The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1903-10-22
BANK HAD TO co.
First National, of Allegheny,
Follows Federal, of Pittsburg.
Officers and Directors Sat Up
All Night.
FOUND NO OTHER WAY.
Run on the Concern Forces 1t
Into Voluntary Liquidation.
As Usual Everybody Will Be
Paid i'm Full.
ORGANIZED IN 1864.
1t Was One Of the Oldest Banks
in That Section.
Directors Connected With Large
Run on the Concern Forces 1t
Into Voluntary Liquidation.
AS Usual Everybody Will Be
Paid i'm Full.
ORGANIZED IN 1864.
1t Was One of the Oldest Banks
in That Section.
Directors Connected With Large
Manufacturing Interests.

Pittsburg, Pa. Oct. 22.-EarIy today
Vice President r. ]. Stoney. 5r., of the
First National bank of Allegheny, issued
the following statement after a meeting
of the officers and directors with the
clearing house committee of the Pitts
burg Clearing House association. which
lasted from 8 o'clock last evening until
1920 o'clock this morning:
Allegheny, Pa. Oct. II, 1903.-At =
meeting of the board of directors of the
First National bank of Allegheny. held
this evening, October 81. 1908, 1t was re-
solved that although the bank has
ample assets to pay all of its depositora
in full and leave handsome surplus
for the shareholders, yet its supposed
connection with the Federal National
hank of Pittsburg has created wide dis
trust and caused a run on this bank t0
such an extent that we feel it to be cur
duty to place the bank in voluntary
liquidation. and the officers of the bank
and directors have decided to make ap-
plication to the comptroller of the cur
rency to take necessary steps to accom-
plish this purpose.
JOHN THOMPSON, President.
| The First National bank of Alleghen,s
was organized in January, 1864, and mas
a capital stock of S350.000. surralus OF
100000. and undivided profits of S34,
President, John THOMPSON: vice pres
ident, r. J. Stoney, jr.: cashier. e. p.
/ Kramer: assistant cashier. John d.
Kramer.
The First National is one of the old
est banking institutions in AlleghenJ.
The directors of the bank are connected
With some OF the most important man
ufaeturing interests in Allegheny.
Many rumors during the past few
days have eonneceEd the bank with the
Federal, and for two days people have
demanded their deposits after learning
OF the condition of the Pittsburg insti-
tuition. The clearing house COMMITTEES
bankers have very sanguine opinion
of thee general situation, but the two
banks so unfortunate at this time were
found to be bevond the immediate
reach of aid, although both are de-
clared to be solvent and in good condi-
tion. The CORRESPONDENTS of the bank
are as follows: New York, National
Park bank; Philadelphia, First National
bank; Chicago, First National bank.
The report of the copdition of the
First National bank of Allegheny at the
close business September 9, 1903. is
RESOURCES.
Loans and discounts, 1920, $50. OIL;
overdrafts secured and unsecured, 3d.
012.56; United States bonds to secure cir
culation, 100000; premiums on United
States bonds, $4,000; stocks, securities.
etc, $6o,3 banking house furniture and
fixtures, s114. .S62.30. Other real estaew
owned, s5,972.72: due from national
banks, not reserve agents, $9,271.71: due
from state banks and bankers, $4,158.55;
due from approved reserve agents, $89,-
610.52; checks and other cash items,
1894. .28; exchanges for clearing mouse,
S27. 7.026.30: notes of other national banks.
81 311; fractional paper currency. nicikeIs
and cents, $12S.21.
Lawful money reserve in bank, viz:
Specie, $65, 5,93003: legal tender notes.
$47, ,183; total lawful money reserve In
bank, $113, 1903: redemption fund 9th
circulation. $1,000: due from United
States treasurer other than 5 per cent
redemption fund. $3.50. Total, SI,735.-
476.19.
Capital stock paid in $3.50, 600; surplus
fund, 100000; undivided profits. less ex-
penses and taxes paid, $5S,630. SO; nation
al bank notes outstanding, 100000; in
:. dividual deposits subject to check. ST.
052. 1888: demand certificates OF deposit,
SIC, 6,45675; cashiers checks outstanding,
So, ,205.47. Total, $1,735, ,476.19.
THERE IS A HITCH.
Washington, Oct. 22.-The acting
comptroller of the currency last night
received the following telegram from
John Thompson. president of the First
National bank of Allegheny, Pa.
ssAt a meeting of the directors of the
bank, held this evening, it was resolved
on account of adverse rumorS in con-
nection with the failure of the Federal
i National bank of Pittsburg ana In
ability to realize quickly on assets to
go into voluntary liquidation
The acting comptroller states in this
connection that an application to go
into voluntary liquidation can not be
considered until the bank has been off,
cia1ly examined and its condition ascer-
| tazned.
TRADING WAS LIGHT
Pittsburg, Pa, Oct. 22-The Pittsburg
stock exchange opening this morning
was quiet and trading light.
BY vote of the exchange It was de-
cided 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 in the clearing
house, is locked upon by bankers gener-
ally as an almost necessary sequence of
the failure yesterday and believe that no
further trouble will follow.
All of the outside banks who have
been doing their clearing through the
Federal National and the First national
of Allegheny have made arrangements
with other banks to care for their paper
in the future.
Robert Lyons, deputy comptroller OF
the currency of Washington, D. c., was
in charge of the bank J. D. Kramer,
the assistant cashier. stated that as soon
as the assets were realized the de-
positors would be paid off dollar for
dollar.
Minneapolis, Mimi, Oct 22.-The Min
neapolis Cold Storage company has