Mckim & Company (Baltimore, MD)

Episode Information

Episode UID
2296501391291
Episode Type
Suspension → Closure
Bank Type
private
Bank ID
229650139 hash
Start Date
July 1, 1907
Location
Baltimore, Maryland (39.290, -76.612)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
80d0777c6ad76e7d

Response Measures

None

Events (2)
1. July 1, 1907 Receivership
Newspaper Excerpt
was placed in the hands of Charles Morris Howard as receiver today. Mr. Howard gave bonds for $300,000.
Source
newspapers
2. July 1, 1907 Suspension
Cause
Voluntary Liquidation
Cause Details
Withdrawals of deposits, poor business, and partner's desire to retire; capital largely locked in real estate led firm to wind up and seek receiver.
Newspaper Excerpt
the banking and brokerage house of McKim & Co. ... was placed in the hands of Charles Morris Howard as receiver today.
Source
newspapers

Newspaper Articles (11)
1. July 1, 1907 Evening Star Washington, DC
Article from Evening Star, July 1, 1907

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Article Text

BALTIMORE BANK FAILS RECEIVER APPOINTED FOR McKIM & COMPANY. BALTIMORE, Md.,, July 1.-The banking and brokerage house of McKim & Co., 522 Park avenue, this city, was placed in the hands of Charles Morris Howard as receiver today. Mr. Howard said he could not as yet give any figures as to liabilities, etc. Mr. Howard gave bonds for $300,000, which would seem to indicate that the liabilities were half the amount. Withdrawals of deposits and poor business, coupled with the desire of Hollins McKim, the chief partner, who is getting along in years, to retire from active business, was given as the reason for the action. Receiver Howard issued a statement, in which he said. Statement of Receiver. "It was deemed wise to wind up the business, and this was considered the best way to do it. The move was not an antagonistic one, and was made by the firm's associates and with the full concurrence of Mr. Hollins McKim. It is his capital that is really involved. In addition to the depressed conditions now prevalent in the financial world, this bank had the handicap of having a large part of its capital locked up in real estate. This kind of capital is, of course, not readily available. Some of it is very valuable, and it is hoped that it can soon be marketed and that the affairs of the concern can be speedily liquidated." The house was established in 1852. It is composed at present of Hollins McKim, E. A. Betsworth and S. Sterrett McKim. The assignment of the firm created considerable sentimental interest because of its old-established character, but in banking circles it was not regarded as showing weakness in any other quarter. The concern has not embarked in any large new enterprises for several years, it was said. It was set forth in the petition for a receiver that the firm's capital is largely invested in real estate in Baltimore city and county, some of which is unimproved and could not be readily realized upon. News of the failure of McKim & Co. of Baltimore was received by local bankers and brokers early today, but it did not attract more than passing comment, since, so far as can be learned, the firm did not do business in this city to any extent.

2. July 1, 1907 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, July 1, 1907

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Article Text

Receiver in Charge. Baltimore, July 1.-The banking and brokerage house of McKim & Co of this city was placed in the hands of a receiver, Charles Howard, today. who furnished bonds of $300,000. It is not known how much the liabilities are.

3. July 1, 1907 The News-Democrat Providence, RI
Article from The News-Democrat, July 1, 1907

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Big Firm Fails Baltimore, Md., July 1.-The banking and brokerage firm of McKim & Co., 622 Park avenue, this city, was placed in the hands of Charles Morris Howard as receiver today. Mr. Howard said he could not as yet give any figures as to liabilities, etc.

4. July 2, 1907 New-York Tribune New York, NY
Article from New-York Tribune, July 2, 1907

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Article Text

RECEIVER FOR BALTIMORE BROKER. Suspension of Banking House of McKim & Co. Announced. Baltimore, July 1-The banking and brokerage house of McKim & Co., at No. 522 Park avenue, this city, was placed in the hands of Charles Morrls Howard as receiver to-day. Mr. Howard said he could not as yet give any figures as to liabilities. S. Sterrett McKim, one of the members of the firm, is vice-president of the Baltimore Stock Exchange. Although the appointment of a receiver for the firm was known on the exchange, it was not officially announced until a few minutes before the closing. The publication of the condition of the firm aroused little interest on the floor. Mr. Howard gave bonds for $300,000. which would seem to indicate that the liabilities were half the amount. Withdrawals of deposits and poor bustness, coupled with the desire of Hollins McKim, the chief partner, who is getting along in years, to retire from active business, were given as the reason for the action. The house was established in 1852. It is composed of Hollins McKim, E. A. Betsworth and S. Sterrett McKim. The assignment was not regarded as showing weakness in any other quarter. The concern had not embarked in any new enterprises for several years, it was said. It was set forth in the petition for a receiver that the firm's capital was largely invested in real estate in Baltimore city and county, some of which was unimproved and could not be readily realized upon.

5. July 2, 1907 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, July 2, 1907

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Article Text

M'KIM & CO., BROKERS MAKE ASSIGNMENT BALTIMORE HOUSE ESTABLISHED IN 1852 IS FORCED TO THE WALL BY DEPRESSED FINANCIAL AFFAIRS-LIABILITIES NOT GIVEN. Baltimore, July 1.-The banking and brokerage house of McKim & Co., 522 Park avenue, this city, was placed in the hands of Charles Morris Howard as receiver today. Mr. Howard said he could not as yet give any figures as to liabilities, etc. Mr. Howard gave bonds for $300,000, which would seem to indicate that the liabilities were half the amount. Withdarwals of deposits and poor business, coupled with the desire of Hollins McKim, the chief partner, who is getting along in years, to retire from active business, were given as the heason for the action. Receiver Howard issued a statement in which he said: "It was deemed wise to wind up the business and this was considered the best way to do it. The move was not an antagonistic one, but was made by the firm's associates and with the full consent of Mr. Hollis McKim. It is his capital that is really involved. In addition to the depressed conditions now prevalent in the financial world, this bank had the handicap of having a large part of its capital locked up in real estate. This kind of capital is, of course, not readily available. Some of it is very valuable and it is hoped that it soon can be marketed, and that the affairs of the concern can be speedily liquidated." The house was established in 1852. It is composed at present of Hollis McKim, E. A. Betsworth and S. Sterrett McKim. The assignment of the firm created considerable sentiment because of its old established character, but in banking circles it was not regarded as showing weakness in any other quarter. The concern has not embarked in any large new enterprises for several years, it was said.

6. July 2, 1907 The Times Dispatch Richmond, VA
Article from The Times Dispatch, July 2, 1907

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Article Text

BALTIMORE FIRM IN HANDS OF RECEIVERS McKim and Company Make Assignment to Wind Up Affairs. BALTIMORE, MD., July 1.-The banking and brokerage house of McKim & Co., 522 Park Avenue, this city, was placed in the hands of Charles Morris Howard as receiver to-day. Mr. Howard says he could not as yet give any figures as to liabilities, etc. Mr. Morris gave bonds for $300,000, which would seem to indicate that the liabilities were half the amount. Withdrawals of deposits and poor business, coupled with the desire of Hollins McKim, the chief partner, who is getting along in years, to retire from active business, was given as the reason for the action. Receiver Howard issued a statement in which he said: "It was deemed wise to wind up the business and this was considered the best way to do it. The move was not an antagonistic one, but 1 was made by the firm's assoclates and with the full concurrence of Mr. Hollins McKim. It is his capital that is really involved. In addition to the depressed conditions now prevalent in the financial world this bank had the handicap of having a large part of its capital locked up in real estate. This kind of capital is of course not readily available. Some of it 13 very valuable, and it is hoped that it can soon be marketed and that the affairs of the concern can be speedily liquidated." The assignment of the firm created considerable sentimental interest because of its old-established character, but in banking circles it was not regarded as showing weakness in any other quarter.

7. July 2, 1907 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, July 2, 1907

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Article Text

BANK FAILURE IN BALTIMORE Receiver Appointed for McKim & Co. of Baltimore, Old Established Firm. Baltimore, Md., July 1.-The banking and brokerage firm of McKim & Co. was placed in the hands of Charles Morris Howard as receiver today. Mr. Howard said he could not as yet give any figures as to the liabilities, etc. Mr. Howard gave bonds for $300,000, which would seem to indicate that the liabilities were half that amount. Withdrawals of deposits and poor business, coupled with the desire of Hollins McKim, the chief partner, who is getting along in years, to retire from active business, were given as the reasons for the action. Receiver Howard issued a statement in which he said: Funds in Real Estate. "It was deemed wise to wind up the business. The move was not an antagonistic one, but was made by the firm's associates and with the full consent of Mr. Hollins McKim. It is his capital that is really involved. In addition to the depressed conditions now prevalent in the financial world. this bank had the handicap of having a large part of its capital locked up in real estate. This kind of capital is, of course, not readily available. It is very valuable and it is hoped that it can soon be marketed and that the affairs of the concern could be speedily liquidated. Firm an Old One. The house was established in 1852. It is composed at present of Hollins McKim, E. A. Betsworth and S. S. Sterrett McKim. The assignment of the firm created considerable sentiment because of its old established character. but in banking circles it was not regarded as showing weakness in any other quarter. The concern has not embarked in any large new enterprises for several years, it was said. It was set forth in the petition for a receiver that the firm's capItal is largely invested in real estate in Baltimore city and county, some of which is unimproved and could not readily be realized upon.

8. July 5, 1907 Yorkville Enquirer York, SC
Article from Yorkville Enquirer, July 5, 1907

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MERE-MENTION. By the collapse of a paint factory in course of construction at Cincinnati, Ohio, Tuesday, twelve people were killed and a number were seriously inTwo men and one woman jured were fatally hurt in a general fight in Knott county, Ky., Tuesday Two men were killed and a score of others were injured by a cave-in of the Pennsylvania railroad tunnel in ExNew York city Tuesday Governor Northern of Georgia, delivered the Fourth of July address at Montclair, N. J., yesterday. His subject was "The Problem of the Races." Two men were killed and fifteen persons were injured in the wreck of the Buffalo express at Sunbury, Pa., Street car emafternoon Tuesday ployees of Chicago, have been granted an increase of from 7 to 10 per cent Booker T. Washington in wages wanted to rent a summer home at Mamaroneck, L. I., but his real estate broker has been unable to find a house owner who is willing to rent his sumTen mer home to Washington Italian men and women have been indicted by the grand jury of New Orleans on the charge of kidnapping and murdering Walter Lamana, the Italian boy of New Orleans, who was first kidnapped and then murdered John D. Rockefeller is alleged to be dodging about New York, Connecticut and New Jersey in an automobile to evade Federal court process servers. Nazzaro, an Italian automobilist, covered a distance of 500 miles on French track Tuesday in six hours and forty-seven minutes. The race was witnessed by 200,000 people Jas. R. Duke, president of the American Tobacco company, and Mrs. William Inman, a society leader of Atlanta, Ga., are soon to be married in Hundreds of Armenians London are reported to have been killed by Turks in thé villages of Bittis and Van The during the past few days business of McKim & Co., the oldest private banking concern of Baltimore, having been in business since 1855, has been placed in the hands of a receiver. The strike of New York city street cleaners for an eight-hour day has been ended by the men going back The toto work on the old terms tal of National bank notes in circulation June 29, was $603,788,690, an increase over the previous year of $42,The coinage of the Unit676,330 ed States mints for the month of June, was 26,649,672 pieces, valued at $4,077,The railroads of the United 598 States made a gross gain of $258,000,000 income during the fiscal year ending June 30, over the preceding year. The new terminal station just opened at Birmingham, Ala., is said to be the handsomest in the south. The station cost $1,500,000, is 720 feet Chas. long and covers ten tracks P. Berwin of Burlington, N. J., recovered consciousness Monday after being The in a trance for four years New York Central railroad is now running its trains into and out of the Grand Central station, New York city, by electricity.

9. July 7, 1907 New-York Tribune New York, NY
Article from New-York Tribune, July 7, 1907

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FULL PAY FOR M'KIM CREDITORS. Baltimore, July 6.-Charles Morris Howard, who was appointed receiver for the banking and brokerage firm of McKim & Co. last Monday. made a statement to-day in which ha says that, after going over the books of the firm, he is satiefled that all creditors will be paid in full, and that in all Droaability there will be a considerable surplus

10. July 9, 1907 The Morris County Chronicle Morristown, NJ
Article from The Morris County Chronicle, July 9, 1907

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McKim & Co. Fail. The failure is announced of McKim & Co., of Baltimore, the oldest private banking house in Maryland. Charles Morris Howard was appointed receiver and gave a bond for $300,000.

11. July 11, 1907 Wood County Reporter Wisconsin Rapids, WI
Article from Wood County Reporter, July 11, 1907

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Baltimore Bank Goes Under. The banking and brokerage house of McKim & Co., 522 Park avenue, Baltimore, was placed in the hands of Charles Morris Howard as receiver the other day. Mr. Howard said he could not as yet give any figures as to liabilities. The receiver gave bonds for $300,000, which would seem to indicate that the liabilities were half the amount.