The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1913-07-12
ElD09 PREVENTS PANIC.
CALM STATEMENT ALLAYs FEAR
IN PITTSBURGH.
Practically No Excitement Following
sensational Failure OF Kuhn Group
OF Institutions.


alton of almost normal conditions In
financial Pittsburgh tonight. despite
the closing yesterday or the doors OF
the First-Second National bank, an
institution which has been accredited
one OF the strongest In the country.
While the situation was ense in the
financial world yesterday and little In
formation as TO possible developments
was obtainable. the fiat statement OF
facts OF the secretary seemed to de-
velop an overnight optimism tha,
grew IA today advanced. The clos
ing OF he First-second was naturally
followed by suspension OF its affiliat-
ed bark. the First National OF Nc
Keesp ,rt. and the appointment of re-
ceivecs for the banking house of ].
\. y w. s. Kuhn. Inc, whose princi.
pals were the majority stockholders
OF both institutions and a like action
with the American waterworks and
Guarantee company. an enterprise
fathered by the Kuhn interests. An
other Kuhn interest which was af-
fected. the Pittsburgh Bank for saw
ings. suffered somewhat from the
complication. run being started on
81 yesterday. chiefly 10y small Deposit
ors This continued. somewhat in
creased early today. but II appeared
10 abate On the day wore on.
Crowds assembled near the bank
building and the sidewalk about the
boiidins were roped of with mounted
police prencing their horses within
the lines cn the sidewalk. The people
we're forced outside the ropes into the
middle Of the street. The crowds were
made up mostly OF curious spectators.
The small groups OF depositors that
entered the bank were promptly paid
IS upon demand. as yesterday, and
required to give the legal notice OF
30. so or so days to withdraw
other amounts above stated figures.
Yesterday $4,000 was withdrawn
from the bank while the deposits were
$4,000. Today's fgures in this re-
lstion were not obtainabls but IL Is
assured the Withdrawals today were
under yesterdays figures. ,t
There was report that a million
dollars had been shipped to the Pitts
ourgb Bank for Savings today from
Philadelphia, but this was not veri-
ned and was discredIted by clearing
house members who verified the state
ment OF the bank made yesterday that
this bank has $1,000 900 in cash and
se.ooo,ooo In quick assets. enabling Il
TO meet any stress OF emergency.
About noon the announcement was
made that J. s. Kuhn. the president.
and w. s. Kuhn. the vice president,
had resigned. and that w. ]. Jones.
the former secretary and treasurer OF
the bank. had been made president.
with A. N. voegtIy. former assistant
to hr. Jones. as secretary and treas
nrsr. while j. NJ. Plummer. a direc-
tor. was made vice president. From
the time OF this announcement during
the rest of the banking hours the
run perceptitly abated and the crowd
.disappeared. until at closing time the
streets near the bank differed from
no other business thoroughfare.
statements as TO the American Wa
terworks and Guarantee company
were not Forthcoming today, the de-
lay being attributed TO the delay I'm
the appointment OF the fourth receiver
which Federal Judge Orr announced
should be a man having no business
interests with the Kuhns.
Several business men have refused
the appointment
NO Developments were announced
from the First-second National bank
todsy and none was expected until the
receiver. c. c. Murray. has had an
opportunity to assemble the assets of
the oanh and had been enabled TO as
certain It's liabilities. It Is expected
that within n few days n call will be
sent out TO depositors to present their
books for balancing towards the end
That an accurate amount OF the banks
Indebtedness may he learned.
Chief interest now centres I'm the
steps that may he taken by the gov
eminent In an investigation into
criminal liability in connection with
the bank failure. United States Dis
triet Attorney John n. Jordan.
through whom the hrst 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
upon any course Of action.
Around the First Second National