The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-12-07
PITTSBURG BANK
CLOSES DOORS
Fort Pitt National the Latest
Victim of the Stringency
in Money.
RESERVE SADLY DEPLETED
CLEARING HOUSE DECLINED TO
EXTEND AID.

-
Pitt National bank of this city failed
to open for business this morning, a
notice on the door announcing that
''the bank was closed by order of the
comptroller of the currency"
1t was signed by John B. Cunning
ham. national bank examiner of this
district.
President Andrew Heron of the
bank said to the Associated Press to-
day:
1.-The depositors are fully protected.
The suspension was precipitated by &C.
currences of yesterday. which made it
necessary to close the bank for the
protection of all concerned
The suspension had no apparent eff
feet upon other institutions of the city.
During the morning hours there were
not more than twenty depOsitors about
the bank.
The last statement of the Fort Pitt
National bank 10 the comptroller of
the currency Dec. 8, is as follows:
Resources.
Loans and discounts, S3.761, 6O6.Ss.
Overdrafts, secured and unsecured,
$2S475
United States bonds to secure cir
culation, 100000.
Premiums on United States bonds,
S19. 800.
Stocks, securities, etc, S172,475.5O
Banking house, furniture and FIX
lures, 1921, 900.
other real estate owned, S4,O35.
serve agents., $50, S31.6S.
Clearing house certificates on hand,
$4,000
Due from state banks and bankers,
| 1904, 65432.
Due from approved reserve, SOS, 439. SO.
Checks and other cash items, s14-
6S1.s6.
Exchange for clearing house, s66,-
1912.
Bills of other national banks, SS,lST.
Fractional paper currency, nickels
and cents, S592.64.
Lawful money reserve in banks. viz
Specie. 1852, 725.75; legal tender notes,
500, 600.
Total. 1852. 725.75.
Redemption fund with United States
treasurer, per cent of circulation,
sos, 600
Grand total, $5.522,142.O1
Liabilities.
Capital stock paid in. 81, 100000
Surplus fund, S1,0O0,OOO.
Undivided profits, less expenses and
taxes paid, 137,SO9.O6
National bank notes outstanding,
/ $500, 0O0
Due to other national banks. not APP
proved reserve agents, SI74,827.63.
Due to state banks and bankers, s17,-
2Os74.
| Due TO trust companies and savings
4 banks. So. S79.22.
Dividends unpaid, S44
Individual deposits subject to check.
/ 1881. 61476.
Cashiers checks outstanding, $780,
4196S.
Reserved for taxes, 2,33T92.
| Bills payable. including certificates of
clearing house certificates received
! $500. 600
Total. S5.522.142.O1.
Bank Organized in 1859.
The bank was organized in 1853. An
drew W. Heron is president and
/ Charles S. Lindsay cashier.
The directors include prominent and
wealthy citizens. The decision not to
open the bank was reached after a
meeting of directors with the clearing
house committee yesterday. Bank Elk
aminer Cunningham vas notified and
/ took charge.
| 1t has been known for some time
| that the bank was short of currency
and that its reserve fund was below
the requirement. The clearing house
committee is said to have declined to
advance certain money requested by
| the bank.
The directors issued the following
statement:
In The opinion Of the directors the
Fort Pitt National bank is entirely
/ solvent It's depOsitOrs will be paid in
1 full. Yesterday the clearing house
committee directed that a large amount
of cash should be raised and placed in
! the bank at once. Under the present
| financial conditions this course was inn
| posi- BILE"