The Caldwell tribune. [volume] (Caldwell, Idaho Territory [Idaho]) 1883-1928, 1913-07-11
PERTINENT news OF
STATE With OUR
own COMMENT
Kuhn Brothers of Pittsburg
Are in Great Financial
Trouble
LOW LEVY IS JUSTIFIED
Davis of American Falls Candidate
For Governor-Potato Blight Pre-
valent at Idaho Falls-Mammoth
Landslide at Great Shoshone-
Timber Sale Should be Made


Timber Sale Should be Made
Owing to the fact that the Kuhn
Brothers OF Pittsburg, have invest
ed millions of dollars in the devel-
opment of southern Idaho the peo-
pie of the state were startled to hear
Of their failure. As most of the
Kuhn projects in Idaho are con-
pleted the y financial failure of the
Pittsburg capitalists will not be as
keenly felt in this state as if the
failure had occurred few years ago.
Even now the failure of this world
famous development firm may have
a tendency to divert other capitalists
from the field of development and
thus retard the development of Idaho
and other western states. The Tri-
bupe and the people of the state
trust that the embarrassment of the
flrm is only temporary and not as
great as at present indicated. Ma
jor Reed who acted as the Kuhn
agent in this state for a number of
years states that the Kuhn Brothers
have invested at least $l6,0OO,0OO in
Idaho enterprises. The enterprises
financed by Messrs w. S. and ]. S.
Kuhn are: the North Side Twin
Falls project, the Idaho Southern
railway, the Great Shoshone & Twin
Falls Power plant, the American
Fall Power plant, the Twin Falls Oak
ley and the Twin Falls-Salmon irriga-
ton projects. All the Kuhn compa-
MES will be placed in the hands Of a
receiver. In addition to the enter
prises in Idaho the Kuhns were the
owners of the power companies in
30 cities throughout the country.
They also promoted irrigation pro-
Jects in other states, the greatest of
which was the Sacramento Valley r.
rigation project which was to cost
about $25,OO0.OOO One of the recent
undertaking OF the Kuhns in Idaho
was to finance the Crane creek pro-
ject at Weiser. This project was
bonded for 100000 and it is stated
that only two weeks ago $l5O,OOO in
cash was paid as part of the deal
This project will be greatly retarded
by che failure of the. firm.
The< press dispatches in regard to
the Kuhn failure state that the First
Second National bank of Pittsburg.
with deposits of $33,OOO,OOO and as
sets of $37,OO0,OOO was closed Monday
by the order of the comptroller of the
currency. w. S. Kuhn was president
OF the institution and J. S. Kuhn a
director. The First National bank
OF Mckeesport also closed its doors
Monday morning This was another
bank controlled by the Kuhn inter-
ests. The Amherst bank at Am
herst, Ohio, closed on the same day
as reslt of the failure of the Pitts
burg bank. This bank was also con-
trolled by the same interests. The
American Water Works & Guaran-
tee Co. of which ]. S. Kuhn is pres
ident, controls the water works
plants in about 80 cities of the United
Staes. The capital stock of the va
riously controlled companies is $751;
100000
The Kuhns made no statement ex-
cept one criticizing the government
authorities for closing the First
Second National bank. The Pitts
burg clearing house association has
issued the following statement:
The closing of the First-Second
National bank bv the deputy, comp
troller of the currency was not en-
tirely unexpected by this association,
and it was therefore prepared for the
crisis. The members of the clearing
house are all in good condition and
we believe that the banks and trust
companies in the city of Pittsbure
as a whole are prepared for any
emergency 1t will take several days
to arrange for the transfer of &C,
counts and the proper and careful
handling of checks made on the
First-Second National bank. We
therefore ask the indulgence of tn.
public and ask that they will he'll
in every way possible to assist in thu
solution of the problem which con
fronts the clearing house committee
and the banks"
. 1t is believed in financial s;-cle.
e that there will be little or no less 4
: the directors and stockholders o
4 the three banks.