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McKEESPORT BANK CLOSES. McKEESPORT, Pa., July 7.-The First National Bank of McKeesport closed its doors at 10:30 o'clock this morning. The following unsigned notice was posted: "On account of the First-Second National Bank of Pittsburg asking for a receiver, it is thought best for all of our depositors to close this bank for the present."
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McKeesport, Pa., Bank Closes, Also. PITTSBURG, July 7.-The First National Bank of McKeesport closed its doors at 10:30 this morning. The following unsigned notice was posted on the door of the institution: "On account of the First-Second National Bank of Pittsburg asking for a reeciver it is thought best for all of our depositors to close this bank for the present."
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The First-Second National Bank of Pittsburgh, Pa., the Frst National Bank of McKeesport, a neighboring city; the American Water Works and Gurantee Company, and the banking house of J. S.-.& W. S. Kuhn, Inc., were forced into the hands of receivers yesterday through the failure of the first named institution to open its doors.
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NOT MUCH AFFECTED BY FAILURE OF BIG BANKS IN PITTSBURG AND AT McKEES PORT. (By Associated Press.) Pittsburg, July 8.-Financial Pittsburg today showed little evidence of the crash yesterday when the First and Secont National Bank of Pittsburg and the First National bank of McKeesport failed. and receivers were appointed for the American Waterworks Company and the Kuhn banking interests. The run on the Pittsburg bank for savings continued today, but it is believed the measures adopted will enable the bank to weather the storm. The Kuhns today resigned as officers of the savings bank.
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Associated Press. McKeesport, Pa., July 8.-The First National Bank of McKeesport, controlled by J. S. and W. S. Kuhn, which was closed by order of its directors yesterday after the suspension of the First-Second National Bank of Pittsburg, was today formally closed under an order from the comptroller of the currency.
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RUN ON KUHN BANK CONTINUES TREASURY OFFICIALS SAY KUHN REFUSED TO ACCEPT GOVERNMENT ASSISTANCE BANKS WERE MISMANAGED ANOTHER RECEIVER FOR AMERICAN WATERWORKS COMPANY APPOINTED Pittsburgh, July 8.-Pittsburgh's one day flurry in financial circles caused by the bank failures of yesterday, apparently was a matter of history at noon today. The failure of the First-Second National Bank of Pittsburgh and the First National of McKeesport with the subsequent receiverships for the American Waterworks and Guarantee company and the banking firm of J. S. and W. S. Kuhn company who were dominant factors in the former institutions, it was established by noon today would have no deleterious effect upon other financial institutions. The run on the Pittsburgh Bank for Savings,a Kuhn institution which started yesterday, seemed to abate shortly after the announcement that J. S. and W. S. Kuhn had resigned from the presidency and vice presidency of the bank. Contemplated meetings of the clearing house association were called off about midday when it definitely decided that all its member banks were in desirable condition and in need of no assistance which if required, was forthcoming from New York, Chicago and St. Louis. The following officers of the Pittsburg Bank and Savings were elected: W. J. Jones, president; L. M. Plumer. vice president; A. N. Voegtley, secretary and treasurer. In the United States district court, today Judge Charles P. Orr appointed Fred G. Kay as the fourth receiver for the American Waterworks and Guarantee company. W. J. Jones, formerly treasurer of the Pittsburgh Bank for Savings, but today made president of the institution, said after his election: "The Kuhns have entirely withdrawn from the bank. As it was they were only nominal heads of the organization. There is no question about out bank. We are backed by many Pittsburgh banks and we have support of the clearing house."
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BANK CRASH HAS SMALL EFFECT ON FINANCIAL PITTSBURG Failure of First-Second National With $32,000,000 Deposits and Subsidiary Houses Makes Small Stir. TREASURY OFFICIAL SAYS MISMANAGEMENT Pittsburgh, July 8.-Pittsburgh's one-day flurry in financial circles caused by the bank failures of yesterday apparently was a matter of history at noon today. The failure of the First-Second National Bank of Pittsburgh and the First National of McKeesport, with the subsequent receiverships for the American Waterworks and Guarantee company and the banking firm of J. 8. and W. 8. Kuhn company. who were dominant factors in the former institutions, it was established by noon would have no deleterious effect upon other financial Institutions. The run on the Pitsburgh s Bank for Savings, a Kuhn Institution. which started yesterday, seemed to abate shortly after the announcement that J. S. and W. 8. Kuhn had resigned from the presidency and vice prestdency of the bank. Contemplated meetings of the Clearing House association were called off about midday when it definitely decided that all its member banks were in desirable condition and in need of no assistance which, If required. was fortheoming from New York, Chicago and St. Louis. In the United States district court today Judge Charles P. Orr appointed Fred G. Kay as the fourth receiver for the American Waterworks and Guarantee company. W. J. Jones, formerly treasurer of the Pittsburgh Bank for Savings, but today made president of the institution, said after his election: "The Kuhna have entirely withdrawn from the bank. As it was they were only the nominal heads of the organization. "There is no question about our bank. We are backed by many Pittsburgh banks and we s have the support of the clearing . house
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ANOTHER BANK CLOSES. PITTSBURG, July 7.-The First National Bank of McKeesport closed its doors at 10:30 this morning. The following unsigned notice was posted on the door of the institution: "On account of the First-Second National Bank of Pittsburg asking for a reeciver it is thought best for all of our depositors to close this bank for the present."
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NOT LIKELY TO SPREAD Pittsburg, July 8.-The FirstSecond National Bank of Pittsburg, the First National Bank of McKeesport, a neighboring city, American Waterworks and Guarantee Company and the banking house of J. S. and W. H. Kuhn, incorporated, of this city, were forced into the hands of receivers yesterday, through failure of the first named institution. Washington, July 8.-Secretary McAdoo says that the general banking condition in Pittsburg, as well as in the entire country, is strong and sound, and that he expects no further trouble as a result of the failure of the Pittsburg First-Second National Bank. "The failure of the Pittsburg bank is simply a sporadic case of unsound banking, and has no other significance," the secretary said.
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PITTSBURGH FLURRY SUBSIDES Pittsburgh, Pa.. July 8.-Pittsburgh's one day flurry in financial circles caused by the bank failures of yesterday apparently was a malter of history at noon today. The the First-Second and the bank failure of of Pittsburgh First national naof McKeesport with receiverships for o sequent tional the the Ameri- com- subcan Waterworks and Guarantee pany and the banking firm of J. S. d and W. S. Kuhn company who were s dominant factors in the former in stitutions. established by noon t today would here no deleterious of 1. feet upon other financial instituo tions. The run on the Pittsburgh for savC Ings. N Kuhn Institution which star ted yesterday. seemed to abate ahortly after the announcement that .1. 8. and W. S. Kuhn had resigned from the presidency and vice presidency : of the bank. e Contemplated meetings of the : clearing house association were called off about midday when It definN Itely decided that all its member's banks were in destrable condition. K and in need of no assistance which o If required was forthcoming from o New York. Chicago and St. Louis o In the United States district court : today Judke Charles P. Orr appointR ed Frad G. Kay as the fourth receiv: er for the American Waterworks and N Guaranter company. W. J. Jones formerly treasurer of the Pittsburgh bank for savings. bu: : today made president of the institu. o tion. maid after his election: d The Kuhna have entirely with drawn form the bank As it was they were only the nominal heads of the organization. There is no question about our d bank. We are backed by many of y. the Pittsburgh banks and we have the support of the clearing house. Pittsburgh. Pa., July -Financial Pittsburgh showed little outward evidence today of yesterday's crash et circles involving the IN First-Second are in banking of the National fail ⑆ Bank with $32,000,000 of deposits. the First National Bank of McKen et allied Institution. and the to of receivers appointment port. an Guarantes for the American Waterworks et company. the largest concern of Its TM kind in the country. and for the to banking house of J. 8. and W. S Kuhn. Incorporated Nothing unusual was observed about other banks of the city except she Pittsburgh Bank of Savings. an dother bank controlled by J. S. and et W. 8. Kuhn. who controlled the me1. Jority of stock in the two banks that " yesterday as institution suspended the Savings The that run was on he the failures yesterday was pt but the same renumed started by today method to as adopted yesterday was pursued he day All depositors were paid $50 as of once and notice of 20. GO and 90 in days for larger amounts were re c. quired. x. IC J. S. and W 8. Kuhn today re1. signed as president and vice presi⑉ dent of the Pittsburgh Bank of Say TC Ingr The following officers were elected: " w 8. Jones. president 1. M n vice president: A. Vock! Plumer. N. ley. secretary and treasurer The treasury department yester day offered the solvent Pittsburg" banks $5,000,000 of government de he posits to meet any emergency. but n. the offer was declined because the e. banks were in a position to meet the situation as he The entire capital and surplus of d. the First. Second bank. amounting to re $5,500,000. has probably been wiped of out but officers of the bank have assured the government that depos Id iters will be paid in full or nearly din full. ke of McKeesport. Pa. July S The ⑉ First National Bank of McKeesport controlled by J. S. and W. S. Kuhn.
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BIG BANKS FAIL AT PITTSBURG o PITTSBURGH, July 8.-The First and Second National Banks of this city, with deposits aggregating $30,000,000, closed their doors today on orders from the comptroller of the currency, and receivers were appointed. Also the First National Bank of McKeesport, which is allied with the other banks. The bank failures resulted in the appointment of receivers for J. S. and W. H. Kupen, Incorporlated, and the American Water Works and Guarantee Company. The latter owns 2,000,000 acres of irrigated lands in the Pacific Coast States. The Kupens were the principal owners of the banks that went under.
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WILL PROSECUTE BANK OFFICIALS Startling Evidence Before McAdoo Concerning Recent Bank Failure. WAS MISMANAGED Clerks and Others in the Pittsburgh Bank Were Given Big Loans. Washington, July 9.-Startling evidence of mismanagement of the FirstSecond National Bank of Pittsburgh is believed to have been brought here today by Comptroller of the Currency T. T. Kane. as the result of a personal investigation of the bank's affairs. Mr. Kane laid before Secretary of the Theasury McAdoo facts which, it is reported, shows conclusively that many large loans were made to clerks, stenographers and bookkeepers in the bank and other dummies. The Secretary refused to make these facts public, but immediately communicated some of the more serious ones to the Department of Justice. Treasurery officials seem confident that criminal prosecution will soon be begun, but whether W. S. and J. S. Kuhn, president and director respectively of the wrecked institution, will depend upon further developments. National bank examiners are still at work on the books and until they report fully no criminal proceedings will be started. Attorney General MacReynold's agents are, however, already trying to place the responsibility for the conditions which have been brought to his attention. That the Kuhns must withdraw their interests from the First National Bank of McKeesport, Pa., before it can be reopened, is the determination already reached by Treasury officials. The run on this institution was caused solely, it is said, by the connection of the Kuhns with it.
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PITTSBURG DON'T WANT $5,000,000 FROM GOVERNMENT Pittsburg, July 9.-The conditions of financial circles at the closing hour were normal to all appearances. The run on the Pitsburg Savings bank, which started with the closing Monday of the First-Second National bank, ended early this afternoon. Further developments concerning the affairs of the First-Second National bank are not looked for until C. C. Murray, the receiver, has organized a force necessary in the liquidation of the institution. The First National bank of McKeesport is expected to reopen within a week after a reorganization of the officers and the elimination of the Kuhn interests. The application was granted by Judge Orr for the receivership of six coal companies, subsidiaries of the American Waterworks and Guarantee company.
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Startling Disclosures, [Special to The Times-Dispatch.] Washington, July 9.-Startling evidence of criminal mismanagement of the First-Second National Bank of Pittsburgh is believed to have been brought here to-day by Comptroller of the Currency T. R. Kane as the result of a personal investigation of the bank's affairs. Mr. Kane laid before Secretary of the Treasury McAdoo facts which, It is reported, show conclusively that many large loans were made to clerks, stenographers and bookkeepers in the bank. and other dummies. The secretary refused to make these facts public, but immediately communicated some of the more serious ones to the Department of Justice. Treasury officials seem confident that criminal prosecutions will soon be begun, but whether against W. S. and J. S. Kuhn, president and director, respectively, of the wrecked institution, will depend upon further developments. National bank examiners are still at work on the books, and until they report fully, no criminal proceedings will be started. Attorney-General McReynolds's agents are, however, already trying to trace the responsibility for the conditions which have been brought to his attention. After a conference with Comptroller Kane, Secretary McAdoo said: "There is every reason to believe that many large loans were made by the First-Second National Bank to dummies in the office, and the Department of Justice is informed of certain facts, It is for the Attorney-General to say whether any of these irregularities are criminal. "Mr. Kane assures me that the situation in Pittsburgh is clearing up rapidly. The failure is regarded by many financial men of that city as a sort of blessing in disguise, because it has put an end to conditions which had threatened for months to become serious and create panicky conditions." "The First-Second National Bank should have been closed instead of mergal last spring." was a startling statement made by Comptrolled Kane on his return here. He gave no reasons further than to refer to the condition of the bank for the past two years. That the Kuhns must withdraw their interests from the First National Bank of McKeesport, Pa., before It can be reopened is the determination already reached by treasury officials. The run on this Institution was caused solely, it is said, by the connection of the Kuhns with it.
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BANK IN HANDS OF RECEIVERS First Second National Closed by Order of Comptroller of Currency On Account of Impaired Reserves Pittsburg, July 7.-The First-Second National bank of Pittsburg, the First National bank of McKeesport, a neighboring city, the American Wa-
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PITTSBURG DON'T WANT $5,000,000 FROM GOVERNMENT Pittsburg, July 9.-The conditions of financial circles at the closing hour were normal to all appearances. The run on the Pitsburg Savings bank, which started with the closing Monday of the First-Second National bank, ended early this afternoon. Further developments concerning the affairs of the First-Second National bank are not looked for until C. C. Murray, the receiver, has organized a force necessary in the liquidation of the institution. The First National bank of McKeesport is expected to reopen within a week after a reorganization of the officers and the elimination of the Kuhn interests. The application was granted by Judge Orr for the receivership of six coal companies, subsidiaries of the American Waterworks and Guarantee company.
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HEAVY RUN ON SAVINGS BANK Precautionary Measures Taken and May Pull Through. Pittsburgh, Pa., July 8.-Financial Pittsburgh this morning showed little evidence of the crash which came yesterday when the FirstSecond National Bank of Pittsburgh and the First National Bank of McKeesport failed, and receivers were appointed for the American Waterworks Company and the Kuhn banking interests. The run on the Pittsburgh Bank for Savings, which started soon after the comptroller of currency took charge of the First-Second National Bank here yesterday, continued today, but it is believed that measures adopted this morning will enable the bank to weather the storm. Kuhn this morning resigned as an officer of the savings bank.
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PITTSBURG QUIET PITTSBURG, Pa., July 3.-Pittsurg's one-day flurry in financial cirles caused by the bank failures of esterday apparently was a matter of istory at noon today. The failure of the First-Second National Bank of Pittsburg and the First National of McKeesport, with the ubsequent receiverships for the American Waterworks and Guaranse Company, and the banking firm of J. S. & W. S. Kuhn Company, who vere dominant factors in the former nstitutions, it was established by 10on today would have no deleterious effect on other financial instutions. The run on the Pittsburg bank for savings, a Kuhn institution, which tarted yésterday, seemed materially o abate shortly after the announcenent that J. S. and W. S. Kuhn had resigned from the presidency and vice-presidency of the bank. Contemplated meetings of the Clearing-House Association were called off about midday, when it was deinitely decided that all its member banks were in desirable condition and in need of no assistance, which, if required, was forthcoming from New York, Chicago and St. Louis. United States District Attorney Jordan said he had had no communiation from Washington regarding any phase of the financial situation or in connection with any financial or ndustrial institution. Expected statements from J. S. Kuhn on any phase of the situation vere not forthcoming during the day.
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HASTENING LIQUIDATION. Receiver of First-Second National Bank, Pittsburgh, Reports Progress. John Skelton Williams, assistant secretary of the Treasury, states that an effort is being made to liquidate the failed First-Second National Bank of Pittsburgh in record time. Reports from the receiver indicated, he said, that considerable progress toward that end was being made. Lawrence O. Murray, former controller of the currency, who authorized the merger of the First and Second National Banks, yesterday conferred with Mr. Williams regarding the failure. Thomas P. Kane, acting controller of the currency, yesterday authorized the reopening of the First National Bank of McKeesport, Pa., which closed its doors a week ago. National Bank Examiner Williams reported the institution solvent and strong in cash.
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McKeesport Bank Opens After Week of Inactivity McKEESPORT, Pa., July 15.-The First National Bank, closed for over a week, reopened here before 8 o'clock today. There was no run on it or excitement of any kind. Depositors will be paid on demand.
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BANK REOPENS McKeesport Bank is Again Transact. ing Business. PITTSBURG, Pa., July 15.-The First National Bank of McKeesport, opened its doors today after a week's suspension because of the failure of the First Second National Bank of this city.
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BANK REOPENS McKeesport Bank is Again Transacting Business. PITTSBURG, Pa., July 15.-The First National Bank of McKeesport, opened its doors today after a week's suspension because of the failure of the First Second National Bank of this city, $