Americus times-recorder. [volume] (Americus, Ga.) 1891-current, 1903-10-23
RUN CLOSES BANK
IN ALLEGHENY, PA.
First National Announces Its
Voluntary Liquidation.
OFFICERS ISSUE STATEMENT.
Was Organized. in January, 1864, and
Had Capital Stock of $3.50, COCOON.
neetion with Federal National said
To Have Created Dstrust.

Pittsburg, Oct. 22.-Early today Vice
President r. j. Stoney, Jr., of the First
National Bank of Allegheny, issued
the following statement after a meet
ing of the officers and directors with
the clearing house committee of the
Pittsburg clearing house association,
which lasted from o'clock last even
ing until this morning:
Allegheny, Oct. 21.-At a meeting
of the board of directors of the First
National Bank of Allegheny held this
evening, Oct. 81, 1908, it was resolv-
ed that although the bank has ample
assets to pay all of it's depositors in
full and leave handsome surplus for
the shareholders, yet its supposed con-
nection with the Federal National bank
of Pittsburg has created wide distrust
and caused a run on this bank to such
an extent that we feel it to be our duty
to place the bank in voluntary liquida-
tion and the officers of the bank and
directors have decided to make applica
tion to the comptroller of the curren-
cy to take necessary steps to accom-.
plish this purpose. (Signed) AJohn
Thompson, president"
The First National Bank of Allie
gheny was organized in January, 1864,
and has a capital stock Of $350,000, a
surplus of 100000 and undivided prof
its Of $34,971 The officers are as fol
lows:
President, John Thompson; vice
president, r. ]. Stoney, Jr.; cashier,
E. R. Kramer; assistant cashier, John
D. Kramer.
For some time the Allegheny bank
has been connected by rumor with the
Federal National bank, but Iit was be-
lieved up to a late hour yesterday
that it would weather the storm not
withstanding the heavy run made on 1t
brought about by these reports.
The directors, however, at a meet.
ing last night, decided that consider
ing the best interests of all concerned
the action noted above should be
taken.
The Pittsburg Stock Exchange open.
ing this morning was quite 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 looked upon by bankers gem
orally as an almost necessary sequence
of the failure yesterday and believe
that no further trouble will follow.
Federal National and the First Ma.
tional of Allegheny have made arrange
ment with other banks to care for their
papers in the future. This morning
small crowd of depositors gathered
in front of the First National Bank of
Allegheny. There appeared to be lit.
tie excitement among the depositors
though several We're restless and wish.
ed TO gain admission to the bank
The clerks of the bank were busy on
their books the entire morning. Robert
Lyons, deputy comptroller of the cur.
rency at Washington, was in charge az
the bank. D. Kramer, the assistant
cashier, was at the bank this morning
and stated as soon as the assets were
realized the depositors weuld be Maid
off dollar for dollar. He said he did
not think any of the other banks of AL
legheny would be affected.