The Montgomery advertiser., 1903-10-23
ANOTHER BANK CLOSES
AN ALLE0HENY INSTITUTION
 FORGED TO SUSPEND.
Has Ample Assets to Fay All Debts, But It's Supposed Connection t With Pittsburg Federal
 Causes Run.

I S6U888 &kUus
 | Pittsburg. Oct. 22-Eariy today Vice. Prendent R. ]. Stoney. IT,, of the First following statement after a meeting of the owners and directors with the clear ing house of the Pittsburg Clearing House Association. which lasted from o'clock
 last night until this morning: Allegheny, Oct. q. 1908. At meeting of the Board of Directors of the First National Bank of Allegheny. hei dthis evening, October A, 1903, 1t was resolved that. although the bank has ann pie assets to pay all of its depositors in full and leave a handsome surplus for the shareholders. yet its supposed con- nection with the Federal National Bank Of Ptttsburg has created wide distrust ana caused run on this bank to such an extent that we feel 1t to be our duty to place the bank fin voluntary liquidation and the officers of the bank and directors nave decided to make application to the Comptroller of the Currency to take nec- essary steps to accomplish this purpose. (Signe0 John Thompson. President. The First National Bank of Allegheny was organized in January, 1864, and has a capital stock of 1000; a surplus of S1OO,0o0. and undivided profits of $34,Sn. The officers are as follows:
 President, John Thompson; Vice-Presi- dent. R. J. Stoney. Jr.; Cashier, E. R. Cramer; Assistant Cashier. Johu D. Cramer.
 The First National Bank is one of the oldest banking institutions in Allegheny. The directors of the bank are connected with some of the most important manu- featuring plants in Allegheny. Many rumors during the past few days have connected the bank with the Fed eral, and for two days people have de- manded their deposits after learning of the condition of the Pittsburg institution. The clearing house committee has a very sanguine opinion of the general situation. but the two banks so unfortunate at this time were found to be beyond their im- mediate aid or reach, though both are declared to be solvent and in good con- dition.
 The correspondents of the bank are as | follows:
 New York, Park National Bank: Phila- | delphia, First National; Chicago, First National.
 The report of the condition of the First National Bank of Allegheny at the close of business on September g, 1903, is as | follows:
 l Resources-Loans and discounts, $1, ,240 =
 9S0 .01; overdrafts, secured and unsecured. l $3,012.56; United States bonds to secure | circulation, $100,000 premiums on United
 States bonds, 5000; stocks, securities,
 etc., $60,350; banking house furniture and
 fixtures, $114,S623O; other real estate own
 ed. $5,972.SO; due from national banks (not
 reserve agents). $9,2n.n; due from State
 banks and bankers, $4,158.55: due from ap
 proved reserve agents, $s9,610.52; checks
 and other cash items, $S34.s2; exchanges
 for clearing house. $27, 30; notes of
 other national banks. $2,311; fractional | paper currency, nickles and cents, $128.12; | lawful money reserve in bank, viz: Spe-
 cie. $65, ,9S5; legal tender notes, $47.1S3; to- l tai lawful money reserve in bank, $113,-
 113.O8; redemption fund with United
 States Treasurer G per cent of circula-
 tion), 5000; due from United States
 Treasurer. other than per cent redemp- | tion fund. $2S50: total, $1, ,735, 47619.
 Liabilities-Capital stock paid in, $350- 900; surplus funds, $1000OO; undivided pro- fits, less expenses and taxes, paid, $53,- | 63OS9: national bank notes outstanding, $100,00O individual deposits subject to check. $1, ,052. .128.3S; demand certificates of deposits. 76456.75; cashiers checks out standing. $3,2O5.47; total, $1,735.476.19.
 The Pittsburg Stock Exchange opening
 this morning was quiet and trading light.
 By vote of the exchange 1t was de- l
 bank or trust stock will be dealt in. The suspension of the Allegheny Bank, which
 has been the representative of the Federal
 National in the clearing house, is looked
 upon by bankers generally as an almost necessary sequence for the failure yes-
 terday, and believe no further trouble will follow.
 All of the outside banks who have been doing their clearing through the Federal
 National and First National of Allegheny
 have made arrangements with other
 banks to care for their paper in the | future.
 This morning a small crowd of de-
 positors gathered in front of the First
 National Bank of Allegheny There ap-
 peared to be little excitement among the
 depositors. though several were restless
 and wished to gain admission to the l bank
 The clerks of the bank were busy on
 their books the entire morning. Robert Lyons. deputy comptroller of the currency
 at Washington. was in charge of the
 bank. J. D. Cramer. the assistant
 cashier, was at the bank this morning.
 and stated that as soon as the assets were
 realized the depositors would be paid off
 dollar for dollar. He said he did not
 think any of the other banks of Alle-
 gheny would be affected.