Title Guarantee & Trust Company (Baltimore, MD)

Episode Information

Episode UID
7006271598
Episode Type
Suspension → Closure
Bank Type
trust
Bank ID
700627 routing
Routing Number
7-0062
Start Date
February 18, 1933
Location
Baltimore, Maryland (39.290, -76.612)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
9d18d32d884aa88b

Response Measures

None

Description

Closure/receivership occurred Feb 1933 (sources cite Feb. 18 and Feb. 20 inconsistently).

Events (4)
1. February 18, 1933 Suspension
Cause Details
Bank closed and placed in receivership in mid-February 1933; articles report closure Feb 18–20 and appointment of state bank commissioner as receiver.
Newspaper Excerpt
deposits at the bank totaled $1,647,801.26 when it closed on February 20 last, was disclosed.
Source
newspapers
2. February 20, 1933 Receivership
Newspaper Excerpt
the former receiver posted bonds... the receiver for the Chesapeake Bank and for the Title Guarantee and Trust Company, both of which are in receivership ... The bank closed December... (receiver report) deposits at the bank totaled $1,647,801.26 when it closed on February 20 last, was disclosed. (1933 articles).
Source
newspapers
3. March 3, 1933 Suspension
Cause
Government Action
Cause Details
Statewide banking holiday declared by Governor Ritchie (March 3, 1933) affecting all Maryland banks.
Newspaper Excerpt
Every bank and financial institution in Maryland was closed Saturday by proclamation of Governor Albert C. Ritchie to stem heavy withdrawals ... The conference was followed by the Governor's proclamation ... the closing of the Title Guarantee Trust Company in Baltimore Monday
Source
newspapers
4. July 11, 1934 Other
Newspaper Excerpt
the Title Guarantee and Trust Company Baltimore ... has been in the hands of receivers since February 18, 1933. RFC has voted approve loan ... to the Title Guarantee and Trust Company Baltimore ... to assure 30 percent payment of depositors (RFC loan/reorganization).
Source
newspapers

Newspaper Articles (12)
1. February 25, 1933 The Evening Sun Baltimore, MD

Article Text

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

2. March 3, 1933 The Midland Journal Rising Sun, MD
Article from The Midland Journal, March 3, 1933

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Article Text

# 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.

3. March 16, 1933 Evening Star Washington, DC
Article from Evening Star, March 16, 1933

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Article Text

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.

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

Article Text

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.

5. April 13, 1933 Evening Star Washington, DC
Article from Evening Star, April 13, 1933

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Article Text

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.

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

Article Text

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.

7. March 6, 1934 Evening Star Washington, DC
Article from Evening Star, March 6, 1934

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Article Text

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.

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

Article Text

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.

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

Article Text

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

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

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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

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

Article Text

$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

12. December 19, 1935 The Daily Times Salisbury, MD

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SUITS AGAINST DIRECTORS CLOSED BANK ADVOCATED Baltimore, Dec. 19—(AP)—Recommendations that directors of the Title Guarantee and Trust Company at the time of its receivership in February, 1933, be sued for damages "for gross neglect and failure to perform their duties" were on file with Circuit Court Judge J. Frank Supplee today. The suggestions were contained in a report filed by William Milnes Maloy and Enos S. Stockbridge, who six months ago were appointed to investigate the bank's affairs as special counsel for the State Bank Commissioner, receiver of the institution. The report suggested that the suits be instituted "promptly."