The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-07-08
WITH s150,000,0O0
INVOLVED NOTHING
FURTHER IS FEARED.
Failure Not Due to Financial
Situation in Pittsburg
or Elsewhere
PRESIDENTS NEGRO 5
WIFE IS ONE CAUSE
Conflicting Statements and
Efforts to Bolster Up
Institution Fail to
Avoid Smash

PITTSBURG. July Mot In years
have the financial interests in this city
suffered such Il shock as was occa-
stoned when the First Second Nation
al bank, one OF the largest In the
State, failed to open its doors for
business this morning. Tho merged
bank has over s32 100000 on de-
posit and is the second largest In this
State.
A sensation was created this morn
ing when a notice appeared on the
doors OF the bank located In the tweci-
ty-four story building at Fifth ave-
nue. and Wood street, the main thor
oughfare of the city. The news spread
rapidly through the city and soon
anxious crowds of depostors began.
fiocking to the closed banks. but they
were confronted by blue coated Of
ficers. who guarded the doors. They
were all turned away. Among the
thronEs which haunted the bank ALI
iay was persons who have their hfe-
time savings deposited In the institu-
ton,
No Run on Other Banks.
The effect of the closing OF the bank
was felt by the other banking insti-
tutions in the city. Depositors began
to withdraw their deposits from many
banks. There was no run on any OK
the banks. however, and the. depos-
itors were readily given their money.
shortly after the bank closed. the
First National Bank OF McKeesport
and the bank at Amherst O.. closed
tehir doors. The First National Bank
of McKeesport, IL controlled by tho
Kuhn interests. which are prominent-
identified with the First-Second Ma
tional bank.
w. s. Kuhn, the president of the
closed institution. was not in the city
today. He is at the bedside of his
wife at Pride's Crossing, Mass, where
his wife yesterday gave birth to
baby boy This explained his absence
during the trying hour at this bank
The defunct institution Is now in the
hands of the government authorities.
Government SkePt4eal- of Securities
The closing of the bank lis attributed
to the action of the government bank
ing authorities failing to agree with
the bank officials as to the valne OF
the holdings and securities of the
bank This is the explanation given
hy one of the directors who withholds
his name. He declares the bark is
solvent and that the depostors Will
be paid in full.
This afternoon a receivership was
asked for the J. s. 4 w. s. Kuhn conn
pany, which has been one OF the most
influential factors in local banking
circles for years in this city. j. r.
Duff the treasurer or Nhe com any,
was named the receiver in the onlted
States court by Judge Orr An APP
plication for receivership for the
American Water Works and Guaran-
tee company, OF New Jersey. which
is controlled by the Kuhn interests
was asked for in the same court This
case has been identified with water
and irrigation projects throughout the
United States
D. s Kuhn, w. S. Kuhn and j. n.
Purdy. Of the company, were ramed
Tho receivers by the court. A fourth
will be named later.
Interested i'm Virginia.
The Kuhn interests control many
traction lines throughout the western
Pennsylvania district and at the pres
ent time Is building immense dams
along the Cheat river In Virginia.
with which to furnish power for all
the traction companies controlled oy
them.
An hour after the news of the clos
ing OF the First-Second National bank
in this city reached Mckeesport. near
here. officials of the First National
bank there. the largest banking insti-
tuition at that place, closed its doors
Hundreds of persons, many OF them
foreigners congregated about ethe
doors of the place, but there was no
disorder.
MANY depositors this morning be-
agn, drawing .a their funds from Ina
Fittsburg Bank for Savings. smiths
heid street and Fourth avenue, In
which the Kuhn interests are also
paramount. w. ]. Jones, treasurer Of
the bank. said:
The Pittshurg Bank for Savings
has 100000 on hand for any emer-
gencies of course Affected
by the closing OF the Erst-Sscond
National only in the respect that peo-
pie who were uneasy will want TO
wlthdraw their money. We arc pays
ing now on the presentation OF pass
books up to $50. This we are not conn
PEELED OF do and may refuse to pay
any amount except after the custo-
mary notice required on time de-
posits, even IL the account is as low
as 81. We have s5.0oo,00o in cold
cash. Besides We have s5.oea.Vo0
quick assets, which we can convert
into cash at any emergency. We hava
no douat at all as to the outcone
and can meet any emergency what.
ever"
Abe Amherst bank OF Amherst. o.
| in which the l<uhns are said to b.
interested, also closed its doors t0e&
day. u
Clearing House Prepared.
A meeting OF the PittsbutE Gfnarg5
ing House association was held tA1es
afternoon. At the conclusion the f0E@N
lowing statement was made thrcuG4
..Ths clossng % ~ riFs- aee h
SAd s M ss s iii 3SS