1.
June 8, 1903
The Minneapolis Journal
Minneapolis, MN
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TRUST COMPANY INVOLVED CITY TRUST AND BANKING CO. OF BALTIMORE IN HANDS OF RECEIVERS. Baltimore, Md., June 8.-The City Trust and Banking company of Baltimore will not open its doors to-day. Judge Wickes, on application of the John A. Sheridan company of Baltimore. has appointed George Dobbin Penniman and Campbell Carrington receivers. The company was reorganized a few months ago, when it was stated that New York interests had secured control. The identity of these interests was not made public. F. W. Wheatley, former secretary of the Corn and Flour Exchange, was elected president and a number of prominent Baltimore business men are directors. The company did a commercial and savings bank business. Its liabilities are about $500,000 and its assets about the same. The receivers say the company will pay dollar for dollar.
2.
June 8, 1903
Santa Fe New Mexican
Santa Fe., Santa Fe, NM
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RECEIVERS FOR A BANKING COMPANY City Trust and Banking Company of Baltimore Suspends on Account of the Recent Withdrawal of Deposits. THE DEPOSITORS WILL BE PAID IN FULL Baltimore, June 8.-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 the suspension was made necessary by the withdrawal of deposits recently and the failure to realize upon securities. He believes depositors will be paid In full. The stated liabilities are $500,000 with assets about the same, The suspended company did a banking and storage business.
3.
June 8, 1903
New-York Tribune
New 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.
4.
June 8, 1903
Evening Star
Washington, DC
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RECEIVERS APPOINTED. Baltimore Trust and Banking Company Will Pay in Full. 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 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.
5.
June 8, 1903
The Topeka State Journal
Topeka, 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.
6.
June 9, 1903
The Montgomery Advertiser
Montgomery, 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.
7.
June 9, 1903
Bismarck Daily Tribune
Bismarck, 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.
8.
June 9, 1903
The Wichita Daily Eagle
Wichita, KS
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BANKING COMPANY INSOLVENT. President Wheatley Says Depositors Will Be Paid in Full. 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 Wheatly 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 $500,000; assets about the same.
9.
June 9, 1903
The St. Louis Republic
Saint 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.
10.
June 9, 1903
The Indianapolis Journal
Indianapolis, IN
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TRADE, INDUSTRY, FINANCE. The director of the mint on Monday purchased 4,000 ounces of silver for Philippine coinage at an average of 53.55 cents an ounce. The amount of 3 and 4 per cent. bonds thus far received at the Treasury Department for exchange into 2 per cent. consols is $71,344,100.* At a meeting of the creditors of the Aultman-Milelr Company at Akron the offer of Judge William A. Vincent, of Chicago, to purchase the plant and assets of the company for $640,000 was accepted. Judge Vincent is supposed to represent the International Harvester Company. Thomas O. McBride, of Savannah, Ga., in the United States District Court at Cincinnati on Monday applied for a receiver for the W. J. O'Dell Commission Company of Cincinnati and for an accounting. He also petitions that the officers and shareholders of the company be enjoined from interfering with the books or the management of the concern. On the request of the creditors, and upon its own admission of insolvency, receivers have been appointed for the City Trust and Banking Company of Baltimore. 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 said that the liabilities will be about $500,000, assets the same. The suspended company did a banking and storage business. The bondholders of the Pike building, which belonged to the Pike Building Company of Cincinnati, and which was destroyed by fire last February, have, through the Union Savings Bank and Trust Company, filed a petition in the Superior Court for an accounting and a receiver. A short time afterward the Pike Building Company filed a deed of assignment to the Provident Bank and Savings Company, in which the assets were stated to be unknown and the liabilities to be $300,000. The outstanding bonds are $275,000. "The property was insured for $165.000. The Austrian and Hungarian Exporters' Association has sent a circular to its members regarding what it describes as "the chicanery" practiced by the American customs appraisers in handling European imports. The circular points out that much injustice results from the course of procedure in the case of appeals from the decision of the appraisers, the importers not receiving sufficient time to obtain proofs from the country of origin that their invoices correspond to the market value of the goods in the country where they are manufactured.
11.
June 9, 1903
The Sun
New York, NY
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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.
12.
June 12, 1903
The Penn's Grove Record
Penns Grove, NJ
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BALTIMORE BANK FAILS Salaries of Teachers of Five Public Schools Tied Up. President Wheatley, of the Closed City Trust and Banking Company, Says Depositors May Be Paid, Baltimore, Md.-A distressing result of the closing of the doors of the City Trust and Banking Company of this city is the depriving of 100 teachers of five public schools of their salaries for May. The Principal of this group of schools received a check from the City Register Saturday for $4323, and deposited it in the City Trust Bank. Later in the day receivers were appointed and the teachers' salaries are now tied up. The Merchants' National Bank, acting as a clearing house for the trust company, cashed the check. The city is protected, and the loss, if any, falls upon the teachers. A number of the 2800 depositors in the savings department of the company gathered about the bank anxiously inquiring about the situation. President Wheatley issued this notice: "This bank has been placed in the hands of Campbell Carrington and George Dobbin Penniman, receivers. I believe all depositors will be paid in full. Depositors can file their claims in the office, and it will not be necessary for depositors to go to the expense of placing their claims in the hands of attorneys." It appears that as recently as last Saturday week the company had only $15,699.68 in cash on hand to take care of demand deposits of $380,445.71, and time deposits of $111,050, or nearly $500,000. During the lay rumors were afloat that some of the embarrassment of the company had been caused by the alleged mismanagement of Frank J. Kohler, present Vice-President and recently Treasurer. Kohler made this statement: "During the entire time I have been with the City Trust and Banking Company all my operations have been free and above board. If any mismanagement is attributed to me, It was a mistake of the head and not of the heart. We are all human, and mistakes are not beyond the range of possibilities."
13.
June 14, 1903
New-York Tribune
New 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.
14.
August 15, 1903
Bismarck Daily Tribune
Bismarck, ND
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TO HIMSELF AND FRIENDS. Loans of Trust Company Treasurer Causes Its Suspension. Baltimore, Aug. 15.-W. E. P. Duval, 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
15.
September 18, 1903
The Washington Times
Washington, 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.
16.
October 20, 1903
The Savannah Morning News
Savannah, 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.
17.
October 23, 1903
The Semi-Weekly Messenger
Wilmington, NC
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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, 1904
New-York Tribune
New 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, 1904
Arizona Republican
Phoenix, 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, 1904
The News & Observer
Raleigh, 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, 1904
Twice-A-Week Plain Dealer
Cresco, 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.