The chronicle=news., 1913-07-08
FURRY SUBSIDIES

II PlttSDufKn. PA.. July S.-PltlS-
hurgh's one day furry IN financial
circles caused by the hank failures
Of yesterday apparently was u mat
ter of history ut noon today. The
failure OF the First-Second national
bank Of Pittsburgh und tho First ma
II tiunal Of McKeespOrt with the sub
setiucnt rccciycrships for the An,cri-
can WsterwOrks and Guarantee com
pany and the banking firm OF J. S.
and W. 8. Kuhn company who were
dominant factors In the former In.
stitutions. II, ,pxss established by noon
to-day would hiye no delsteriouS ef-
feet upon Otnes nnancisl institu-
ti0na.
Tho run on the Pittsburgh for sav-
inga. u Kuhn institution which star
ted yesterday. seemed to abatc short
~ after the announcement that i,
4. and ". $. Kuhn had resigned from
the presidency and vice presidency
Of the bank.
Contemplated meetings nf tn.
clearing house association were call
ed off nbOi, midday when II dciin-
iteiy decided that all iis members
bankx were In desirable condition.
aud In need Of no assistance which
II required was forthcoming from
New York. Chicago and 81. Louis
In the United States district court
today Judx. Charles =. Orr appoint
.d E'rad q. Kay ~ III. fourth rccciv-
er for .hc American W.i.rworkx and
Gusrsntc~ company.
". J. Jones' formerly treasurer Of
the Pittsburgh bank 'or savings. bu:
today made president Of the insiitn-
tion. said after his election:
The kuhns have entirely ~i.h-
drawn form the bank. A. II was th,v
~cr- only the nominal heads OF the
orksnixation.
There II NO question about our
hank. We are backed by many of
the l'ittsburIh banks ani ". have
the support Of the clearing house. '
Pittsburgh. Pa. July S.-financial
Pitisburxh showed little outward
evidence today of yesterdays crash
In banking circles in,oi,In. III. fail
urr Of the fir.'-S~rond National
Hank with So. 900. 900, Of deposits
the First National Hank of Mrk~s'
post. an allied insti,usion. and ih'
, 'Isrpointmrni of receivers for tbs
Amcr1can WA,-rworks Guarantee
company. the largest concern of IL
> kind In the country. and for 'h'
In nkinK house of J. Il. aud ". y
Kuhn. Incorporated.
Nothing unusual va, observed
about other banks of the city except
sh- Pittsburgh Hank II savings. an
ether hank controlled by J. :. m.
". =. Kuhn. ~ho .oniroii-d the M
tnrity Of stock IN the t~o banks that
shsp-nd-i yesterday. The run "r
, the saving, Institution that VA
> started by the failures yesterday ~a,
resumed to-day but the .smc mcthot
%. adopted y-.'csdsy ~ss pursusd Il"
, day. All isIDgiiorr were paid 81" {.
once and Notice of 80. G" aud -
days for larger amounts were t'
Iuircd.
]. =. ani " :. Kuhn ;s,siay t-
signed a. pr-.id-n, aud Vice pr-si
dent Of the Pittsburgh Hank "f sa,
inRp The following officer. ~-r'
elected:
" =. Ion-s. president: l.. "
f'lum-r. vice president: n y. Nu'si'
Icy. secretary and treasurer.
The trrasur, department T"si-r'
ds, offered tho solvent Pittsburgh
banks 81. 400. 900 Of government IL"
|. ro-it. To meet any emergency. bu.
the offer va, dec lined h,' ausc tn.
barAs ~-v" In q posi'ion To- meet h'
. situation.
p The entire capital and surplus al
the firsl. Second hank. amounting 4
, 81. 500. 900. has probably been wipe
/. ou' bu, Officers Of Ia. bank ha''
assured. tho government that dcpos
! itors will he paid in full or nearly
in fuii.
II Mckrc.por'. Pa. July N.-The
, First National bank of Mckccsp"'.
IcoptroIIc,i by L. : and W : Kuhn.