| Show RUN ON A BANK I j I AT ALLEGHENY t J > JJI FORGED DOORS SHUl r 1 it t I IH1 I 1 II w Failure of Federal Bank t Cause of Trouble I c U rill r-ill itt 11 1 WAS A NECESSARY SEQUENCE Ii f I B V l Bankers Now Expect Ne Fur r l thar Trouble r I il K al I Bank Has Ample Assets to Pay Dollar Dol-lar for Dollar on Every 1 r1 I I v Cent It Owes lit l ffi ef F I f PlL burg Pa Oct 22 Following tho Ii il suspension yesterday of the Federal National bank of PlttKburg the Flrst rR I National bank of Allegheny failed to ilL open for business today and Its directors 1 J j di-rectors have notified the Comptroller i I of the Currency that the Institution Jt t 1 has gone Into voluntary Hciuldation and I requested him to take the necessary 11 rlS I I i action In such cases f IlOPED TO TIDE STORM ff0HI I For ome time the Allegheny Has l been 11 j 1 i connected by rumor with the Federal National bank but it was believed up Y li to I late yesterday < that It would weather wea-ther I the storm notwithstanding the 11j I heavy run made on It brought abouc 1 by these reports H The directors however At a meeting meet-Ing last night decided that considering i i consider-ing the best I > Interests of all concerned j I the action noted above should b j taken NECESSARY SEQUENCE Ii r The Pittsburg Stock exchange openIng I open-Ing this morning was quiet and the 4 trading light t By a vote oC the exchange ft i ex-change It was decided that for the balance j I bal-ance of the week no bank or trut I i stocks would be dealt In The suspension j3 IJ 1 suspen-sion of the Allegheny bank which has t 1 boon the representative of the Federal PIlIAi National the In clearinghouse I Is looked upon by bankers generally as an almost necessary I sequence or flt ftl thy failure yesterday and th3y believe i 1 t f that no further trouble will fallow jllj Jlobert lyons Deputy Comptroller of I j j the Currency of Washington If In charge of the Allegheny bank J D I I < 1 Kramer the assistant cashier stated that os soon as the assets were real 1 l Ixiid the depositors would be paid off dollar for dollar j STATEMENT ISSUED Early today VicePresident R J t Stoney Jr Issued i the following statement t state-ment I 1 At a meeting of I he board of directors at the First National bank of Allegheny held I this evening October 21 I Hlftf It was ie solvod that although I he bank has anipli UIIs ols to pay all of Its ileputtltnrs In full and leiivo a hundricmo surplus for the I shnrcholdurti yet its suppobed connection with tin Federal National I brink of Pitts burg has crvatvd wide distrust and caused a run on this bank to mich an extent that We feel It to be our duty to place the bunk in voluntary liquidation and the of I llcers and directors have decided to make application to the Comptrollers of th < Currency to take the necessary steps to accomplish this purpose JOHN THOMPSON President i HAD LARGE INTERESTS The First National bank of Allegheny Alle-gheny was organized In January 1861 and has a capital stock of 350000 n Li surplus of 100000 and undivided profits of 34571 SO The directors of the bank are connected with some of the most important manufacturing interests In i tI Allegheny The clearinghouse bankers bank-ers have n very sanguine opinion oC the affair but the two banks so unfortunate un-fortunate at thIs time were found to ri be beyond the I Immediate reach of aid u although both are declared to be sol L vent and In good condition PKPOKT OF CONDITION The report of tho condition of thr 4 L1 < l Firrt t Allegheny National bank of Allegheny 1 j Al-legheny at the close of bu8lne on September c Sep-tember S I 1P03 is as follows u RESOURCES Loan and discounts JlUIOflV Overdrafts becnred and unsecured 3012 > United States bonds to sc < urc clr i cnlntlon 1 HXUX1 r Premiums on United States bonda fifi Stocks etll Ill ICRIlel 00550 1 Bankinghouse furnlluio and Mx t nires 11S02 I Other real estate owned 21 l f 1 Duo from national banks not reserve re-serve agents 51Tl Duo from State banks and bankern I15S Due from approved reserve agents SPfiH Lheeks and other I cash Items 81 chnngps for clearinghouse 2T02 < ICotcs of other national I banks 2311 1 Kractlonul paper currency nickels i and cents 12 Lawful money rooervf In bank 113113 Q Due from United States Treasurer Treasur-er 80 Inlnl o17 17r LIABILITIES I I m Ill i Capital stock alt In 5 WOOOO i Surplus fund J000 J I Undivided profits hens expenses I 111 I and taxes paid VJfiM National bank notes outstanding 100000 1 Individual deposits subject to chock 1052IS i > Demand certlftcntfi of deposit 76151 t I Cashiers cheeks outstanding a20u i J 11 JI I J Total t I Jl734ii 1 1 I I i l VicePresident Stone made the fol 1 lowing statement this afternoon The I l I reason the director Q the bank did g f not accept the offer of th ° cloarlnsr house banks of PIttsburpr to tide 1 I 1 I over was because the amount was not Qufmiont to carry us over hue one or wo days of t run which must hav resulted wr > vill pay depositors ev ry J dollar due ami there will he a good II Balance heft for the stockholders r |
