Name/Title
Minute Book Leonardtown Bank of The E.[astern] S.[hore] T.[rust] Co.Entry/Object ID
2014.018.0106Description
14 ¼"h x 9"w x 1 ¼"d Black pebble finish with maroon spine and corners, with gold egg and dart chain trim and a five panel spine. "Minute book" in the second panel from the top, "No. 2" in third panel, "Leonardtown Bank E.S.Tr. Co." in fourth panel, "300R" in fifth panel. On cover P.2 is a label in the center to say the book was No. 25034 of The Paul Company, Manufacturing Stationers of Baltimore. On flyleaf P. 2 was a printed box that called the book Standard Blank Book No. 13 ¾. This book covers April 1924-April 1932.
P. 1-3=Blank
P. 4-6=Stockholders meetings for 1926-1930
P. 7-19=Blank
P. 20-295=Board of Directors meetings from April 1924--April 1932
There was one meeting each month from April to December 1924
One meeting each month from January to March 1925, no meeting in April, one meeting each month from May to August, no meeting in September, one meeting each month from October to December
One meeting each month from January to August 1926, no meeting in September, one meeting in October, no meeting in November, and one meeting in December
One meeting in the month of January 1927, no meeting in February, one meeting each month from March to July, no meeting in August, one meeting each month from September to December
One meeting each month from January to April 1928, two meetings in the month of May, one meeting each month from June to August, two meetings in September, one meeting each month from October to December
One meeting each month for January and February 1929, two meetings in the months of March and April, one meeting each month from May to December
One meeting each month from January to March 1930, two meetings in April, one meeting each month from May to November, two meetings in December
Two meetings each month from January to March 1931, four meetings in April, one meeting each month from May to December
One meeting each month from January to April 1932
Items of interest from the minutes:
May 3, 1926 Stockholders meeting with 159 shares represented. J. M. Fowler was listed on the Board of Directors.
April 4, 1927 Stockholders meeting with 180 shares represented.
Secretary started to record a Board of Directors meeting for April 4, 1927, but realized he was in the wrong pages and crossed it out.
April 2, 1928 Stockholders meeting with 194 shares represented, discussed a new building.
April 15, 1929 Stockholders meeting with 210 shares represented.
April 21, 1930 Stockholders meeting with 210 shares represented.
Beginning on P. 20, Board of Directors meetings
April 29, 1924 Short meeting after the Stockholders meeting with board, officers, and employees unchanged.
May 5, 1924 Four and 2/3 pages of loans to consider, including several judgments and one mortgage.
July 14, 1924 Two mortgages sold.
October 6, 1924 Resolved: directors may borrow certain amounts without collateral.
Used blue ink from this point forward
November 17, 1924 Loan to Saint Mary's Seminary for $15,300 [for fire repair?], Theodore Dent borrowed twice for close to $1,000.
May 2, 1925 Back to black ink, Saint Mary's Female Seminary borrowed nearly $10,000.
May 4, 1925 Nearly four pages of loans to consider.
August 11, 1925 Board was worried about the financial health of Leonardtown Implement Company.
November 9, 1925 Board considered enlarging the bank, also thought about renting space to C&P Telephone Company.
December 7, 1925 Board awaited the architect's plans for the new building.
February 1, 1926 C&P Telephone Company rental was shelved.
March [?], 1926 The bank examiner was worried about several large loans, including Saint Mary's Female Seminary, Leonardtown Implement Company, and personal loans. He also was wary of the borrowing of several directors. The Board promised to get it all fixed. Then they turned around and authorized more signature loans for some directors.
April 5, 1926 Resolved the bank will buy St. Mary's Ice Company and accept William Cecil's offer to be half owner. The bank and Cecil would go 50/50 on the proceeds.
May 3, 1926 All the Board members and employees seemed to be the same after the stockholders meeting.
June 7, 1926 There were four and ½ pages of loan applications and more information about the Ice Company.
January 1, 1927 Resolved: Cashier was not to make any loans with Bonus Insurance as collateral. There was some discussion about overdue paper.
April 4, 1927 John H. T. Briscoe and another illegible name were now Board attorneys
July 5, 1927 Salaries of W. H.B. Wise and B. Stuart Bennett were increased by $10 per month
November 7, 1927 Board discussed buying the building next door for $15,000, but felt the price was too high.
January 9, 1928 Tobacco Growers Association wanted its loan extended, but the Board decided to call the loan
May 21, 1928 One matter only: J. Roland McKay asked for a $20,000 mortgage on the Sheehan property of 600A. and a home place of 200A. The Board agreed if the title passed muster and added a 2% service charge on a two year mortgage.
July 2, 1928 Cardinal Gibbons Institute received a $2,500 loan. $100 bonus paid every six months since 1918 should continue [to whom??]. The bank had earned $1800 dollars in the past six months.
September 10, 1928 Bank had a mortgage on Miller's Wharf, but the steamboat lines were not going to stop there anymore, so the value of the property would fall off drastically. The present owner was asked to present his situation to the Board.
September 14, 1928 Owner of Miller's Wharf said he was rebuilding the structure, after which the steamboats promised to return. Board decided against foreclosure.
November 19, 1928 In a motion written on the side of p. 161, the Board said Mr. Williams had thirty days to pay off the mortgage on Miller's Wharf or it will be sold.
December 3, 1928 Williams' mortgage held open.
July 7, 1929 Williams asked for an extension until July. The request was held open.
February 4, 1929 Board voted to sell thirteen shares of American Telephone and Telegraph.
March 4, 1929 Mr. Williams was asked to pay the mortgage on Miller's Wharf.
March 12, 1929 Mr. Williams complained to the parent bank in Cambridge. President Woolford asked the Board to wait until July to sell the property.
April 15, 1929 Tobacco crop was poor, so the future looked bleak. Board directed the Cashier to press borrowers for repayment.
June 3, 1929 Rejected several loan requests.
July 1, 1929 The Wharf was advertised for sale by August 10.
August 5, 1929 Mr. Williams resigned from the Board. Executive Committee in Cambridge wanted to review Leonardtown's mortgages and judgments, but the Board refused.
October 7, 1929 Cashier Jones was authorized to sell Miller's Wharf for $12,000 or more. Stuart Bennett received a $10 per month raise. The Board looked at a letter from the Bank Examiner, but no mention of its contents.
November 11, 1929 The Board thought an additional employee should be added. No mention was made of the stock market crash.
December 2, 1929 James Wilkinson was the new employee, hired at $40 per month. He was doing well, but there was no mention of his duties.
January 6, 1930 Cashier Jones got a raise to $200 per month, Stuart Bennett also got a raise to $125 per month. The books showed a first half of 1929 undivided profits of just over $2,500. The contingency reserve was $2,000.
April 20, 1930 After the stockholders meeting, the Board of Directors and employees remained the same.
May 5, 1930 Another Bank Examiner's letter, again with no details.
July 7, 1930 Condition of the Bank: $20,792=Receipts, $17,838=Expenses, $900=Dividends, $2,054=Net Profit
September 9, 1930 Another Bank Examiner letter, but no details.
November 10, 1930 Resolved: the bank will borrow money from Union Trust Company of Maryland, if necessary.
December 23, 1930 Loan to Leonardtown Motors was over $20,000, so the Board hired Benjamin Duke to examine the company's books.
January 5, 1931 Some complicated understanding was reached about Leonardtown Motors. There were two judgments against Theodore Dent for more than $19,000.
February 2, 1931 Resolved: any loan over $500 to a Board member must be approved by the whole Board. Resolved: no Board member may endorse a loan over $2500 without Board approval. R. M. Wilson wrote the minutes.
March 2, 1931 Board voted to rent the land around Millers Wharf to Bob Lewis to grow tomatoes and allow Joe Wagner to load lumber onto steamers for $5 per boat. Mr. Wilkinson got a raise of $10 per month.
April 10, 1931 Board wanted Leonardtown Implement Company to get its loan down to $16,000 and was very anxious about noted coming due.
April 10, 1931 The stockholders meeting had 249 shares represented out of 300 outstanding. J. G. Nuthall was a new director.
April 15, 1931 Board limited Southern Maryland construction's loan to $14,000. Election of a cashier was deferred. Resolved: Vice President Coad was "clothed in full authority" to sign all papers, etc. Committee of three was to assist the Cashier.
April 28, 1931 Text of a resolution passed by the parent company was adopted by the Leonardtown Bank, but there was no mention of its topic. A. M. Wilson was asked to be the temporary Cashier. Charles Hayden resigned from the Board. Should the bank close at 3 pm or noon on Saturdays? No, should close at 4 pm. Mr. Hayden did these minutes.
May 4, 1931 J. J. Norris was the Secretary. There are pencil notes in the far left column identifying "new" loans. Several loan applications were rejected. It appeared that J. J. Norris and J. A. Saunders were both vice presidents of the Board.
June 1, 1931 Several loans and judgments were out for collection. Minutes of the Executive Committee meetings were read to the full Board.
July 6, 1931 J. Wilkinson now paid $75 per month. Jones had apparently returned, but was to be paid $100 for the month of July, after which payments ceased. The undivided profits were $143.80.
August 3, 1931 Charles Hayden remained on the Board of Directors. Board moved to pay the premium on Theodore Dent's life insurance policy to keep it current. J. C. Garlick wanted to buy Miller's Wharf. S.M. Jones wanted to work half time at half pay.
September 9, 1931 Board voted to authorize repairs to the bank's roof. Information about the Leonardtown Implement Company would be presented at the next meeting. S. M. Jones wanted to work half time for half pay for the next 30 days. S. Bennett would get his full salary in September, but be on half salary in October.
October 5, 1931 S. M. Jones would remain on half time in October, but Stuart Bennett would get all his salary for October.
November 2, 1931 Southern Maryland Construction borrowed $1,200 for five days. Board authorized additional time to pay for Miller's Wharf and also to pay the premiums on the Dent life insurance policy. The bank had $155,000 in mortgages, the mortgage value was $317,000, judgments were marked for $116,000, value of the judgments was $223,000. Bennett was on half pay for November and December, but Jones was once again full time.
December 7, 1931 Bank had $28,000 in reserves, $8434 in cash, $523,000 in savings, Overdue items amounted to $5,336.
January 4, 1932 Most of the benchmark numbers had dropped slightly, but cash was $19,816. There was pressure to collect overdue items and to require good collateral.
February 1, 1932 Garlick had until July to raise $5,000 to buy Miller's Wharf. The Board "discussed many subjects of importance," but just what was not revealed.
March 7, 1932 The Christmas Club was mentioned as a benchmark for the first time--$2273. The lease on the Dent garage was changed to an annual term, but the place could be purchased for $7,000.
April 4, 1932 The reserve fund had dropped to $21,000. Jamison property in Beachville was to be sold. Each Director had to read and sign the Bank Examiner's report, but no details were offered.Collection
County Trust Company CollectionLocation
Container
County Trust Collection, Box 5Shelf
Rack 12, Shelf 4Rack
Rack 12Wall
East wallRoom
Archives 1Building
Tudor HallRelationships
Related Person or Organization
Person or Organization
Bennett, Stuart B.Person or Organization
Briscoe, John H. T.Person or Organization
Cecil, William F.Person or Organization
Dent, Theodore W.Person or Organization
Duke, Benjamin HooperPerson or Organization
Fowler, J. M.Person or Organization
Garlick, J. C.Person or Organization
Hayden, Charles V.Person or Organization
Jones, S. M.Person or Organization
Lewis, BobPerson or Organization
Norris, J. J.Person or Organization
Saunders, Joseph A.Person or Organization
Wagner, JosephPerson or Organization
Wilkinson, James2Person or Organization
Wilson, A. M.Person or Organization
Wilson, Robert M.Person or Organization
Wise, W. H. B.