The daily telegram. [volume] (Clarksburg, W. Va.) 1901-1926, 1913-07-08
And New Officers 10 Take
Their Places Are Elect
ed at Once
McKEEsPORT BAN K
Is Closed Formally by the
Comptroller of United
States Currency.
10 AnnaeiArGp.PnEgs1

i PITTSBURG, July S.-iWhen the
banking day opened here this norm
ing there was little to indicate that
there had been a day OF anxiety and
excitement in the financial world be-
cause of the failure of two banks yes
terday and the appointing Of receiv-
ers for large banking house and an
extensive iaduatrial enterprise, NO
unusual scenes were observed about
other banks oe the city with the ex-
ception of the Pittsburg Bank for
Savings, another bank controlled by
j. S. and ", s, Kuhn, who controlled
the majority offstoek OF the two banks
that suspendet vest erday.
The run on lesssaKings institution
that was stared by the failures yes
terday was resumed this morning
possibly in somewhat larger magni-
tude but the same methods that we're
adopted yesterday were resumed to-
day. All depositors were paid $50 at
once and notice of thirty, sixty and
ninety days for larger amounts we're
required with the. assurance of sever
al millions in cash and quick assets
in hand the run on this bank is NOT
looked upon as likely to result SER
iously. In fact, bankers with no i'm
mediate connection with the Kuhn i'm
stftutions assert that it will weather
the situation and make all payments
as demanded under the conditions inn
posed with the result that at the ex-
piration of the time of notice for
withdrawal otthe larger amounts the
public confidence will be restored.
About the First-second National
Bank this morning large groups of.
foreigners we're gathered copying
from the doors.of the foreign banking
department the notice of the closing
by the government which had been
posted in sixteen different languages.
A meeting of The clearing house as
sociation is called for later in the day
at which every member has been
urged to be present. No intimation
has been given of the purpose of the
meeting but some statement is ex-
pected of the closing of the First
Second bank.
j. S. and S, Kuhn today resign
ed as president and vice president re-
spectively of tire Pittsburg Bank for
Savings against which run is being
directed. officers were Immediately
elected to take charge of the bank as
follows: w. ]. Jones president L.
NJ. P1ummer vice president, A. N,
Coegtley secretary and treasurer.
The comptroller of the currency to-
day formally closed the First National
Bank of 4cKeSsportr
Contemplate meetings OF the
Clearing House Association were
called, of about midday when it was
DEFINITELY decided that all its mem
Der banks were in desirable condition
and in no needof assistance which, if
required, was. forthcoming from New
York, Chicago and st. Louis.
Rumors of steps to be taken by the
government to ascertain any Grim
inaI liabilities in the financial crash
were unfounded according to an
nouncement OF United States District
Attorney Jordan. who said he had
had no communication from Washing
ton regarding any phase of the finan-
cial situation or in connection with
any financial or industrial institu-
ton.
Expected statements from J. s..
Knhn on any phase of the situation
were not forthcoming during the day