The sun. [volume] (New York [N.Y.]) 1833-1916, 1913-07-08
RUN STARTS ON THIRD
Forty Public Utility Com
panies and Private
Bank Affected.
DEPOSITS ARE S82.OOO.OOO
Jntimation That Reports Made
Public Did Not Show
True situation.

r,-.rsprpc. July THE First -Second
NATIONAL Bank Of this city failed to
anon it's doors for business this morn
,ns The merged bank has more than
a, 900 900 in deposits. and is the sec
o,d largest in this State.
When a notice appeared this morn
,nc on the doors Of the bank In the
,ven,y-four story building at Fifth ave-
nue and Wood street. the news spread
RAPIDLY through the city. and soon anx-
ious crowds OF tepositors began fiocking
70 the closed bank. but they were turned
away by policemen. who guarded the
doors. Among the throngs which
haunted the hank all day were persons
who have their life savings deposited
in the institution.
The effect Of the closing was felt BY
other institutions here. depositors be-
ginning to withdraw their deposits
from many banks.
Soon after the bank closed. the First
NauOnA bAuh Va &uC1ACcOPOit anu -
bank at Amherst. Ohio. CLOSED their
doors. Tho First National Bank Of
McKsesport IL controlled by tho Kuhn
interests, which arc identified promi-
nently with the First-Second Nstional
Bank
W. 9. Kuhn. president Of the closed
institutdon. - at the bedside Of his wife
at Prides Crossing. Mass. whore Mrs.
Kuhn gave birth to . baby boy yester-
day. This explained his absence during
the trytns hour q his bank.
Gsvssnosat Offsesss n Chssse.
The failed hank 10 now II tho hands
ot the Government authorities. Tho
following notice appeared on the doors
Of the bank:
This bank clcsed BY the direction Of the
ac,ing Comptroller Of the Currency and
= now In the hands OF National Bank
Examiners samuel NJ. Ham and Sheriff.
smith.
EFT p. KANE.
"Aoting Comptroller"
Later new notice was posted which
read:
This hank has been closed by the direc-
ton Of the acting Comptroller OF the Cur
rency. Charles c. Murray has been ap-
pointed receiver and 10 now in charge Of
the bank.
Receiver Murray later had q notice
posted. which is as follows:
"Payment Of all items maturing here
will be received"
Tho clnain0 NJ th> hool, 4. .%tr,A,,>.<,
by one Of the directors to the action
falling to agree with the bank officials
securities Of the bank.
The director asserted that the bank
IS solvent and that the depositors will
be paid in full. The consolidation Of
the First and Second national banks
the knowledge and appreciation Of Gov
ernment authorities. However the
rhange In administrations in Washing
ton last spring put a new influence In
the Treasury Department. About a
month ago special examiners were de-
tailed from Washington to conduct an
Investigation OF the affairs Of the bank
New Washinston Officials Blamed,
The condition Of affairs which wal
countenanced by the former Govern.
ment banking authorities was not sat.
isfactory to the new officials and the
present Treasury Department officials
it Is said, and the refusal Of the direc.
tors to comply with conditions which
they considered unjust and unnecessary
brought the order Of suspension.
W. :, Kuhn and his associates have
made all the sacrifices they should
Tor n" welfare OF the institution. theii
trends say. and they declined to commit
th"nselves further. y They charge the
present Treasury Department author
tiles with repudiating what the former
officials approved ninety days ago.
receivership was asked this after.
noon for the j. s. 4 w. 8. Kuhn
''mpany. which has been one OF the
most influential factors in local bank
INK circles for years. j. X. Dun, treas
uf"r "f the company. was named the
receiver in the United States court by
Judge Orr.
An application for a receiver for the
american Water Works and Guarantee
company Of New Jersey. which IN con
T"lI"d by the Kuhn interests. was asked
,or N the same court. This company
mas been identified with water and irri-
eaton projects throughout the United
states, j. s. Kuhn. w. 8. Kuhn and
d. H. lurdy, officials Of the company
were named the receivers by the court
fourth will be named later.
h"h"s Have Extensive Interests.
The Kuhn interests control many
traction lines throughout the western
pennsylvania district and at present
are building immense dams along the
meat River In West Virginia with
"h'eh 10 furnish power for many Of the
fraction companies controlled by them
AN hour after the news Of the closing
az IN" First National Bank reached Nc