gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
6fd8766891a5afaf
Response Measures
None
Description
Receivers appointed June 1903; later exam found large improper loans by treasurer.
Events (4)
1.June 7, 1903Run
Cause
Bank Specific Adverse Info
Cause Details
Heavy withdrawals (a run) driven by inability to realize on securities and prior losses.
Measures
Closed doors to protect depositors and stockholders; placed in receivership.
Newspaper Excerpt
the stringency of the money market, together with a recent run on the institution.
Source
newspapers
2.June 8, 1903Receivership
Newspaper Excerpt
Judge Wickes yesterday appointed George Dobblin Penniman and Campbell Carrington receivers. The liabilities are said to be about $500,000 and the assets about the same.
Source
newspapers
3.June 8, 1903Suspension
Cause
Bank Specific Adverse Info
Cause Details
Admission of insolvency after heavy withdrawals and failure to realize on securities; creditors requested receivership.
Newspaper Excerpt
On the request of the creditors and upon its admission of insolvency, receivers have been appointed for the City Trust and Banking company.
Source
newspapers
4.August 14, 1903Other
Newspaper Excerpt
reported that the troubles of the bank are due to loans made by Treasurer Frank J. Kohler to himself and personal friends. These unauthorized loans aggregated $154,000, of which $55,000 was loaned to Kohler himself.
Source
newspapers
Newspaper Articles (21)
1.June 8, 1903New-York TribuneNew York, NY
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TRUST COMPANY FAILS. Baltimore Concern in Receivers' Hands. [BT TELEGRAPH TO THE TRIBUNE.] Baltimore, June 7.-The City Trust and Banktrig Company, of this city, has closed its doors. It was announced to-night that upon the petition of the John A. Sheridan Company, of this city, Judge Wickes yesterday appointed George Dobblin Penniman and Campbell Carrington receivers. The liabilities are said to be about $500,000 and the assets about the same. The receivers will probably issue a statement in a few TIM days. William F. Wheatley, for many years secretary of the Baltimore Corn and Flour Exchange, was elected president of the City Trust Company when it was reorganized, in January last. Tt was then stated that New-York interests, the identity of which was not made public, had acquired a majority of the stock. The company had a broad charter, which permitted it to engage in commercial and savings banking, gave it all the functions of a trust company and empowered it to conduct a general warehousing business The authorized capital was $1,000,000. A number of leading business men are among the directors. President Wheatley said to-night that diffculty had been experienced in realizing on securities, mainly industrial and unlisted, and the stringency of the money market, together with a recent fun on the institution. The closing was necessary to protect depositors and stockholders. The last statement issued by the company, in November, 1902, showed its resources to be $1,142,891. The receivers say that the company will be able to pay dollar for dollar. The amount on deposit has not yet been made public.
2.June 8, 1903The Topeka State JournalTopeka, KS
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FAILS FOR $500,000. Receiver Named for Baltimore Bank at Creditors' Request. Faltimore, June 8.-On the request of the creditors and upon its admission of insolvency, receivers have been appoint.ed for the City Trust and Banking company. President Wheatley states that the suspension was made necessary by the withdrawals of deposits recently and the failure of the banks to realize upon securities. He says he believes depositors will be paid in full. It is stated that the liabilities are $500,000, assets about the same.
3.June 9, 1903The Montgomery AdvertiserMontgomery, AL
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RECEIVERS APPOINTED Baltimore, June 8.-On the request of the creditors and upon its own admission of insolvency, receivers have been appointed for the City Trust and Banking Company. President Wheatly states that the suspension was made necessary by the withdrawal of deposits recently and the failure of the bank to realize upon securities. He says he believes depositors will be paid in full. It Is stated that the liabilities are $500,000; assets about the same. The suspended company did a banking and storage business.
4.June 9, 1903Bismarck Daily TribuneBismarck, ND
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ADMISSION OF INSOLVENCY. Receivers Appointed for a Baltimore Trust Company. Baltimore, June 9.-On the request of the creditors and upon its own admission of insolvency receivers have been appointed for the City Trust and Banking company. President Wheatley states that the suspension was made necessary by the withdrawals of deposits recently and the failure of the bank to realize upon securities. He says he believes depositors will be paid in full. It is stated that the liabilities are about $500,000, assets about the same.
5.June 9, 1903Ottumwa Semi-Weekly CourierOttumwa, IA
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ACCOUNTS BALANCE. Baltimore Banking House Owes $500,000; Owns $500,000. Baltimore, June 8.-On request of its creditors, and upon its own admission of insolvency, a receiver has been appointed for the City Trust and Banking company. The assets and liabilities are $500,000.
6.June 9, 1903The Madison Daily LeaderMadison, SD
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ADMISSION OF INSOLVENCY. Receivers Appointed for a Baltimore Trust Company. Baltimore, June 9.-On the request of the creditors and upon its own admission of insolvency receivers have been appointed for the City Trust and Banking company. President Wheatley states that the suspension was made necessary by the withdrawals of deposits recently and the failure of the bank to realize upon securities. He says he believes depositors will be paid in full. It is stated that the liabilities are about $500,000, assets about the same.
7.June 9, 1903The St. Louis RepublicSaint Louis, MO
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BALTIMORE-On the request of creditors and upon its own admission of insolvency. receivers have been appointed for the City Trust and Banking Company. President Wheatley states that the suspension was made necessary by the withdrawals of deposits recently and the failure of the bank to realize upon securities. It is stated that the liabilities are $500.000.
8.June 9, 1903Omaha Daily BeeOmaha, NE
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BALTIMORE BANK INSOLVENT City Trust and Banking Company in the Hands of a Receiver. BALTIMORE, Md., June 8.-On the request of the creditors and upon its own admission of insolvency, receivers have been appointed for the City Trust and Banking company. President Wheatley states that the suspension was made necessary by the withdrawal of deposits recently and the failure of the bank to realize upon securities. He says he believes depositors will be paid in full. It is stated that the liabilities are $500,000, assets about the same. The suspended company did a banking and storage business.
9.June 9, 1903The SunNew York, NY
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Article Text
TRUST COMPANY FAILS. Baltimore Concern Unable to Meet the Demands Made for Cash. BALTIMORE, June 8.-The City Trust and Banking Company closed its doors to-day and went into the hands of a receiver. The company runs a storage department with itsbusiness, and Receiver Pennimansaidthat this feature will go on without change, as it is a profitable branch of the company. He also said that the safe deposit business of the company will continue. The banking and trust features are brought to a standstill. There are about 2,800 depositors, with total deposits aggregating over $300,000. The company has had heavy withdrawals of money for some time, and the collapse came when it was unable any longer to liquidate its assets as fast as the demands came for cash. The troubles of the company date back for a year. In January last it was practically reorganized and several well-known men went into the board. This, it was hoped, would restore confidence and enable the company to steer out of difficult situations in which it had become entangled. The company has an authorized capital stock of $100,000. One estimate of the assets and liabilities places both at $650,000, while another puts the assets at not more than $500,000. The recent failure of Edgar M. Noel, the builder and contractor. hit / the bar k hard. A displeasing feature of the business is the fact that up to closing hour on Saturday the bank received deposits notwithstanding that lawyers were then preparing the papers arranging for the receivership. Among other checks accepted was one for more than $4,000, which represented the salaries for one month of several schoolteachers.
10.June 11, 1903The MonticellonianMonticello, AR
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ON REQUEST OF CREDITORS. The City Trust and Banking Co. of Baltimore, Md., Placed in the Hands of Receivers. Baltimore, June 9.-On the request of creditors and upon its own admission of insolvency, receivers have been appointed for the City Trust and Banking Co. President Wheatley states that the suspension was made necessary by the withdrawals of deposits recently and the failure of the banks to realize upon securities. He says he believes depositors will be paid in full. It is stated that the liabilities are $500,000, assets about the same.
11.June 14, 1903New-York TribuneNew York, NY
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WANTS A CO-RECEIVER Knickerbocker Trust Says It Is Creditor of Baltimore Concern for $100,000. Baltimore, June 13.-The Knickerbocker Trust Company, of New-York, filed an application to-day for the appointment of a co-receiver of the City Trust and Banking Company, this city. which recently suspended. The New-York company alleges that it is a creditor to the amount of $100,000.
12.June 14, 1903The Salt Lake HeraldSalt Lake City, UT
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CLAIMS OF $100,000. Baltimore, June 13.-The Knickerbocker Trust company of New York today filed- an application for a ,COreceiver of the City Trust & Banking company of Baltimore, recently suspended. The New York company alleges that it is a creditor to the amount of $100,000.
13.August 15, 1903The Birmingham Age-HeraldBirmingham, AL
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Bank Trouble Due to Loans. Baltimore, Md., August 14.-W. E. P. Duvall, the expert, appointed to examine the books of the lately suspended City Trust and Banking company, has filed a report, in which it is alleged that the troubles of the bank are due to loans made by Treasurer Frank J. Kohler to himself and personal friends. These unauthorized loans aggregated $154,000, of which $55,000 was loaned to Kohler himself. Kohler has left Baltimore, and is said to be in the west, The capital stock of the company has been wiped out and the stockholders must meet an assessment of 100 per cent to pay outstanding liabinties.
14.September 18, 1903The Washington TimesWashington, DC
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The Rev. Edward A. Colburn, rector of Holy Trinity Church at Churchville, Harford county, has resigned, and, with his family, will remove to Baltimore next month. Mr. Colburn was an honored rector in Harford county for the past thirty years. He established the church at Churchville, and it was during his early pastorate that the present handsome stone edifice was erected. Poor health is the cause of his resignation.
Mrs. Harlan Schildtknecht, of South Mountain, two miles west of Middletown, while driving from Benevola, Washington county, yesterday in a buggy, was shot in the back of the neck by a twelve-year-old boy, who was carelessly handling a target gun. She was seriously wounded. The accident happened on the summit of South Mountain, near the Reno Mountain.
George D. Penniman and Campbell Carrington, receivers for the City Trust and Banking Company, of Baltimore, have entered suit in Cumberland to recover $5,000 on a note given by the Midland-Elk Lick Water Company. George W. Griffin, William A. Atkinson, and Hugh Scott, of Lonaconing, and Dr. C. Brotemarkle, of Cumberland, are defendants.
15.October 20, 1903The Savannah Morning NewsSavannah, GA
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closely, it can be stated on unquestioned authority that there was no connection whatever between the two. The Maryland Trust Company and the Union Trust Company were not jointly interested in any enterprise, so that the suspension of one had no direct bearing upon the other. It also may be stated that neither company managed trust estates. This is the business in which the trustees take charge of properties and manage them in the interest of widows, orphans and other heirs. As is well known, there have been other financial troubles in Baltimore within a recent period, involving, first the City Trust and Banking Company, and, coincidentally, the Hammond Ice Company, and then J. W. Middendorf & Co., but it is not believed that they were in any manner the forerunners of to-day's suspensions. J. W. Middendorf, speaking for his firm and J. L. Williams & Sons of Richmond, said to-day: "The difficulties of the Maryland Trust Company have no relationship to ours. That institution has never been identified with Seaboard interests, nor does it own, nor has it ever owned, so far as our knowledge goes, a share of Seaboard stock. Neither my firm nor Mr. Williams' owes a dollar to the Maryland Trust Company, nor does that company owe us anything." Baltimore City a Creditor. Among the alarming rumors afloat was one to the effect that the municipality of Baltimore had millions of its treasure, realized from the Western Maryiand Railroad, involved in to-day's failures. Investigation proved, however, and the Finance Commissioners have so announced, that the city has only $300,000 invested with the Maryland Trust Company, and that this is secured by three bonding companies of this city. While the events of to-day have provoked inevitable uneasiness, the feeling in financial circles at the close of business was one of confidence that there will be no more failures in this city, and that after a brief period of unrest, business will settle down to its accustomed channels of security.
16.October 20, 1903The Times DispatchRichmond, VA
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and orphans. Owned Large Virginia Properties. The Union Trust Company, the youngest and smallest company of the two, was engaged in a big coal and railroad project in Southwest Virginia. This enterprise is known as the South and Western Railway. and a capitalization of about $11,000,000 was contemplated. The plan includes the ownership of about 125,000 acres of bituminous coal lands in Southwest Virginia and a railroad which is partly built. It is proposed to extend this railroad from the coal-fields in Wise county, Va., to Lincointon, N. C. At the latter place connections with the Seaboard Air Line is secured, and it was contemplated to make Southport, N. C. near Wilmington, N. C., a big coal shipping port. The enterprise also included an extension through Kentucky to, connect with a line to be built by the Detroit Southern. Negotiations were in progress for a time for the sale of the South and Western and its coal properties to the Seaboard Air Line, but the deal fell through. It was then proposed to carry out the undertaking as an independent proposition. and in this the Union Trust Company figured. as if did before, as the fiscal agent. A large share of the underwriting was taken by the trust company. which has been unable to issue and sell the new securities. which were to cover the cost of the enterprise, Not Affected by Others, As is well known. there have been other financial troubles in Baltimore within a recent period, involving, first, the City Trust and Banking Company, and incidentally the Hammond Ice Company, and then William J. Middendorf & Co., but it is not believed that they were in any manner the forerunners of to-day's suspensions. J. W. Middendorf. speaking for his firm and J. L. Williams & Sons, of Richmond, said to-day: "The troubles of the Maryland Trust Company have no relationship with ours. That interest never had any Seaboard interests, nor does it own nor has it ever owned, 80 far as our knowledge goes, a share of Seaboard stock. Neither my firm nor Mr. Williams owes a dollar to the Maryland Trust Company. fnor does that company owe us anything. The alarming rumors afloat were to the effect that the municipality of Baltimore had millions of its treasure, realized from the Western Maryland Rallroad, involved in to-day's failures. Investigation proved. however, as the trust companies announced, that the city had but $3,000 deposited with the Maryland Trust Company, and this is secured by three bond'ng companies of this city. While the events of to-day have provoked inevitable uneasiness. the feeling in financial circles at the close of business was ene of confidence that there would be no more failures in this city, and that after a brief period of unrest, business will settle down to its accustomed channels of security.
stated that neither company managed trust estates. This is the business in which the trustees take charge of properties and manage them in the interest of widows, orphans and other heirs. As is well known, there have been other financial troubles in Baltimore within a recent period, involving, first the City Trust and Banking Company and coincidentally the Hammond Ice Company and then William J. Middendorf and Company but it is not believed that they were in any mánner the forerunners of today's suspensions. J. W. Middendorf speaking for his firm and J. L. Williams and Sons of Richmond, said today: "The difficulties of the Maryland Trust Company have no relationship to ours. That institution has never bean identified with Seaboard interest, ner does it own. nor has it ever owned, so far as our knowledge goes, a share of Seaboard stock. Neither my firm nor Mr. Williams owes a dollar to the Maryland Trust Company, nor does that company owe us anything." Among the alarming rumors afloat was to the effect that the municipality of Baltimore had millions of its treasure realized from the Western Maryland railroad involved in today's failures. Investigation proved however, and the finance commissioners have SO announced, that the city has only $300,000 invested with the Maryland Trust Comany and that this is secured by three bonding companies of this city. While the events of today have provoked inevitable uneasiness. the feel ing in financial circles at the close of business was one of confidence that there will be no more failures in this city, and that after a brief period of unrest. business will settle down to its ac customed channels of security.
18.March 22, 1904New-York TribuneNew York, NY
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MARYLAND BANK FAILS. Lonaconing Institution Carried Down by City Trust of Baltimore. Cumberland, Md., March 21.-Receivers were appointed to-day for the Miners and Merchants' Savings Bank, of Lonaconing, which has $300,000 on deposit. The failure was consequent on that of the City Trust and Banking Company, of Baltimore, which organized the Lonaconing institution.
19.March 22, 1904Arizona RepublicanPhoenix, AZ
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BANK RECEIVERS, Cumberland, March 21.-Receivers today were appointed for the Miners and Merchants' Savings Bank, at Lenaconing, which has $300,000 on deposit, its failure being consequent upon that of the City Trust and Banking Co., of Baltimore, which organized the institution.
20.March 23, 1904The News & ObserverRaleigh, NC
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Appointment of Receivers. Cumberland, Md., March 21.-Receivers were today appointed for the Miners and Merchants Savings Bank of Lonaconing, which had $300,000 on deposit, its failure being consequent upon that of the City Trust and Banking Company of Baltimore, which organized the Lonaconing institution.
21.March 29, 1904Twice-A-Week Plain DealerCresco, IA
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TELEGRAPHIC BREVITIES. Hobart S. Bird, who tried to run a reform newspaper in Porto Rico, deserted the field after 62 arrests on charges of libel. Report comes from a Paris source that Japan, China and Korea have signed a treaty forming a triple alliance against Russia. Henry Norman, London journalist and member of pariiament, in a magazine article declares the present war is the beginning of a struggle to control China. President Truesdale, of the Lackawanna railroad, says great combinations of labor and capital are socialistic, and tend to destroy American individuality. Charles H. Callahan, a ticket scalper convicted at Buffalo of forging transportation tickets, has been sentenced to not less than one and not more than three years in state prison. The Macon & Birmingham railroad has begun suit against E. R. Henderson, recently removed from the office of auditor, for $50,000, charging shortage and embezzlement. Henderson has been indicted. Receivers have been appointed for the Miners' and Merchants' savings bank of Lonaconing, Md., its failure being due to that of the City Trust and Banking company at Baltimore. The deposits are $300,000. An organization of employers, with headquarters in New York and offices in Chicago and other western cities, it is said, plans to shut out union workers from employment at the St. Louis exposition.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
