8293. American National Bank (Baltimore, MD)

View Charter #4518 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
4518
Charter Number
4518
Start Date
December 21, 1900
Location
Baltimore, Maryland (39.290, -76.612)

Metadata

Model
gpt-5-mini
Short Digest
ebba65a9

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1900-12-21
Date receivership terminated
1908-10-31
OCC cause of failure
Excessive lending
Share of assets assessed as good
40.1%
Share of assets assessed as doubtful
45.5%
Share of assets assessed as worthless
14.4%

Description

Comptroller of the Currency appointed a temporary receiver (J. Frank Aldrich) Dec 21-22, 1900 after the Baltimore Clearing House declined to extend further credit. Articles describe the bank as having large losses and shrinkage of deposits; no clear description of a depositor run on the American National itself (crowds and runs affected Economy Savings Bank in the same building). Later reports (Jan 8-9, 1901) say the American National was expected to resume business, but the contemporaneous articles show a receivership/closure—so classified as suspension followed by closure/receivership. Key OCR corrections: dates normalized to 1900-12-21/22 when Comptroller action reported.

Events (5)
1. February 10, 1891 Chartered
Source
historical_nic
2. December 21, 1900 Receivership
Source
historical_nic
3. December 21, 1900 Receivership
Newspaper Excerpt
The Comptroller of the Currency tonight appointed J. Frank Aldrich temporary receiver of the American National Bank, of Baltimore, Md.; the bank has suffered a large shrinkage in deposits, and has also sustained some heavy losses which involved its capital and surplus, reducing greatly its cash reserve.
Source
newspapers
4. December 22, 1900 Suspension
Cause
Government Action
Cause Details
Clearing house declined further credit; Comptroller of the Currency appointed a temporary receiver after examiners found large losses and shrinkage in deposits.
Newspaper Excerpt
The Baltimore Clearing House ... declined to extend further credit to the American National Bank ... Controller Dawes to-night appointed J. Frank Aldrich temporary receiver.
Source
newspapers
5. January 8, 1901 Other
Newspaper Excerpt
The American National Bank ... is also expected to resume business shortly, although no definite announcement to that effect has yet been made.
Source
newspapers

Newspaper Articles (23)
1. December 22, 1900 New-York Tribune New York, NY
Article from New-York Tribune, December 22, 1900

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BALTIMORE NATIONAL BANK FAILS. Baltimore, Dec. 21. - -The Baltimore Clearing House, at a meeting this evening, declined to extend further credit to the American National Bank, of Baltimore. Upon their action and the report of an official of the Controller's department. who conferred with the Clearing House officials, Controller Dawes to-night appointed J. Frank Aldrich temporary receiver. This is the first failure of a National bank in Baltimore. For some time past there has been a shrinkage in deposits. and the losses have been large. It is not thought, however, that depositors will lose much. In the last report to the Controller, on October 25, the resurces were given as: Loans and discounts, $697,825 11; overdrafts. $12,743.51; United States bonds and premiums, $106,000; due from banks, $75,438 50. Liabilities-Capital stock, surplus and undivided profits, $239,628.75 due to banks, $238,711 29; deposits, $388,209 86; circulating notes, $100,000. The American is one of the youngest of the National banks of Baltimore,

2. December 22, 1900 Marietta Daily Leader Marietta, OH
Article from Marietta Daily Leader, December 22, 1900

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RECEIVER Appointed for the American National Bank of Baltimore. By Associated Press. Washington, D. C., Dec. 21.-The Comptroller of the Currrency tonight appointed J. Frank Aldrich temporary receiver of the American National Bank, of Baltimore, Md. This bank, it is stated, has suffered a large shrinkage in deposits, and has also sustained some heavy losses which involved its capital and surplus, reducing greatly its cash reserve. The condition of its assets is such that the loss to the depositors will probably be small. At a meeting of the clearing house of Baltimore this afternoon it was decided that in view of the condition of the bank no further credit could be extended, and the Comptroller appointed the receiver. The last statement of the bank made to the Comptroller was on Oct. 25, and shows total resources, $1,016,350; liabilities, $1,016,350.

3. December 23, 1900 The Times Richmond, VA
Article from The Times, December 23, 1900

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Little Surprise. (By Associated Press.) BALTIMORE. MD., Dec. 22.-In financial circles little surprise was expressed to-day that the American National Bank. of this city. had suspended. It is said that the Baltimore Clearing House Association had practically carried the Institution since last December. This is the first failure of a national bank in Baltimore since the national banking law went into effect.

4. December 23, 1900 The Daily Ardmoreite Ardmore, OK
Article from The Daily Ardmoreite, December 23, 1900

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APPOINTED BANK RECEIVER. By Scripps-McRae, Press Association. Baltimore, Dec. 22.-Comptroller of the currency has ap. pointed J. Frank Aldrich temporary receiver for the American National bank of this city. This bank sustained a large shrinkage in deposits and also sustained some very heavy losses which involved both capital stock and surplus.

5. December 23, 1900 The Savannah Morning News Savannah, GA
Article from The Savannah Morning News, December 23, 1900

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THE BALTIMORE BANKS. Economy Savings Bank Also Closed Its Doors Yesterday. Baltimore, Dec. 22.-In financial circles little surprise was expressed to-day that the American National Bank of this city had suspended. It Is said that the Baltfmore Clearing House Association has pactically carried the institution since last December. Upon the report of a recent examination into its affairs, it was decided by the association yesterday to notify the Controller of Currency of its condition. The Associated Banks of Baltimore have advanced the embarrassed inscitution $30,000. which, It is said, is well secured. During the administration of ex-Mayor Malster, who was then a director of the bank. the American National was one of the city's depositories, the municipality at one time having $600,000 on deposit with 11. Upon assuming office In succession to Mr. Malster, Mayor Hughes withdrew the $200,000 due the city, The directors of the bank held a meeting to-day. but declined to make a statement for publication. This is the first failure of a national bank in Beltimore since the national banking law wgnt into effect. As a direct result of the embarrassment of the American National Bank the Economy Savings Bank, which occupies offices in the eame building. and whose directorate is largely drawn from the ialter's stockholders, also failed to open its doors this morning. The directors made the following statement: "Owing to the fact that our cash funds are deposited in the American National Bank, we have been compelled to suspend payment. We expect as soon as its offairs are straightened out, to pay our depositors in full, and hope that they will only suffer e slight inconvenience from a possible shortness of Christmas money." The depositors are for the most part Russian Hebrews, and a large crowd of these stood about the doors of the bank during the day. At one time the crowd numbered between 500 and 600, and necessitated a dispersing by the police.

6. December 23, 1900 New-York Tribune New York, NY
Article from New-York Tribune, December 23, 1900

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ANOTHER BALTIMORE BANK GOES DOWN ECONOMY SAVINGS INSTITUTION INVOLVED IN FAILURE OF AMERICAN BANK. Ealtimore, Dec. 23 (Special).-The failure of the American National Bank, of this city, carried down other institutions with it. The Economy Savings Bank, which occupied quarters in the same building. closed its doors to-day. Russian Hebrews and other poor persons are the depositors. Over six hundred of them crowded about the doors of the bank to-day. Some were crying. others cursing. and at one time the crowd became so threatening that a squad of police was summoned to disperse them. The directors issued this statement: "Owing to the fact that our cash funds are deposited in the American National Bank. we have been compelled to suspend payment. We expect as soon as its affairs are straightened out to pay our depositors in full, and hope that they will only suffer a slight inconvenience from a possible shortness of Christmas money." Rumors concerning other institutions in the building elicited a statement that neither the Old Town Building Association nor St. Vincent de Paul's Building Association would be affected, but it is not definitely known yet what may be involved in the American Bank failure. It is believed that the Economy Bank's failure was partly caused by loans to the American Bank. Stockholders in the American Bank are directors in the Economy Bank. It is feared the depositors will lose heavily. The total amount of deposits is about $350,000, mostly in small accounts of people who cannot afford to lose their little savings. The failure of the American Bank also appears to be worse than first reported Receiver Aldrich and National Examiner Griffith were busy examining the accounts to-day. Through the good judgment of Mayor Hayes, Baltimore City escaped being involved to the extent of half a million in the American Bank failure. In the administration of his immediate predecessor. Mayor William T. Malster, who was a director in the American Bank, it was the city's depository, and at one time the city had on deposit $600,000. Mr. Malster was president of the Columbian Iron Works, which went into receivers' hands this time last year. City Finance Commissioner Ramsay, at the time the city was a heavy depositor, sent a protest to Mayor Malster. in which he said: "As a business man, I consider the continuance of this large sum of money in a bank which, to say the least. is under suspicion by the Government is not to be justified. And, as one of the Finance Commissioners of the city of Baltimore, I respectfully but firmly protest against the making of any further deposits of the city's money in the American National Bank. and advise that a bond be required from it that will Indemnify the city against any possible loss by reason of having a large amount of money there.' When Hayes became Mayor he at first demanded that the whole amount be immediately withdrawn. The Finance Commissioners and others were called into conference. in which there was warm talk. finally ending in a decision to deposit no more money in the American National Bank as it would cease to be a city depository at the end of the year. The bankers made the plea that no National bank had ever failed in Baltimore. and they proposed to carry the bank along. Each man then pledged himself to protect the city to a certain amount. the total reaching all of the city's money in the bank. This was accepted. and the city's money was quietly but steadily withdrawn.

7. December 23, 1900 The Times Washington, DC
Article from The Times, December 23, 1900

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LOANS POORLY SECURED The Baltimore Bank Failure Due to Bad Management. The Stockholders to Be Asked to Vote Upon an Assessment of 25 Per Cent-A Savings Institution Sus. pends on Account of Cash Being Tied Up in the American National. BALTIMORE, Dec, 22.-The failure of the American National Bank of this city occasioned no surprise in financial circles, the institution having been regarded as shaky for some time. Bad management is alleged to be the cause of the bank's present embarrassment. It is estimated that one-half of the capital stock of $200,000 has been impaired by reason of loans made on paper without sufficient collateral. Under the national banking laws the stockholders are responsible for a bank's indebtedness to any amount double the face value of stock held in their name. Acting under this authority the directors have called a special meeting of the stockholders for January 22 to vote upon a call of the Comptroller for an assessment of 25 per cent upon the stock, also to consider a proposition to increase the capital stock from $200,000 to $300,000. The Economy Savings Bank, which conducts its business in the basement of the American National Bank building, and whose directorate is largely drawn from the latter's stockholders, also failed to open its doors this morning. The directors held a meeting of several hours' duration about noon. At its conclusion D. L. Brinton, of the directorate, made the following statement: "Owing to the fact that our cash funds are deposited in the American National Bank, we have been compelled to suspend payment. We expect as soon as its affairs are straightened out to pay our depositors in full, and hope that they will only suffer a slight inconvenience from a possible shortness of Christmas money." In reply to a question Mr. Brinton said be could not tell for how long a period the suspension would be forced, nor how the suspension would affect the savings bank. The directors will meet again on Monday. The depositors are for the most part Russian Hebrews, and large crowds of these stood about the doors of the bank during the day. At one time the crowd numbered between 500 and 600, and

8. December 23, 1900 The Sun New York, NY
Article from The Sun, December 23, 1900

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BALTIMORE BANK WRECKS, the ECONOMY SAVINGS GOES DOWN WITH THE AMERICAN NATIONAL. The Institutions Were Allied and the National Bank Had the Savings Bank's Money-The City's Money Drawn From the American National by Mayor Hayes's Request. BALTIMORE, Dec. 22.-The failure of the American National Bank of this city occasioned no surprise in financial circles. the Institution having been regarded as shaky for some time. Bad management is alleged to be the cause of the bank's present embarrassment It is estimated that one-half of the capital stock of $200,000 has been impaired by reason of loans made on paper without sufficient collateral. Under the National Banking laws the stockholders are responsible for a bank's indebtedness to an amount double the face value of stock held in their name. Acting under this authority the directors have called a special meeting of the stockholders for Jan. 22, to vote upon a call of the Comptroller for an assessment of 25 per cent. upon the stock, also to consider a proposition to Increase the capital stock from $200,000 to $300,000 The Economy Savings Bank, which conducts its business in the basement of the American National Bank building, and whose directorate is largely drawn from the latter's stockholders, also failed to open its doors this morning. The directors held a meeting of several hours' duration. At its conclusion D. I Brinton made the following statement "Owing to the fact that our cash funds are deposited in the American National Bank, we have been compelled to suspend payment We expect, as soon as its affairs are straightened out, to pay our depositors in full, and hope that they will only suffer a slight inconvenience from a possible shortness of Christmas money. In reply to a question, Mr. Brinton said he could not tell for how long a period the national bank suspension would be forced, nor how the suspension would affect the savings bank. When asked if a receivership would be forced upon it. he said he could not forecast how the thing would turn out. The directors will meet again on Monday The depositors are for the most part Russian Hebrews and large crowds of these stood about the doors of the bank during the day. At one time the crowd numbered between 500 and 600 and was dispersed by the police. There was no disorder and the men discussed the situation in groups The Clearing House Association has been carrying the American National Bank practically ever since December a year ago. Vice-President Ramsay of the Clearing House Association said that the associated banks of Baltimore had done everything in their power to save it, but an examination recently made showed that it would be une iss to continue lending money to that institution. Mr. Ramsay also said that in his opinion the depositors would lose nothing. Deposits in the American National Bank reached their maximum in 1890, when they amounted to nearly $850,000. Since then they have dwindled ranidly. and on Oct. 25, when the last statement of the institution's condition was submitted, in compliance to the call of the Comptroller. the deposits amounted to only $388,209 During the Administration of v-Mayor Malsier the American National

9. December 25, 1900 The Semi-Weekly Messenger Wilmington, NC
Article from The Semi-Weekly Messenger, December 25, 1900

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THE FIRST BANK FAILURE In Baltimore Since the Enactment o the National Banking Act Baltimore, Md., December 22.-In financial circles little surprise was expressed today that the American National bank of this city had suspended. It is said that the Baltimore Clearing House Association had practically carried the institution since last December. Upon the report of a recent examination into its affairs it was decided by the association yesterday to notify the comptroller of the currency of its condition. The associated banks of Baltimore have advanced the embarrassed institution $30,000 which, it is said, is well secured. During the administration of former Mayor Malster, who was then a director of the bank, the American National was one of the city's depositories, the municipality at one time having $600,000 on deposit with it. Upon assuming office in succession to Mr. Malster, Mayor Hayes withdrew the $200,000 due the city. The directors of the bank held a meeting today, but declined to make a statement for publication. This is the first failure of a national bank in Baltimore since the national banking law went into effect. As a direct result of the embarrassment of the American national bank of this city, the Economy savings bank, which occupies offices in the same building and whose directorate is largely drawn from the latter's stockholders, also failed to open its doors this morning. The directors made the following statement: "Owing to the fact that our cash funds are deposited in the American national bank, we have been compelled to suspend payment. We expect as soon as its affairs are straghtened out, to pay our depositors in full, and hope

10. December 25, 1900 Evening Star Washington, DC
Article from Evening Star, December 25, 1900

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DEPOSITORS AND DEPOSITS. Condition of the Closed Baltimore Savings Bank. At Baltimore yesterday Judge Stockbridge, in circuit court No. 2, appointed Daniel L. Brinton receiver for the Economic Savings Bank, which closed its doors on Saturday. Mr. Brinton furnished bond in $250,000. In their answer to a bill of complaint filed by depositors, the officials of the bank yesterday admitted the justness of and correctness of the claim that it was unable to pay to depositors the amounts due them, but denying that it is insolvent, and alleging that the failure of the American National Bank, in which it was a heavy depositor, had rendered it unable to realize on the money it had there. For this reason, the bank officials say, it is unable to pay claims. While believing that its assets are amply sufficient to pay all its depositors in full, the board of directors authorized the president, Dr. George A. Hartman, to give his consent to the appointment of a receiver. President Hartman says the bank has 3,063 depositors. The deposits amount to $343,000. Until the affairs of the American National are straightened out it is impossible to state the condition of the savings bank.

11. December 26, 1900 Watertown Republican Watertown, WI
Article from Watertown Republican, December 26, 1900

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LATER, Both houses of congress adjourned on the 21st until January 3 without transacting any business. The schooner Jennie Hall sank in a gale south of Cape Henry, the captain and two seamen being drowned. The Taft commission ordered future laws for the Philippines to be in English. In a shooting affray near Tallahassee, Fla., State Senator W. C. Rouse and Edgar Nims were killed. The American national bank of Baltimore, Md., has been placed in the hands of a receiver. Roger Wolcott. governor of Massachusetts in 1896, 1897 and 1898, died in Boston, aged 53 years. Tammany, in deference to crusaders, ordered all gambling and pool rooms in New York city closed. The British foreign office reports that the Chinese terms have been signed by all the powers. Dr. Richard A. Wise, member of congress from the Norfolk (Va.) district, died at Williamsburg. "John Owens," the murderer of James F. Hogue, was hanged at Paris, Ill. He said he was a son of T. H. Wiolsam, living in Tennessee, near Middleboro, Ky. A bill introducing the jury system in Porto Rico has passed both houses. Kruger is confident. despite slights, that some government will mediate in the South African war. The telegraphers' strike on the Santa Fe road has been called off. Mrs. William P. Frye, wife of the president pro tem. of the senate, died suddenly at the Hamilton hotel in Washington. Immigration to the United States for the calendar year will reach 400,000. A boiler explosion at Sneedville, Tenn., killed William Edwards, Pleasant Trent, Jesse Mahan and Lee Gordon. A son of Louis Tonhose, of Judd, Ia., has been kidnaped and it is believed he is held for ransom. Ex-Congressman John H. Brewer died at his home in Trenton, N. J. He was a warm personal friend of President McKinley, with whom he served in congress. Several vessels were wrecked and three sailors lost in a gale on the Atlantic coast. The Boer invasion of Cape Colony is causing alarm in England. More troops are to be sent to South Africa from Great Britain and the colonies to crush the burghers.

12. December 27, 1900 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, December 27, 1900

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# ALEXANDRIA GAZETTE AND VIRGINIA ADVERTISER NGTON. [Alexandria Gazette.] December 27. se government to comply with ers, as set forth ded to Prince question that Senator Platt joining in the recommen- dation. Senator Lodge, of Massachusetts, called at the White House this morning to introduce to the President George Van L. Meyer, the newly appointed Ambassador to Italy. In the answer to the notice of contest for his seat, Representative Rhea of the Abing- don Virginia district, denies specifically # VIRGINIA NEWS. Colonel Robert H. Logar, a promi- nent lawyer of Salem, died suddenly yesterday. S. G. Jamison, of Marlboro, Fred- erick county, died suddenly yesterday from heart disease. Rev. Henry Grady Ferguson, former- # TO-DAY'S TELEGRAPHIC NEWS Foreign News. London, Dec. 27.-Lord Armstrong, the distinguished engineer and inven- tor of the Armstrong gun, is dead, aged 80 years. A company of 200 Catholic priests and distinguished members of the Cath- being made on the Savings Bank of Baltimore, the oldest and most solid in- stitution of the kind in the city. De- positors will all be satisfied. A run is a so being made on the City Savings Bank. These runs are results of the failure of the American National Bank, the Old Town Bank and the closing of the Economy Savings Bank.

13. December 28, 1900 Perrysburg Journal Perrysburg, OH
Article from Perrysburg Journal, December 28, 1900

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DOMESTIC. Three tramps were killed in the wreck of a Big Four freight train near Muncie, Ind. Atorney General Griggs concluded his argument before the supreme court against the contention that the constitutionalreadyapplies to the "colonies." F. C. Burns, a wealthy ranchman, and Staunch Burns and Woody Litchfield were killed by a landslide near Chadron. Neb. W. H. Durr, former theatrical manager, shot and killed himself in an undertakers' rooms in Chicago. Secretary of the Navy John D. Long has purchased a site for a residence at Colorado Springs, Col. Two negroes who robbed and burned trading boat at Arcadia, Miss., after killing a Thomas Thompson, the owner, and his wife and baby, were lynched by a mob. After a separation of two years John Snyder, a butcher in La Salle, III., went to Chicago and fatally shot his wife and killed himself. A report of engineers submitted to congress favors a 14-foot channel from Lake Michigan to St. Louis. Physicians say grip is epidemic in Chicago. H. K. Wieser, a bank teller at York, Pa., is said to be $20,000 short. The residence of Mrs. David Hewitt at Bradford, Pa.. was destroyed by fire and she and her mother, Mrs. Margaret O'Keefe, aged 86 years, were burned to death. Edward A. Cudahy, the Omaha packwho paid $25,000 for ransom of his er. 15-year-old son, has offered $25,000 reward for the apprehension of the abductors. C.H. Aldrich made the closing argument in the Porto Rico case before the supreme court, contending if the new colonies are not American they are Spanish. President Dolphin, of the Order of Railway Telegraphers, says the strike will continue on the Santa Fe. Railroads will make a strong effort to have congress pass a law permitting pooling of contracts. An unsuccessful attempt was made to rob the state treasury at Lincoln, Neb. A mirage resulting from unusual the atmospheric conditions caused Michigan shore to be seen in Chicago. Secretary of War Root has approved Des the selection of two farm near Moines, Ia., as the site for a new army post. Positive evidence has been secured that Joe Rolla. one of the colored men lynched at Booneville, Ind., was innocent of the crime charged. A medical board in Cuba has discovered that yellow fever is spread by mosquitoes. A negro named Lewis was hanged by a mob at Gullport, Miss., for the murder of W. E. Richardson. The schooner Jennie Hall sank in a gale south of Cape Henry, the captain and two seamen being drowned. The exchanges at the leading clearing houses in the United States during the week ended on the 21st aggregated $2,276,197,373, against $2,013,309,007 the previous week. The increase compared with the corresponding week of 1899 was 0.1. There were 293 business failures in the United States in the seven days ended on the 21st, against 240 the week previous and 220 the correspond'ing period of 1899. Mrs. Jessie L. Beckwith, daughter of Robert T. Lincoln, of Chicago, and granddaughter of President Lincoln, who in 1897 married Warren Beckwith, of Mount Pleasant, Ia., has been divorced. A boiler explosion at Sneedville. Tenn., killed William Edwards, Pleasant Trent, Jesse Mahan and Lee Gordon. In a shooting affray near Tallahasand see, Edgar Fla., State Nims Senator were killed. W. C. Rouse The American national bank of Baltimore, Md., has been placed in the hands of a receiver. Omaha police found the house in which Edward Cudahy was held by kid- of napers and obtained descriptions three suspects. "John Owens," the murderer of James F. Hogue, was hanged at Paris, 311. He said he was a son of T. H. Wolsam, living in Tennessee, near Middleboro, Ky.

14. December 29, 1900 The Democratic Advocate Westminster, MD
Article from The Democratic Advocate, December 29, 1900

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Bank Failures in Baltimore. Following the failure of the American Na tional Bank of Baltimore came close after the passing into the hands of a receiver of the Economy Savings Bank. A few days later followed the suspension of the Old To 0 Bank, and State Treasurer Vandiver is having the affairs of some of the trust and other get-rich-quick companies investigated. If ports are correct many people are being fleeced by some of this latter class. It is very likely that some of the trust companies and banks of Baltimore, doing business according to law, are not any too safe. For several years companies of a semi-banking character have been rapidly organized, with capital and surplus that would have been re. garded ten years ago as fabulous. The air was filled with "prosperity" and rich harvests were expected from investments in stocks and bonds. There was almost a whirlwind of speculation and venture, which conservative people knew could not be maintained. The competition for loans and investments was so fierce that due care has not been taken in making them. The failures already reported are bound to cause monetary inconvenience. Depositors whose money is locked up may become embarrassed thereby, and it is probable that other banks or financial institutions may also be inconvenienced. The press of Baltimore, or a part of it, half apologize for the closed banks by attributing their failures to bad management. How else could a bank fail, except that it be robbed ? And what excuse is there for bad management? There can be none, except that officers lose their heads and rush pell-mell after investments and loans in the insane belief that times are good, everybody is prospering and they must hustle to keep up withthe procession. The cry of "prosperity" by the McKinleyites and organs for the past three or four years is responsible for this financial whirlwind, and all conservative people will be glad, indeed, if the failures stop where they are. They will not be much surprised if financial conditions became worse, dividends are passed or reduced and stocks take a drop in consequence. Much of the flaunted prosperity has been on paper-a thing in the air, with no basis.

15. December 29, 1900 The Democratic Advocate Westminster, MD
Article from The Democratic Advocate, December 29, 1900

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Bank Failures in Baltimore. Following the failure of the American Na. tional Bank of Baltimore came close after the passing into the hands of a receiver of the Economy Savings Bank. A few days later followed the suspension of the Old Town Bank, and State Treasurer Vandiver is having the affairs of some of the trust and other get-rich-quick companies investigated. Ifreports are correct many people are being fleeced by some of this latter class. It is very likely that some of the trust companies and banks of Baltimore, doing business according to law, are not any too safe. For several years companies of a semi-banking character have been rapidly organized, with capital and surplus that would have been regarded ten years ago as fabulous. The air was filled with "prosperity" and rich harvests were expected from investments in stocks and bonds. There was almost a whirlwind of speculation and venture, which conservative people knew could not be maintained. The competition for loans and investments was so fierce that due care has not been taken in making them. The failures already reported are bound to cause monetary inconvenience. Depositors whose money is locked up may become embarrassed thereby, and it is probable that other banks or financial institutions may also be inconvenienced. The press of Baltimore, or a part of it, half apologize for the closed banks by attributing their failures to bad management. How else could a bank fail, except that it be robbed ? And what excuse is there for bad management ? There can be none, except that officers lose their heads and rush pell-mell after investments and loans in the insane belief that times are good, everybody is prospering and they must hustle to keep up withthe procession. The cry of "prosperity" by the McKinleyites and organs for the past three or four years is responsible for this financial whirlwind, and all conservative people will be glad, indeed, if the failures stop where they are. They will not be much surprised if financial conditions became worse, dividends are passed or reduced and stocks take a drop in consequence. Much of the flaunted prosperity has been on paper-a thing in the air, with no basis.

16. December 29, 1900 The L'anse Sentinel L'anse, MI
Article from The L'anse Sentinel, December 29, 1900

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LATER, Both houses of congress adjourned on the 21st until January 3 without transacting any business. The schooner Jennie Hall sank in a gale south of Cape Henry, the captain and two seamen being drowned. The Taft commission ordered future laws for the Philippines to be in English. In a shooting affray near Tallahassee, Fla., State Senator W. C. Rouse and Edgar Nims were killed. The American national bank of Baltimore, Md., has been placed in the hands of a receiver. Roger Wolcott. governor of Massachusetts in 1896, 1897 and 1898, died in Boston, aged 53 years. Tammany, in deference to crusaders, ordered all gambling and pool rooms in New York city closed. The British foreign office reports that the Chinese terms have been signed by all the powers. Dr. Richard A. Wise, member of congress from the Norfolk (Va.) district, died at Williamsburg. "John Owens," the murderer of James F. Hogue, was hanged at Paris, III. He said he was a son of T. H. Wolsam, living in Tennessee, near Middleboro, Ky. A bill introducing the jury system in Porto Rico has passed both houses. Kruger is confident. despite slights, that some government will mediate in the South African war. The telegraphers' strike on the Santa Fe road has been called off. Mrs. William P. Frye, wife of the president pro tem. of the senate, died suddenly at the Hamilton hotel in Washington. Immigration to the United States for the calendar year will reach 400.000. A boiler explosion at Sneedville, Tenn., killed William Edwards, Pleasant Trent, Jesse Mahan and Lee Gordon. A son of Louis Tonhose, of Judd. Ia., has been kidnaped and it is believed he is held for ransom. Ex-Congressman John H. Brewer died at his home in Trenton, N. J. He was a warm personal friend of President McKinley, with whom he served in congress. Several vessels were wrecked and three sallors lost in a gale on the Atlantie coast. The Boer invasion of Cape Colony is causing alarm in England. More troops are to be sent to South Africa from Great Britain and the colonies to crush the burghers.

17. January 2, 1901 Keowee Courier Walhalla, Pickens, SC
Article from Keowee Courier, January 2, 1901

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"MILKED" THE BANK FOR $750,000. Milk Producers' Association Touches Balti. more Institution for Huge Sum. Baltimore, Md., December 28.The Old Town Bank, which went into the hands of a receiver late yesterday, was surrounded by a orowd howling for their money until & late hour last night. The bill for a receiver charges that Cashier Theodoro F. Wilcox, without authority and without the knowledge of the directors, allowed the United Milk Producers' Association to draw large sums from the bank. The bank has been the depository of many retail merchants. It has been regarded as a safe institution and the failure was a surprise. Receiver R. L. Gill gave a bond of $1,500,000, indicating a loss of $750,000. The bank is not national. A run is being made on the Savings Bank of Baltimore, the oldest and most solid institution of the kind in the city. The depositors will all be satisfied. A run is also being made on the City Savings Bank. These are the results of the failure of the American National Bank, the Old Town Bank, and the closing of the Economy Savings Bank.

18. January 4, 1901 Virginia Citizen Irvington, VA
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few cents on the dollar. Wesincerely hope that the former may be the case, particularly with the Savings bank, as the majority of such depositors are usually of the poorer and laboring classes. From these incidents of recent occurrence a valuable lesson may be drawn which should redound to the benefit of many of our people's interest. Because of occasional failures in banks no one should lose trust in such business institutions. Every line of business and every calling in life has its proportion of failures, and the proportion is no larger in banking circles than in other lines. In truth it is quite below many lines which are not in near as much jeopardy. The proportion of robberies. of individuals and private hoardings we believe to be a far greater one. No business man, because of a bank failure now and then, will think of withdrawing from all bank dealings. He has sagacity enough to know that banking is the safest means after all to guard his money. As to the best kind of bank there is a wide difference of opinion. Some maintain with fair arguments that the advantages offered by State banks are superior to those of National banks, though we doubt if any there are so untutored who will claim that they are as safe to the depositor. We would not shed any doubts as to the safety of the State concerns, because we believe they fill a useful sphere, and if we could not get into a National bank weshould undoubtedly deal with some State institution, but we cannot help being impressed with the recent Baltimore occurrences, wherein by virtue of its being a National bank the depositors of the American will be most likely to get their deposits in full. Later news is is*to to the effect that the American National will shortly open up with increased capital.

19. January 8, 1901 Evening Star Washington, DC
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BANKS TO RESUME BUSINESS. "Old Town" and American National of Baltimore So Decide. BALTIMORE, January 8.-The "Old Town" Bank, a state institution, which closed its doors and went into a receiver's hands a few days ago, will resume business tomorrow. It is announced that the only change in the management of the bank which will be made at this time is the substitution of Milton B. Williams as cashier in the place of Theodore Wilcox, who formerly held that position and who is accused by the directors of the bank with having caused the failure of the bank by bad management. The American National Bank, which closed its doors the day before the failure of the "Old Town" Bank, and which was closely allied to it, is also expected to resume business shortly, although no definite announcement to that effect has yet been made.

20. January 8, 1901 The Bourbon News Paris, KY
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BUSINESS FAILURES. Jan. 3--Wabasha, Minn., People's bank. 6-Rahway, N. J., Union county bank.... New York. Hulbert H. Warner, patent medicine manf.: $2,319,027. 9-Plankinton, S. D., State bank. 17-Chicago, Francis P. Owings, real estate; $5,364,977. Feb. 7-New Bedford, Mass., Henry E. Holcomb, manf.; $1,351,438 Boston, Miner, Beal & Co., clothing firm, $450,000. 26-United States milling combine (flour trust); $15,000,000. Mar. 3-Port Jervis (N. Y.) Nat. bank resumes: had suspended payment in December. 5-J. F. Seiberling, formerly manufacturer at Akron, O., files bankruptcy petition; $800,000, assets, $30. 19-John Kehoe, builder of New York, files bankruptcy petition; $1,520,085; no assets. 22-D. Appleton & Co., New York, publishers; $3,000,000. 26-Rutland, Vt., Merchants' Nat. bank.... Keene, N. H., Five Cent savings bank for $1,449,058; $718,873. and Guarantee savings bank for Apr. 000. 3-Cambridge (Neb.) State bank; $40,10-Columbus, $140,000. O., Reinhard & Co.'s bank; 12-Vates Center, Kan., Citizens' state bank. 27-Anolph® Landauer, dry goods dealer of Milwaukee; $391,945.31. May 11-Frank L. Fuller's private banks at Rockford and Cedar Springs, Mich. 21-Pentwater, Mich., Neilson & Co.'s bank. 26-Price, McCormick & Co., of New York, cotton brokers and shippers; $13,000,000. 28-Seymour, Johnson & Co., stock and cotton brokers of New York; $500,000. Jun. 5-W. C. Shields' bank at Mulberry Grove, Ill. 15-McNair & Alexander, cattlemen at Ashland, Kan.; $542,000. Aug. 13-Henry J. 0 Neill, the "barley king." files petition in bankruptcy; $500,000.... Kingfisher (Col.) bank: $61,000. 17-Somerset (Ky.) Nat. bank. Sep. 6-Lamont (Ill.) state bank: $12,000. 7-Fifth Avenue Savings & Loan Ass'n., of McKeesport, Pa.; $500,000. 18-Hatch 000,000. & Foote, New York brokers; $2,19-South Mass. Danvers Nat. bank. at Peabody, Nov. 17-German Nat. bank, at Newport, Ky. Dec. 12-Bank at Brillion, Wis. 13-Order of Chosen Friends, large fraternal insurance association. 21-American nat. bank of Balvimore, Md. 25-Isaac Robinson, at Balkimore, Md., manufacturer: $800,000.

21. January 9, 1901 New-York Tribune New York, NY
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BALTIMORE BANKS RESUME BUSINESS. Baltimore, Jan. 8.-The Old Town Bank, a State institution. which closed its doors and went Into a receiver's hands a few days ago, will resume business to-morrow. The American National Bank, which closed its doors the day before the failure of the Old Town Bank, and which was closely allied with it, is also expected to resume business shortly. although no definite announcement to that effect has yet been made.

22. January 17, 1901 The Republican Oakland, MD
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BUSINESS FAILURES. Jan. 3-Wabasha, Minn., People's bank. G-Rahway, N. J., Union county bank.... New York, Hulbert H. Warner, patent medicine manf.; $2,319,027. 9-Plankinton. S. D., State bank. 17-Chicago, Francis P. Owings, real estate: $5,364,977. Feb. 7-New Bedford, Mass., Henry E. Holcomb, manf.; $1,351,438 Boston, Miner, Beal & Co.: clothing firm, $450,000. 26-United States milling combine (flour trust): $15,000,000. Mar. 3-Port Jervis (N. Y.) Nat. bank resumes; (ber. had suspended payment in DecemB-J. F. Seiberling. formerly manufacturer at Akron, O., files bankruptcy petition; $800,000. assets, $30. 19-John Kehoe, builder of New York, files insuruptcy petition; $1,520,085; no assets. 12-D. Appleton & Co., New York, publishers; $3,000,000. 26-Rutland, Vt., Merchants' Nat. bank.... Isene. N. H., Five Cent savings bank for $718,873. $1,449,058; and Guarantee savings bank for Apr. 000. 3-Cambridge (Neb.) State bank; $40,10-Columbus, $140,000. O., Reinhard & Co.'s bank; 12-Yates Center. Kan., Citizens' state bank. 27-Adolph Landauer, dry goods dealer of Milwaukee; $391,945.31 May II-Frank L. Fuller's private banks at Rockford and Cedar Springs, Mich. 21-Pentwater, Mich., Neilson & Co.'s bank. 26-Price, McCormick & Co., of New York, cotton brokers and shippers; $13,000,000. 28-Seymour, Johnson & Co., stock and cotton brokers of New York; $500,000. Jun. 5-W. C. Shields' bank at Mulberry Grove, III. 15-McNair & Alexander, cattlemen at Ashland. Kan.; $542,000. Aug. IS-Henry J.O' Neill, the "barley king," files petition in bankruptcy; $500,000.... Kingfisher (Col.) bank; $61,000. 17-Somerset (Ky.) Nat. bank. Sep. 6-Lamont (111.) state bank: $12,000. 7-Fifth Avenue Savings & Loan Ass'n., of McKeesport, Pa.; $500,000. 18-Hatch 000,000. & Foote, New York brokers; $2,19-South Mass. Danvers Nat. bank, at Peabody, Nov. 17-German Nat. bank, at Newport, Ky. Dec. 12-Bank at Brillion, Wis. 13-Order of Chosen Friends, large fraternal insurance association. 21-American nat. bank of Baltimore, Md. 25-Isaac Robinson. at Baltimore, Md., manufacturer: $800,000.

23. June 26, 1902 New-York Tribune New York, NY
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BALTIMORE FIRM ASSIGNS. JOSHUA HORNER, DEALER IN FERTILIZERS, IN DIFFICULTIES Baltimore, June 25.-Joshua Horner. trading as Joshua Horner. jr., & Co., dealers in fertilizers. made an assignment to-day for the benefit of his creditors to trustees. who gave bond in $150.000. indicating estimated assets of about $75,000. The extent of the liabilities is yet to be ascertained. Mr. Horner was president of the American National Bank. which failed some time ago. and was largely interested in the Automatic Telephone Exchange Company. now in the hands of receivers. The immediate cause of the assignment was the institution of two suits against Mr. Horner, one upon an individual note which had been given to the American National Bank. the other as an indorser upon a note of the Automatic Telephone Exchange Company. Mr. Horner says all obligations would be met. and that his assets are far in excess of the liabilities.