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Losses Hit $1,125,000 in Allegheny Bank Defalcation Exposure
Special to The Washington Post reports Pittsburgh faced its greatest financial threat when Allegheny National Bank defalcations were revealed four months late. Bank closings followed, with James Carothers & Co brokerage firm suspending operations, triggering widespread unease. Officials fear further collapses, while deposits tighten and investors face large provable losses from Montgomery's embezzlement. Arrests and potential charges loom as authorities pursue implicated parties and seek state evidence.
MENTIONED IN THIS ARTICLE
Washington Post
Pitsburg
Pittsburg
Allegheny National Bank
James Carothers
Allegheny Bank
William “Montgomery
Montgomery
Joh Young
Henry Reiser
Fapme
Teposit Bank
Fim