19305. First National Bank of Allegheny (Pittsburg, PA)

View Charter #198 on SPMC

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
national
Bank ID
198
Charter Number
198
Start Date
October 22, 1903
Location
Pittsburg, Pennsylvania (40.451, -80.016)

Metadata

Model
gpt-5-mini
Short Digest
38209dd5

Response Measures

Capital injected, Full suspension, Books examined

Receivership Details

Date receivership started
1903-10-22
Date receivership terminated
1903-12-07
OCC cause of failure
Run

Description

Heavy withdrawals triggered by rumors/close connection to the failure of the Federal National Bank (Pittsburg) led directors to place the First National Bank of Allegheny into voluntary liquidation (suspension). A receiver was appointed by the comptroller, but a syndicate later severed ties with the Federal National and the comptroller authorized resumption in early December 1903.

Events (8)
1. January 14, 1864 Chartered
Source
historical_nic
2. October 22, 1903 Receivership
Source
historical_nic
3. October 22, 1903 Run
Cause
Local Banks
Cause Details
Run of depositors caused by rumors and the suspension/failure of the Federal National Bank of Pittsburg and supposed close connection between the two institutions.
Measures
Directors decided to place the bank in voluntary liquidation and applied to the comptroller of the currency to take necessary steps.
Newspaper Excerpt
its supposed connection with the Federal National bank of Pittsburg has created wide distrust and caused a run on this bank to such an extent
Source
newspapers
4. October 22, 1903 Suspension
Cause
Voluntary Liquidation
Cause Details
Directors, citing loss of depositor confidence from connection with the Federal National failure and heavy withdrawals, resolved to go into voluntary liquidation and requested comptroller action.
Newspaper Excerpt
failed to open for business today and its directors have notified the comptroller of the currency that the institution has gone into voluntary liquidation
Source
newspapers
5. October 23, 1903 Receivership
Newspaper Excerpt
Bank Examiner E. J. Vaughan has been appointed receiver for the bank by the comptroller of the currency.
Source
newspapers
6. December 5, 1903 Reopening
Newspaper Excerpt
The comptroller of the currency has authorized the First National Bank of Allegheny to resume business Monday, it being found solvent despite the terrific run which caused the doors to close.
Source
newspapers
7. December 7, 1903 Restored To Solvency
Source
historical_nic
8. January 11, 1915 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (19)
1. October 22, 1903 The Minneapolis Journal Minneapolis, MN
Article from The Minneapolis Journal, October 22, 1903

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ALLEGHENY BANK GLOSES Alleghany First National, Affected by the Pittsburg Affair, Will Liquidate. Pittsburg, Oct. 22.-Following the suspension yesterday of the Federal National bank, Pittsburg, the First National bank of Allegheny failed to open its doors for business to-day and its directors have notified the controller of the, currency that the institution has gone into voluntary liquidation and requested him to take the necessary action in such cases. For some time the Allegheny bank has been connected by rumor with the Federal National bank, but it was believed up to late yesterday that it would weather the storm, notwithstanding the heavy run made on it. The Pittsburg stock exchange opening this morning was quiet and trading light. By a vote of the exchange it was decided that for the remainder of the week no bank nor 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 generally as an almost necessary sequence of the failure of yesterday and it is not believed further trouble will follow.

2. October 22, 1903 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, October 22, 1903

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First National Bank of Allegheny, Pa., Failed to Open for Business Today. CAUSED BY FEDERAL FAILURE. Pittsburg Stock Exchange Decided Not To Deal in Bank or Trust Stocks For Rest of Week. Pittsburg Pa., Oct. 22.-Following the suspension yesterday of the Federal National bank of Pittsburg. the First National bank of Allegheny failed to open for business today and its directors have notified the comptroller of the currency that the institution has gone into voluntary liquidation and requested him to take the necessary action in such cases. For some time the Allegheny has been connected by rumor with the Federal National bank, but it was believed up to late yester lay that it would weather the storm notwithstanding the neavy run made on it, brought about by these reports. The directors, however, at a meeting last night, decided that considering the best interests of all concerned. the action note above should be taken. The Pittsburg Stock exchange opening this morning was quiet and trading light. By the vote of the exchange it was decided 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 generally as an almost necessary sequence of the failure yesrerday and they believe that no further trouble will follow. Robert Lyons. deputy comptroller of the currency at Washington, D. C., is in charge of the Allegheny bank. J. D. Kramer, the assistant cashier, stated that as soon as the assets were realized the depositors would be paid off dollar for dollar. Early today Vice President R. J. Stoney Jr., issued the following statement "Allegheny, Pa., Oct. 21, 1903. "At a meeting of the board of directors of the First Naational bank of Allegheny held this evening, Oct. 21, 1903, it was resolved that, although the bank has ample assets to pay all of its depositors in full and leave a handsome surplus for the shareholders, yet its supposed connection with the Federal National bank of Pittsburg has creatd 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 liquidation, and the officers of the bank and directors have decided to make application to the comptroller of the currency to take the necessary steps to accomplish this purpose. (Signed.) "JOHN THOMPSON, President." The First National bank of Allegheny was organized in January, 1864, and has a capital stock of $350,000, a surplus of $100.000 and undivided profits of $34,871.80. The directors of the bank are connected with some of the most important manufacturing interests in Allegheny. The clearing house bankers have a very sanguine opinion of the affair, but the two banks so unfortunate at this time were found to be beyond the immediate reach of aid, although both are declared to be solvent and in good condition. The correspondents of the First National bank are as follows: New York, National Park bank; Philadelphia. First National bank; Chicago, First National bank. The report of the condition of the First Allegheny National bank of Allegheny at the close of business on Sept. 9, 1903, is as folows: RESOURCES. Loans and discounts $1,240,980 Overdrafts, secured and unsecured 3,012 U. S. bonds to secure circulation. 100,000 Premiums on U. S. bonds 6,000 Stocks, securities, etc 60,350 Banking house furniture and fixtures 118,625 Other real estate owned 5,729 Due from national banks (not 5,721 reserve agents) Due from state banks and bankers 4,158 Due from approved reserve 89,610 agent 834 Checks and other cash items 27,026 Exchanges for Clearing House 2,311 Notes of other national banks Fractional paper currency, 128 nickels and cents 113,113 Lawful money reserve in bank 7,850 Due from U.S. treasurer Total $1,735,476 LIABILITIES. $ 350,000 Capital stock paid in 100,000 Surplus fund Undivided profits, less expenses 53,630 and taxes paid National bank notes outstand100,000 ing Individual deposits subject to 1,052,128 check 76,456 Demand certificates of deposits 3,205 Cashier's checks outstnading $1,735,476 Total Washington, Oct 22.-The acting comptroller of the currency said today that the application of the First Na-

3. October 23, 1903 The Sun New York, NY
Article from The Sun, October 23, 1903

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FINANCIAL AND COMMERCIAL THURSDAY, Oct. 22. The dominant feature of the stock market to-day was the demand for the investment issues. Evidences of a growing interest in securities of this grade have not been wanting of late and have been duly emphasized in this column. But to-day the dealings in bonds quite overshadowed operations in the stock market proper. All the established railway bonds were dealt in in good volume and at advancing prices, and, indeed, the prices of these bonds have already risen SO that the choice of bargains among them is by no means what it was even two weeks since. There is a natural order in operations of this kind which is almost invariably followed. The demand converges, at first, on issues of the very best character, first mortgage bonds of the well known railway lines yielding only a small return, but furnishing the very highest security, whose prices under almost all conditions fluctuate but little. It is obvious that a very small advance, comparatively, in the prices of bonds of this kind brings them to a point where their interest yield becomes sensibly diminished and where the prospective investor is inclined to turn from them to consideration of bonds which, although not quite SO well secured, are still thoroughly safe and afford a greater interest return. In time the supply of good bonds at suitable prices becomes exhausted and the buying spreads to preferred stocks, and so through the entire security list. Whether the investment of capital will proceed steadily along this path in the coming months cannot, of course, be said to be a settled question. It has, however, started on the journey after its accustomed fashion, and in the past its footsteps have rarely wavered from the beaten way. The combined strength and dulness of the stock market are, too, just what would naturally be expected under these circumstances. Bearish operators have discovered that there is no further liquidation by the general public upon the receipt of unfavorable news, a fact which usually indicates that these unfavorable developments were long ago foreseen and duly prepared for. Hence, while a "bull market" is by no means in order yet, and while any attempt of speculators to inaugurate such an affair would undoubtedly meet with disaster, prices of stocks stubbornly resist artificial attempts to depress them and in their own good time may be expected to display the effects of the general market convalescence. It seems to be clear that a very sharp line is now being drawn by all careful students and dispassionate observers of financial affairs between such events as the collapse of overboomed local enterprises in various cities, dragging down with them trust companies and other money lending institutions which have advanced funds upon forms of security for which there is little market, and the general business life of the whole country, especially that in the Western and Southwestern agricultural sections. It would be very singular if we had seen the last of suspensions, temporary or otherwise, of institutions of this character because of reasons like the foregoing. The important point for investors and speculators alike to remember is that such disasters as these-many of them of only small importance at best-are not of such a character as to involve sales of securities in Wall Street. While of course, they have a perceptibly greater bearing upon the general situation than the bursting of such incorporation bubbles in the industrial world as prevailed SO notably in 1899, the two phenomena are really kith and kin, and the wealth and prosperity of the country are such that far less harm to the business life of the country. as a whole, will be done by them than many people might suppose. Prices of stocks to-day closed very irregularly, most of the active issues, however, showing small advances. Among the railroad issues the Rock Island shares were especially strong, while in the industrial list a sharp break in Republic Iron and Steel preferred followed the announcement that a-number of the employees of the Republic Iron and Steel Company in Minnesota had been laid off. The decision of a local court in Montana awarding possession of the Minnie Healy mine to the Amalgamated Copper Company's chief antagonist, and restraining the Boston and Montana company from paying any dividends to the Amalgamated Company, but refusing to put the Boston and Montana company in the hands of a receiver, was really more favorable to the Amalgamated company than had been expected. Litigation over these matters, is of course merely in its preliminary stage and must pass through the higher courts before a final adjustment is reached. As the Amaigamated company has not been in receipt of the Boston and Montana dividends for some time, the preliminary decision to-day does not change the status of affairs in the least. The decision of the First National Bank of Allegheny, Pa., to go into voluntary liquidation, as a result of the suspension of the Federal National Bank of Pittsburg. with which it was allied, was considered as of little importance in Wall Street, because the solvent condition of the bank was perfectly realized. The one other important new development of the day was the declaration of an extra dividend of

4. October 23, 1903 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, October 23, 1903

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Request Will Not Be Granted Until Examination of the Bank's Condition Is Completed. BIG CONCERN EMBARRASSED ACME HARVESTER COMPANY, OF PEORIA, IN FINANCIAL STRAITS. Its Affairs Placed in Control of a Committee-Failure of a Cold Storage Company. PITTSBURG, Oct. 22.-Following the suspension yesterday of the Federal National Bank, Pittsburg, the First National Bank of Allegheny failed to open its doors for business to-day. Its directors notified the controller of the currency that the institution had gone into voluntary liquidation and requested him to take the necessary action in such cases. The controller, however, replied that no voluntary liquidation could take place until the conditon of the bank had been examined. For some time the Allegheny Bank has been connected by rumor with the Federal National Bank, but it was believed up to late yesterday that it would weather the storm, notwithstanding the heavy run made on it, brought about by these reports. The directors, however, at a meeting last night, decided that, considering the best interests of all concerned, the action noted above should be taken. The following statement, prepared last night and signed by John Thompson, president, was made public today: "At a meeting of the board of directors of the First National Bank of Allegheny, held this evening, Oct. 21, 1903, it was resolved that although the bank has ample assets to pay all of its depositors in full and leave a handsome surplus for Its creditors, yet its supposed connection with the Federal National Bank of Pittsburg has caused 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 liquidation, and the officers of the bank and the directors have decided to make application to the controller of the currency to take the necessary steps to accomplish this purpose." The First National Bank of Allegheny was organized in 1864. The officers are as follows: President, John Thompson; vice president, R. J. Stoney, jr.: cashier, E. R. Kramer; assistant cashier. John D. Cramer. The correspondents of the bank are as follows: New York, National Park Bank; Philadelphia, First National Bank; Chicago. First Natonal Bank. The report of the condition of the bank at the colse of business Sept. 9, 1903, was as follows: -Resources

5. October 23, 1903 Bismarck Daily Tribune Bismarck, ND
Article from Bismarck Daily Tribune, October 23, 1903

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Pittsburg, Oct. 23.-Following the suspension Wednesday of the Federal National bank of Pittsburg the First National bank of Allegheny failed to open its doors for business during the day and its directors have notified the comptroller of the currency that the institution has gone into voluntary liquidation and requested him to take the necessary action in such cases. For some time the Allegheny bank has been connected by rumor with the Federal National bank, but it was believed that it would weather the storm, notwithstanding the heavy run on it brought about by these reports. The directors, however, at a meeting, decided that, considering the best interests of all concerned, the action noted in the foregoing should be taken. The Pittsburg Stock Exchange opening was quiet and trading light. By a vote of the exchange it was decided that for the remainder 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 bank in the clearinghouse, is looked upon by bankers generally as the almost necessary sequence of the first failure and that no further trouble will follow. All of the outside banks which 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. Bank Examiner E. J. Vaughan has been appointed receiver for the bank by the comptroller of the currency.

6. October 23, 1903 The Barre Daily Times Barre, VT
Article from The Barre Daily Times, October 23, 1903

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ALLEGHENY BANK FAILS First National Goes Into Voluntary Liquidation. FEARED RESULT OF RUN. Supposed Connection With Defunct Federal National of Pittsburg Had Aroused Distrust Among Depositors. Pittsburg, Oct. 23,-Vice President R.J. Stoney, Jr., 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 Pittsburg Clearing House association, which lasted from 8 p. m. until 3:20 a. m.: "At a meeting of the board of directors of the First National Bank of Allegheny it was resolved that. although the bank has ample assets to pay all of the depositors in full and leave a handsome surplus for the shareholders. yet its supposed connection 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 liquidation, and the officers of the bank and directors to make application to the comptroller of the currency to take necessary steps to aecomplish this purpose." Organized In 1864, "The First National Bankof Allegheny was organized in January, 1864, and has a capital stock of $350,000, a surplus of $100,000 and undivided profits of $34,871.80. The officers are as follows: President, John Thompson; vice president, R, J. Stoney, Jr.; cashier, E R. Kramer; assistant cashier, John D. Kramer. The First National is one of the oldest banking institutions of Allegheny. The directors of the bank are connected with some of the most important manufacturing interests in Allegheny. Many rumors during the past few days have connected the bank with the Federal, and for two days people have demanded their deposits after learning of the condition of the Pittsburg Institution. The clearing house committee bankers have a very sanguine opinion of the general situation, but the two banks so unfortunate at this time were found to be beyond the immediate reach of aid, although both are declared to be solvent and in good condition.

7. October 23, 1903 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, October 23, 1903

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ONE MORE PITTSBURG BANK HAS TO CLOSE UP First National Bank of Allegheny Goes Into Voluntary Liquidation. PITTSBURG, Pa., Oct. 22.-Following the suspension yesterday of the Federal National bank, Pittsburg, the First National bank, of Allegheny, failed to open its doors for business today, and its directors have notified the comptroller of the currency that the institution has gone into voluntary liquidation and requested him to take the necessary action in such cases. The suspension of the Allegheny bank, which has been the representative of the Federal National in the clearing house, is looked upon by bankers as the almost necessary sequence of the failure yesterday, and that no further trouble will follow. The depositors, it is promised, will be paid in full. The capital is $250,000 and the deposits $1,128,585. John Thompson is the president.

8. October 23, 1903 The Savannah Morning News Savannah, GA
Article from The Savannah Morning News, October 23, 1903

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ANOTHER PITTSBURG BANK PUTS UP THE SHUTTERS Too Closely Allied With the First That Failed to Survive the Run That Was Started. the Clearing House Committee of the Pittsburg, Pa., Oct. 22.-Following Pittsburg Clearing House Association, the suspension yesterday of the Fedwhich lasted from 8 o'clock last eveneral National Bank, Pittsburg, the ing until 3:20 o'clock this morning: "Allegheny, Pa., Oct. 21, 1903.-At a First National Bank of Alleghany failmeeting of the board of directors of ed to open its doors for business tothe First National Bank of Allegheny day, and its directors have notified the held this evening, Oct. 21, 1903, it was controller of the currency that the inresolved that, although the bank has ample assets to pay all of its deposstitution has gone into voluntary liquiitors in full and leave a handsome surdation, and requested him to take the plus for the shareholders, yet its supnecessary action in such cases. posed connection with the Federal National Bank of Pittsburg has creFor some time the Alleghany Bank ated wide distrust and caused a run has been connected by rumor with the on this bank to such an extent that Federal National Bank, but it was bewe feel it to be our duty to place the lieved up to late yesterday that it bank in voluntary liquidation, and the officers of the bank and the directors would weather the storm. notwithhave decided to make application to standing the heavy run made on it, the controller of the currency to take brought about by these reports. necessary steps to accomplish this purThe directors, however, at a meeting pose. "John Thompson, (Signed) last night, decided that considering the "President." best interests of all concerned, the The First National Bank of Alleaction noted above should be taken. gheny was organized in January, 1864, By a vote of the Stock Exchange it and has a capital stock of $350,000, a was decided that for the balance of surplus of $100,000, and undivided profits of $34,871.80. The officers of the the week no bank or trust stocks will bank are as follows: President, John be dealt in. Thompson; vice president, R. J. Stoney, The suspension of the Alleghany Jr.; cashier, E. R. Kramer: assistant Bank, which has been the representacashier, John D. Kramer. tive of the Federal National in the The First National is one of the oldclearing house, is looked upon by bankest banking institutions in Allegheny. ers generally as an almost necessary and

9. October 23, 1903 The Montgomery Advertiser Montgomery, AL
Article from The Montgomery Advertiser, October 23, 1903

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ANOTHER BANK CLOSES AN ALLEGHENY INSTITUTION FORCED TO SUSPEND. Has Ample Assets to Connection Paj All Debts, But Its Supposed With Pittsburg Federal Causes Run. ViceOct. 22-Early today of the First Pittsburg. R. J. Stoney, Jr., issued the National President Bank of Allegheny, a meeting of following statement directors after with the House clearthe house owners of and the Pittsburg Clearing from 8 o'clock ing Association. which lasted morning: last night until Allegheny, this Board Oct. of Directors 21, 1903. "At "meeting National of the Bank of 1903, Allegheny, it was of the dthis First evening, October 21, bank has amhel that, although the its depositors assets to pay all surplus full ple resolved and leave a handsome of its supposed Bank con- for in has the shareholders, Federal yet National distrust nection with the created wide to such and that we feel caused a run on it to be our of an extent Pittsburg the bank in voluntary bank this bank and liquidation directors duty the to place officers of the application to and have the decided to make Currency to take nec(Signed) Comptroller essary steps of to the accomplish this Thompson. purpose. "John "President. The First National January, Bank 1864, of Allegheny and has of organized in $350,000; a surplus $34,871. was a capital stock undivided of profits of The $100,000. officers are as Thompson; follows: and John Cashier, Vice-Presi- E.R. D. President, Jr.: John dent, Cramer; R. J. Assistant Stoney, Cashier, of the Cramer. The First National Institutions Bank in is Allegheny. one connected oldest The directors banking of the most bank important are manuMany the bank with facturing some rumors plants of the during in Allegheny. the with past few the days Fed- dehave have connected for two days after people learning of manded eral, and their deposits Pittsburg institution. a very condition of the committee has situation. so the house general this their The clearing opinion of the unfortunate at imsanguine but the two found banks to be beyond though both are mediate time were aid to be or solvent reach, and in good con- as declared dition. The correspondents of the Bank; bank are Philaof follows: New York, First Park National; National Chicago, the First First National. delphia., of the condition at the close The report Bank of 9, 1903, is of National business on September Allegheny discounts, unsecured. $1,240,- as follows: Resources-Iron and to secure overdrafts, States on United 980.01; $3,012.56; United $100,000 :premiums securities, bonds, $6,000; house estate $60,350; other banks etc., States circulation, $114,862.30 banking national stocks, real furniture State own- (not and fixtures, $5,972.30; due from $9,271.71; due from from ap ed, agents). $4,158.55 due checks banks reserve $834.82; cash items, $27,026.30; reserve proved and other and bankers, agents, $89,610.52; exchanges fractional notes of clearing banks, cents, nickles viz.: for national house, $2,311; and bank, $128.12; Speother currency reserve in $47,183: tolawful paper money legal tender reserve notes, in bank, United $113, cie, $65,935; lawful money fund with of circula113.03; tal Treasurer redemption (5 from per cent United redemp- States States $5,000; due than 5 per cent $350, Treasurer. tion), $2,850; other total, $1,735,476.19. paid in, and tion fund. Capital stock undivided pro- $53. 630.89: Liabilities surplus expenses funds, $100,000; notes taxes, utstanding, paid, less bank subject cashier's $1,735,476.19 $100,000; 000; check. fits, national $1,052,128.38: Individual $76,456.75; demand total, deposits certificates checks opening out- of to deposits, standing. Pittsburg $3,205.47 Stock quiet Exchange and trading it was light. deBy a for the will be vote of the balance of dealt in. this The morning that was stock exchange Bank, the week which The no cided bank or trust of the Allegheny of the Federal looked suspension representation esentative house, an is almost in the failure upon by sequence for no further necessary National has been bankers the believe clearing generally who as have trouble been yesterday, will follow. of the clearing outside banks through of the Allegheny Federal other to care doing All their and First National with in the crowd National have made arrangements for their paper of defuture. morning a in front of There of among banks positors This gathered Bank Allegheny. excitement small the restless First ap- the the National to be little several were to depositors, peared though to gain admission busy on and wished the bank were Robert clerks of entire of the The books the comptroller in charge of bank. their deputy was morning. currency assistant the Cramer, this the morning. were at J. D. at the bank as the assets paid cashier, was that as soon would be did the said banks of and bank. stated depositors he Alle- not off gheny think any would be realized dollar for dollar. of the affected. other

10. October 24, 1903 Morris Tribune Morris, MN
Article from Morris Tribune, October 24, 1903

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FIRST NATIONAL BANK OF ALLE. GHENY, PA., GOES INTO VOLUNTARY LIQUIDATION. PITTSBURG FAILURE CAUSED A PANIC STOCK EXCHANGE VOTES TO SUS PEND DEALING IN BANK AND TRUST SECURITIES. Pittsburg, Oct. 23.-Following the suspension Wednesday of the Federal National bank of .ttsburg the First National bank of Allegheny failed to open its doors for business during the day and its directors have notified the comptroller of the currency that the institution has gone into voluntary liquidation and requested him to take the necessary action in such cases. For some time the Allegheny bank has been connected by rumor with the Federal National bank, but it was believed that it would weather the storm, notwithstanding the heavy run on it brought about by these reports. The directors, however, at a meet. ing, decided that, considering the best interests of all concerned, the action noted in the foregoing should be taken. The Pittsburg Stock Exchange opening was quiet and trading light. By a vote of the exchange it was decided that for the remainder 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 bank in the clearinghouse, is looked upon by bankers generally as the almost necessary sequence of the first failure and that no further trouble will follow. All of the outside banks which have been doing their clearing through the Federal National and the First National of Allegheny have made ar. rangements with other banks to care for their paper in the future. Bank Examiner E. J. Vaughan has been appointed receiver for the bank by the comptroller of the currency.

11. October 24, 1903 Evening Journal Wilmington, DE
Article from Evening Journal, October 24, 1903

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Bank Failure Caused Cashier's Death. Pittsburg, Pa., Oct. 24.-Edward R. Kramer, cashier of the First Naional Bank of Allegheny, which suspended Thursday, died at his home in Sewickley, aged 56 years. Death was caused by apoplexy, followed by paralysis. The severe nervous strain through which he has passed during the last few days is thought to have hastened the attack. Mr. Kramer had been cashier of the bank for 15 years, having succeeded his father, Colonel J. P. Kramer, who had acted in the same capacity for 15 years prior to his death

12. October 24, 1903 The Savannah Morning News Savannah, GA
Article from The Savannah Morning News, October 24, 1903

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THE PITTSBURG BANK FAILURES. It was stated that the cause of the failure of the Federal National Bank at Pittsburg. Pa., on Wednesday was the circulation of unfounded rumors respecting the bank's solvency, thus causing a run on it, and it is alleged that the cause of the failure of the First National Bank of Allegheny, Pa., announced in our dispatches yesterday, was its connection with the Federal National Bank of Pittsburg. The real cause of the failure of these banks will not be generally known probably until there is a careful examination of their affairs. The chances are that they had loaned a great deal of money on securities which had for the time being become practically unsalable. The fall in the prices of securities within the last few months has been very great, so great and rapid, in fact, that banks which have loaned heavily upon them have been large losers. It may be asked why the banks did not sell them before their market value became less than the amount of the loan for which they were pledged. Perhaps they tried to do so, but in many cases were unable to find any market at all, or at least a market that would save them from heavy loss. Doubtless in many instances securities have been retained by banks with the hope that the market would improve. In the Northern cities the banks do a very large business in lending to brokers on securities which are put up as margins in speculative ventures. One of the reasons why there has been such a decline in the prices of securities is the actions of the banks in selling them, the owners no longer being able to increase their margins. It is to be hoped that the bottom has been reached in the matter of the prices of stocks and bonds. It was thought it had been reached many weeks ago, but that opinion, it seems, was an erroneous one. Notwithstanding the downward movement of the market for stocks and bonds, however, there seems to be a feeling that the period of prosperity which the country has been enjoying so long, is going to continue. In his address before the American Bankers' Association at San Francisco, reported in our dispatches yesterday, Controller of the Currency Ridgely, speaking of the prosperity which the country is enjoying, said: "It isn't going to disappear or vanish in a day because of a slump in stocks or the collapse of a few underwriting syndicates. It may be necessary to pause a little to get our breath after the pace we have been going, but if there is any serious check it will only be because we have lost our nerve and courage. The course of business today depends very largely on the bankers. If the banks continue to act wisely and conservatively, as they have, they can avert anything like serious trouble and keep the country in shape for a continuance of very prosperous times." No one understands better than the Controller of the Currency the importance of conservative management of the banks. If the banks refuse to encourage speculation there is not_ much danger of hard times in the near future. With the banks healthy confidence will remain firm, and with confidence unimpaired there will be plenty of money in circulation, and with plenty of money for business purposes prosperity will continue.

13. October 29, 1903 The Bamberg Herald Bamberg, SC
Article from The Bamberg Herald, October 29, 1903

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ANOTHER BANK CLOSES. The National of Alleghery at Pitts. burg, Pa., Forced to Liquidate. Following the suspension Wednesday of the Federal National bank of Pittsburg, Pa., the First National bank of Allegheny, failed to open its doors for business Thursday and its directors have notified the comptroller cf the currency that the institution has gone into voluntary liquidation and requested him to take the necessary as tion in such cases.

14. December 2, 1903 New-York Tribune New York, NY
Article from New-York Tribune, December 2, 1903

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PITTSBURG BANKS TO RESUME. Pittsburg, Dec. 1.-Judge M. W. Acheson, in the United States Circuit Court, has issued an order authorizing Receiver John B. Cunningham, of the Federal National Bank, to sell and transfer to a syndicate formed here 1,550 shares of stock in the First National Bank of Allegheny, which were owned by the Federal National Bank when the Federal bank closed its doors. The First National Bank of Allegheny was compelled to suspend payment on account of the close connections between the two concerns. It is now proposed by the syndicate to sever all relations of the Allegheny bank with the Federal institution, and reopen on Thursday. The Federal bank is also preparing for resumption, and will probably reopen for business next week. Nothing definite has as yet been decided upon. The principal difficulty seems to be in the selection of new officers.

15. December 5, 1903 The Spokane Press Spokane, WA
Article from The Spokane Press, December 5, 1903

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Will Resume. WASHINGTON, Dec. 5. - The comptroller of the currency has authorized the First National Bank of Allegheny to resume business Monday, it being found solvent despite the terrific run which caused the doors to close. It resumes with unimpaired capital.

16. December 5, 1903 Daily Capital Journal Salem, OR
Article from Daily Capital Journal, December 5, 1903

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The Bank Reopened. Washington, Dec. 5.-The comptroller of the currency has authorized the First National Bank of Allegheny to resume business Monday, it being solvent, despite the terrific run which recently caused its doors to close. It resumes with unimpaired capital.

17. December 7, 1903 The Seattle Star Seattle, WA
Article from The Seattle Star, December 7, 1903

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SOLVENT WASHINGTON, D. C Comptroller of the Currency Ridgely has authorized the First National Bank of Allegheny to resume busineas Monday, it being found to be solvent, despite the terrific run which recently caused its doors to close. The Institution resumes with unimpaired capital.

18. December 8, 1903 The St. Louis Republic Saint Louis, MO
Article from The St. Louis Republic, December 8, 1903

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TELEGRAPH NEWS BRIEFLY TOLD. SHARON. PA.-The Sharon works of the American Steel Foundries Company have resumed operations after being shut down some time on account of scarcity of orders. The wage scale has not been adjusted. LONDON-The November statement of the Board of Trade shows an increase of $18,027,500 in imports and a decrease of $8,052,000 in exports. PITTSBURG-The First National Bank of Allegheny. which closed its doors shortly after the suspension of the Federal National Bank of this city several weeks ago, has reopened with a surplus of more than $86,000 after having charged off every dollar of bad or doubtful debts. DES MOINES, IA.-Mrs. George Klingenbiel, who shot and fatally wounded her insane husband in an effort to turn him over to the authorities, was formally charged with his murder and held to the Grand Jury under $5,000 bonds. Klingenbiel died in the county jail. MOSCOW--The Council of Moscow is discussing the proposal to ask the Government's permission to import American street-car rails. which are badly needed because of the failure of Russian firms to supply the heavy rails required by the new lines. The failure is due to lack of proper machinery. CHESTER. W. VA.-The employes of the Chester tin-plate mill of the American Tin-Plate Company have accepted the reduced scale offered by the company, and the entire plant will start i full January 1. DES MOINES. IA.-President Roosevelt's big-family idea receives a great setback in the report of State SuperIntendent Barrett. which shows a decrease of 10,000 school children in Iowa since the 1902 enrollment. BOSTON-Henry S. MacPherson was appointed receiver for the Boston Auto Express Company by Judge Colt in the Unfted States Circuit Court. The concern has capital stock of $250,000. COLUMBUS, O.-Harry J. Hoover pleaded guilty to making false entries and fraudulent issue of a certificate as cashier of the People's National Bank. Newark. He was sentenced to five years in the penitentiary. NEW YORK-Judge Holt in the United States District Court appointed James G. Monaboe receiver of the Oil Seeds Pressing Company. It is claimed that the company owes $165,000.

19. December 8, 1903 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, December 8, 1903

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CONDENSED DISPATCHES. The employes of the Chester, W. Va., tin plate mill of the American Tin Plate Co., have accepted the reduced scale offered by the company and the entire plant will start, Jan. 1. Mr. McNaughton, manager of the Merchants Bank, at Tilbury, Ont., has committed suicide by shooting himself through the heart with a revolver. No reason is known for the act. The general officers of the National Woman's Christian Temperance Union, have announced that Philadelphia, has been selected as the meeting place of the national convention of 1904. Hon. George A. Fernald, the Boston banker, a native of Concord, N. H., has offered to bear the expense of painting and decorating the new City hall and auditorium, which means a gift of $5000 to the city. In a six-round bout at the National A. C. at Philadelphia, Monday night, Joe Gans put' Dave Holly to the floor several times, but Holly easily responded before the limit of the count in each instance. The bout was a lively one, but Gans had the better of the argument throughout. At an all-day service at St. James' Methodist Episcopal church at Chicago. $26,000 has been donated as a gift offering. It was the celebration of the eighth anniversary of the church. A debt of $11,000 in the church parsonage was cleared and $1000 was given for the general church debt paying fund and for Wesley hospital. The First National Bank of Allegheny, Pa., which closed its doors shortly after the suspension of the Federal National Bank of Pittsburg, several years ago, reopened, Monday. President Speer stated that the bank resumed business with a capital of $350,000 and a surplus of over $86,000, after having charged off every dollar of bad or doubtful debts. Eight human skeletons supposed to be the remains of Continental soldiers who perished during the Revolution were uncovered, Monday, by workmen excavating in City Hall park, New York City, near the old Hall of Records. A prison in which the British confined American prisoners occupied this site in Revolutionary times, later giving way to the Hall of Records. Two men giving their names as Abraham Thaler and Morris Opar, both 23 years, of New York, were arrested, Monday, at Pittsburg. After the prisoners had attempted to bribe the officers, they were taken to the Central police station and compelled to disgorge diamonds and other jewelry valued at $10,000. Besides the jewelry the men had two revolvers and two pawn tickets from New York brokers. Responsibility for the Boston & Albany Railroad wreck at Worcester, Saturday night. when an express passenger train plunged into a freight, causing the death of three persons, was placed upon Engineer Webster of the passenger train and Flagman McMana-