The Tabor independent. [volume] (Tabor, S.D.) 1913-19??, 1913-07-10

"FH.A. ElNISQuI II 20 EHs july. 6.--A1tOTs .
neys his afternoon appeared be-
fore Judge 81. s.. Orr, in the federal
court. n asked for receivers for
the American Waterworks & Guar y
antee company, and also for the
Arm OF J, s.. and w. s. Kuhn &
Co. For the former of these were
appointed: j S. Kuhn, w. s,
Kuhn, j. H. Purdy, general man
ager of the company, and Samuel
Bailey, fri, a bank official of this
city. o
For he Kuhn company was an
pointed J. X. DuH, who is treasurer
OF the company Bonds OF $50, 600
were ordered filed for each re-
ceiver.
Pittsburgh, Pa. July S.-The first
Second National bank, or P%ittsburg,
the second largest In the city and one
of the largest in the country was
closed today BY order OF the comp
trollef az the currency. The First
NationaE Bank Of McKeesport, Pa, an
allied Institution also closed It's doors.
w. S, Kuhn and j. S. Kuhn own the
controlling interests in both banks and
their closing led to persistent reports
that a receiver would be asked for for
the American Waterworks & Guar
antee company. the largest concern of
its kind in the country with which the
81 ~ IL u hiS
concern controls over 40 waterworks
plants in the United States.
III Assets Are No Good.
Differences between the officials of
the First Second National bank and
the treasury department over the
character of the banks assets are said
to have led TO the order closing It's
doors. No details OF the differences
had been announced by the treasury
department his afternoon.
The First Second National bank Is
a recent consolidation OF the First and
Second National banks of Pittsburgh
and has deposits OF more tina $50, O00,-
900. ."'
The legal reserve of the First
Second National bank Of Pittsburgh
was deficient by 81, 145,000 on June 4,
the date of the last call by h comp
troller Of the currency. This brought
the situation to a climax.
The suspension 70 the institution
4 precipitated az run on the Pittsburgh
Bank for Savings of which w. J. Kuhn
is president, VA
The Pittsburgh Clearing House asso-
citation has taken charge OF the situa-
ton and no further trouble is expected.
None of the Officials OF the bank
would make a statement this morning,
saying that affairs will be in the hands
Of government officials.
The officers of the First Second Ma
tional bank of Pittsburgh are; J. s.
Kuhn. president, and j. M. Young,
William 10. MeConway Inc Oscar l..
Telling, vice presidents. Mr.. Young is
also cashier.
The American Waterworks and
Guarantee company is the largest OPP
Grating waterworks company in the
United States. The copcern is also
largely Interested In irrigation projects,
electric mterurban and electric light
ing enterprises. ,.t,g.
il was chartered in Pennsylvania in
1882 and has an outstanding capital
stock OF $1,000, GOO. Since 1889 the stock
has paid In annual dividend of 6 per
cent and in June of last year a stock
dividend of $50 per cent vas declar. ID
from the surplus. This called for the
disbursement OF more than $4,000 900.
Condition June 4.
The latest statement or the banks
condition made upon the call of the
comptroller AS Of close of business
June a: .
Resources:
Loans and discounts. ....... .$15, TO-, 9Ol 16
.oyerdrafts,. secured and unse-
cured "...".""".. 2y57l. t
circulation ...."a.......... 1000, 900. o.
United States bonds, to secure
United states deposits, ..,,.... III. 900. 90
United States bonds on hand. 5000. 90
Premiums on United States
bonds .,....,...,... 4o,121 &c
Bonls SECURITIES, etc. +....,". S,549, 23G. Sc
Banking house. furniture and
oaxtpres s.i,"""", 49, IS. o
Due from National banks, not
reserve agents: ".:""..": 1.I7S.ss7 .t
Due from state banks and
bankers lid. ..",...~.. 1,s16;s2O. q
Due from approved reserve
abeuts te..,s. 1.-',".....,-,.,.. f2l6, AT Ia
Checks and other cash items. 16Oy076 %
Exchanges for clearing houses. 500, $50. IA
Notes OF other National banks. $500 600. C
Fractional paper currency. 1927 So
money reserve In bank. viz:
specie and legal tenders notes. s 1881, O23. 90
redemption fund with United
states treasury 6 per cent of
ClfculationD ~. -. ..g... S.. 900, 90
Due from United States treas
urer, other thah 5 per cent
redemption fund .........,...... 1900. %
Total -...""."....... .sSS, 1903, SS6. 80
Capital stock. paid n............$ 3,4OO.O 900. 20
nurplns Iund.. -. .,........ 1,700, 0O0. 90
Undivided profits, less expenses
and taxes, paid .,,.....,. $50. O6S. As
National bank notes outstand-
Due to other National banks. 9,2s9, 81. e
Que 70 state banks and bankers las, l1S. 7
Que 10 trust companies and
savings banks. ....,.....,.. S,7l2.2 30. 81
Due 10 approved reserve agents 252, 535. Al
dividends unpaid. ~. ............ 1880. C
IhdiyidtlaI deposits subject to
check ,.... ~. ....,....... 1916, IA. sc
demand certificates of deposits 3S5, $50. VI
Time certificates OF deposits. l6, 800. J
certified checks, :, Il. ........ 472, 1853. lr
cashiers checks outstanding. 76, 210. &c
United States deposits. :, ........ Al ,Sl4. Ia
Postal savings deposits ........., 1O.45S. sc
Total ....... $9S, lO3, $50. IS
Oscar L. Telling, former chtet OF thu
reports division OF the cOmptroller's Of
nee, was president of the First Ma
tlonal until the consolidation with the
second when he became vice president
OF the new bank. Lawrence o. Muir
ray. former comptroller of the curren-
cy, had Virtually resigned his position
TWO years ago to become treasurer, and
Telling who was Murray's active as
SiStant in the comptroller's office, took
the place. John Shelton Williams, as
Ststatt secretary of the treasury and
thomas ~. Kane, acting comptroller of
the currency. are in Pittsburgh. Sec
rotary McAdoo Is in long distance COM
a tinrt With Mr. WyiIIia ms nrpnar-