Miners & Merchants Bank - Lonaconing, MD

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: June 17, 1905
Location: Lonaconing, Maryland (39.566, -78.980)

Metadata

Model: gpt-5-mini
Short Digest: 3ad07912

Response Measures

None

Description

Article (Evening Star, 1905-06-18) reports the Miners and Merchants' Bank of Lonaconing failed some time ago, with receivers making distributions (28.5%) and assets in courts; a receiver is handling collections and further payments to depositors appear unlikely. No contemporaneous run is reported — this is a post-failure report indicating permanent closure/receivership.

Events (2)

1. June 17, 1905 Receivership

Newspaper Excerpt: Two distributions have been made, aggregating 28½ per cent. The receivers have collected about $65,000, which is the bulk of the realizable assets, except the notes in the Baltimore courts.
Source: newspapers

2. June 17, 1905 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank had previously failed (insolvency); receivers collecting assets and making distributions; assets tied up in Baltimore courts after City Trust Company forfeited its charter, jeopardizing further payments.
Newspaper Excerpt: It looks as if the depositors of the Miners and Merchants' Bank of Lonaconing, which failed some time ago, will be heavy losers.
Source: newspapers

Newspaper Articles (1)

1. June 18, 1905 Evening Star Washington, DC

Article from Evening Star, June 18, 1905

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Article Text

CUMBERLAND NOTES. Opposition to Destruction of Connellsville Log Cabin. Special Correspondence of The Star. CUMBERLAND, Md., June 17, 1905. F. K. Robbins, aged twenty-four years, who was to have been married in a few days, was accidentally shot and killed by his friend, Edward Boyd, near Brownsville. The latter was cleaning a revolver at his home, where Robbins was calling. Boyd has been exonerated, but is frantic with grief and has to be guarded. A public meeting may be held at Connellsville to protest against razing the old log cabin and spring house of Col. William Crawford, in New Haven. It is to be torn down to make way for a modern building. Col. Crawford was the real founder of Connellsville, the town proper having been laid out by his son-in-law, Zachariah Connell. Col. Crawford led the Sandusky expedition, was defeated and captured by the Indians, aided by a detachment of British infantry from the post at Detroit. The latter gave him over to the savages for torture and he was burned at the stake near Upper Sandusky, on June 11, 1782. The citizens of Wyandotte, Ohio, have erected a monument to his memory on the spot where he perished. The adjoining county of Crawford, named in his honor, has also erected a monument. During June, forty-six years ago, a frost destroyed all the crops in this county and in Somerset county, Pa. The frost occurred June 5. There was not a green leaf on any tree. The farmers were despondent. but they later went to work with renewed energy. They sowed buckwheat, and with that crop and a late crop of hay they got along fairly well. All gardens were renewed. Two slight frosts prevailed so far this June, but the damage has been trivial. It looks as If the depositors of the Miners and Merchants' Bank of Lonaconing, which failed some time ago, will be heavy losers. Two distributions have been made, aggregating 28½ per cent. The receivers have collected about $65,000, which is the bulk of the realizable assets, except the notes in the Baltimore courts. Under the ruling of the court it is doubtful if anything can be expected from the resources of the defunct bank held by the City Trust Company of Baltimore, which has forfeited its charter. If the court's ruling is sustained by the court of appeals it is not likely that any further payments will be made to depositors by the receivers. Mr. Alen F. Coulehan, operator of the Western Union telegraph office, Cumberland. and Miss Madeling Jones, who has been the teacher at the Brotz school, in Allegany county, were married by Rev. W. W. Barnes of Center Street Methodist Episcopal Church. The Cumberland and Westernport Electric Railway Company has been granted an important franchise by the unanimous vote of the Frostburg council. It gives the company the privilege of removing the curve at the foot of Grant street, Frostburg, which was responsible for an accldent that cost the company $22,000. In consideration of the franchise the company will pay the town of Frostburg $4,000, will pave their tracks on Grant street and will macadamize Blair street where they remove their tracks. The company will acquire right of way through private property in order to establish easy grades and to eliminate curves. President Dewarren H. Reynolds made a strong plea before the council for the franchise. A report from Somerset states that the Baltimore and Ohio officials are somewhat exercised over the acquiring of options by the Wabash on the real estate near the Baltimore and Ohio yards and terminals at Somerset for the Westmoreland and Somerset Railroad Company. Rumors are now current that the Westmoreland and Somerset will be used by the Gould system to build from Pittsburg to