19299. Federal National Bank (Pittsburg, PA)

View Charter #6023 on SPMC

Bank Information

Episode Type: Run → Suspension → Reopening
Bank Type: national
Bank ID: 6023
Charter Number: 6023
Start Date: October 20, 1903
Location: Pittsburg, Pennsylvania (40.441, -79.996)

Metadata

Model: gpt-5-mini
Short Digest: 36049905

Response Measures

Accommodated withdrawals, Full suspension, Books examined

Other: Receiver report later showed solvency and allowed reopening; clearing house extended aid before suspension.

Receivership Details

Date receivership started: 1903-10-21
Date receivership terminated: 1903-12-14
OCC cause of failure: Run

Description

Stock-market panic/declines, large withdrawals (over $500,000) and bank-specific losses (Eastern Tube, Reese-Hammond exposures) precipitated heavy withdrawals; clearing-house aid was offered but the Comptroller closed the bank and appointed a receiver on Oct 21. The bank later reopened under old management in early December after the receiver's report showed solvency. Spelling 'Pittsburg' preserved as in contemporary sources.

Events (7)

1. November 16, 1901 Chartered

Source: historical_nic

2. October 20, 1903 Run

Cause: Bank Specific Adverse Info
Cause Details: Sharp decline in bank stock on Pittsburg Stock Exchange, adverse reports and exposures (loss on Eastern Tube Co.; connections to Reese-Hammond and Bolivar failures) prompted rapid withdrawals by depositors and country banks lifting certificates.
Measures: Associated local banks/clearing house committee examined affairs and voted to extend financial aid; banks agreed not to call loans and to support bank's stock.
Newspaper Excerpt: Over half a million dollars was withdrawn by depositors on Tuesday.
Source: newspapers

3. October 21, 1903 Receivership

Source: historical_nic

4. October 21, 1903 Suspension

Cause: Government Action
Cause Details: Acting Comptroller ordered the bank closed and appointed a receiver after substantial withdrawals and panic; directors decided to close and requested comptroller take charge.
Newspaper Excerpt: Closed by the authority of the comptroller of the currency. John B. Cunningham, Receiver.
Source: newspapers

5. December 7, 1903 Reopening

Newspaper Excerpt: The Federal National bank... reopened today under the old management.
Source: newspapers

6. December 14, 1903 Restored To Solvency

Source: historical_nic

7. January 20, 1914 Voluntary Liquidation

Source: historical_nic

Newspaper Articles (21)

1. October 20, 1903 The Sun New York, NY

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AIDED BY OTHER BANKS. Clearing House Help Given to a Pittsburg Institution. PITTSBURG, Pa., Oct. 19.-The Federal National Bank, capitalized at $2,000,000, will be assisted by the associated banks of the city. President Langfitt of the bank appeared before the clearing house committee this afternoon with a report of the condition of the institution. The bank's affairs showed that it was carrying paper of some concerns that had been associated with the Reese-Hammond Fire Brick Company and the Bolivar, Pa., bank, both of which are in the hands of receivers. The clearing house committee, composed of John B. Jackson, president of the Fidelity Title and Trust Company, James H. Willock of the Second National Bank and John G. Holmes of N. Holmes & Son, examined the bank's affairs and voted to extend to the concern the financial aid necessary to tide it over. The first announcement that something was wrong with the institution was learned from the Pittsburg Stock Exchange. The stock opened at 115. There has been some free selling during the last few days by insiders. As the stock declined there were no buyers, and it declined to 90. It was offered as low as 85, with no takers. As soon as the action of the clearing house became known it advanced to par and closed at 101. Some time ago, when the first signs of the panic became apparent in this city, the banks and trust companies decided to stand by one another and support each other's stocks. To-day local banks that were carrying Federal National Bank certificates ordered them lifted immediately. This was what led to the discovery that the bank was weak.

2. October 21, 1903 Bismarck Daily Tribune Bismarck, ND

Article from Bismarck Daily Tribune, October 21, 1903

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PITTSBURG BANK CLOSED. Comptroller of the Currency Orders the Closing of a Pittsburg Bank. Pittsburg, Oct. -Notice was posted on the doors of the Federal National Bank at 9 o'clock this morning, announcing the bank closed by order of the comptroller of the currency. That some such action as this was within the possibilities of the past two days was forecasted by a determined raid upon the institutions stock on the Pittsburg stock exchange. The positive statement however of President J. A. Langfitt to the effect that the bank was not in need of money and that its losses would not effect its capital or surplus did much toward allaying distrust on the part of depositors, thus preventing a run. The closing of the ban... was decided upon at a meeting of the directors which did not break up until 2 o'clock this morning. ADD BANK FAIDLRE The defunct bank was a heavy loser by the failure of the Eastern Tube company of Zanesville Ohio, and was also affected by rumors of losses in connection with Reese Hammond and Bolivar national bank failures at Bolivar, Pa. Over half a million dol lars was withdrawn by depositors on Tuesday.

3. October 21, 1903 The Roswell Daily Record Roswell, NM

Article from The Roswell Daily Record, October 21, 1903

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NATIONAL BANK CLOSES. Receiver Appointed for One of A Pittsburg's Big Institutions. Pittsburg, Pa., Oct. 21.-The doors of the Federal National Bank did not open for business this morning. On the doors was posted the following notice: "Closed by authority of the Comp. troller of Currency.-John B. Cunningham, Receiver." The closing of the bank was decided on at a meeting of the direc-

4. October 21, 1903 The Evening Statesman Walla Walla, WA

Article from The Evening Statesman, October 21, 1903

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BIG PITTSBURG BANK GLOSES ITS DOORS Its Capital Stock is Two Millions and Its Liabilities Seven Millions, Washington, Oct. 21.-The acting comptroller of the treasury last night appointed National Book receiver than Na for tional bank of Pittebarg. The only word the comptroller had was a long distance telephone message that the bank would not open today. No de tails were given: The bank is capitalized for $2,000,000. The Federal National bank for which a receiver has been appointed, is a heavy loser on the Eastern Tube company of Zanesville, O. More than half a million dollars was withdrawn by depositors yesterday, owing to the decline of the bank's stock on change. The last statement shows liabilities of $7,000,000. Bankers believe that the Federal National will pay dollar for dollar and that its embarrassment was due to tightened money and stock fluctuations. They don't believe the furry will extend to other banking. institutions. The president of the Federal bank at noon issued a statement saying that at no time was any depositor in danger of losing his money. When the doors closed the bank had nearly $2,000,000 in deposits, to secure which it had on hand in cash and good se curities more than $4,500,000. The president says nobody has defaulted, absconded or been smitten with paresis.

5. October 21, 1903 Alexandria Gazette Alexandria, VA

Article from Alexandria Gazette, October 21, 1903

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Bank Failures, Pittsburg, Pa., Oct. 21.-The Federal National Bank of Pittsburg did not open for business this morning. A notice on the door stated that by authority of the Comptroller of the Currency, the bank was closed. This was signed by J. B. Cunningham, the national bank examiner, who has been appointed receiver. The Federal National Bank was opened for business on December 2, 1901. The bank was very agressive from the start and interests identified therewith assisted in the organization of a large number of banks in different sections of western Pennsylvania. The Federal acted also as a reserve agent for numerous national banks. It cleared through the First National Bank of Allegheny, control of which was purchased at $125 per share on June 1 last. According to financial interests the bank had been checked on very heavily the past two weeks by country banks and bankers. The amount was not stated but has been estimated at being over $1,500,000. When the announcement of the closing of the Federal National Bank was made on the floor of the local stock exchange this morning a statement was also read from óther leading banks that they would not call in any loans for which they had collateral security. The opinion prevails that the flurry will not extend to other institutions. It is also believed by many that the embarrassment of the Federad National Bank is only temporary.

6. October 22, 1903 The Sauk Centre Herald Sauk Centre, MN

Article from The Sauk Centre Herald, October 22, 1903

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HAS CLOSED ITS DOORS FEDERAL NATIONAL BANK OF PITTSBURG SUSPENDS. President Langfitt Blames Stockhold ers and Depositors for Failure of Institution. Pittsburg, Oct. 22.-The doors of the Federal National bank were not opened for business during the morn ing. The fellowing notice was posted in explanation: "Closed by the authority of the comptroller of the currency." Some such action as this has been within the possibilities during the past two days, forecasted by the determined raid made upon the institution's stock on the Pittsburg Stock Exchange. The positive statements, however, of the president, J. A. Lang fitt, to the effect that the bank was not in need of money and that its losses would not affect its capital of surplus did much toward allaying distrust on the part of its depositors, thus preventing a run. The bank was established in 1901 with a capital of $2,000,000 and the last statement, filed with the comptroller in September, shows resources and liabilities of $7,693,782 each. The closing of the bank was decided upon at a meeting of the directors, which did not break up until 2 o'clock in the 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 receiver's notice was posted at 9 o'clock. Held Government Deposits. The bank is a United States depository and reported on hand Sept. 9 $50,000 of United States deposits. The stock of the company has been subjected to sharp declines on the Pittsburg Exchange this week. On Monday the stock sold down from 115 to 85, but was forced up again to 101. All day Monday it sagged and the closing quotations were 80 bid and 85 asked, a number of transactions having been made at 80. The course of the stock had attracted much attention and numerous adverse reports were in circulation, but they were promptly and fully denied by President J. A. Langfitt. He stated that the bank had suffered only one possible loss-that of $140,000for which it held notes of the Eastern Tube company of Zanesville, O. That company is in the hands of a receiver and a plan of reorganization is being worked out. he said. and the bank's loss on that account may be small. In a signed statement J. A. Langfitt, president of the Federal National bank, said: "The Federal National bank has finally yielded to the combined assaults of its stockholders and depositors and has closed its doors until arrangements can be made to discharge all depositors' claims. The question of reopening will then be decided."

7. October 22, 1903 The Indianapolis Journal Indianapolis, IN

Article from The Indianapolis Journal, October 22, 1903

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STOCK MARKET SUPPORT HASTILY FORTHCOMING ON NEWS OF PITTSBURG FAILURE. Fair Gains Established in Many Leading Stocks, with Some Recession Toward the Close. NEW YORK, Oct. 21.-The news before the opening of the stock market to-day of the suspension of the Federal National Bank, of Pittsburg, caused fears of a violent break in the market. There were some heavy offerings just at the opening in some of the leading stocks and declines ran to a point in a few cases. Pressure was severe on United States Steel preferred, causing a loss of 11/4. Fears for the result in the market were the more acute owing to the part played in yesterday's considerable recovery by the published assurances that the Federal National Bank was not in need of assistance. It was believed, therefore, that the threatened institutions had weathered the storm. The news this morning caused hasty measures for supporting prices. The effectiveness of these became very promptly manifest, but the recovery was viewed with some suspicion owing to the belief in the artificial nature of the demand. Those on the floor were surprised at the ease with which the decline was checked and it was easy to perceive that the offerings of stocks in the market were on a very light scale. The buying was thereupon renewed with vigor and the market carried upward comprehensively to the extent of a point or more. Prices retraced their course during the latter part of the day and the closing was rather easy and at net declines for the day, except where the early gains had been above the average. The late downward movement was not fully explained by any published development. The demand from shorts was satisfied to some extent on the advance, thus subtracting from the support of the market. Some fears were en\tertained that there might be a new factor in the Pittsburg trouble, carried over today by reason of the decision of the banks not to call maturing loans there and other measures of precaution. The cause assigned for the failure, namely the withdrawal of deposits by small banks which had been offered a high rate of interest by the failed bank to atract these deposits, was a result from a condition known to have become sufficiently general to be.the subject of wide-spread criticism. Notwithstanding the late reaction in the market its tone was accepted as rather convincing evidence of a measurable restoration of confidence in view of the factors to be contended with. To these must be added the threatening aspect of labor conditions with the Manhattan Elevated. The market did not take well the announcement that some of the anthracite collieries will close for about a week owing to the quick succession of holidays within that period. The local money market was quite unaffected by the large shipments of money to Baltimore. Reports were current of further large grain exports and the freer movement of cotton was also viewed with satisfaction. The bond market was very board and widely varied at generally advancing prices. Bond houses report a notable increase in the investment demand. Total *sales at par value were $3,476,000. United States twos advanced 1/2, the old fours % and the threes and new fours 1/4 per cent. on the last call. Following are the day's share sales and the recorded price changes:

8. October 22, 1903 Daily Kennebec Journal Augusta, ME

Article from Daily Kennebec Journal, October 22, 1903

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FAILURE AT PITTSBURG. Federal National Bank Closes Its Doors to the Public. Pittsburg, Pa., Oct. 21.-The doors of the Federal National Bank were not opened for business, Wednesday morning. The following notice was posted in explanation: "Closed by the authority of the comptroller of the currency. John B. Cunningham, receiver." Some such action as this has been within the possibilities of the past two days, forecasted by the determined riad made upon the institution's stock on the Pittsburg Stock Exchange. The positive statements, however, of the president, J. A. Langfitt, to the effect that the bank was not in need of money and that its losses would not effect its capital or surplus did much towards allaying distrust on the part of its depositors, thus preventing a run. The closing of the bank was decided upon at a meeting of the directors, Tuesday night, which did not break up until 2 o'clock Wednesday 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 receiver's notice was posted at 9 o'clock. The bank is a United States depositor and reported on hand, Sept. 9, $50,000 of United States deposits. The stock of the company has been subjected to sharp declines on the Pittsburg exchange, this week. Monday, the stock sold down from 115 to 85, but was forced up again to 101. All day Tuesday. it sagged and the closing quotations were 80 bid and 85 asked, a number of transactions having been made at 80. The course of the stock has attracted much attention and numerous adverse reports were in circulation, but they were promptly and fully denied by Pres. J. A. Langfitt. He stated, Tuesday evening, that the bank had suffered only one possible loss, that of $140,000, for which it held notes of the Eastern Tube Co. of Dayton, O. That company is in the hands of a receiver and a plan of reorganization is being worked out, he said, and the bank's loss on that account may be small. Robert S. Smith. president of the Union National Bank and president of the Pittsburg Clearing House Association. said: "There is not the slightest reason for any alarm, and if people will only keep cool there will be no trouble. I was assured, last night, by President Langfitt that every depositor would get every dollar due, and I believe the statement. The bank has some excellent assets and there seems to be no reason why depositors should not get all coming to them."

9. October 22, 1903 Daily New Dominion Morgantown, WV

Article from Daily New Dominion, October 22, 1903

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Latest reports from Pittsburg are to the effect that the failure of the Federal National will not seriously embarass any one in that city. The bank will pay out without any difficulty. All the other banks will be protected by the clearing house and nothing further along the line of suspensions is to be anticipated.

10. October 22, 1903 Montour American Danville, PA

Article from Montour American, October 22, 1903

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PITTSBURG BANK FORCED TO WALL PITTSBURG, Pa., Oct. 21.-The doors of the Federal National Bank were not opened for business this morning. The following notice was posted in explanaion: "Closed by the authority of the comptroller of the currency. "John B. Cunningham, receiver." Some such action as this has been within the possibilities for the past two weeks, forcasted by the determined raid made upon the institution's stock on the Pittsburg stock exchange. The positive statements, however, of the president, J. A. Langfett, to the effect that the bank was not in need of money and that its losses would not affect its capital or surplus did much toward allaying distrust on the part of its depositors, thus preventing a 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 receiver's notice was posted at 9 o'clock. The bank is a United States depository and reported on hand Sept. 9,$50,000 of United States deposits. The stock of the company has been subjected to sharp declines on the Pittsburg exchange this week. On Monday the stock sold down from 115 to 85, but was forced up again to 101. All day yesterday it sagged and the closing quotations were 80 bid and 85 asked, a number of transactions having been made at 80.

11. October 22, 1903 The Indianapolis Journal Indianapolis, IN

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The stock of the bank has been subject to sharp declines on the Pittsburg Exchange this week. On Monday the stock sold down from 115 to 85, but was forced up again to 101. All day yesterday it sagged and the closing quotations were 80 bid and 85 asked. a number of transactions having been made at 80. The course of the stock has attracted much attention, and numerous adverse reports were in circulation, but they were promptly and fully denied by President J. A. Langfitt. He stated yesterday evening that the bank had suffered only one possible loss, that of $140,000, for which it held notes of the Eastern Tube Company, of Zanesville, O. That company is in the hands of a receiver and a plan of reorganization is being worked out, he said, and the bank's losses on that account may be small. Following is the signed statement of President Langfitt: "The Federal National Bank has finally yielded to the combined assaults of its stockholders and depositors, and has closed its doors until arrangements can be made to discharge all depositors' claims. The question of reopening will then be decided. When the business depression came on the stockholders, from necessity or fear, began throwing the stock upon the market. The stock issue was large and the market weak. Thereupon disquieting rumors sprang into birth, groundless, baseless and perhaps in some cases malicious. These increased the weakness of the stock. and the weakness increased the rumors until our splendid list of depositors took fright and the rapid withdrawal of moneys began and increased in volume daily until, despite our best efforts to call in loans and provide funds, the bank could no longer meet the demands upon it, and drastic measures became necessary. Our demand loans could not all be collected forthwith and our time notes had not yet matured. Last night the directors, believing such course to be the proper one under the circumstances, ordered the bank to be closed temporarily and requested the controller of the currency to take charge.. "Two weeks ago our deposits exceeded four million dollars and until yesterday, when the floods came, we had maintained our full legal reserve. Nobody has defaulted or committed suicide, or absconded. The board of directors is and has been always loyal to the bank and in full accord and harmony. We have had no actual losses, and, with one exception, our combined losses up to date would not aggregate one-half of 1 per cent. of our capital. The exception referred to is our claim against the Eastern Tube Company, which may or may not result in loss, and even if a total loss should there ensue, it could be paid in full out of our individual profits of $160.000 without touching either our capital of $2,000,000 or surplus of $400,000. "The officers and directors are but the servants of the stockholders and trustees for the depositors. They have tried their utmost to prevent this climax-this acme of financial stupidity and money madness. When all other efforts failed to stem the tide, they sought the financial help of the committee of associated banks of Pittsburg and received most courteous and kindly sympathy and advice. When our doors closed we had approximately $1,900,000 of deposits to secure which we had on hand in cash, time and demand loans and other good securities about $4,600,000. This was our condition after having paid out to depositors in addition to current receipts and disbursements over $2,000,000 within fifteen days in a period of generally strenuous financial conditions. Despite this full and ample security, quickly available, our depositors seemed almost frenzied in their haste to get their money lest they should lose it all. There is not now and never was a moment when they, or any of them,

12. 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-

13. October 22, 1903 The Saint Paul Globe Saint Paul, MN

Article from The Saint Paul Globe, October 22, 1903

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WALL STREET TIMOROUS SUSPENSION OF PITTSBURG BANK HAS A BAD EFFECT Offerings Are Heavy at the Opening and Prices Decline-Buying Is Then Renewed and Quotations Ascend, Yet the Close Is at Something of a Loss. NEW YORK, Oct. 21.-The news before the opening of the stock market today of the suspension of the Federal National Bank of Pittsburg raused fears of a violent break in the market. There were some heavy offerings just at the opening in some of the leading stocks and declines ran to a point in a few cases. Pressure was severe upon United States Steel preferred, causing a loss of 11/4. Fears for the result in the market were more acute, owing to the part played in yesterday's considerable recovery by the published assurances that the Federal National bank was not in need of assistance. It was believed, therefore, that the threatened institutions had weathered the storm. The news this morning caused hasty measures for supporting prices. The effectiveness of these became very promptly manifest, but the recovery was viewed with some suspicion. owing to the belief in the artificial nature of the demand. Those on the floor were surprised at the ease with which the decline was checked, and it was easy to perceive that offerings of stocks in the market were on a very light scale. Then Comes a Rally. The buying was thereupon renewed with vigor and the market carried upward quite comprehensively to the extent of a point or more. Prices retracted their course during the latter part of the day and the closing was rather easy and at net declines for the day except where the early gains had been above the average. The late downward movement was not fully explained by any published development. The demand from shorts was satisfied to some extent on the advance, thus subtracting from the support for the market. Some fears were entertained that there might be a new factor in Pittsburg which may be carried over today by reason of the decision of the banks not to call maturing loans there and other measures of precaution. The cause assigned for the failure. namely, the withdrawal of deposits by small banks which had been offered a high rate of interest by the failed bank to attract these deposits was a result therefrom and became so general as to be the subject of widespread criticism. Labor Conditions Threatening. Notwithstanding the change in the market, its tone was accepted as rather conviction of a measure to restore confidence, with a view of the factors to be contended with. To these must be added the threatening aspect of labor conditions with the Manhattan elevated. The market did not take well the announcement that some of the anthracite collieries will close for about a week owing to the quick succession of holidays within that period. The local money market was quite unaffected by the large shipments of money to Baltimore. Reports were current of further large grain exports, and the freer movement of cotton was also viewed with satisfaction. The bond market was very broad and widely varied at generally advancing prices. Bond houses report a notable increase in the investment demand. Total sales of bonds, par value, $3,476,000. United States 2s advanced 1/2 per cent, the old 4s 3/8 and the 3s and new 4s 1/4 per cent on the last call.

14. 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.

15. October 23, 1903 The Times Dispatch Richmond, VA

Article from The Times Dispatch, October 23, 1903

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Movement of Stock Prices for Day Inconclusive. LOSS PRE DOMINATE But Market Makes Quite General Advance in Face of Early Unfavorable Developments--Money Continues Easy-Bonds Strong, (By Associated Press.) NEW YORK, Oct. 22.-The movement of prices of stocks to-day was again inconclusive, the net changes being for the most part trivial. Losses predominated at the end of the day. but the market had quite generally advanced in face of the early unfavorable developments. The suspension of an Allegheny bank growing out of the failure vesterday of the Federal National Bank, of Pittsburg, caused scarcely a ripple in the market, although reports showed the continued necessity of precautionary measures at Pittsburg, such as refraining from trading in bank stocks, and the provision of a two million dollar safety fund amongst the banks. London also affected this market unfavorably. owing to a fresh outbreak of fears of war between Russia and Japan. The labor disputes on the Manhattan and Pennsy Railroad system were under discussion in Wall Street, but did not seem to be much regarded in the tradIng. Dissatisfaction was expressed with the conditions in the coal trade growing out of a large accumulation of steam sizes of anthracite and the active competition thereby produced with the large production of bituminous coal for shipping to the seaboard. The latter traffle is reported to be in a semi-demoralized condition, and at the same time the assertion gained currency that the Attorney-General of Virginia contemplated a proceeding to contest the control by the Pennsylvania and the Baltimore and Ohio, Norfolk and Western and Chesapeake and Ohio. The fect of these developments was not more than nominal and did not prevent an advance which included representative stocks in most of the prominent groups. the coalers not excepted. With funds accumulating in reserves and a growing ease in the money market. there is no longer an expectation that high interest rates will be permanent. and on this assumption high grade bonds are attractive at the present level of prices. The special demands upon local monev supplies by reason of the troubles at Baltimore and Pittsburg have not affected the case of the local money market. One reason for the prevailing ease seems to be that the heavy railroad borrowings expected to develop this fall have not come into evidence. Deposits at the sub-Treasury to-day for transfer to New Orleans were $350,000. following the deposit for a similar purpose yesterday of $325,000. This is convincing evidence of a much freer movement of the cotton crop, which the very large port receipts of to-day also testified to. The prozpect of the resulting larger supply of bills in the exchange market is viewed with satisfaction. The market closed steady. The bond market was broad and strong. Total sales of bonds, par value, were $2,632,000. United States 3's and the new 4's advanced 1-4 and the 2's and old 4's 1-8 per cent. on the last call. Total sales of stocks 475,500 shares. MONEY AND EXCHANGE-CLOSE:

16. October 28, 1903 The New Dominion Morgantown, WV

Article from The New Dominion, October 28, 1903

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17. October 31, 1903 The Barre Daily Times Barre, VT

Article from The Barre Daily Times, October 31, 1903

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Pittsburg Banks to Resume. Pittsburg, Oct. 31.-It is confidently expected that the First National bank of Allegheny and the Federal National bank of Pittsburg, the two institutions temporarily embarrassed during the recent financial slump, will be able to reopen as spon as the receiver# reports are filed.

18. November 28, 1903 The Indianapolis Journal Indianapolis, IN

Article from The Indianapolis Journal, November 28, 1903

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National Bank to Reopen. PITTSBURG. Pa., Nov. 27.-It is announced that the Federal National Bank, which closed its doors on Oct. 21, will reopen on Dec. 2 under the old management. According to the report of the receiver to the controller of the currency the bank is perfectly solvent and its capital unimpaired.

19. December 7, 1903 Lewiston Evening Teller Lewiston, ID

Article from Lewiston Evening Teller, December 7, 1903

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Bank Opened (Special Telegram to Evening Teller.) PITTSBURG, Pa., Dec. 7.-The Federal National bank, which closed its doors on October 21, reopened today under the old management. The reopening follows as a resurt of the report of the receiver to the controller of the currency, which showed the bank to be perfectly solvent and its capital unimpaired.

20. December 7, 1903 The Evening Statesman Walla Walla, WA

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Pittsburg Bank Reopens. PITTSBURG, Pa., Dec. 7.-The federal National bank, which closed its doors on October 21, reopened today under the old management. The reopening follows as a result of the report of the receiver to the controller of the currency, which showed the bank to be perfectly solvent and its capital unimpaired.

21. December 12, 1903 Ottumwa Tri-Weekly Courier Ottumwa, IA

Article from Ottumwa Tri-Weekly Courier, December 12, 1903

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AUTHORIZED TO RESUME. Comptroller Approves Petition of Federal National Bank. Washington, D. C., Dec. 11.-The comptroller of the currency has authorized the Federal National bank of Pittsburg, Pa., which closed its doors October 31, 1903, to resume business on Monday morning, December 14, and the receiver has been instructed to surrender to the new president and board of directors all the assets of the bank in his possession.