Americus times-recorder., 1903-10-22
PITTSBURG Pa, BANK
HAS CLOSED DOORS
National Bank Examiner Is
Appointed Receiver.
BANK CHARTERED IN YEAR 1901.

and Liabilities-Closine of Bank Has
Had Little Effect on Local Stock Ex
change.
Washington, Oct. 21.-The acting
comptroller general of currency was ad
vlsed last night that the Federal No
tional bank of Pittsburg, Pa, would
not open its doors for business this
morning. He Immediately appointed
National Bank Examiner John B
Cunningham receiver.
No details are known at the comp
troller's office as to the causes which
led to the failure.
| The bank was chartered Nov. 16,
1901, with capital stock Of $4,000
Joseph A Langftt is president and
George w. Eisenbes, cashier.
The following is a statement of the
| banks resources and liabilities as is
shown by the last report on condition
| of the comptroller of the currency on
Sept. 9, 1903:
Resources, loans and discounts,
| $5,O36,O72; over drafts, 1888; United
States bonds, $806,652 stocks and Sc
curities, ETC., $17,500; real estate, $685.
752; due from banks and bankers,
$1,13O,592; cash and cash items, $685.
652-total, $7,693,783.
Liabilities, capital stock, $4,000 900;
surplus and undivided profits, $780,
600; circulation, 100000; due to banks
and bankers, $2,375,552; unpaid divi-
dends, $5,446; deposits, 1892 JOY; bills
payable, $100,000-total $7,693,783.
Some action as this has been within
the possibilities for the past two days,
forsecast by the determined raid made
upon the institutions stock on the
Pittsburg Stock Exchange. The posi-.
tive statements, however, of the presi.
dent, j. A. Langfitt, TO the effect that
the bank was not in need of money
and that the losses would not affect
Its capital or surplus, did much to-
ward aIlaying distrust on the part of
It's depositors thus preventing a run.
The closing of the bank was decided
upon at meeting of the directors last
night, which did not break I'D until 2
o'clock this morning. At that hour
none of the officials would make a
statement and locally the outcome of
the meaning was not generally known
until the receivers notice was receiy.
ed at 9 o'clock.
1t is United States depository. and
United States deposits The stock OF
the company has been subjected to re,
ported declines on the Pittsburg ex.
change this week. On Monday il
sold down from 115 to 85,> but was fore.
ed up again to 101. All day yester.
day it sagged and the closing quota
tions were 80 bid and IS asked. The
course Of the stock has attracted much
attention and numerous adverse re
ports were in circulation, but they were
promptly and fully denied by Presi
dent j. A. Langftt. He stated yester
day evening that the bank had suffer
ed only one possible loss-that OF
$4,000 which it held in notes on the
Eastern Tube company of Dayton. o
That company is in the hands of q
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 Nation
al bank had apparently but little Ell
feet ON the local stock exchange. Trad
Ing was light, but firm, at about yes
terday's closing quotation. No deal
ings in any of the local bank stocks
were recorded during the first hour's
trading. In a general way banking
officials Of the city feel confident that
the Federal National banks troubles
will be confined to itself and will moi
disturb any other financial institution
Receiver Cunningham thinks it may
be two or three days before he ear
make statement of the banks condi
ton.