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MUST PAY ASSESSMENT. Stockholders of Defunct Farmers' Trust Co., Lose Suit. What is welcome news to the depositors in the defunct Farmers "Trust, Banking & Deposit Co's., Bank located at Mt.Airy, and in fact to the depositors in these banks over the State, was conveyed in dispatches from Cumberland, that stockholders of the defunct bank must pay the 25 peT cent. assessment levied against them. While the cases in Allegany county, pertain only to suits for that county, yet the decision was by Chief Judge A. Hunter Boyd, of the Court of Appeals and the decision is taken as about what would be found, if the cases are carried to the Court of Appeals. If this decision holds good in the Court of Appeals, If carried there, it means that the depositors in the banks that the Farmers' Trust, Banking and Deposit Company. owned and operated throughout the State, will receive in full their deposits in the banks at the time of the failure. The Farmers' Trust, Banking and Deposit Co., operated a bank at Mt. Airy, at Keedysville and Hancock, in Washington county, and at Galena, on the Eastern Shore, in addition to a bank in Baltimore. When the banks operated by the company were closed, receivers were named, and the receivers acting under the authority of the United States Court laid an assessment of 25 per cent. upon the stockholders, considering this sum sufficient to pay the costs of the receivership and the debts of the bank. This will lose to the stockholders of the bank,if carried through $125 for every $100 originally invested. It is the payment of this assessment that the stockholders are resisting, on the grounds that the stock was non-assessible. The receivers claim that the bank in its charter was placed under the provision of the code that a stockholder of the bank is liable to twice the amount of his holding of stock, and in fact that this provision was incorporated in the charter.
