Allegheny Bank (Pittsburg, PA)

Episode Information

Episode UID
2803500591246
Episode Type
Suspension → Run → Closure
Bank Type
state
Bank ID
280350059 hash
Start Date
October 21, 1903
Location
Pittsburg, Pennsylvania (40.441, -79.996)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
c6af6689f469c570

Response Measures

None

Description

The Allegheny Bank (likely a state or private bank) suspended as a consequence of the failure of the Federal National Bank; the First National Bank of Allegheny also closed.

Events (2)
1. October 21, 1903 Suspension
Cause
Correspondent
Cause Details
The bank suspended as a consequence of the failure of the Federal National Bank, for which it acted as a clearing house representative.
Newspaper Excerpt
The suspension of the Allegheny Bank, which has been the representative of the Federal National in the clearing house, yesterday, is looked upon by bankers generally as an almost necessary sequence of the failure
Source
newspapers
2. October 22, 1903 Other
Newspaper Excerpt
By a vote of the exchange it was decided that for the rest of the week no bank or trust stocks will be dealt in. The suspension of the Allegheny Bank... produced hardly a ripple
Source
newspapers

Newspaper Articles (2)
1. October 22, 1903 The Washington Times Washington, DC
Article from The Washington Times, October 22, 1903

Click image to open full size in new tab

Article Text

FIRM MARKET AGAIN WITHSTANDS SHOCK Suspension of Allegheny Bank Produces Hardly a Ripple on the Floor of the Exchange. NEW YORK, Oct. 22.-The stock market this morning again demonstrated the control held by the bull faction. The suspension of a small bank in Allegheny, Pa., produced hardly a ripple, and there was no confirmation of reports circulated late yesterday of a large commercial failure. Prices opened with some irregularity, but slightly higher for many issues, and in the first hour upward progress was almost general. The principal exception was Amalgamated Copper, which sold ex-dividend, and opened equivalent to last night's price. An improvement of 1/2 per cent took place, but subsequently there was a decline of a point as a result of unfavorable forecasts of the Montana court's decision in the pending suits for a receivership of the subordinate Amalgamated properties. In the railroad department, Union Pacific advanced 1 per cent, and then showed slight hesitation. Rock Island preferred advanced over 3 per cent. Toward the close of the first hour the speculation developed a stronger tone, and in the active list the average improvement was a point or slightly over. In Governments, there were advances of 1/8 for the 2's and old 4's. and 1/4 per cent for the 3's and new 4's. Railroad bonds were firmer. London did only a small business, selling about 7,000 shares on balance. The rally during the first hour was largely a matter engineered by a few prominent traders. There seems to be renewed active manipulation in Amalgamated, pending the expected Minnie Healy mine decision. The market opened with some irregularity. The earliest quotations were unusually devoted to industrials. The tone was not weak even at the beginning, and shortly afterward positive strength developed in a considerable proportion of the railroad list. The maximum decline in the entire active list was 1/2 per cent in Canadian Pacific on a single transaction. Car and Foundry, Smelting common, and Sugar were 1/4 lower. Pennsylvania, St. Paul, and Union Pacific opened slightly higher. The last two named subsequently developed sugnificant strength. Chicago and Alton was prominent, selling up 1½ in all on about 2,000 shares. There were full recoveries in Erie and Atchison, and Southern Pacific developed strength. The bond market was without feature. After ten minutes' trading the market for stocks was largely in hundred share lots, but the tone varied only from firm to strong.

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

Click image to open full size in new tab

Article Text

Loans and discounts $1,240,980.01 3,012,56 Overdrafts, secured and unsecured United States bonds to secure circulation 100,000.00 6,000.00 Premiums on United States bonds 60,350.00 Stocks, securities, etc. Banking house, furniture and fixtures 114,862.30 Other real estate o led 5,972.72 Due from national banks (not re9,271.71 serve agents) 4,158.55 Due from State banks and bankers $9,610.52 Due from approved reserve agents 834.28 Checks and other cash items 27,026.30 Exchanges for clearing house 2,311.00 Notes of other national banks Fractional paper currency, nick128.21 els and cents Lawful money reserve in bank, viz: Specie, $65,930.03; legal tender notes, $47,183. Total lawful 113,113.03 money in reserve in bank Redemption fund with United States treasurer (5 per cent. of 5,000.00 circulation Due from United States 'treasurer, other than 5 per cent. redemption fund 2,850.00 Total $1,735,476.19 -Liabilities.$350,000.00 Capital stock paid in 100,000.00 Surplus funds Undivided profits, less expenses 53,630.59 and taxes paid 100,000.00 National bank notes outstanding Individual deposits subject to 1,052,128.38 check 76,456.75 Demand certificates of deposit 3,205.47 Cashier's checks outstanding $1,735,476.19 Total The Pittsburg Stock Exchange opening this morning was quiet and trading light. By a vote of the exchange it was decided that for the rest 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 Nathe upon bankers as an by tional in generally clearing house, yesterday, almost is looked necessary and they sequence of the failure that no further trouble will follow. outside banks believe All of the through which the have Federal been doing their clearing National and First National, of Allegheny, have made arrangements with other banks to care for their paper in the future. This morning a small crowd of depositors in front of the There of gathered Allegheny. appeared First depositors, National to be though Bank little excitement among the several were restless and wished to gain admission to the bank. Robert J. Stoney, jr., vice president of the First National Bank of Allegheny, made the statement this afternoon: "The directors of the acthe offer of the reason cept following the clearing bank house did not banks Pittsburg to tide us over was because, in of the was to carry us over one or of a run which must of the two not opinion days sufficient directors, the have amount the resulted. interest that reason the directors, in the decided it was to close the bank, a with the depositors. of For ment policy all depositors, pending We the will settle- wisest pay every dollar a balance the stockholders every bution there will depositor among be good that left of is the for due. bank." distri- been and Bank Examiner E. J. Vaughan has appointed receiver for the bank by the controller of the currency. On the Stock Exchange the reassuring effect of the $2,000,000 emergency fund raised by the Clearing House Association was plainly apparent throughout the day, and no unusual excitement was shown up to the close.