Waterbury evening Democrat., 1903-10-21
Troubles of the Federal Nation
 al Bank at Pittsburg
STOCK EXCHANGE BUylNGs.

Seem to Be the Cause of the Whole
 Trouble Comptroller of the Curren-
 cy Will Investigate Before the Bank
 Is Allowed to Do Any More Busi-
 ness
 Pittsburg, Oct 21.--The doors of the Federal National bank were not opened for business this morning. The foilow- ing notice was posted in explanation
 Closed by the authority of the comps Uolier of the currency. John B Cum ningham, receiver '
 some such action as this has been within the possibilities for the past two days, forecasted by the deter mined raid made upon the institution stock on the Pittsburg stock exchange. The positive statements, however, of the president, J. A. Langftt, to the ef- rect that the bank was not in need of money, and that It's losses would not anect it's capital or surplus, did much toward ala ying distruct on the part off It's depositors, taus preventing a run
 The closing of the bank was decided upon at a meeting of the directors last night, which did not break up until 2 o'clock this morning. At that hour none of the officials would make a statement, aud locally the outcome of the meeting was not generally known until the receivers notice was posted at 9 o'clock.
 The bank is a United States deposit tory and reported on hand Septenaber 3 $5O,00o of United States deposits
 The stock of the company has been subjected to sharp declines on the Pittsburg exchange this week. Mon day the stock sold down from I15 to S5, but was forced up again to 10i. All day yesterday 1t sagged and the closing quotations Were 80 bid and SD asked, a number of transactions hay ing been made at 30.
 The course of the stock has attract ed much attention and numerous ad- verse reports were in circulation, but they were promptly and fully denied by President J. A. Langfitt. He sfated yesterday evening that the bank had suffered only one possible loss, that of $140,000, for which 1t held notes of the Eastern Tube Go of Dayton O. That company is in the hands of receiver and plan of reorganization is being worked out, he said and the banks loss on that account may be small
 The closing of the Federal National bank had apparently but little effect on the local stock exchange Trading was light. but firm. at about yesters day's closing quotations No dealings in any of the local bank stocks were recorded during the first hours trads ing and no unusual action is looked for to-day.
 Tn a general way banking officials of the city feel confident that the Fed- eral National banks troubles will be E confined to itself and will not disturb any other financial institution.
 Receiver. Cunningham thinks 1t may be two or three days before he ear make an estimate of the banks cordi. ton
 Up to II o'clock neither Presiderit Langfitt nor any of the directors have arrived at the bank. and statement as to the cause of the failure has not been made public.
 Washington. Oct 21--The bank was chartered November 16 with ca,ai tai stock of s2oO0,UOo. Joseph Langfit is president and George ". Eisenbois is cashier.
 The following is statement of the banks resources and liabilities as shown by the last report of condition to the comptroller Of currency, Sep- tember 9. 1903:
 Resources Loans and discounts. S5.O36O72, overdrafts. S463: United States gonds. $500. 1852: stocks. secur. ities. etc. S17.500: real estate. $2e. S49: due from banks and bankers. S1. 13O.592: cash and cash items S675,- 652:. Total. S7.693. .782.
 Liahilities--Capital stock, $2.0O0 GOO: surplus and undivided profits. $5sO,66e: circulation, $TO0, GOO; due to the banks and bankers, $2, ,375. 5F7; ur- paid dividends. S544s; deposits, S1.- 932, 1o7; bills payable, S1oo, GOO. To tai ST. .693 7S2