gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
8e5d791929a4b81a
Response Measures
None
Events (3)
1.October 19, 1903Run
Cause
Local Banks
Cause Details
Depositors ran after announcement of the failure of the Maryland Trust Company; no business connections between the two.
Measures
Closed doors in afternoon; receiver later appointed.
Newspaper Excerpt
the closing of the doors of the company was due to a run upon it by depositors in consequence of the announcement of the failure of the Maryland Trust Company.
Source
newspapers
2.October 19, 1903Suspension
Cause
Local Banks
Cause Details
Suspension followed a depositor run triggered by the Maryland Trust Company's failure; receiver Miles White Jr. appointed.
Newspaper Excerpt
The Union Trust Company closed its doors this afternoon. Miles White, Jr., was appointed receiver.
Source
newspapers
3.December 23, 1903Reopening
Newspaper Excerpt
The Union Trust company... opened its doors today and resumed business, Receiver Miles White, Jr., having been discharged by order of the court.
Source
newspapers
Newspaper Articles (18)
1.October 19, 1903Evening StarWashington, DC
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Article Text
UNION TRUST COMPANY CLOSES. Receiver Appointed and Gives a Million-Dollar Bond. BALTIMORE, October 19.-The Union Trust Company closed its doors at 1:15 p.m. Miles White, jr., has been appointed receiver of the company, and filed bond for $1,000,000. Miles White, jr., who is one of the vice presidents of the Union Trust Company, and who has been appointed receiver, states that the closing of the doors of the company was due to a run upon it by depositors in consequence of the announcement of the failure of the Maryland Trust Company. It is stated that there are no business connections whatever between the two suspended companies. NEW YORK, October 19.-The Union Trust Company of Baltimore, according to a recent statement, had a paid-up capital of $1,000,000, a surplus of $250,000 and undivided profits of $159,000
2.October 19, 1903Santa Fe New MexicanSanta Fe., Santa Fe, NM
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Article Text
CLOSED ITS DOORS. Run of the Depositors Causes Union Trust Company of Baltimore to Suspend. Baltimore Oct. 19-The Union Trust company closed its doors this afternoon. Miles White, Jr., was appointed receiver. The Union Trust company had a paid up capital of a million dollars, a surplus of $250,000, and undivided profits of $155,000. The Union company had on deposit at last statement $1,935,000. Its loans were $1,418,000. George W. Blackstone is president of the company. Receiver White said the closing was due to a run of the depositors in consequence of the failure of tne Maryland company. There were no business connections between the two companies.
3.October 19, 1903The Fargo Forum and Daily RepublicanFargo, ND
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Article Text
ANOTHER FAILURE. Baltimore, Oct. 19.-Following the announcement of the failure of the Maryland Trust Co., announcement was made of the failure of the Union Trust Co., caused by a run on it by depositors in consequence of the Maryland failure. Miles White was appointed receiver with $2,000,000 bonds.
BIG TRUST COMPANY SUSPENDS Baltimore Trust Company with Deposits of Over Five Million Suspends Payment=== Other Financial Institutions Embarrassed. Baltimore, Oct. 19.-The Maryland millions of dollars. The Union Trust Trust company closed its doos this company, capital one million, also susmorning. It had deposits of over five pended this afternoon.
TRUST COMPANY QUITS. Another Baltimore Concern Closes Its Doors. Baltimore, Md., Oct. 19.-The Union Trust Co. closed its doors this afternoon. Miles White, Jr., is appointed receiver. The Union Trust Co. had a paid up capital of $1,000,000, surplus $250,000 and undivided profits 259,000. The Union Trust Co. had on deposit at last statement, $1,935.000; loans were $1.418.000. Gorge W. Blackstone is president of the company. Receiver White said closing was due to a run of depositors in consequence of the failure of the Maryland Trust company. There were no business connections between the companies.
6.October 19, 1903The Daily PioneerBemidji, MN
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Article Text
BIG TRUST COMP ANIES SUSPEND Baltimore. Md., Oct. 19.-The Maryland Trust company closed its doors this morning. The company holds deposts of over $5,000,000. The Union Trust company, capital one million, was forced to snspend this afternoon.
7.October 20, 1903Spirit of JeffersonCharles Town, WV
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Article Text
Two Baltimore City trust companiesthe Maryland and Union-closed their doors yesterday and went into the hands of receivers.
8.October 21, 1903The Evening StatesmanWalla Walla, WA
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Article Text
Suspension Was Not Necessary. Baltimore, Md., Oct. 21.-It is common talk in financial circles that the closing of the Union Trust company was entirely unnecessary, being simply a case of lost nerve. Receiver White expects the bank to re-open for regular business next Monday.
9.October 21, 1903The Spokane PressSpokane, WA
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Article Text
BALTIMORE, Md., Oct. 21.-It is common talk in financial circles that the closing of the Union Trust company was entirely unnecessary-a case of lost nerve. Receiver White expects the bank to reopen for regular business on Monday.
The doors of the Maryland Trust Co. and the Union Trust Co., both of Baltimore, were closed Monday. Receivers were named for both companies. The suspensions caused great excitement in financial circles.
11.October 21, 1903The Daily JournalSalem, OR
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Article Text
Lost Their Nerve. Baltimore, Oct. 21.-It is common talk in financial circles that the closing of the Union Trust Company was entirely unnecessary, it being a case of lost nerve. Receiver White expects the bank to reopen for regular business Monday.
12.October 23, 1903The Grit-AdvocateJulesburg, CO
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Article Text
Two Big Trusts Fail. Baltimore, Md., Oct. 20.-The Maryland Trust Company failed yesterday and the announcement was quickly followed by another that the Union Trust Company had closed its door. The liabilities of the two concerns are over $10,000,000. The Maryland company made bad investments in Mexican railway securities. The Union company suffered from a run and is crippled by losses in Virginia railway stocks.
Trust Companies Fail. Loans amounting to $6,000,000 made to the Vera Cruz & Pacific Railroad, for which it acted as fiscal agent, caused the Maryland Trust Company, of Baltimore, to close its doors on Monday. Its suspension was followed in a short time by the failure of the Union Trust Company, in the same city, which was unable to withstand a run upon it by depositors starting soon after the first failure became generally known. About $150,000 was withdrawn before the company closed its doors. The total liabilities of the two companies exceed $10,000,000, the city of Baltimore having $300,000 on deposit with the Maryland Trust Company.
14.December 22, 1903The Butte Inter MountainButte, MT
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Article Text
To Resume Business. : BY ASSOCIATED PRESS. Baltimore, Md., Dec. 22.-The - board of directors of the Union Trust company, placed in the hands of a receiver about two months ago, has decided to resume business.
15.December 23, 1903Evening Times-RepublicanMarshalltown, IA
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Article Text
Trust Company Resumes. Baltimore, Dec. 23.-The Union Trust company, which went into the hands of a receiver Oct. 19, opened its doors today and resumed business.
16.December 23, 1903Rock Island ArgusRock Island, IL
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Article Text
BALTIMORE UNION TRUST COMPANY REOPENS DOORS Baltimore, Dec. 23. The Union Trust company, which went into the hands of a receiver Oct. 19, opened its doors today and resumed business.
17.December 23, 1903The Providence NewsProvidence, RI
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Article Text
TRUST CO. RESUMES BUSINESS. Baltimore, Dec. 23.-The Union Trust company. which went into the hands of a receiver on October 19, opened its doors today and resumed business, Receiver Miles Whiton, Jr., having been discharged by order of the court.
18.December 26, 1903Evening Times-RepublicanMarshalltown, IA
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Article Text
Baltimore-The Union Trust Company, which went into the hands of a receiver on Oct. 19. opened its doors yesterday and resumed business.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
