Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1913-07-08
J, S, and W. S, Kuhn Go to
Wall, Carrying Down With
Them Several Big Concerns
in and Near City,
NO 0EP0SIr0RS TO
LOSE, SAY OFFICIALS
Investments in Irrigation and
WaterwOrks Enterprises Led
10 Embarrassment for
Ready Money,

lef hoRHiHo JOURNAL eFaciAt lsAatp stRal
Pittsburgh, July THE First-sec.
ond National nank Of Pittsburgh, the
First National Bank OF McKeesport.
bank of a neighborlng city the Amer
lean Waterworks and Guarantee COM
pany and the banking house of }, $.
and W. S, Kuhn, Inc. Of this city,
We're forced into the hands of receiv-
ers today, through the failure of the
first named institution to open It's
doors this morning.
The closing Of the First. Second N
tlonal bank was ordered by the deputy
comptroller OF the currency r. =
Kane. after every effort had been
made To meet the government require
ments as to the legal reserve.
The kunu banking house haa ex-
tonsive interests In irrigation projects
throughout the west and mines aud
street traction systems throughout
western Pennsylvania, besides being
"a dominant factor In the American
Waterworks and Guarantee company.
w. $. Kuhn was president of the
First-Second National bank. vice pres.
ident and director in the hankinb
house. and vice president and director
Of the American Waterworlts and
Guarantee company, besides being
director OF the McKeesport bank.
j S. Kuhn was a director of the
First-Sccond National bank, president
and director Of the American Water
works and Guarantee company. pres
ident and director Of the McKeesport
hank and chairman Of the board OF
directors Of the banking house.
when Il was Learned that the banks
would have % suspend business. steps
were taken 20 protect the American
Waterworks and Guarantee company
ana the Kuhns' banking house, and
application was made In the federal
court this afternoon for receivers for
both institutions
Throughout the day a statement 90
the banks and effected ccmpouf
affairs was awaited with fNatfh aat
lety but none was forthc0 mine mtH
tonight, when Mr. Kane mad
NAL statement No statement f lb
condition of tie bank was oftaluabl.
To The one issued June
on the last bank call OF the comptrol.
Ter
Tonight, Mr. Kane issued the fol.
lowing.
at a meeting of the directors of
National bank held on
the condition of the hanl
and the results Of the recent invest
cation Of The bank examiner We're di.
cussed After fun consideration. the
declared trelr inability I,
make good the banks impaired cap
lfal ana without dissent d.rided maj
il would be best for the protection Of
deposttors and an other interests H.
have the comptroller of the currency
take charGe ana to arrpnra for ~
liquidation of the bank
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