The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-07-08
st-Second National
of Pittsburgh Forced
to Close Doors.
SOON FOLLOWED
BY TWO OTHERS
First National of McKeesport
and Bank of ]. S. & w. S.
Kuhn, Inc, Are Caught-Re-
ceiver Appointed for Ameri-
can Water Works and
Guarantee Company.

Pittsburgh, July THE First-Second
National Bank of Pittsburgh. the First
National Bnnk of NIcKeesport, n neigh
boring city, the American Water
Works and Guarantee Company and
the banking-house of J. :. & w. 8.
Kuhn, Incorporated, of this city, were
forced into the hands of receivers
to-day through the failure of the hrst
named institution to open It's doors
this morning. The closing Of the
First-Second National Bank was or
dered by the deputy comptroller of
currency, It. II. Kane, after every effort
had been made to meet the govern
ment requirements nv to the legal re-
serve.
The Kuhn banking house has extern
sive interests in irrigation projects
throughout the West and in mines and
street traction systems throughout
Western Pennsylvania, besides being a
dominant figure In tho American Water
Works and Guarantee Company.
w. S. Kuhn is president of the First
Second National Bank, vice president
and director In the banking house and
vice president and director of the
American Water Works and Guaran-
tee Company. besides n director of the
Mckeesport bank.
]. S. Kuhn is director OF the First
Second National Bank, president and
director of the American Water
Works and Guarantee Company, presi-
dent and director of the McKeesport
bank and chairman of the board Of
directors OF the banltinghouse.
Receivers Asked For.
When 1t was learned that the banks
would have to suspend business, steps
were taken to protect the American
Water Works and Guarantee Company
and the Kuhn's banking house. and
application was made in the Federal
court this afternoon for receivers for
both Institutions.
Throughout the day statement OF
the banks and affected companies af-
fairs was awaited with feverish anxiety
but none was forthcoming until to-,
night. when Mr.. Kuhn made a formal
statement No statement of the condi-
tion of the bank was obtainable subse-
qucnt to the one issued June on the
last bank call of the comptroller.
The June statement was as fol-
lows:
Loans and discounts. s15.104.9O116
Ovcrdrafts, secured and unsecured
s2.571.76.
United states bonds to secure cir
culation. Sl,900.00O.
United states bonds to secure United
States deposits, sl7i.o0o.
United States bonds on hand, S16.-
600.
Premium of united bonds, $40,
Bonds. securities. etc, SS,549, 236.95.
Banking furniture and fixtures,
sl16.7350I.
Other real estate owned, $i,5il.977.65.
Duo from national banks (not re-
serve agcnts), S1,l7S,9ST.06.
Due from State banks and bankers,
s1.3l6,S20.23.
Due from approved reserve agents.
s4.2l6.447.75
Checks and other cash items $780,
O7623
Exchanges for clearing house, $685.
Notes of other national banks.
sa600to.
Fractional papor currency. niokels
and cents. s13.237.SS.
Lawful money reserve in bank, vim:
Specie and legal tender notes. ST.
1928
Redemption fund with United States
Treasury Go per cent of circulation),
95 per cent.
Due from United States treasurer
other than per cent redemption Sund,
sS7,500.
Total, s3s.1Os, ,SS6.39
Other Side of Ledger.
Liabilities:
Capital stock paid in, S340o,00O.
Surplus fund. sl.1O0,000.
Undivided profits, less expenses and
taxes paid, S250.o6S.t5.
National bank notes outstanding,
CONTINUED ON second Page.)