Show PITTSBURG BANK I FORCED TO WALL t 4 Federal National Compelled to Close its Doors Do rs I DEPOSITORS ALARMED I I 07 OP ARD n Pa i Oct OcL The Fed Federal Fedr P r eral National bank k was nUl not opened for business h this U morning The following notice was potted posted in explanation ties tion Closed by the authority of the t comp comptroller of the currency JOHN Receiver Reever Such uch action as this has NeD been within the for the past two days forecasted by wy the determined t IM raid made upon the Institutions stock on the stock exchange The poE 1 positive tive live statements however of or the proM president pre predent dent dept J A Landt to the effect that th t the th bank was not DOt in lu need of or money money and andt that at its losses loes would not affect its I capital stock tock or surplus did much ranch to toward toward toward ward allaying distrust on the part of ot Its It depositors thus preventing a run The cIo of ot the bank was wa decided upon at a meeting of the directors last lut night which did not break brek up vp until DUtil 2 this th morning At that hour none o of the officials would make me a statement and locally the outcome of I the meeting was not DOt generally known until the receivers receiver notice uee was wu posted pG t tat at I ocl k The bank is la a United States depo 1 Continued on Pate Page Seven Seen PITT U K i FORCED TO WALL Continued front from Pa One Oue tory to and reported on hand band Sept R S m mot t of ot United States Statu deposits deposit Closing O sing Was Forced The nae stock of qt the Ute company eom compa lips has been subjected to sharp decline on en the th Pittsburg Piu stock exchange KC this thi T On Ot 0 Monday the stock toc sold down from front to a 35 but wa wee forced HP up I again ain to AU AD day yesterday Y it sacked and id ct the c closing quotations were M It bid 1 and ad I 3 a number n of Gf transactions hay hav ing S ln been ken made at atThe M 0 The course of the stock has hu attracted muck much tICk attention and ancl numerous adverse adf reports were In circulation but they were promptly and nd vigorously dented denied de by President He stated yes yesterday yesterday I Y evening V that tUt the tl bank ban had suf cul only oaly one one possible lose logs 10 that of for which it hold bald notes nots of the tile i l Eastern Tube company of or Zanesville O 0 That company cOmpany is In the bands handa of a JL receiver elyer and 4 a plan pia of reorganisation Uon is I Iwer I being bei worked d out he said 14 and the t e I banks loss Ions on that account may be ba besman small Little Effect on Change Oha ge geTie Tile Tie closing c o of ot the Federal National N bank bani had apparently apparent but little effect ion on oa the Ute local stock took exchange e Trading was light hut but ut firm arm at about yesterdays closing quotations No dealings deall in any of 01 the local o bank stocks were recorded rec during the first hours trading and no DO unusual al action is looked for today Ina Ia Iv a general way wal banking officiate officials of the city fool feel confluent that the Federal Faders National banks hanks troubles trouble will wUI be confined to itself and will not disturb any other financial institution Receiver Cunningham thinks thinka it may ay be two or three days before he can make a statement of the tanks hanks condition c A statement as 8 to the cause of or the failure has not vet been made mede public pub e Robert S Smith president of the e Union National bank and president of f the Pitts Pittsburg burg Clearing House association said to fo day fL J I was assured aured last Jut night by President Pre that every depositor would get every dollar due It is 18 possible PM that some small sinai country banks which do tie through the Federal National bank will willbe willbe willbe be temporarily embarrassed but even eyell at that it wilt will 11 be only temporary Statement of at the President Pr J A 4 A Langfitt Lan president pre of ef the Fed Fad Fadera P Federal era eral National bank in a signed ned state tate inept ment says The Federal deral National hank bank baa has yielded te to the combined assaults of its I I stockholders and depositors and has hu closed its doors until arrangements can be Ite made to discharge alt all li depositors claims The question que of ot reopening will then thea be bedi discussed di When the business depression deJ came on the stockholders fre front necessity elty Bece or fear began gan throwing the stock upon the mar market market market ket The Pitt tock stock issued was wu large and the market weak OB On groundless rumors renters our splendid list lIt of depositors depo tack fright and aad the rapid withdrawal of moneys began and increased until despite our best beet t ef cC efforts forts fertil the bank scold ou kt net nat meet the de do demands mands on it ItLa Last t night the 8 saab eh course to be the U proper one under the thedr dr r e ordered the th h bank te t be temporarily and grid the tte comptroller of the currency to take charge chars Two weeks ago age our Deposits Ol ts exceeded and until yesterday when the Ute floods came we ite had bad h maintained our 01 full fun legal legaJ reserve When our doors closed we had bad ap fP approximately p proximately UW 1000 00 3 of deposits deP to se secure secure Secure cure which we e had on hand nd m In cash cuR time Ume antI and demand loans baits loa and other good prop properties J rop roper er about This was our con eps after having paid out to depositors depo in addition to currency receipts bad and dis disbursement over within fifteen nn I days day In Jp a period of generally cen ally strenuous financial conditions |