gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
6054a83a79048fdb
Response Measures
None
Receivership Details
Depositor recovery rate
100.0%
Date receivership started
1908-05-18
Date receivership terminated
1917-01-22
OCC cause of failure
Fraud
Share of assets assessed as good
45.7%
Share of assets assessed as doubtful
41.0%
Share of assets assessed as worthless
13.3%
Events (4)
1.January 16, 1865Chartered
Source
historical_nic
2.May 18, 1908Receivership
Source
historical_nic
3.May 18, 1908Receivership
Newspaper Excerpt
The Allegheny National bank today closed its doors and went into the hands of a receiver. National Bank Examiner Robert Lyons, a national bank examiner, has been appointed receiver of the institution.
Source
newspapers
4.May 18, 1908Suspension
Cause
Bank Specific Adverse Info
Cause Details
Defalcations/embezzlement by cashier William Montgomery left large shortages, prompting closure by the comptroller.
Newspaper Excerpt
Closed by order of the comptroller and placed in charge of William L. Folds, national bank examiner.
Source
newspapers
Newspaper Articles (24)
1.May 14, 1908The Fulton County NewsMcConnellsburg, PA
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Article Text
NEWS OF PENNSYLVANIA HAD A SECRET DOOR. MAY BE MUURDER MYSTERY. Pittsburg (Special). - A secret Phoenixville (Special).-Searchers panel door leading from his private for Thomas Snyder, a resident of office enabled William Montgomery, Kimberton, a village near here, who cashier of the Allegheny National disappeared from his home on MonBank, to cover up his alleged defalday, unearthed another mystery in cations for many years, according to the finding of a body of an unknown William L. Fields, national bank exman in a dam in the French Creek, aminer, who has charge of the case. Not one of the hundreds of persons Mr. Fields declares Montgomery who viewed the body can give any worked with some employe of anclew to his identity and no papers other bank, presumably Henry Reibwere found in his clothes which er, the teller of the Farmers' Deposit would aid the authorities. National Bank. When the presence A short distance from the spot of the bank examiner would be anwhere the body was found the dead nounced, he says, Montgomery would man's hat was discovered on the side slip out through his panel door, hurof a steep railroad embankment, ry to the other and secure a temporwhich descends to the water's edge, ary loan sufficient to make good the An investigation by Deputy Cor. deficit. The money would be reoner Howell, of this place, has returned after the departure of the vealed that the man's death was not examiner. due to drowning. There are no The directors of the Allegheny marks of violence on the body and Bank met and deducted from their nothing save a vial containing a few surplus the sum of $469,000, the strychnine tablets was found on the amount Montgomery is charged with body. getting away with. It is probable The dead man was about 55 years that an assessment will be made of age, medium size, with light red against the stockholders of the instihair closely cut. His clothes were tution later on. As soon as the bank those of a workingman. opened a telegram was sent to the Seaboard National and the Park NaOCTOGENARIAN DIES. tional Banks, of New York, asking them to forward immediately $500,Coatesville (Special). - Richard 000 that the Allegheny National has Strode, one of the best-known busion deposit. The bank also secured all the cash it could get its hands on, ness men in this section, died in his and this was piled several feet high 84th year. on a big table in the center of the He was a descendant of the originbanking room. The immense sum al Scotch-Irish settlers of Pennsyl. could be seen from the street, and vania, and a brother of the late Rob. was sufficient in itself to prevent a run, although a run was at no time ert Wilson Strode, a Philadelphia threatened. contractor, and of James W. Strode, for many years master mechanic in It is declared here that Montgomcry did not profit to the extent of a the Elmira, N. Y., shops of the Pennsylvania Railroad. single cent. It is alleged that many Pittsburg business houses and manIn 1849 he bought a large tract ufacturers owe their existence to of land in this place and engaged in Montgomery who advanced them the lime burning and brick making money to keep them alive. When business. He served as burgess and as Councilman at various times and he attempted to get this money back, was the organizer of the branch of it is asserted, he found that the people whom he had favored were the Abolition party here. unable to give it to him. Today, Killed In Fall Downstairs. when it is too late, it is remarked that friends of Montgomery would Scranton (Special). Mrs J. V. raise $1,000,000 if necessary to get Titus, 92 years old, was found dead him out of his trouble. when her daughter returned from Montgomery appeared at a meetchurch. The aged woman had fallen ing of the bank directors. He was downstairs and had her neck broken. closely questioned but refused to adPatrick Finnerty was reading a pamit that any other person had anyper while sitting on the back porch thing to do with the robbery. In of his house and lost his balance and spite of this statement, however, fell down the stairs, a distance of there are persistent rumors that sevtwelve feet. He died in a few hours. eral prominent politicians are implicated. Miner Killed By Fall Of Coal. Because of the large number of peculations in Pittsburg banks ofMahanoy City (Special) -Charles ficials of the banks have adopted a Rolias was killed and Stiney Seykofsystem of shifting their employes. sky, Charles Smith and Charles ZenIn a number of the banks a man is man seriously hurt by the collapse allowed to remain in a position for of the roof in a gangway at Mahanoy a few months only, after which he City Colliery. Rolias was buried unIs transferred to some other departder several hundred tons of earth, ment. and the body has not vet been reach-
2.May 14, 1908The Alaska ProspectorValdez, AK
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Telegraphic News Candidates Pledge Support Seattle, May 8- All republican candidates for state office pledged themselves before the republican state convention today to support the peoples' choice for United States senator, as expressed at the primaries. Massachusetts for Bryan Boston, May 8-After a fight lasting more than an hour the democratic state convention today pledged its delegates to the national convention to vote for Bryan. Forestry Service Scored Washington, May 8-Senator Teller of Colorado today made an attack on the government forestry service and declared that its administration is unwise and arbitrary. Roosevelt to Take Rest Washington, May 8 - President Roosevelt and his family departed today for Pine Knot, West Virginia. for a week's vacation. Postal Savings Bank Urged Washington, May 8-Senator Carter today addressed the senate in behalf of the Postal Savings bank bill. He urged its passage as legislation in behalf of the poor man. Cashier Short $270,000 Pittsburg, May 8-William Montgomery, cashier of the Alleghany National Bank is missing and the bank accounts are short $270,000. Trust Company Closes Doors Cleveland, May 9-The Euclid Avenue Trust Company closed its doors today. It given out that the assets of the concern will equal the liabilities which are estimated at $1,5000, 000. The company has been weak since the panic. Spokanites to See Fleet Spokane, May 9-The Spokane a a large chamber special number of train commerce of which the city's will has chartered convey residents to Seattle for a sight of the Atlantic fleet. Two days will be spent on the Sound. More Pay For Army Officers Washington, May The house today agreed to the proposed appropriation of $7,000,000 which will be used to increase the pay of army officers and soldiers. Major Richardson Recovering Washington, May 9-Major Richardson, in charge of the Alaska road bureau, is reported from Hot Springs, Arkansas, as being on the road to recovery. The officer has been in the millitary hospital at the springs for several months. Nome Land Line Down Seattle, May 9-The land telegraph line to Nome is down. It not known here just where the trouble is. New Laws For Alaska Wanted Seattle, May 12-Mayor McCormick of Wrangell, who is now in Seattle is desireous that a commission be appointed for the purpose of compiling new laws for Alaska. In an interview today Mayor McCormick set forth his views in this respect advancing the idea that such action will be in the nature of a compromise on the quesof territorial government. Rifles Shoot Too Low Camp American Lake, May 12-The shooting done on the range here shows that the new Springfield rifles supplied the troops shoot low and the recommendations for its use have been withdrawn. Thaw Divorce Postponed New York, May 12-At the request of the mother of Harry Thaw action on the divorce now being sought by him has been postponed for a week. Mrs. Thaw is desirous of getting additional evidence as to her son's mental condition at the time of his marriage to Evelyn Nesbit. This evidence is to come from Pittsburg. Scotty Finds Two Bodies Needles, Cal., May 12 - Walter Death
$500,000 CONFIDENCE FUND. Allegheny Bank Forestalls Possible Run. Pittsburg. May 15.-Following a meeting held last night by the directors of the Allegheny National bank and representatives of a number of other large financial institutions of this city, definite aciton was taken today to raise a fund of $300,000 cash. which will be placed in the bank for the purpose of assuring the depositors and public of the unimpaired solidity of the bank. Further to maintain public confidence in the institution and to create a greater feeling of security in the minds of depositors, a plan of reorganization of its management has been agreed upon. Both of these measures are to be put into immediate effect.
4.May 18, 1908Lewiston Evening TellerLewiston, ID
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CITY MONEY IN BANK FAILURE. All of Pittsburg's Available Funds in the Allegheny National. PITTSBURG, May 18.-More than $1,500,000 of municipal funds are t'ed up indefinitely as the result of the suspension of the Allegheny National bank. The suspension of the bank leaves the city with practically no available funds.
5.May 18, 1908The Evening StatesmanWalla Walla, WA
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PITTSBURG, May 18.-Hopelessly wrecked by the peculations of its cashier, William Montgomery, the Allegheny National bank today closed its doors and went into the hands of a receiver. National Bank Examiner Robert
6.May 18, 1908Daily Capital JournalSalem, OR
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EMBEZZLER CAUSES CLOSE OF BANK (United Press Leased Wire.) Washington, May 18.-The Allegheny National bank of Pittsburg, of which William Montgomery, the cashier, is accused of embezzling nearly a half a million dollars, was ordered closed today by the comptroller of the currency. Robert Lyons, a national bank examiner, has been appointed receiver of the institution.
7.May 19, 1908The Pacific Commercial AdvertiserHonolulu, HI
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DEFAULTING CASHIER BREAKS BANK. PITTSBURG, May 18.-The Alleghany National Bank has suspended on account of the defalcations of its cashier.
8.May 19, 1908Ottumwa Tri-Weekly CourierOttumwa, IA
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Allegheny National Bank Suspends. Pittsburg, May 18.-The Allegheny bank suspended today and is in the hands of National Bank Examiner. The suspension is the result of the alleged speculations of Cashier Wm. Montgomery and caused little or no excitement. Montgomery is in jail. His speculations are officially placed at $594,000 but the bank's shortage is close to $2,000,000.
9.May 19, 1908Tonopah Daily BonanzaTonopah, NV
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BROKERS FAIL IN PITTSBURG (By Associated Press) PITTSBURG, May 18.-C. F. Patterson was today appointed receiver for Carrothe & Company, brokers, who are largely interested in local securities, whose assets are $2,000,000, with liabilities of $500,000. The failure of the firm is due to the suspension of the Allegheny National Bank.
10.May 20, 1908Edgefield AdvertiserEdgefield, SC
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WILL NOT TICKY UTILR county tard adt n. "ΠΎΠ" or Allegheny National Will Open Its Doors Institut "not Weather the Have No Effection equat Red goiteve Pittsburg, pag Sp Micially arthoutiesd the National Bank, whose William Montgoridery cifically. chargedtivot priation of $594,0090 the bank and gafβ the partment, are STATE larger apparent disci 900800 of bank's funds. will 819000 ed of darw business Monday. 26' sgerb TO on the door will animal an Comptroller of those en charge and win at ofdike7bank. ar 11 I Until dateidSumalaiti peeteds weather them I continua business TUO { number of, strong of tions and- prominent goigi 01 city, offered, assistanc STATE Yo has goa: $250,000 cash while TOL vided a like amount diate needs or provi emergencies. At the complete @5Hganka4 upon. e dAT hightiborser plans and [al] of 14 in conferences atten er Folds, 8 representi; Department!Ithe/band financiers who had P ter a careful review suspension of the to upon withe only by this decision was sea until a new ray of The announcement and the conference.go ICUSS the new suggest ing, business. Fina was agreed TO stand decision and to dique The suspension of believed, will have I fect upon SHU commercia stitutions of the dity. eid) 10 to President to of I I Washington Speci zenship! was, the IS' dress by President 9d] I he paid a aj notable ti sved hood before a large BLUI B DOGU Methodists at they sity, in course bes & outside (Lonhud of blΓ‘ge. WAST compose the delegates to the Gener: ence of the Methodist THOD church, TQ now in session to ** Have treen
11.May 20, 1908The Times DispatchRichmond, VA
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# QUAY'S INFLUENCE
fluences he exemplified had made too
many converts and captured too many
souls' to pass away with a single life.
He built up an organization of "prac-
tical politicians," and Pennsylvania is
still reaping suicides, bank failures, de-
falcations, heartbreaks and ruin as a
result of the Quay system of public
administration.
The last example is the Allegheny
National Bank, a "State institution,"
which has been wrecked beyond hope
of salvation. The bank is $2,000,000
behind, as a result of the speculations
of its cashier, who was a trusted hench-
man of Quay the "practical politician,"
and who learned his fete how to
gamble in stocks with the State's
money deposited by order of a boss in
a pet bank. The one redeeming feature
of this failure is the fact that very
few individuals had been foolish enough
to leave their money in a bank which
was notoriously run as a political in-
stitution. The city of Pittsburg, how-
ever, will lose about $1,500,000, and
the State of Pennsylvania about $500,-
000.
The influence of Matthew Stanley
Quay dead did for the Allegheny Na-
tional Bank just what Quay himself,
when alive, did for the People's Bank
of Philadelphia. In the latter instance
Quay escaped the charge of conspiring
to use the people's funds for his private
speculations by pleading the statute of
limitations. State Treasurer Haywood
died of grief over the proceedings. Of
other officials connected with the State
treasury during the days of Quay's
fatal domination, the New York World
remarks: "Cashier J. Blake Walters
committed suicide, State Treasurer Wil-
liam Livsey fled in disgrace, and State
Treasurers Amos C. Noyes and William
B. Hart died under the strain of of-
ficial dishonor. After Quay's death
followed the suicide of T. Lee Clark,
cashier of the wrecked Enterprise
Bank, which had observed the practice
of making political loans in return for
official favors from the State treasury.
Several of the bank's clerks were sent
to jail."
No wonder that of all evildoers and
rings, the most contemptible and the
most hateful is that political organiza-
tion which, under the guise of public
service, exists only for public plunder.
And now, to crown it all, the people of
Pennsylvania, in recognition of Quay's
eminent services as a lifelong political
corruptionist, are about to place an
imposing statue of the man at the ap-
proach to the new State Capitol at
Harrisburg, which is itself one of the
greatest monuments to graft in this
country.
12.May 21, 1908Herald and NewsRandolph, VT
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Familiar Bank Wrecking Story. The Alleghany National bank of Pittsburg, whose former cashier, William Montgomery, defaulted to the extent of $600,000 and perhaps more, has been forced to suspend. Montgomery is held for trial. The brokerage firm of Carothers & Co., which held large blocks of this bank's stock, failed in consequence.
13.May 21, 1908Aberdeen HeraldAberdeen, WA
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Looted Bank Suspends. Pittsburg, May 17.-It is officially announced that the Allegheny National Bank, whose former cashier, William Montgomery, is in jail specifically charged with misappropriation of $594,000, while officers of the bank are trying to fathom still larger discrepancies in the bank's funds, will not reopen for business.
14.May 22, 1908The Ely MinerEly, MN
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Closed Its Doors. Pittsburg, Pa., May 19.-The Allegheny National bank suspended shortly after 9 o'clock, the following notice being posted on the door: "Closed by order of the comptroller and placed in charge of William L. Folds, national bank examiner." At that time only a few depositors were about the institution.
15.May 22, 1908The Wisconsin Tobacco ReporterEdgerton, WI
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Allegheny National Bank Closed. Pittsburg, Pa., May 19.-The Allegheny National bank has suspended. Shortly after 9 o'clock the following notice was posted on the door: "Closed by order of the comptroller and placed in charge of William L. Folds, national bank examiner." At that time only a few depositors were about the institution.
16.May 23, 1908The Irish StandardMinneapolis, Saint Paul, MN
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Closed Its Doors. Pittaburg, Pa., May 19.-The Allegheny National bank suspended shortly after 9 o'clock, the following notice being posted on the door: "Closed by order of the comptroller and placed in charge of William L. Folds, national bank examiner." At that time only a few depositors were about the institution.
17.June 4, 1908The Laramie RepublicanLaramie, WY
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Montgomery Breaks Silence. Pittsburg, Pa., June 4.-According to reports, William Montgomery, former cashier of the defunct Allegheny National bank of Pittsburg, who is in jail charged with the misapplication of over $500,000 of the bank's funds, has broken his silence and made a statement to Robert Lyons, receiver of the institution. As a result it is thought the bank, with a small assessment on the stockholders, will pay depositors.
18.June 11, 1908Aberdeen HeraldAberdeen, WA
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Widow Gets Bank Cashier's Money. Pittsburg, Pa., June 8.-The romance of Cashier "Billie" Montgomery all-round sport, confirmed bachelor and rounder, who is now in the county jail while the receiver of the Allegheny National Bank figures out how much more than $1,250,000 his accounts at the bank are short, seems likely to be told in its en-
19.June 11, 1908The Idaho RecorderSalmon, ID
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PARTY RECORDS. (Continued From Page Two.) fall Wall street has succeedeed in glutting the banks with money. Wall street institutions are eager to lend unlimited sums at 2 per cent. the sole conditions being the pledge of the borrower that be will use the money in gambling and not In legitimate business. It was to create these conditions that last fall's panie was manufactured. No other panic is in sight. In spite of great crops and sound basic conditions of commerce, some cramping of business may continue. In fact, there may be some local panics. There was one in the Allegheny National bank this month. There is likelihood, always. of a panic in any spot where gambling and thievery cobabit. But talk of national stringency which would necessitate the Issue of half billion of emergency currency before a new congress would meet with time and desire to face the curr reney question in the prober spirit, 1 is the veriest nonsense. We do not think there is a chance T for the psasage of this proposed outrageous measure. But the people are e watching the means used to advance e it. They are watching the use of I "the pork barrel." They are noting the handling of the public buildings 5 bill. Silently they are observing one of the most disgraceful episodes to t our history. t There is not a constituency which I does not know that the threat faces its congressman that unless he marches under the Aldrich-Cannon 0 yoke any appropriation he may have it secured will be stricken out of the bill. Think of the fate ef the party that would go before the country with the record of such a currency bill forced through by such means.-Philadel an phia North American.
20.October 30, 1908The Wisconsin Tobacco ReporterEdgerton, WI
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Big Dividend of a Failed Bank. Pittsburg, Pa., Oct. 26.-Checks for $1,011,000, amounting to over 50 per cent of the deposits in the Allegheny National bank, which its doors were closed last May, have been mailed by Receiver Robert Lyon, of that institution. From this dividend the city of Pittsburg gets about $600,000, of its $1,500,000 deposit. and the state, gets $200,000 or its $600,000.
21.November 17, 1909The Topeka State JournalTopeka, KS
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Out of Prison to Testify. Pittsburg, Pa., Nov. 17.-It is stated today that William Montgomery, formerly cashier of the defunct Allegheny National bank of this city, now serving a sentence of 15 years in the federal prison at Leavenworth, Kan., will be brought to Pittsburg within a few cays to testify in a suit to recover $170,000 which has been entered by the receiver of the institution against Murray A. Verner, a well known politician and street railway magnate.
MONTGOMERY TO BE WITNESS. Pittsburg. Nov. 17.-It is stated today that William Montgomery, formerly cashier of the defunct Allegheny National bank of this city, now serving a sentence of 15 years in the federal prison at Leavenworth, Kan., will be brought to Pittsburg within a few days to testify in a suit to recover $170,000, which has been entered by the receiver of the institution against Murray A. Verner, a well-known politician and street railway magnate.
23.November 18, 1909The Salt Lake TribuneSalt Lake City, UT
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PITTSBURG Nov. 17.-It is stated today that William Montgomery, formerly cashier of the defunet Allegheny National bank of this city. now serving a sentence of fifteen years in the federal prison at Leavenworth Kan. will be brought to Pittsburg within a few days to testify In a suit to recover $170,000 which has been entered by the receiver of the institution against Murray A. Vernan, a wellknown street railway magnate.
24.November 18, 1909Los Angeles HeraldLos Angeles, CA
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Convict May Testify PITTSBURG, Nov. 17.-It was stated today that William Montgomery, formerly cashier of the defunct Allegheny National bank of this city, now serving a sentence of fifteen years in the federal prison at Leavenworth, Kas., would be brought to Pittsburg within a few days to testify in a suit to recover $170,000. which has been entered by the receiver of the institution against Murray A. Verner, a well known poliician and street railway magnate.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
