The evening world., 1903-10-21
Federal National Of PitlSburg
Fails for Eight Millions, 0w-
inc to Depreciation in Price Of
Securities.
CURRENCY COMPTROLLER
APPOINTS RECEIVER.
Bank Aided by Other Financial
Institutions, but Pressure Was
Too Great and Collapse Was
Inevitable.

P~rTTsBURG, Oct. n. - Notice wa
posted on the doors of the Federal Ma
tionai Bank at 0 o'clock to-day that thu
institution. had closed It's doors by or
der OF the Comptroller Of the Treasury
The announcement caused little sur
prise In financial circles because IL has
been known for days that the bank was
in a weakened state, and that II was moi
expected to be able to meet Its obliga-
lions.
The cause Of the failure OF the bank
Is due to its heavy Investments in newly
organized corporations which have not
been successful. n also to Its heavy
speculation in Crucible Steel, which has
declined slowly for weeks past. The
Steel broke TO 81 Monday. and instantly
there came stories that the bank was in
trouble.
Credit Was Extended.
50 serious did the affairs of the bank
become on Monday that President Lang
NIT ven before the Clearinghouse
Committee and laid the matter before
the members. To prevent q failure.
which it was thought would cause a
panicky feeling. 1t was decided to ex-
tend the bank credit It was believed
then that this would have the effect of
tidlng over troubles and tina the bank
would survive. In this. however, the
Clearing-H House Committee was wrong.
Il was seen at the close OF business
yesterday h a the bank was bound TO
30 under. Until late last night the bank
clerks were examining the books and
dsTdaS w., ,ho was
,s..Iy tn,,o,,aa ,ha. =, - p
c,o.a WYNN ""' y"
..c. a.. ~
gr-rFrl
-" Aa.s"'' eaiieu UP Somp-
~ y. ~ Sui'eheS nuns w "ash'
80, ~ uelepho" liz '"u III" tha'
- 80" 90 DIoAe"
. "aa appoih.eu u i once
-. "e u aha"S VI 'ae
,.m ~ uh snaps 'ha' u
80 f0 'peh INC uo''s
NJ. ~
Inc appoin'ea d. D., cunning
-. nunn ENai"iel' reeeiVer
ana wm ,a,. ~ Us. h"' ne.'
~ n,ca
n Co not ha,Iorod ,.o. a.. u,.
tba; h,rL u,u1 ,,,o.n - -
or I'm nfhar c,,tos 49,, ~ san, 49,.
,n.bv ,ocoI hroLr
+1uhla makos - a. 49, 80 -
~ th., = - ~
" tHe jain . cIosinB VIII nave n
Dad etect on business in Pittsburg gen
orally Nnd tina Il IL possIble other fail
ures ,,,A
""No"'
NCapftni OF S2,0Oo,OOO.
The Federal National RANK wa. nv
.-ari-os 49, n..HO o. "ao Va
ahiAeu IN Decemoer' l~l' with a y
tai OF 81, 900, 600 and a surplus of 800, 900.
The stock was NUT On the market ot uO
e
v snare ahd was SO Wen thought OF that
u rapidly. A few months after
lhv oanA began business the stock was
selling at $lH.75. The last report OF
the bank shows that its ,iabiuties and
amo,,ntaa 80 =, co. 700 ~. IN
$50. ~ nN"ln 70 'noss' 60. me
The undivided nrosts were s1so ESQ 3,
rha rd,v,du.i $500.
me inoiViduai deposits footed up 81
S24.I6.M and the bank holds $50, 600
States deposits. 4
stoc< Dropped to 30.
Since the slump In Steel began tho
Aa,a, ha. 49, 49, -
oeoi ios4hs srounu
yesterday It was not wanted at anv
nr.ce TO nrayan, - "n'
pNNe' ~ pfe'eh' d raiu' strong state
ments were given out unofficially. and
talked about through the street. Had
there been a run on the hank the doors
would have had to close Vester,Iny uU Tns
day 6rokerage arms uSIsh 10y. 10
posts in the bank are iookingh ave h 10
customers for protection No accounts