8434. Title Guarantee & Trust Company (Baltimore, MD)

Bank Information

Episode Type: Suspension → Closure
Bank Type: trust company
Start Date: February 20, 1933
Location: Baltimore, Maryland (39.290, -76.612)

Metadata

Model: gpt-5-mini
Short Digest: 03705caf

Response Measures

None

Description

The Title Guarantee & Trust Company in Baltimore closed/was placed in receivership on Feb 20, 1933 and remained in receivership through 1934 while distributions and a reorganization plan (including an RFC loan) were pursued. The articles discuss receivership reports, distributions and reorganization plans but do not describe a distinct depositor run on this specific bank prior to its closing; therefore classified as a suspension leading to closure/receivership. Dates taken from articles (closure Feb 20, 1933).

Events (7)

1. February 20, 1933 Receivership

Newspaper Excerpt: substituted for former State Bank Commissioner George Page as receiver for the Chesapeake Bank and for the Title Guarantee Trust Company. both of which are in receivership the Circuit Court No. where Judge O'Dunne presiding this year.
Source: newspapers

2. February 20, 1933 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank closed due to institution-specific difficulties and disclosures (leading to insolvency and closure); mentioned in context of city-wide withdrawals but the Title Guarantee closure appears to be an institution failure rather than a mere rumor.
Newspaper Excerpt: the closing of the Title Guarantee and Trust Company in Baltimore Monday
Source: newspapers

3. May 20, 1933 Other

Newspaper Excerpt: first report by the receiver of the Title Guarantee and Trust Company ... report showed demand loans total $1,035,048.98 ... deposits the bank totaled $1,647,801.26 when it closed on February 20 last
Source: newspapers

4. December 1, 1933* Other

Newspaper Excerpt: The first distribution of ten per cent. paid shortly before Christmas 1931 The bank closed December (context: distributions by receivership and bond postings).
Source: newspapers

5. March 6, 1934 Other

Newspaper Excerpt: The Title Guaranty & Trust Co., Baltimore, which has been in receivership for more than a year, is contemplating a distribution of between 30 per cent and 40 per cent on deposits, under a reorganization plan
Source: newspapers

6. July 11, 1934 Other

Newspaper Excerpt: Reconstruction Finance Corporation has voted approve loan of to the Title Guarantee and Trust Company ... loan plus what he expects get from stockholders probably will assure 30 percent payment of depositors of the bank, which has been in the hands of receivers since February 18, 1933
Source: newspapers

7. December 31, 1934 Other

Newspaper Excerpt: Stockholders the Title Company ... reported that the company ... had $250,000 used capital and surplus in connection with reorganization ... RFC loan of $1,250,000
Source: newspapers

Newspaper Articles (13)

1. February 25, 1933 The Daily Times Salisbury, MD

Article from The Daily Times, February 25, 1933

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Seen In Line THREE DAY HOLIDAY For Post MARYLAND BANKS PROCLAIMED BY STATE EXECUTIVE Governor Ritchie Issued Proclamation Stem Heavy Withdrawals From Baltimore City Concerns During The Week SUSPENSION OF OPERATIONS IS TO-ENABLE GENERAL ASSEMBLY TO PASS PROPER LEGISLATION No Justification For Withdrawals, Declares Governor; Situation Not Created By Condition Of Any County Institution Baltimore, Feb. bank and financial institution Maryland was closed today by proclamation of Governor Albert Ritchie to stem heavy withdrawals from Baltimore concerns during the week. Governor Ritchfe, by his proclamation, declared today legal holiday accompanied with statement that the moratorium would be extended daily to included Monday and Tuesday while the Maryland General Assembly prepared legislation to aid the banks. The proclamation, as interpreted by Attorney General William Preston Lane, affected banks, saving intitutions, trust companies and building and loan totaling more than 200 in the state as well the Baltimore stock exchange. A $13,000,000 withdrawal, principally by small depositors from Baltimore banks this week, prompted the bankers of the state to confer at the federal reserve branch bank last night with Governor Ritchie and state officials. The was followed the governor's proclamation and stateAttorney General Lane immediately began, with the aid of John Ghingher, State Bank and the state law and banking several intended to relieve the financial cerns for introduction in the state islature which reconvenes in Annapolis Monday night. The provisions of the proposed legislation were not revealed by the state officials but bankers intimated they would designed to declare the all banking institutions basis that would classify them in manner governing the rate which withdrawals from each institution would be permitted after the holiday's close. The hope was expressed by Governor Ritchie that the legislature would enact the measures. by Tuesday permit the banks to reopen with ample facilities available for the needs of the people." No bank was singled out for the withdrawals but they were general throughout the city, being taken out yesterday, while county banks were unaffected for the most part. Bankers who attended the conference said the withdrawals resulted from an uneasy state of mind created the state-wide suspension of bank in Michigan, the closing the Title Guarantee and Trust Company here Monday and made before the Senate Banking and Currency Committee in Washington during the week. The total resources of the Maryland banking concerns reported to the the currency of Dec. 31, The deposits the Baltimore banks was placed half billion Attorney General Lane said the terests depositors will be paramount in drafting of legislation under which the Maryland banks will reopen after the banking holiday. survey, he said, was being made legislation recently enacted in othstates to deal with banking situations similar to that in and this information would be utilized formulating the bills for the General Assembly. Special attention was being paid the Iowa law, passed in January, providing for the of fixed according schedule and in some the segregation of old and new declaring the Maryland bank iday, Ritchie relied section of the code, dealing exchange and notes" which in addition scribing certain regular holidays the Fourth of July and Columbus Day special days that may be pointed by this days fasting and prayer, sation of business, shall regarded legal Governor Ritchie had asked consider bank holiday night of first days the (Continued page

2. February 25, 1933 The Evening Sun Baltimore, MD

Article from The Evening Sun, February 25, 1933

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BE DISBURSED BY CHESAPEAKE Checks In Mails In Sixty Days, Receivership Officials Say NEW DIVIDEND BRINGS TOTAL TO Formal Order For Third Distribution Likely Next Week The receiver for the Chesapeake Bank has been verbally authorized make additional ten per cent. tribution to depositors and creditors. Judge Eugene revealed today The checks will be mailed in about sixty days. officials of the receivership said. Approximately $400,000 will The judge's announcement today after State Bank Commissioner John Ghingher had been substituted for former State Bank Commissioner George Page as receiver for the Chesapeake Bank and for the Title Guarantee Trust Company. both of which are in receivership the Circuit Court No. where Judge O'Dunne presiding this year. Posts $300,000 Bond Mr. Ghingher bond receiver for the Chesapeake Bank and $100,000 bond receiver for the Title Guarantee and Trust Company, the same amounts for which the former receiver posted bonds. Herbert Levy, counsel for the Chesapeake Bank receiver. announced that formal orders for third distribution to be presented to the court for signatures next week. The formal order being withheld pending the completion definite rangements with Julian Jones. court auditor, to the stating count connection with the impend ing distribution. has been arranged have the account prepared by the auditor minimum expense, to duce distribution $100,000 Cash Remains cash be still held by the Chesapeake Bank receiver after the second distribution made. Mr. Levy pointed out that larger distribution would be possible except for the fact that the ten cent. dividend can be paid out with work and consequently less expense. The first distribution of per cent. paid shortly before Christmas 1931 The bank closed December

3. March 3, 1933 The Midland Journal Rising Sun, MD

Article from The Midland Journal, March 3, 1933

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# BANK HOLIDAY IN MARY-LAND Governor Ritchie Declares 3-Day Respite To Stem Withdrawals Every bank and financial institution in Maryland was closed Saturday by proclamation of Governor Albert C. Ritchie to stem heavy withdrawals from Baltimore concerns during the week. Governor Ritchie, by his proclamation, declared Saturday a legal holiday and accompanied it with a statement that the moratorium would be extended daily to include Monday and Tuesday while the Maryland General Assembly prepared legislation to aid the banks. The Governor's proclamation, as interpreted by Attorney General William Preston Lane, Jr., affected banks, savings institutions, trust companies and building and loan associations, totaling more than 200 in the state as well as the Baltimore Stock Exchange. A $13,000,000 withdrawal, principally by small depositors from Baltimore banks last week, prompted the bankers of the State to confer at the Federal Reserve Branch Bank Friday night with Governor Ritchie and State officials. The conference was followed by the Governor's proclamation and statement. Attorney General Lane immediately began, with the aid of John J. Ghingher, recently-appointed State Bank Commissioner, and the State law and banking departments, several measures intended to relieve the financial concerns for introduction in the State Legislature, which reconvened at Annapolis Monday night. The hope was expressed by Governor Ritchie that the Legislature would enact the measures by Tuesday to permit the banks to reopen Wednesday "with ample facilities available for the needs of the people." No bank was singled out for the withdrawals but was general throughout the city, $6,000,000 being taken out Friday, while county banks were unaffected for the most part. Bankers, who attended the conference, said the withdrawals resulted probably from an uneasy state of mind created by the statewide suspension of bank withdrawals in Michigan, the closing of the Title Guarantee Trust Company in Baltimore Monday and the disclosures made before the Senate banking and currency committee in Washington during the week. The total resources of the 205 Maryland banking concerns reporting to the comptroller of the currency amounted to $889,000,000 as of December 31, 1932. The deposits of the Baltimore banks were placed at half a billion dollars. Attorney General Lane said the interests of depositors will be paramount in drafting of legislation under which the Maryland banks will reopen after the banking holiday.

4. March 16, 1933 Evening Star Washington, DC

Article from Evening Star, March 16, 1933

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TRUST EARNINGS GIVEN PRIORITY IN MARYLAND Preferred Status Over Ordinary Bank Deposits Granted by Baltimore Judge. Special Dispatch to The Star. BALTIMORE. March 16.-In a decision which may be far-reaching in its effect on the distribution of the funds of closed banks in Maryland, Judge Eugene O'Dunne in Circuit Court No. 2 late yesterday decided that a fund held for Philip Gunn by the Title Guarantee & Trust Co. had priority over ordinary deposits. A petition for Gunn was brought by his attorney. who stated that Gunn and his father, Allan P. Gunn. were beneficiaries to the extent of $239.31 of a trust fund held by the company as trustee under a court order. and that this sum was deposited by the trustee in its own bank. When Judge O'Dunne decided in favor of Gunn, he advised the attorney for the receiver of the Title Guarantee & Trust Co. to appeal the case in order to get it definitely decided by the highest legal authority in the State. as the decision probably would have an effect on the distribution of funds of all closed banks which also had trust fund deposits. The fund in question was the income from the trust fund and was held by the bank for distribution when it closed.

5. March 16, 1933 The Evening Sun Baltimore, MD

Article from The Evening Sun, March 16, 1933

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RECKORD SAYS CUT BANK RECEIVERS SEEK WON'T THIN RANKS TO KEEP PREFERENCE No Members Of State Guard Have Resigned And He Expects None Will [Continued From Page 30] and unquestionably suffered diseases from that source after the armistice. "I was commissioned a short time before the armistice and was kept in the service until June. 1919 couldn't get ou t.I was in my fortyninth year. And having been accustomed to quiet pursuit of real estate all my life I came away from Fort McHenry in a state of complete ex- "Disabled Since 1921" "I have been totally disabled ever since 1921. I hadn't been out of uniform but a little over three weeks when I suffered a nervous breakdown and I have been under doctor's care almost ever since. If my pensation and my insurance were cut off I'd be absolutely dependent on charity. "I volunteered, I had sold by business and worked for year in the quartermaster department as civilian employe before was commissioned. had three minor children. was told that was too old for actual service in the army. But I wanted to do something." Matter Of Choice Uncertain The question as to whether the emergency economy bill eliminated the alternative of any member of the Maryland National Guard in choosing between remaining in the guard and staying on the Veterans' Administration pay roll was one which General Reckord was unable to answer Readjustments of benefits received by the veterans now rests upon regulations which will be drawn up by President Roosevelt, under the terms of the economy bill. These regulations will have the force of law. Just what the regulations will be is not known yet. 1.100 Officers On Original List The law which provided the retirement of emergency officers with pay was originally designed to take care of 1,100 officers who had received injuries in battle But as the result of ruling by former Attorney-General William D. Mitchell while Solicitor-General about 8,000 officers were granted pay. General Reckord said today that while he was still of the opinion that the economy bill was entirely too drastic, he was in favor of cutting down this list to the original 1.100 battle casualties and would heartily support any regulations issued by the President to that end. Pleas Filed To Intervene Suits Attacking Provision Of Law Seeking to uphold the preferences granted deposits of the receivers of the four Baltimore banks which are in receivership by provisions in Section 71-G of the Emergency Banking Law passed by the Legislature on March 4. attorneys representing the four receiverships today applied for permission to intervene in the pending injunction and mandamus suits attacking the validity of the new law. The action was taken by counsel for the receiver of the Chesapeake Bank, the Park Bank and Title Guarantee and Trust Company and the Commercial Savings Bank. Distribution At Stake The additional ten per cent. distribution to depositors of the Chesapeake scheduled to be made within little more than month, will depend largely upon the priority being upheld the courts, it was stated. While no distribution to depositors of the Park Bank is impending. the validation of the priorities granted by the new law will be necessary, it was said, to enable the receivership to act under recent authorization to pay off the remaining indebtedness of the bank to the Reconstruction Finance Corporation. City Intervenes The first hearings on the validity of the new banking law is expected to take place Saturday before Judge Eugene O'Dunne in the Circuit Court, No. 2. in connection with the injunction suit pending in that court. The suit sought to hold the banking law invalid and to enjoin any preferential payments under the new law by the Baltimore Trust Company. The mandamus suit, which also seeks to have the banking law declared unconstitutional and to prevent preferential payments by any bank under the new law. is pending in the Baltimore City Court, where hearings will be held shortly before Chief Judge Samuel K Dennis. An answer to the mandamus is due to be filed this week by State Bank Commissioner John Ghingher. Prior to the action of Herbert Levy, John E. Semmes, William L. Marbury,

6. March 16, 1933 The Evening Sun Baltimore, MD

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Jr., and Leonard Weinberg, counsel, respectively, in the Chesapeake, Park, Title and Commercial Savings receiverships, in intervening in the two suits on behalf of the receiverships, the city of Baltimore had intervened in the injunction case, and demurred to the injunction complaint. Mr. Ghingher and the Baltimore Trust Company had filed answers asking that the suit be dismissed. but declaring that no preferential payments under the new law would be made until the matter had been passed on by the courts. The trust company's answer stated that there was doubt as to the validity of the law's provision granting preference to city tax payments made before or on February 28. Gives Auto Wheel As Bond Fort Atkinson, Wis., March 16 (AP)Elmer Kerpner, of St. Paul, was unable to pay $15 fine for speeding Justice of the Peace Giles Hibbard ac. cepted spare tire and wheel as bond.

7. April 13, 1933 Evening Star Washington, DC

Article from Evening Star, April 13, 1933

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GOVERNMENT IN PLEA FOR CLOSED BANK FUNDS Special Dispatch to The Star. BALTIMORE, April 13.-A petition claiming a priority and a preference for certain Government funds on deposit in the Title Guarantee & Trust Co. was filed here in the receivership proceedings of the banking institution by United States District Attorney Simon E. Sobeloff, in the name of the United States of America. The petition claimed that $4,207.83 in deposits and interests should be paid by the receiver for the trust company as a preferred claim under provisions of the United States code. Deposits involved had been made by Lieut. Coi. William L. Patterson, as custodian or headquarters' funds of the 3d Corps Area, it was said. Judge Eugene O'Dunne signed an order giving the State bank commissioner and the receiver for the bank until April 25 to show cause why the preference should not be allowed.

8. May 20, 1933 The Baltimore Sun Baltimore, MD

Article from The Baltimore Sun, May 20, 1933

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TITLE GUARANTEE RECEIVER REPORTS Market Value Of Holdings Of Stocks And Bonds Placed At $679,369.82 The first report by the receiver of the Title Guarantee and Trust Complacing bills payable at $902,464.21 and showing balance in the receiver's hands of $60,662.43 was filed late yesterday in the Circuit Court No. The receiver, through his attorney, William Marbury, Jr., charged himself with receipts totaling $138,548.20, and claimed for disbursements aggregating $77,880.87. An inventory of the assts of the bank, the report stated, showed that its demand loans total $1,035,048.98, as of April 20, last. The collateral for these loans was not valued in the report. Two loans, totaling $92,500, charged against Albert G. Towers, president of the bank. The receiver placed the book value of stocks and bonds held by the stitution at $1,634,220.37 and placed their market value All have been pledged to the city, the Reconstruction Finance Corporation or the Baltimore Trust Company, it was stated, with exception of $100,000 United States Treasury bonds and securities. Of the bills payable, $730,489.21 is due the R. C. and $171,975 to the Baltimore Trust Company. deposits the bank totaled $1,647,801.26 when it closed on February 20 last, was disclosed. Savings deposits aggregated $1,570,832.86. to $48,747.11 had accrued on accounts, it was said. The Title Building and the Title nex subject to mortgage held by the Finance tion dated January 22, 1933, and due July 23, 1933, in the sum $350,000, and bearing interest of five per cent. per annum, the There 24,000 shares of stock of the bank outstanding, the report showed. It is held by approximately seventy stockholders. In addition the report placed mortgages held by the title company at $2,319,575.18; ground rents at $7,273.63; cash in hand, $20,663.39; checks on hand for clearance, $17,367.24; from banks, $52,176.45. All of these banks are open on one hundred per cent. basis, it was reported.

9. March 6, 1934 Evening Star Washington, DC

Article from Evening Star, March 6, 1934

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RESERVE BANK HEADS IN CONFERENCE HERE Governors of the Federal Reserve banks held an important meeting here yesterday. It was rumored in the Capital financial district that the meeting was mainly for the purpose of discussing methods of expanding credit. When the session adjourned last night, the governors declined to say what they had considered. Maurice Otterback, chairman of the board of the Anacostia Bank, has returned from a month's vacation in Florida. He reports an amazing number of visitors at all the resorts, business being even better than in the days of the boom. Safeway Stores, with which the Sanitary Grocery Co. is affiliated, reports a gain of more than 13 per cent in sales in February. The Title Guaranty & Trust Co., Baltimore, which has been in receivership for more than a year, is contemplating a distribution of between 30 per cent and 40 per cent on deposits, under a reorganization plan, John J. Ghingher, State bank commissioner, announces.

10. July 11, 1934 The Daily Times Salisbury, MD

Article from The Daily Times, July 11, 1934

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GUARANTEE Corporation Approves Baltimore Bank's Application To Borrow $1,235,012 30 PER CENT TO DEPOSITORS ASSURED Stockholders, However, Will Be Required To Pay Their Double Liability Baltimore, State Bank John Ghingher today that the Reconstruction Finance Corporation has voted approve loan of to the Title Guarantee and Trust Company Baltimore. Ghingher said that the loan plus what he expects get from stockholders probably will assure 30 percent payment of depositors of the bank, which has been in the hands of receivers since February 18, 1933. Deposits at the the bank closed approximately $3,200,000. The entire proceeds the loan approved by the RFC will not be used depositors since the bank ceiver, Gingher, must repay the RFC loan of $416,000 first. The loan was approved, Ghingher said, with the provision that plan of of the bank is adapted, thereby "permitting its title business and certain of its other activities." Ghingher said that the reorgainzation plan will submitted to him very short will include demand upon stockholders for the payment of their double liability," he said. impssible to state at this time when the distribution will made the depositors.' From Washington was learned that among the conditions of the loan, which Ghingher has not yet ceived, will be one to require fort on his part to secure 000 mortgage on the Title Guarantee Trust's building another to quire the reorganized bank to rent the first floor of the building.

11. December 14, 1934 The Evening Sun Baltimore, MD

Article from The Evening Sun, December 14, 1934

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ADJOURNS CASE OF DEPOSITOR OF TITLE COMPANY Court Acts On Suggestion Of Get-Together Between Attorneys HOPES TO OBVIATE DRAWN-OUT HEARING Plaintiff Formally Dissents From Proposed Reorganization Upon the suggestion that conferences between attorneys will expedite the proceedings and obviate drawn-out hearings, Judge Eugene O'Dunne today indefinitely adjourned the hearing in the Circuit Court No. to ascertain the fair liquidating value of depositor's claim against the Title Guarantee and Trust Company. The proceedings did not involve actual liquidation. They were designed to fix the value that should be placed upon the claim of the lone depositor of the institution who formally dissented from the proposed reorganization. Halts Examinations As result of the postponement the court discontinued examination of stockholders of the institution, most of whom have already paid or indicated they would pay the stockholders' statutory liability in conjunction with the reorganization plan. It was stated that certain stockholders scheduled to be examined today, but who had protested against the right of the court to investigate their ability to pay, had agreed to confer with representing the depositor to place valuation on their liability. Raymond M. Duvall, an attorney, was the only depositor of the bank who formally dissented from the proposed reorganization of the institution and, under the provisions of the new banking law, elected to receive what was ascertained to be the fair liquidating value of his depositor's claim. Would Avoid Liquidation In determining such value the court was called upon to consider and ascertain the proportion of dividends that would be paid if the bank were actually liquidated, although the reorganization plan is designed to obviate liquidation. During yesterday's hearing, one the stockholders called to testify of those whose statutory liability has not been met was Albert G. Towers, president of the institution when it closed early in 1933. Towers said he was the statutory liability on his 6,000 shares of stock, and ANTIQUE that the bank receiver already held LADIES' judgments against him for other indebtedness. The proposed reorganization plan Only has been tentatively approved by

12. December 31, 1934 The Evening Sun Baltimore, MD

Article from The Evening Sun, December 31, 1934

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By Rodney Crowther Financial Editor The Evening Sun Seven Baltimore which remain closed, six of them in receivership, and one shortly to placed in receivership, have far distributed depositors total 537,514, slightly more than cent. of the aggregate deposits of 273,161.87 which they had when their doors to figures compiled from records the State The six institutions in receivership the American Trust Company, the Chesapeake the Commercial Savings Bank, the Park Bank. the Title Guarantee Trust Company and the Savings Bank. The last named placed in ceivership last Friday. The Baltimore Trust after of to be placed in in the near future. Payments Made By Six Of the total distributions made the bulk has come from the Baltimore Trust Company. Including offsets and secured deposits, the positors out original deposits $37,389,567. Only the Title Guarantee has If plans of this are will be made. The status of the seven institutions present set forth in the following summary: THE AMERICAN TRUST COMPANY An original distribution of fifteen amour to $57,537, 18, 1933. Because of the difficulty in enforcing agreement orginally made with institution the Union Trust Company and the Baltimore Clearing House Association with the Union Trust Company with respect to its losses in the American Trust Company the institution was placed in ceivership. Early last November compromise reached under which the receiver obtained from the Clearing House banks sources of approximately $185,357 for distribution. receiver stated yesterday that he pects make payment from per cent. on this institution shortly. THE CHESAPEAKE reports that distributions, for per cent. on December 1931, and one for ten cent., per aggregating are the moneys which have Since the distribution he has collected has fair money on hand, but another distribution this THE COMMERCIAL first distribution of five mailed out positors last week. No further yet been collected for tribution. THE PARK distribufar made depositors of this aggregate one payment per having been made 1933, and another May 1934. The receiver states that he collected fair amount of cash since [Continued On Page

13. December 31, 1934 The Evening Sun Baltimore, MD

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$35,000 Stockholders Report $250,000 Raised For Reorganization Plans Judge Eugene signed the Circuit Court today order fixfee $35,000 for the counsel receiver of the Title Guarantee and Trust Company, William bury, The receiver, Ghingher, State Bank Commissioner for receive no compensation in the case, inasmuch the duties performed by the MaryBanking Stockholders Raise $250,000 Stockholders the Title Company, who were thirty days under order signed by Judge Eugene sum $250,000 used capital and surplus nection with reorganization the today reported that the company, tire been raised and that the cash hand. Another stipulation in the order signed early December by that sixty days would given for the consummation of the Reconstruction nance Corporation make loan $1,250,000 on the assets the RFC Aid Proposed It understood the RFC indicated the committee working the Title Company reorganization that stands ready plete agreement soon all gation connection with the plan cleared away. An order will be submitted to morning, asking for approval the plan, following the of the cash fund $250,000. Final on RFC loan will then depend, derstood, whether the positors, opposed the plan, take appeal from the order of the Court approving the plan. appeal taken, the final solution the Title Company will deferred until the higher court rendered decision. Whether the posing take an appeal known the plan reorganization effective the ceiver will have funds available paying depositors approximately per on accounts. Marbury Dividing Fee The fee for the counsel for Mr. Marbury explained will not represent net for him. received will divided by him with C. Alexander