSITORS

Holiday Is Declared Bill Prepared as for

Baltimore, Md., Feb. 25 State today rushed preparation legislation protect depositors Maryland closed by holiday proclamation of Governor Ritchie. Attorney General Lane completthe first draft the emergency plan and présented at conferattended by the governor and bank officials Just what the draft contained not made public. The final or measures to be given to the state legislature Monday, and quick passage and senate leaders. The present plan of the governor to end the holiday Despite the governor's proclawhich came Friday night conference of bankers here after withdrawals banks, those in the western tip of the state decided to remain open. At Cumberland, largest city the state with exception Baltimore, five banking institutions remained open, but they to take action before Monday on plans next week. The crisis was precipitated by withdrawals in Baltimore banks. bankers totaled million dollars Friday and 13 mildollars during the week. The withdrawals were and not confined to single bank. they said.

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MARYLANDERS LABOR BANK LEGISLATION

Gov. Ritchie Expected to Offer Emergency Program Today

Annapolis, Md. March Albert C. Ritchie announced early today the draft of the emerglegislative measure for governing the 200-odd banks of Maryland business and financial leaders remained in in Baltimore throughout the night. Members the Maryland General Assembly waited patiently here for the presentation the and an address by the governor provisions The speech set for last, night before joint both houses, was postponed until The three-day banking holiday which last Saturday tended by Ritchle to include today in the the legislation would enacted by the GenAssembly and the banks would be able to reopen The tentative measure would place wide powers in the hands of the bank to control all state banks and to regulate of deposits.

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BALTIMORE BANKS TODAY

National And State Institutions Affected By Order.

PERMISSION GIVEN FORMAL o: all five national banks. one state bank member of the Federal Reserve system and seven state banks in Baltimore on an unrestricted basis tomo:row was announced tonight by banking authorities here. Hugh Leach. manager of the Bait:- the more branch of the Federal Reserve Bank, Richmond. announced permission to re-open had been given the Canton National. First National. N.ttonal Central. National Marine and Western National banks and also the Maryland Trust Company. state bank member. Permission for unrestricted business beginning was given by John J. Ghinger. state bank commissione. to the following state banks in Baltimore Calrert Bank Colonial Trust Company. Equitable Trust Company. F.delit. Trust Company. Mercantile Trust Company. Morris Plan Bank and Real Estate Trust Company Ghinger also said the Safe Deposit and Trust Company and the Conter mtai Trust Company. whose business is no: general banking business but fiductary business. handling trust tates open tomorrow. Commissioner Ghingher late tonight tutions = Baltimore would be permitted to re-open tomorrow on norms: his basis and four mutual savings institum. banks were opened in Baltimore for business before the bank holiday declared. These national three state banks which are members of the Federal Reserve system and 25 state banks. Reopening of state banks in the of Maryland on normal is presented by State and Federal Regulations until Wednesday. it was said Representatives of the county banks will meet at the bank commissioner's office tomorrow morning to Ghingher and Got. on for re-opening Among the financial houses that were to reopen on :00 per same. and Alexancer Brown and Son: