Article Text
HEAVY DEMAND AFFECTS BANKS OVER COUNTY Two Institutions in Washington Suspend Business Today Two at Monongahela and One at Suffer the end that the resources the institution and the of interests its patrons might be conserved to the fullest the Washington Trust Company suspended business this morning, the directors at meeting having voted unanimously to take that step. Simultanoeusly became known that Alexander Company of Monongahela, the oldest banking house the Monongahela valley and one the few remaining private banks the state affected by state commission regulations financial reports, applied the court Saturday afternoon receivership, John and Carl Gibson, gahela, named receivers. Monongehal Trust Company Farmers Merchants National Bank Bentleyville, subsidiaries Alexander and pany, have the commissioner of banking and the comptroller the currency did open for business this morning not stated that the situation be only temporary the Washington Trust Company the oldest and considered one of the soundest institutions in this section of the state Due to Heavy Withdrawals Heavy of the past have affected the bank and the elected close rather than all of the resources that be ing the bulk its for distrimoney bution depositors. The closing action decided upon before the volved and is that loss will the When the news became public this morning there heavy run the Citizens tional Bank which continued day pay dollar for dollar. Late morning, however, the Union Trust Company, third bank, unable to withstand the heavy deposit demands and was forced suspend business. Statement of Bank The condensed statement of the condition the bank, released of June 1931, showed the following: and due from banks, and investments, $6,690,852.02; building, vaults, furniture and tures, other resources, stock, surplus and profits, deposits, other liabilities, $200,000; total, Trust funds invested, trust funds uninvested, $246,297.56; total, $8,Alexander Ends Life Following pointed by the court for Alexander and Company at Monongahela, H. Alexander, together former State Senator Joseph Herron, owned the bank and the subsidiary ended his his that place. Alexander, 66 years of the last the family the bank controlled for more than 80 years He been poor health for time and the grief and shock have mind caused him take life. His partner, Joseph ron, also Organized in 1850 The Alexander organized 1850 and has been ness for years. Its Former Senator Joseph Herron, also of the MonTrust and the (Continued on Page Three)