The Hope pioneer. [volume] (Hope, N.D.) 1882-1964, 1903-10-29
Bank Decides TO
SUSPEND BUSINESS
First National, Of Allegheny, Goes
Into Voluntary Liquidation
After Heavy Run.
ACTION IS TAKEN TO PROTECT
all INTERESTS CONCERNED
Rumored Connection with Federal
National of Pittsburg Partly Cause
of Closing-No Further Trouble Elk
pccted-Last Report Of Condition
of the Institution.

Pittsburg, Pa, Oct. 23.-Following the
suspension Wednesday of the Federal
national bank, Pittsburg, the First ma
tional bank, Of Allegheny, failed to
open its doors for business Thursday,
and it's directors have notified the comp
troller of the currency that the institu-
ton has gone into voluntaryliquidation,
and requests him to take the necessary
action in such cases.
For some time the Allegheny bank has
been connected by ramon with the Fed
eral national bank, but it was believed
up to late Wednesday that it would
weather the storm, Notwithstanding the
heavy run made on it, brought about
by these reports.
The directors, however, ut a meeting
decided that, considering the best inter
ests of all concerned, the action noted
above should be taken.
The Pittsburg stock exchange opening
Thursday morning was quiet, and trad
ing light. BY a vote of the exchange it
was decided that for the balance of
the week no bank or trust stocks will
be dealt in. The suspension of the AL
legheny bank, which has been the rep
r%esentative of the Federal national in
the clearing house, is looked upon by
bankers generally as nm almost neces-
sary sequence of the failure, and be-
lieve that no further trouble will fol-
low. Robert Lyons, deputy comptroller
Of the currency, of Washington, D. c.,
has charge of the bank.
Is an Old Institution.
= The First national bank Of Ale
gheny was organized in January, 1864,
and has a capital stock of $3.50, 900, a
surplus of $100, 900 and undivided profits
of $34,s71.8O. The officers are as fol-
lows:
President, John Thompson; vice pres
ident, R. J. Stoney, Jr.; cashier, E. R.
Kramer; assistant cashier, John D. Kra-
mer. r-.
The First national is one Of the old
est banking institutions in Allegheny.
The directors of the bank r. con-
nected with some of the most important
manufacturing interests in Allegheny.
Last Report Of Banks Condition.
The report of the condition of the
bank at the close of business, Septem-
Der 9, 1903, is as follows:
Recommendations and discounts, ST.
24G,98O.01; over-drafts, secured and
unsecured, $3,012.56; United States
bonds, to secure circulation, $100, 900;
premium on United States bonds, Sc, 1000;
stocks, securities, ETC., $60,350; banking
862.3 80; other real estate owned. IS, 972. IL;
due from national banks (not reserve
agents), S9,271.71; due from state banks
and bankers, $4,158.55; due from ap-
proved reserve agents, $89,610.52;
checks and other cash items, $834.28; ex-
changes for clearing house, s27, 026. 80;
notes of other national banks, $2,311;
fractional paper currency, nickels and
cents, $128.21.
Lawful money reserve in bank: viz:
Specie, SOS, $4,000; legal tender notes,
$47,1S3. Total lawful money reserve in
bank, $113, 113.03.
Redemption fund with United States
treasurer five per cent. of c%irculation),
$4,000; due from United States treasurer
other than five per cent. redemption
fund, $2,850. Total, $1,735,476.19.
Liabilities-Capital stock paid in,
$3.50 900; surplus fund, 500, 900; undi-
vided profits, less expenses and taxes
paid, $53. $50. SO; national bank notes
outstanding. 500, 900; individual de-
posts, subject to check, $1,052, 1883
demand certificates of deposit, $76,-
1855. IS; cashiers checks outstanding,
5 3,025.47; total, 81, 735, 476.19.
Work OF LadrOnes.