The Ocala banner. (Ocala, Marion County, Fla.) 1883-194?, 1903-10-23


Washington, Oct 22.-The actinA
comptroller genera! OF currency was q.
vised last night that the Federal No
tional bank of Pitts5urg, Pa, would
not open its doors Ior business this
morning. He Immediately appointed
National Bank Examiner John IL
Cunningham receiver
No letaiis are known at the comp.
trOlIers office as 10 the causes which
LED 10 the failure.
The bank vas chartered Nov. 1G.
1901, with 2 capital stock Of $2,0or.
Joseph a. L2nSdJC Is president and
GecrSe W. Eisenbes. cashier.
The following is a statement Of the
banks resources and liabilities as Is
shown by the last report on condition
c. the comptroller Of the currency on
SEPT = 1893:
~2esN rcas. loans and discounts,
S5.aad.DI2; over drafts, 1888: United
States Bonds. 2SaGG52; stocks and Sc
c9s.-.es, etc.. $4,000; real estate. $2G.
30; -ue from banks and bankers
S-1a1.5e2: cash and cash items, 500.
Cy---t--a1. S-.G"5.-S3.
Liabilities. capital stock, $4,000, geo:
surplus ana undivided profits, $3.50.
0ts; circulation. S7Co Geo; due to banks
anc bankers, E23I5.552: unpaid div.
bends. S5,tfG: deposits. $lgG2I07: bills
payable. sl0oqt5-total $IG93,7S3.
Some sction as this has been within
the possibilities for the past TWO days.
forsecast by the determined raid made
UPON the Institutions stock on the
P!ttsburg Stock Exchange. The Dosi.
tive statements, however, of the presi.
dent J. \. Langftt, 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 allaying distrust on the part OF
Its depositors thus preventing a run.
The closing of the bank was decided
upon at a meeting of the directors last
night, which did not break I'D until :
o'clock this morning. At that hour
none of the officials would make
statement and locally the outcome Of
the meaning was not generally known
until the receivers notice was receiv.
ed al 3 o'clock.
IL is United States depository. and
United States deposits. The stock of
the company has been subjected to re
ported declines on the Pittsburg OK.
change this week. On Monday il
sold down from lis to So. but was fore.
ed up again to 101. All day yester.
day 1t sagged and the closing quota.
tons were so bid and So asked The
course Of the stock has attracted much
attention and numerous adverse re
ports were in circulation. but thew were
promptly anu fully denied by Presi
dent J. A. Langitt. 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. q
That company is in the hands of 3
receiver, and a plan of reorganization
Is being worked out. he said. and the
small.
The closing Of the Federal Nation.
al bank had apparently but little eff
feet on the local stock exchange. Trad,
ing was light, but firm. at about YES,
terday's closing quotation. No deal
!ngs in any of the local bank stocks
we're recorded during the first hour;
trading. In a general way banking
officials OF the city feel confident thai
the Federal National banks troubles
VIII be confined to itself and will moi
disturb any other financial institution
Receiver Cunningham thinks il NAV
be two or three days before he can
make a statement of the banks condi
ton.