Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1903-10-21
IT IS A U. S. DEPOSITORY.
During the Week Its Stock Was Cause
OF Much Talk and Adverse
Criticism.
ALL REPORTS PROMPTLY DENIED
Cause of the Downfall Has Not Yet
Been Made Public, but May
Be Soon.

pttsburg. oct. 2l.-The Federal Ma
t,opal bank was not opened for business
this morning The following notice was
posted in explanation.
closed by authority Of the comptrol-
Ter of The currency.
JOHN CUNNINGHAM, Receiver"
such action as this has been within
the possibilities for the past two days,
forecasted by the determined raid made
upon the institutions stock on the
pItsburg stock exchange. The posi-
tive statements, however, OF the pres.
dent. j. A. Langttt, to the effect that
the bank was not in need Of money, and
that rs losses would not affect It's cap
nal or surplus did much toward allay-
ing dlstrust on the part of its deposit
tors. thus preventing run.
The closing of the bank was decided
upon at a meeting of the directors last
night which did not break up until 2
o'clock this morning. At that hour
none Of the officials would make a
statement and locally the outcome Of
the meeting was not generally known
until the receivers notice was posted at
o'clock.
The bank is a United States deposit
tory and reported on hand Sept. Q, $780,
600 Of United States deposits.
The stock of the company has been
subject ed to sharp declines on the Pitts
burg stock exchange this week, on
Monday the stock sold down from ll5
to So, hut was forced up again to lOl
All day yesterday II sagged and the
closing quotations were 50 bid and SC
asked a number OF transaction having
been made at so,
The course of the stock has attracted
much attention and numerous adverse
reports were in circulation, but they
were promptly and vigorously denied
by President Langftt He stated yes
terday evening that the bank had suf-
tered only one possible loss, that of
Sl4OOOO for which II held notes of the
Eastern Tube company of GAINESVILLE.
ONO. That company Is IN the hands OF
a receiver and plan OF reorganization
Is Delng worked out, he said, and the
small
The closiig of the Federal National
bank had apparently but little effect
on the local stock exchange. Trading
was light but firm at about yesterdays
closing quotations. No dealings In any
OF the local bank stocks We're recorded
curing the first hours trading, and no
unusual action Is looked for today.
IN a general way banking officials
OF ihe city feel confident that the Fed
efal National banks troubles will be
cOniined to Itself and viii not disturb
any other financial institution.
receiver Cunningham thinks II may
pe Two or three days before he can
make a statement OF the banks condi-
lloh. a statement as TO the cause OF
the failure has not yet been made pub
Robert s. Smith. president Of the
Union National bank and president OF
the Plttsburg Clearing Houe assocla
lion said today:
I was assured last night by Presi-
dent Langftt that every deposltor
would get every dollar due. II is possl-
pc mat some small country ,Anks.
winch do business through the Federal
National bank, will be temporarily EN-
parrassed, but even at that II VIII be
only Temporary.
RESOURCES AND LIABILITIES.
Washington, Oct 2l.-The acthN
comptroller OF the currency was advle.
ga last night that the Federal Naticnnl
nahk OF Pittsburg would not open for
business this morning. He appointed
national Bank Examiner John b, Cum
ulngnam receiver. No details are known
at the comptrollers Office as 10 the
causes which led to the failure.
ne bank was chartered Nov. 16,
isOl' with a capital stock OF So 600, 900.
Joseph Langlitt is president and Geo.
w Eisenbes, cashier.
me following is n statement of the
pAhks resources and liabilities as
SHOWN by the last report to the comp
troller: