Union Trust Company of Maryland (Baltimore, MD)

Episode Information

Episode UID
7006971594
Episode Type
Run โ†’ Suspension โ†’ Reopening
Bank Type
trust
Bank ID
700697 routing
Routing Number
7-0069
Start Date
October 8, 1932
Location
Baltimore, Maryland (39.290, -76.612)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
3793fb8e577786e5

Response Measures

None

Description

Suspension in spring 1933 likely relates to the nationwide banking holiday and subsequent reorganization; causal link from the 1932 run to the suspension is plausible but not explicit in the articles.

Events (3)

1. October 8, 1932 Run
Cause
Bank Specific Adverse Info
Cause Details
Heavy withdrawals threatened the institution and an RFC loan was authorized to save it amid a heavy run.
Measures
Reconstruction Finance Corporation emergency loan to the bank
Newspaper Excerpt
The biggest bank loan, $12.went to the Union Trust Company of Maryland Baltimore and saved that institution the midst of heavy run.
Source
newspapers
2. March 1, 1933* Suspension
Cause
Government Action
Cause Details
Bank was closed in the spring (consistent with the March 1933 national/state banking holiday and subsequent suspension) leading to reorganization efforts.
Source
newspapers
3. December 6, 1933 Reopening
Newspaper Excerpt
Plans To Make $6,000,000 Available On First Day Of Reopening ... Officials of the Union Trust Company of Maryland ... announced the capital issue of $500,000 ... The reopening will before Christmas ... Approximately $6,000,000 of deposits will be made available without restriction for the use of depositors on the day of reopening, according to estimates ... Benjamin H. Brewster, president of the trust company ... notices were mailed ... subscribers the $500,000 ... to give notice to the Federal Reserve Bank at Richmond this week that the additional capital has actually ... The capital was specified by the Federal Reserve Board Washington ... condition membership (in the Reserve System). The trust company Federal will automatically insure its deposits under the deposit insurance of the Federal Deposit Insurance Corporation, which effective January ... under the temporary plan all up to $2,500 will be insured in (excerpted).
Source
newspapers

Newspaper Articles (2)

Article Text

Trimble Defies on Publishing Report And Shows August Loans Total $186,209,310 Two Washington Banks on Organizations Granted Aid By ARTHUR HACHTEN Universal Service Loans aggregating were authorized by the Reconstruction Finance Corporation in August. Of that amount the corpora tion actually advanced 631 in 1,110 loans to financial institutions, including railroads, insurance companies and banks. and in increases on loans granted prior to August The corporation authorized $13,in loans to governors of States for relief purposes, $15,for the Cotton Stabilization Corporation and for the American Cotton Co-operative No part of the latter two had been disbursed up to Septem ber TWO CITY BANKS AIDED South Trimble, House clerk, yesterday made the report public over protest of the Adhering to his previous decision, Trimble said the act made publicity mandatory. Loans included for Washington banks were: Prudential Bank, Washington Savings Bank, Virginia bank loans were: Alberta, Bank of Alberta, $25. 000; Big Stone Gap; First National Bank, Bloxom, Peoples Bank of Bloxom, $8,000; Crewe, First National Bank of Crewe Eastyille Bank Grundy, First National Bank of Grundy (receiver), 000; Hanover, Tri-County Bank. Inc., First National Bank and Trust. Richmond. American Bank and Victoria, First National LOANS IN MARYLAND Maryland bank loans: Annapolis, Annapolis Banking and Trust Baltimore, Clifton Savings Bank, Commonwealth. Baltimore, Title Guarantee and Trust Company, Baltimore Union Trust Company of Maryland, Brunswick. the Bank of the Third National Bank Chestertown. Cumberland, the Liberty Trust Company of Cumberland. Hagerstown, Hagerstown Bank and Trust Company. $339,937 Atlee W Pomerene. chairman the corporation, had submitted letter protesting against publiwith brief by Morton Hogue, general counsel of the corporation. They particularly oppublication of loans to posed banks. Trimble was advised publication was mandatory by his son. South Trimble, jr., whom he employed as counsel. Attorney Trimble in his report scouted the contention that publication would injure credit of banks. Publication of the report for the last days of July had good effect and some banks had even advertised the fact they had obtained support of the he said. This reassured depositors, Attorney Trimble declared. MAJOR SUM TO BANKS Of the loaned, $85. was to banks and trust companies, at 5ยฝ cent interest, including to aid in reorganization or liquidation of closed banks. Other loans were divided: Building and associations, insurance companies, mortgage loan panies, Federal land banks, joint stock land banks, agricultural credit corporations, live stock credit to railroad receivers. Loans to States for relief pur poses in August amounted to including: Alabama, Illinois, Louisiana, Michigan, 000; North Dakota, Ohio, South Dakota, $150,Antotal of was located the Secretary of Agriculture for direct loans to farmIn addition, the R. authorized an advance of 000 to the Cotton Stabilization Corporation and the American Cotton Co-operative Association. both at 5ยฝ per cent interest. None of the amount had been paid up to September 21. TOTAL NEAR BILLION The corporation's statement close business August showed assets and liabilities each totaling Loans actually made up to that date to banks, railroads, agricultural credit corporations and similar institutions since the corporation was created totalled $970.536,114. Loans authorized but not yet made aggregated $240,Indication of wide distribution loans may be gleaned from the fact that in the one month 100 banks in Iowa received loans, 87 in Pennsylvania, 53 in Illinois. Wisconsin. in Minnesota. 40 in iMchigan, 34 in Texas, in in New York and 27 The biggest bank loan, $12.went to the Union Trust Company of Maryland Baltimore and saved that institution the midst of heavy run. Loans as low $2,000 each were made to small country banks, Finance Institutions Helped; Repayments $35,241,799 but the average loan was $25,000 Among larger bank loans authorized were: North Carolina Bank and Company, Greenstoro, $6,500,000; Bank of Fittsburgh National Association olina National Bank of Charleston, $843,000: Hagerstown (Md.) Bank and Trust Company, $339.937; Hadley Falls Trust Company. Holyoke, Mass., $649,875; Detroit Trust Company, and Rockford, (III.) National Bank (receiver), $400,000. LAND BANK SLATED The Federal Land Bank of Houston, Tex., was awarded loan of $3,000,000, but of had been disbursed up to September 21, Loans insurance companies August included: Supreme Liberty Life Insurance Company, Chicago, Cedar Rapids, Life Insurance Company, Union Indemnity Company, New Or leans, Standard Acci dent Insurance Company, Detroit, Columbia Life Insur ance Company, Cincinnati, $350.000; Philadelphia Life Insurance Company, Philadelphia, $500,000; American Company, Pa. not made: Bank Life Insurance Company, Nebraska, States Life Insurance Company, Denver, Lincoln Reserve Insurance Company, Birmingham, Among loans to mortgage loan companies Investors Finance Company, Og den, Utah. Railroad loans authorized: Ash ley, Drew and Northern Railroad, Boston and Maine, $1, Central Georgia, 484: Chicago and Eastern, $733. 500; Chicago and Great Western. Florida East Coast. ceiver. $50,850: Mobile and Ohio. New Chicago and St. Louis, St. Louis Southwestern. Tennessee Central. Wichita Falls and Southern, $400, HEAVY loan of to the ceiver of the Wabash Railway was authorized, but it had not been advanced up to September Loans building and loan sociations included: Carbondale (III.) Building and ville (III.) Benefit and Building Association, Celtic Saving and Loan Association. Indianapolis, Portland Building and Loan Association. Bigelow Building and Loan As sociation Newark, West End Building and Loan As sociation. Newark, N $2,843.331: First Bohemian National Loan and Building Association Milwaukee, National Savings and Loan Association $400,000; Citizens Building and Loan company, Can. $200,000. Total repayments to the cor poration August were $35.including from banks and trust companies, 573,337 from building and loan associations and from mortgage loan companies.


Article Text

MULLER TO APPEAR UNION TRUST FREEING LOTTERY HEARING CHRISTMAS Heads Group To Visit Annapolis In Interest Of Legalization Supported by least four other Baltimoreans interested in repealing constitutional provisions prohibiting lotteries in Maryland, E. Lester Muller, President of the City Council, will Annapolis tomorrow to appear fore the House Committee on Constitutional Amendments. Muller said he would take with him committee including Richard Cleveland, attorney; Barton, Jr., attorney; Frederick Stieff and Gideon N. Stieff. Dr. Alan Chesney, dean of the Johns Hopkins Medical School, may accompany them. Hearing Tomorrow hearing on proposed amendment the State Constitution, which would legal, has for Muller and his party will leave Baltimore by The hearing was ranged at Muller's Delegate Douglas H. Gordon, chairof the committee. The repealer, introduced by Delegate Philip Wallace (Dem., Sixth Baltimore district), is now before the committee. Cites Other Countries Asked what argument he would Muller said: "There only one argument, that that in time like this the and city should lottery for their own benefit new source of revenue and thereby relieve the taxpayers Other countries, France and Ireland, for instance, are already using Plans To Make $6,000,000 Available On First Day Of Reopening Officials of the Union Trust Company of Maryland, who last night nounced the capital issue of $500,000. today were moving to complete final details for an early reopening of the The reopening will before Christmas, they said, but the definite day cannot be fixed until the capital scriptions have been paid in cash, the Federal Reserve authorities have given their final approval on the plication for admission into the serve System. $6,000,000 Available Approximately $6,000,000 of deposits will be made available without restriction for the use of depositors on the day of reopening, according to estimates which previously have been nounced by Benjamin H. Brewster, president of the trust company. Mr. Brewster absent from the day and could not be reached for Notices were mailed last night the subscribers the $500,000 tal notes asking for by Friday. This will enable the trust to give notice to the Federal pany Reserve Bank at Richmond this week that the additional capital has actually The capital was specified by the Federal Reserve Board Washington, following several hearings on the application, condition membership. Plans For Depositors Simultaneoulsy with the reopening the institution will send depositors, in addition credits for twenty per cent. cash allowance on their deposits of the time of the closing of bank spring, certificates deposit for forty per cent. of the total, and certificates of beneficial interest for forty per cent. Mr. Brewster several times has stated his belief that the certificates of deposits will be made available for unrestricted use within relatively short period after the opening. of the trust company Federal will automatically insure its deposits der the deposit insurance of the Federal Deposit Insurance Corporation, which effective January Under the temporary plan all up to $2,500 will be insured in