8446. Wilson, Colston & Co. (Baltimore, MD)

Bank Information

Episode Type: Suspension → Closure
Bank Type: private
Start Date: February 3, 1908
Location: Baltimore, Maryland (39.290, -76.612)

Metadata

Model: gpt-5-mini
Short Digest: b4482b41

Response Measures

None

Description

Multiple contemporaneous articles (Feb 3-4, 1908) report Judge Gorter appointed receivers and the firm made an assignment. No run is mentioned; failure caused by decline in value of southern railroad securities. Later (Nov 1908) receivers paid secured creditors and began dividends to unsecured creditors, confirming permanent closure under receivership.

Events (2)

1. February 3, 1908 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Embarrassment due to heavy depreciation/decline in value of southern railroad securities (Seaboard Air Line receivership believed indirectly related).
Newspaper Excerpt: Judge Gorter appointed Joseph Packard and Edwin B. Baetger receivers for the firm of Wilson, Colston & Co., bankers.
Source: newspapers

2. February 4, 1908 Receivership

Newspaper Excerpt: Late last night Judge Gorter appointed Joseph Packard and Edwin B. Baetger receivers for the firm of Wilson, Colston & Co., bankers. The assets are roughly estimated at $870,000, and the liabilities $955,000.
Source: newspapers

Newspaper Articles (9)

1. February 4, 1908 The Star and Newark Advertiser Newark, NJ

Article from The Star and Newark Advertiser, February 4, 1908

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Article Text

RECEIVERS APPOINTED FOR LARGE CONCERNS. Big North Carolina House, Bal= timore Bankers and Georgia Roads Default Interest. BALTIMORE, Md., Feb. 4.-Late last night Judge Gorter appointed Joseph Packard and Edwin B. Baetger receivers for the firm of Wilson, Colston & Co., bankers. The assets are roughly estimated at $870,000, and the liabilities $955,000. The firm is largely interested in Southern securities of various sorts, and its embarrassment follows the recent depression of these. ATLANTA, Feb. 4.-S. F. Parrott, vice-president of the Georgia Southern and Florida Railroad, was this morning appointed permanent receiver for the Macon and Birmingham Railroad by Judge W. D. Ellis of the Atlanta Superior Court. The petition for a receiver was made by the Old Colony Trust Company of Massachusetts. The Macon and Birmingham extends from Macon to LaGrange, and has a total of 105 miles. Receiver Parrott is ordered to continue the operation of the road. ASHEVILLE, N. C., Feb. 4.-The Whitney Company, a $10,000,000 concern operating about 30 miles below Salisbury, was today placed in the hands of a receiver by order of Judge J. C. Pritchard, of the United States Circuit Court. Colonel John S. Henderson. of Sallsbury, a former member of Congress from this State, was named as receiver. The application for the appointment of a receiver was made by A. O. Brown & Co., of New York. The company was building one of the greatest power plants in the South, and had nearly completed the work. It was expected that the plant would be practically complete and ready to distribute power by July 1. The receivership was brought about by the inability to meet interest and principal on notes and bonds and because of threatened suits from creditors. A. O. Brown & Co. was one of the largest creditors of the concern. The members of the company ...e Albert O. Brown, G. Lee Stout, Lewis Ginter, Edward F. Buchanan, Samuel C. Brown and Walter Rhen. Colonel Henderson will immediately make boad and take over control of the work. Colonel Henderson said today that work would proceed without interfe:ence or hindrance, and all efforts will be made to complete the plant at the earliest possible moment.

2. February 4, 1908 New-York Tribune New York, NY

Article from New-York Tribune, February 4, 1908

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Article Text

RECEIVERS FOR BALTIMORE BANKERS. Baltimore, Feb. 3-Judge Gorter appointed Joseph Packard and Edwin B. Baetger receivers for the firm of Wilson, Colston & Co., bankers, tonight. The assets are roughly estimated at $870,000 and the liabilities $955,000. The firm is largely interested in Southern securities of various sorts. The firm is composed of William Bowley Wilson and Frederick C. Colston and succeeded William Wilson & Sons in 1867. The business of the latter firm dates back a century.

3. February 4, 1908 Evening Star Washington, DC

Article from Evening Star, February 4, 1908

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Article Text

BALTIMORE BANK IN TROUBLE. Receivers Named for Well-Known Banking Firm Today. Special Dispatch. to The Star. BALTIMORE, Md., February 4. Judge Gorter has appointed Edwin G. Baetjer and Joseph Packard receivers for the well-known banking firm of Wilson, Colston & Co. The cause of the failure is said to be due to the declines in the value of railroad stocks in the south, the firm having dealt largely in them. The assets are placed at $870,000.- The liabilities are $955,000, of which $175,000-i is in unpledged securities, and the remainder of the loans on securities either owned by the bank or carried by the customers. The receivership of the Seaboard Air Line is believed to be indirectly the cause of the failure of the bank. Wilson, Colston & Co. was probably one of the best known firms in this section of the country. and its failure has come as a shock. The firm is composed of William Bowly Wilson and Frederick C. Colston. It was formerly the firm of William Wilson & Sons, and was founded over a century ago. The present firm was founded in 1867. Mr. Wilson is a d'escendant of the founder of the bank, and Capt. Colston, who is a Virginian, was a Confederate soldier. It is said that the bank will probably be able to pay the creditors in full. The failure is not of great importance, because, although the firm was one of the best known, the list of customers It had was not large. It was more of a private bank than anything else.

4. February 4, 1908 The Marion Daily Mirror Marion, OH

Article from The Marion Daily Mirror, February 4, 1908

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Article Text

Receivers Appointed for a Bank. Baltimore, Feb. 4.-Late last night Judge Gorter appointed receivers for the firm of Wilson, Colston & Co. bankers. The assets are estimated al $870,000 and the liabilities at $955,000 The firm is largely interested in south ern securities.

5. February 4, 1908 The Washington Times Washington, DC

Article from The Washington Times, February 4, 1908

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Article Text

RECEIVERS ARE NAMED FOR BALTIMORE BANKERS BALT,MORE, Feb. 4.-Joseph Packard and E. B. Baetger have been appointed receivers for the firm of Wilson, Colston & Co., bankers, The assets are estimated at $870,000. Liabilities, $95,000.

6. February 4, 1908 The Birmingham Age-Herald Birmingham, AL

Article from The Birmingham Age-Herald, February 4, 1908

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Article Text

Receivers Appointed. Baltimore, February 3.-Late tonight Judge Gorter appointed Joseph Packard and Edwin B. Baelger receivers for the firm of Wilson, Colston & Co., bankers. The assets are roughly estimated at $870,000 and the liabilities at $955,000. The firm is largely interested in southern securities of various sorts, and its embarrassment follows the recent depreciation of these. The house did an investment business chiefly, and has been one of the representative establishments of the city for many years. The firm is composed of William Bowly Wilson and Frederic C. Colston, and succeeded William Wilson & Sons in 1867. The business of the latter firm dates back a century.

7. February 7, 1908 The Democratic Advocate Westminster, MD

Article from The Democratic Advocate, February 7, 1908

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Article Text

The Baltimore banking firm of Wilson, Colston & Co. failed this week. The deposit account is said to be $175,000, and the outlook for depositors is not altogether bright. Three banks in New York city also suspended. None of these failures appear to have been caused by wild-cat banking. Moneyed institutions have been up against a period of genuine hard times, and it is a case of the survival of the strongest.

8. February 8, 1908 The Baltimore County Union Towson, MD

Article from The Baltimore County Union, February 8, 1908

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Article Text

THE OLD and well known private Baltimore banking house of Wilson, Colston & Co. made an assigment on Monday evening, causing much surprise. Judge Gorter signed an order naming Messrs. Edwin J. Baetjer and Joseph Packard as receivers. The liabilities of the firm are said to be nearly $1,000,000, with assets of almost the same amount. The surviving members are Mr. William Bowly Wilson and Capt. Frederick C. Colston. The latter made the following statement: "The embarrassment of our firm is due to the great decline in the market value of securities owned by us during the past year. The outcome will depend upon the manner in which our collateral is handled by the banks and others who hold it."

9. November 7, 1908 The Baltimore County Union Towson, MD

Article from The Baltimore County Union, November 7, 1908

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Article Text

THE SECURED creditors of the Baltimore banking house of Wilson, Colston & Co., that closed its doors some time ago, have been paid substantially in full, and the first dividend has been paid to the unsecured creditors. The receivers are Messrs. Joseph Packard and Edwin G. Baetjer. The affairs of the firmwhich was one of the most highly thought of in the city-have been ably handled.