Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1913-07-09
PITTSBURGH IS
QU|ET|NC DOWN
ALMOST NORMAL CONDITIONS
HAVE BEEN RESTORED
FINANCIAL CIRCLES.
RUN ON A SAYINGS BANK


pTTTSBtRGH July S.-ro the de-
cislve statement Of Secretary Of the
Treasury McAdoO, issued last night,
IS attributed the restoration of almost
normal conditions in financial PITTS
burgh tonight despite the closing OF
the doors of the First Second Nation
al bank yesterday, an institution
which had been accredited one OF the
strongest in the country While the
situation was tense In the financial
world yesterday and little Information
as to possible developments was OBJ
tainablc the flat statement Of facts
of the secretary served to develop an
overnight optimism that grew as to-
day advanced. The closing of the
First Second was naturally followed
by the suspension Of its AFFILIATED
bank, the First National of Mckees-
port. aud the appointment Of receiver
ships for the banking house Of j. ).
and W. s Kuhn. incorporated, whose
principals were the majority stock
holders of both institutions and
like action with the American Water
Works and Guaranty company, an en-
terprsc fathercd by the Kuhn inter-
csts
Run on Savings Bank.
Another Kuhn interest which was
affected. the Pittsburgh Bank for Say
ngs suffered somewhat from the
complication. a run being started on
il yesterday chiefly by small deposi-
tors This continued somewhat in
creased early today but it appeared
to abate as the day wore on. Crowds
assembled about the bank building
and the sidewalk about the building
was ruped off with mounted police
pranCing their horses within the lines
on the sidewalk. The people were
forced outside the ropes into the mid
die OF the street. The crowds were
made up mostly of curious spectators.
The small groups of depositors that
entered the bank were promptly paid
$50 upon demand, as on yesterday
and required to give the legal notice
of thirty, sixty or ninety days notice
10 withdraw other amounts above
stated figures. Yesterday S57 coo was
withdrawn from the bank while the
deposits were $4,000. Today's figures
in this relation We're not obtainable,
but it is assured the Withdrawals to-
day were under yesterdays figures.
Has Plenty of Cash.
There were reports that million
dollars had been shipped To the Pitts
bureh bank for savings today from
Philadelphia, but this was not veri
fled and was discredited by clearing
house members who verify the state
ment of the bank made yesterday that
this bank has $4,000 600 in cash and
$1,000. 600 in securities. enabling il to
meet any stress or emergency.
About noon the announcement was
made that j. S Kuhn, the president |
and w. $, Kuhn, the vice president, |
had resigned, and that W. j. Jones, |
the former secretary and treasurer OF
the bank, had ben made president, /
with A. \. Noegtly, former assistant
to Mr.. Jones as secretary and treas |
urer while l.. NJ. Plummer, a direc- |
tor, was made vice president. From |
the time of this announcement dur |
ing the rest OF the banking hours tho !
run perCeptably abated and the crowd |
disappeared, until at closing time the
streets near the bank differed from no
other business thOroughfare.
No Statement Made.
Expected statements as to the
American Water Works and Guaranty |
company were not forthcoming today,
the delay being attributed to the delay |
in the appointment of the fourth re-
ceiver which Federal Judge Orr an
nounced should be man having no
business with the Kuhns. Several
business men have refused the APP
pointment.
No developments were announced |
from the First-Second National bank
today and none was expected until the
receiver c. c. Murray has had an
opportunity to assemble the assets Of
the bank and has been enabled to
ascertain its liabilities. II is expected
that within a few days q call will be
sent out to depositors to present their
books for balancing toward the end
that an accurate amount of the banks
Indebtedness may be learned.
Chief interest now centers in the
steps that may be taken 10y the gov
ernment into an investigation into
criminal liability in connection with
the bank failure. United States Dis
tr I Attorney John H. Jordan,
through whom the first steps in this
direction would be taken, said today
he had received no notice from Wash
ington along this line but that II was
possibly little early for the officials
to have had opportunity to decide On
any course Of action.
Around the First Second National
bank crowds of aliens. depositors in
the foreign department, continued to
assemble today, but gave no cause for
activity of the police. VIII ohave kept
the crowd moving for the past two
days. These aliens contented them
selves with copying the notices posted
in their various languages and by late
afternoon had left the vicinity.
So secure did the members OF the
Clearing House feel in the stability
of conditions generally that meet
ing, which had been scheduled for
this afternoon. to consider the finan-
cial situation generally. was called off
and offers OF assistance from New
York. Chicago and St Louis were de.
clned.