Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1903-10-22
First National Bank of Allegheny,
Pa, Failed to Open for Bus
mess Today.
CAUSED BY FEDERAL FAILURE.
Pittsburg Stock Exchange Decided Not
To Deal in Bank or Trust Stocks
For Rest of Week

| uohbl pdnk OF IlltSDulE, the lIAt IA"
tional bank Of Allegheny failed to open
for business today and It's directors
have notified the comptroller " the cur
rency that the institution has gone into
voluntary liquidation and requested
him TO take the necessary action IN such
cases.
| For some time the Allegheny has been
connected by rumor with the Federal
| National bank, but IT was believed up to
late yesterday that it would weather the
storm Notwithstanding the neavy run
made on 1t, brought about By these re-
! ports.
The directors, however, at n meeting
! last night, decided that considering the
| best interests of all concerned, the ac-
| ton noe above should be taken
| The Pittsburg Stock exchange opening
| this morning was quiet ana trading
| light, BY the vote OF the exchange II
| was decided that for the balance Of the
| week no bank or trust stocks viii be
| dealt IN. The suspension Of the Alle-
| gheny bank, which has been the repre-
| sentative Of the Federal National in the
| clearing house is looked upon by bank
| ers generally as an almost necessary Sc
! they believe that no further trouble viii
| follow,
| Robert Lyons, deputy comptroller Of
| the currency at Washington, ID. c., is In
| charge OF the Allegheny bank. j. u.
| Kramer, the assistant cashier, stated
| that as soon as the assets We're realized
| the deposltors would be paid off dollar
| for dollar.
Early today Vice President II. j.
| Stoney Jr,, issued the following state
| ment,
Allegheny, Pa, oct 81, 1908,
AT meeting of the board of dlrcc-
tors OF the First National bank OF
| Allegheny held this evening, Oct q,
| 1903, Il WAS resolved that. although the
| bank has ample assets to pay all of its
| deposltors In full and leave a handsome
| surplus for the shareholders vet It's
| supposed connection with the Federal
! National bank OF Pittsburg has Great
/ I'd widn distrGst and caused a run on
this bank TO such an extent that we
feel II 10 be our duty to place the bank
| In voluntary LIQUIDATION, and the Off
GERS Of the bank and directors have de-
oided to make application TO the comp
trOler of the currency TO take the
| necessary steps to accomplish this pur-
pose.
CSlgned.)
JOHN THOMPSON, President"
The First National bank of Allegheny
was organized In January 1864. and has
capital stock OF S350000, surplus OF
500 900 and undivided profits of s34.-
S7l.sO The directors of the bank are
connected with some Of the most inn
portant manufacturing interests in
Allegheny.
The clearing house bankers have a
very sangune opinion OF the affair. but
the two banks so unfortunate at this
time were found TO be beyond the inn
mediate reach Of aid, although both are
declared to be solvent and in good con-
dtion.
The correspondents of the First Ma
tlonal bank are as follows New York.
National Park bank; PHILADELPHIA,
First National bank; Chicago, First
National bank
The report Of the condition of the
First Allegheny National bank OF Al
legheny at the close OF business on
Sept. 3, 1903 Is as follows
RESOURCES.
Loans and discounts ........Sl.240.eS $50
Overdrafts, secured and unse-
cured 900. ...,., .....,......... BOP
L. $. bonds to secure clrcula-
Premiums on u. S. bonds 49,. 5000
Stocks, securities, etc .....,.. 60350
Banking house furniture and
fixtures .... ....,.., .... 1885
Other real estate owned ... 572g
Due from national banks mot
reserve agents. 49,, -. 5.72l
Due from state banks and
bankers ,.,,., 600. .,..,,,.,,,. 4ljS |
Due from approved reserve
agent .... 49,. 49,. ........ $3.50 |
Checks and other cash ltems.. S3i |
Exchanges for Clearing House 1925 |
Notes Of other national banks . 2,3il |
Fractional paper currency
nlckes and cents .,,. ...... l2S |
Lawful money reserve I'm bank. 1918 |
Due from L. $. treasurer...., 1850
Total $50. . ...,..,,.,u,Sl, 735, 40
LIABILITIES
Capital stock paid In ,.,.,..s 100000
Surplus fund ,.,.. %. ,,.,.,.. 100000 |
Undivided profits, less expenses
and taxes paid ,...,...,.,., j3,6 |
National bank notes outstand-
ing ....,. D.. .t,. 60 ,..,.,..s.,,.. luV,VpV
Individual deposits subject to
check '.,.t. Oh, 90 '.',''''',s lu1l' 10
Demand certificates Of deposits 1886
Cashiers checks outstanding. 1905
fatal .... .sl7S5i76
Washington, oct %. The acting
comptroller Of the currency said today
that the application OF the First Ma