Willmar tribune. [volume] (Willmar, Minn.) 1895-1931, 1903-10-24
FEDERAL National Complies with Or
der of Comptroller of the
Currency.
4 RECEIVER is PLACED IN
CHARGE OF The INSTITUTION
"n STOCK OF the Concern One of
the Principal Causes-The Trouble
housht to Be Confined to the One
nank-said That Depos1tors Will
Lose Nothing.

Plttsburg, Pa, Oct. 22.-The doors Of
the Federal national bank were not
opened for business Wednesday morn
ing. The following notice was nosted
In explanations:
Closed by the authority Of the COMP
troller OF the currency. John B. Cum
nlngham, receiver"
Some such action has been within the
possibilities for the past two DAYS. FORE
casted by the determined raid upon the
institutions stock on the Pittsburg
stock exchange. The positive state
ments, however, of the president, J. A..
Langhtt, to the effect that the bank was
not IN need OF money, and that it's losses
would not affect its capital or surplus.
old much toward allaying distrust on
the part OF It's depositors, thus prevent
ing a run.
The closing Of the bank was decided
upon at meeting of the directors Tues
day night.
The bank Is United States depository
and reported on hand September 9 the
$4,000 of United States deposits.
The stock OF the company has been
subjected to sharp declines on the Pitts
burg exchange this week. On Monday
the stock sold down from lis to IS, but
was forced up again to 101. All day
Tuesday it sagged and the closing quo
tations were 80 bid and IS asked, num-
Der OF transactions having been made
at 80.
The course OF the stock has attracted
much attention, and numerous adverse
reports were In circulation, but they
were promptly and fully denied by Pres
fdent J. A. Langftt. He stated Tuesday
evening that the bank had suffered only
one possible loss, that Of $4,000, for
which 1t held notes of the Eastern Tube
company ofZanesville, o. That company
Is in the hands of receiver and a plan
OF reorganization is being worked out,
he said, and the banks loss on that &C
count may be small
In a general way banking officials of
the city feel confident that the Federal
national banks troubles will be con-
fined to itself and will not disturb any
other financial institution.
Receiver Cunningham thinks it may
be two or three days before he can make
statement of tho banks condition.
No Cause for Alarm.
Robert S. Smith, president Of tho
Union national bank and president of tho
Pittsburg Clearing House association,
said:
"There Is not the slightest reason for
any alarm, and If people will only keep
cool there will be no trouble. I was
assured Tuesday night by President
Langftt that every depositor would get
every dollar due and believe the state
ment- The bank has some excellent as
sets and there seems to be no reason
why depositors should not get all COM
ing to them 1t is possible that somo
small country banks which do business
through tho Federal national may be
temporarily embarrassed, but even at
that it will be only temporary"
Bankers and brokers are Of the opin-
ion that the closing of the bank until
it's affairs can be adjusted was the best
thing to do under the circumstances
The talk about the bank affairs has been
a drag to the market, and the belief Is
that the action Of the directors will have
a good effect on the general situation
rather than an injurious effect.
statement Regarding Bank.
Washington, Oct. 22.-The bank was
chartered November is, 1901, with cap
ital stock of 81, 600, 0O0 Joseph A. Lang
fit is president and George w. Eisenbes,
cashier.
The following is statement Of tho
banks resources and liabilities as shown
by the last report Of condition to the
comptroller of the currency, September
9, 1908:
Resources - Loans and discounts.
S5,O3S,072; overdrafts, $4s3; United
States bonds, $780,, 652; stocks and secur-
tiles, etc., SIT 500; real estate, $26,S49;
due from banks and bankers, $780,
1922: cash and cash items, $675, 652. To-
tai, $7,693,7S2.
Liabilities-Capital stock, $2,000,000;
surplus and undivided profits, $3.50, $50;
circulation, 100000; due to banks and
bankers, $2,375,552; unpaid dividends,
s5,44s: deposits, $1,932,107; bills pay
able, 100000. Total, 1888, 1872.
Loclzport, ILL.,, Bank Fails.
Joliet, ILL.,, Oct. 22.-The Exchange
hank. the only institution Of its kind at
Lockport, closed it's doors Wednesday,
throwing the town into state Of con-
siderable. excitement, as numerous small
depositors are affected. The bank was
1cl,anitalized at $4,000 and the deposits
are thought to be in the neighborhood
If $4,000. The condition of the bank
VIII be made known in statement to
Ia issued BY the bank inspector. G. H.
bacon former mayor and state SEN
ator, is president OF the bank pan
". cabinet Tenders Resignation:
II ONE, Oct AT \: ministerial min
council wednesday the cabinet unan.
+ &, ,s W. decided to- tender 1Ltt71 Its res