The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-10-23
This Follows Suspension of
National at Pittsburg.
IT HAS AMPLE ASSETS
But Because of Run omit Growing Out Of It's
Connection With the Pitsburg institution
it Goes Into Voluntary
Liquidation.
CBy the Associated Press.)

Pittsburg, Oct. 22.-Following the sus-
Bank, Pittsburg, the First National Bank
of Allegheny failed to open its doors for
business today and its directors have noti-
fed the Comptroller of the Currency that
the institution has gone into voluntarily
liquidation and requested him to ttake the
necessary action in such cases.
For some time the Allegheny Bank has
been connected by rumor with the Federal
National Bank, but it is believed up to
late yesterday that it would weather the
storm, notwithstanding the heavy run
made on it, brought about by these re-
ports.
The directors, however, at meeting last
night decided that considering the best in
terests of all concerned, the action noted
above should be taken.
By vote of the Stock Exchange it was
decided that for the balance of the week
no bank or trust stocks will be dealt in.
The suspension of the Allegheny Bank
= which has been the representative of the
Federal National Bank in the clearing
house, is looked upon by bankers gener-
ally as an almost necessary sequence of
the failure yesterday and believe that no
further trouble will follow.
At $3.50, o'clock this morning Vice-Presi-
dsnt r. j. Stoney, Jr., of the First Ma
tional Bank of Allegheny issued the fol-
lowing statement after a meeting of the
officers and directors with the clearing
house committee of the Pittsburg clearing
house association, which lasted from 8
o'clock last evening until 1920 o'clock this
morning:
"Alleghany, Pa, Oct. q, 1908.
cat meeting of the Board of Directors
of the First National Bank of Allegheny
held this evening, October 21st, 1908, it was
resolved that, although the bank has am
pie assets to pay all of it's depositors in
full and leave handsome surplus for the
shareholders, yet its supposed connection
with the Federal National Bank of Pitts
burg has created wide distrust and caused
a run on this bank to such al extent that
we feel it to be our uty to place the
bank in voluntary liquidation, and the of
ficers of the bank ard the directors have
decided to make application to the Comp
trolle rof the Currency to take necessary
steps to accomplish this purpose.
(Signed)
JOHN TIC IPSON, President"
The First National Bank of Allegheny
was organize in January 1864, and has a
capital stock of $350OO0, surplus of $780,
900 and undivided profits of $34S71.S0
The officers of the bank are as follows
President, John Thompson; Vice-Presi-
dent, r. ]. Stoney, Jr. Cashier, E. r.
Kramer: Assistant Cashier, John d.
Kramer.
The First National is one of the Oldest
bankink institutions in Allegheny.
Lima Ohio, Oct. 20. F. Vaughan, of
Darlington, Ohio, a National Bank exam
iner has been appointed by the Secretary
of the Treasury to take charge of the First
National Bank of Allegheny, Pa.
Washington. Oct. 22.-The Acting Comp
troller of the Currency today said that an
application to go into voluntary liquida-
ton cannot be considered until the bank
has been officially examined and its con
dition ascertained.