Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1913-07-10
Sroup of Pittsburg Financial
institutions Thrown into
Hands of Receivers.
LEGAL RESERVES DEPLETED
First-Second National Suspends
in the Interest of It's Deposi-
tors and at Order of
Comptroller.

Pittsburg, Pa, July The Ftrst-Sccond
National hank of Pittsburg the First
National bank Of Mcf[eesport a neigh
boring city. the American Water Works
and Guaranty company and the banking
house Of J. S. & W. S. Kuhn, Incorporate
cd or this city, were forced into the
hands Of receivers to-day, through the
failure Of the first named institution to
opcn its doors this morning
Tho closing Of the First-Socond Ma
tional bank was ordered by the deputy
comrtroIler of the currency, r. =. Kane.
after every effort had boen made to meet
the government requirements as To the
legal reserve. The losses may reach s.
oo1.00), according to estimates based on the
last report to the comptroller of the cur
rcnCy.
The Kuhn banking house has extensive
interests in irrigation projects through
ont the West. and mines and street trac-
tion systems throughout western Penn
sylvania, besides being a dominant factor
IN the American Water Works and Guar
onty company
w : Kuhn was president Of the First
Second National bank vice-presidcnt and
director in the banking house, and vice
president and director of the American
sides being director OF tho McKcesport
hank
j. s Kuhn was n director Of the First
Second National bank. president and d.
rector Of the American Water Works and
Guaranty company, president and drec-
tor of the Mc1tcosport bank and chair
man of the board of directors Of the
banking house.
when it was learned that the banks
would have tn suspend business steps
were taken t. protect the American Wa
tor Works and Guaranty company and
1nc Kuhn banking house and application
was rnado in the federal court this after
noon for receivers for both institutions.
,.,,,,,,., ,.,..,,,.,.,- ,,,u,,prD
throughout the "'9 ' S''''I"vu' Oh '"e
bank ana affected companies aiJ''rs was
""hit'n WIN I'N''Sh "'NIo'E n"' none
was forthcoming until Tonight Whon Mr..
Kane made formal statement as 1oI-
lows;
,...'. ..'5 >.7..,.,,5 .ami. ',i1 ea,,r-
d,v trc condition of the bank and the
results Of the recent Investigation Of tho
hauI, ..xamin,r. woro discussed. After
fam consideration .ho dfrnctors declared
tb..... oIrft,- IN mako ,ood tno t3nIl's
.,,,,ir.d r,n,t., and without dissent do
.td,j thar IT, wand H.. host ror Tho mo-
+oott,, az d,,,st,,,. and an o,b..r i,t..r-
s,. f., r,,.o tho co,,,trolr.r off tho cur
.,,,,.,. ,.,,, ,,..., md "a ..,,,-,,.. f,r tho
,,,,,1....,. 80 49,. ,.,1
a, 49,.
".'" ''''
''
va 1' '"' '''" an
)" ',''"'"0 d. '"'''"i '', 90 U.s." e''' 40
10 ''H ''n"'''""' ''i "9,' J." '!''S'
Iuh'S SUI, ''''nt TO justify inc pahN IN
Ne"P'"I "S """'S 0P'" ana "N't''
"hoe' the 'lrcuI'S'"HoeS 'Aere was no
HIt'iN"lINe 10 lHE '"u. So recommends
Ell 10y inc hahks directors.
me "tlcers or the pahK nave "N-
pressed 10 the department the belief
.hat there VIII ultimately oe but lit
Il" II any loss TO the hanks deposit
ForS The liquidation OF the bank
and the distribution Of its assets win
proceed as oHpeditously as possible"
FAIIJrRE NOT r-Nt,yut,CTE,D
,c, ..., ..,
-, -, '''nH Va '''
'' '''l ','t'' aSS'o a'i"il'
WIS 'i.,'' ~ 's9ueu inns
ne '''S'"E Oh t"e fhst-7ecohu ~
'lon"' ""HN ny '"o deputy cotiPNo''e'
81 t''t currency WIS not ehureiy uHeN'
tberorcr. nrenarad for the cr,s,s Tb,
members of the clearing house all IN
good condition and we believe that the
hanks and trust companies in the city OF
Pltt7burg, as whole, are prepared FOL
any emergency. 1t will take several days
t" arrange for the transfer of accounts