Article Text
RUN ON SAVINGS BANKS. PITTSBURG, July 7.-Following the news of the closing of the FirstSecond National bank a steady run started on the Pittsburg Bank for Savings, which is also controlled by the Kuhn interests.
Pittsburg Bank For Savings (Pittsburg, PA)
Episode Information
- Episode UID
2506048691363- Episode Type
- Run Only
- Bank Type
- savings
- Bank ID
-
250604869hash - Start Date
- July 7, 1913
- Location
- Pittsburg, Pennsylvania (40.441, -79.996)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
0ba41ef7b189fa58
Response Measures
None
Events (1)
1.
July 7, 1913
Run
- Cause
- Local Banks
- Cause Details
- Run was triggered by the closing/failure of the First-Second National Bank and related Kuhn institutions, causing depositors to withdraw from the affiliated savings bank.
- Measures
- Paid small depositors $50 on demand and required 30/60/90 days' notice for larger withdrawals; large cash reserves ($5M) made available and new officers were installed.
- Newspaper Excerpt
- RUN ON SAVINGS BANKS. PITTSBURG, July 7.-Following the news of the closing of the FirstSecond National bank a steady run started on the Pittsburg Bank for Savings
- Source
- newspapers
Newspaper Articles (13)
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Article Text
Banking Circles Unaffected. Pittsburgh, July 8.-Financial Pittsburgh showed little outward evidence today of yesterday's crash in banking circles involving the failure of the First-Second National Bank, with $32,000,000 deposits, the First National Bank of McKeesport, an allied institution, and the appointment of receivers for the American Waterworks and Guarantee Company, and for the banking house of J. S. and W. S. Kuhn, incorporated. Nothing unusual was observed about other banks of the city except the Pittsburgh Bank of Savings, another bank controlled by J. S. and W. S. Kuhn. who controlled the majority of stock in the two banks that suspended yesterday. The run on the savings institution. that was started by the failures yesterday, was resumed today, but the same method as adopted yesterday was pursued today. All depositors were paid $50 at once and notice of thirty, sixty and ninety days for larger amounts were required. No Serious Result Anticipated. With the assurance of several millions in cash and quick assets in hand the run on this bank is not looked upon as likely to result seriously, in fact bankers with no connection with the Kuhn interests assert that the bank of savings will weather the situation and make all payments demanded under the conditions imposed, with the result that at the expiration of the time for withdrawal of larger amounts the public's confidence will be restored. About the First-Second bank today large groups of foreigners were gathered, copying from the doors of the foreign banking department the notice posted by the government, which was in sixteen different languages. A meeting for the clearing house association was called for later in the day when a statement is expected regarding the closing of the First-Second National bank. New Officers Elected. J. S. and W. S. Kuhn, today resigned as president and vice president of the Pittsburgh Bank of Savings at which a run is being directed. The followink officers were chosen: W. J. Jones, president; L. M. Plumer, vice president: A. N. Voegtley, secretary and treasurer. Run Subsides. The failure of the First-Second National Bank of Pittsburgh, and the First National Bank of McKeesport, with the subsequent receiverships for the American Waterworks and Guarantee Company and the banking firm of J. 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 have abated shortly after the announcement that J. S. and W. S. Kuhn had resigned from the presidency and vice presidency of the bank. Contemplated meeting of the clear-
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Pittsburg Bank Run Starts Second Day PITTSBURG, PA., July 8.-When the Pittsburg Bank for Savings opened its doors this morning a crowd of 500 people, mostly women, were waiting to get in. Policemen kept the crowd in line and there was no disorder. On the bank counters $5,000,000 in cash was stacked before the hour for opening this morning. and officials announced that $5,000,000 more was available.
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Article Text
Pittsburg Bank Run Starts Second Day PITTSBURG, PA., July 8.-When the Pittsburg Bank for Savings opened its doors this morning a crowd of 500 people, mostly women, were waiting to get in. Policemen kept the crowd in line and there was no disorder. On the bank counters $5,000,000 in cash was stacked before the hour for opening this morning. and officials announced that $5,000,000 more was available.
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BANKS DECLINE FEDERAL FUNDS Financial Pittsburgh Shows No Outward Evidence of Big Failure. SAVINGS INSTITUTIONS WILL WEATHER RUN Kuhns Resign as Officers-Inquiry Will Be Started-Bank Mismanaged. PITTSBURGH, July 8.-Financial Pittsburgh showed little outward evidence today of yesterday's crash in banking circles involving the failure of the FirstSecond National Bank with $32,000,000 of deposits, the First National Bank of McKeesport, an allied institution, and the appointment of receivers for the American Water Works and Guarantee Company, the largest concern of Its kind in the country, and for the banking house of J. S. & W. S. Kuhn, Incorporated. J. S. and W. S. Kuhn this morning resigned as president and vice president. respectively, of the Pittsburgh Bank for Savings. The following officers were elected to take charge of the bank: W. J. Jones. president: L. M. Plumer, vice president: A. N. Voegtley, secretary and treasurer.
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Run Starts On a Savings Bank SMALL DEPOSITORS PAID $50 ON DEMAND, PITTSBURG SITUATION Aside from This Run Financial Conditions There Are practically NormalBank Prepared for Any Emergency, Pittsburgh, July 8-To the decisive and sharp cut statement of Secretary of the Treasury McAdoo issued last night is attributed the restoration of almost normal conditions in financial Pittsburgh tonight despite the closing of the First-Second National bank yesterday, an institution that had been accredited one of the strongest in the country. While the situation inwas tense yesterday, and little formation as to posible developments was obtainable the flat statement of facts of the secretary served to develop an overnight optimism that grew in magnitude as today advanced. McKeesport Bank Suspends. The closing of the First-Second was naturally followed by suspension of its affiliated bank the First National of McKeesport and the appointment of receiverships for the banking house of J. S. and W. S. Kuhn, Inc., whose principals were the majority stockholders of both institutions and a like action with the American Waterworks and Guarantee company. an enterprise fathered by the Kuhn interests. Run on Savings Bank. Another Kuhn interest that was affected, the Pittsburgh bank for Savings, suffered somewhat from the complication, a run being started on it yesterday, chiefly by small depositors, This was continued in somewhat appears to abate as the day wore on. apears to abate as the day wore on. Crowds assembled about the bank building and the sidewalk about the building was roped off. The small groups of depositors that entered the bank were promptly paid $50 upon demand as yesterday, and required to give the legal notice of 'thirty, sixty or ninety days, to withdraw other amounts above stated figures. Yesterday $57.00 Owas withdrawn from the bank, while the deposits were $20,000. It is assured the withdrawals were under yesterday's figures. Prepared For Any Emergency. There were reports that a million dollars had been shipped to the Pittsburgh Bank for Savings today from Philadelphia but this was not verified and was discredited by clearing house members who verify the statement of the bank made yesterday that this bank has $5,000,000 in cash and $6,000,000 in quick assets, enabling it to meet any stress or emergency, Resignation of the Kuhns. About noon the announcement was made that J. S. Kuans, president and W. S. Kuhns, vice president, had resigned and that W. J. Jones, the former secretary and treasurer of the bank had been made president, with A. N. Vegtly, former assistant to Mr. Jones, as secretary and treasurer while L. M, Plummer, a director, was made vice president. Several Decline Receivership. Expected statements as to the American Waterworks and Guarantee company were not forthcoming today, the delay being attributed to the delay in the appointment of the fourth receiver, which Judge Orr announced should be a man having no business interests with the Kuhns. Several business men have refused to accept the appointment of receiver.
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Associated Press. Pittsburg, Pa., July 9.-The run on the Pittsburg Bank for Savings which started Monday was resumed today, but in less volume. Some of the patrons today came to make deposits and complained that they could not get waited on. This, President Jones said, was evidence of confidence in the bank.
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Officers Resign. Pittsburg, Pa., July 9.-J. S. and W. S. Kuhn resigned yesterday morning as president and vice-president, respectively, of the Pittsburg bank for savings, at which a run is being directed.
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RUN ON BANK CONTINUES. PITTSBURG, July 9.-Another heavy run started to-day when the Pittsburg Bank for Savings opened its doors. Police held the crowd of at least 500 back, permitting one person at a time to enter the bank
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RUN ON BANK CONTINUES. PITTSBURG, July 9.-Another heavy run started to-day when the Pittsburg Bank for Savings opened its doors. Police held the crowd of at least 500 back, permitting one person at a time to enter the bank.
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Article Text
Pittsburg Bank Run Starts Second Day PITTSBURG, PA., July 8.-When the Pittsburg Bank for Savings opened its doors this morning a crowd of 500 people, mostly women, were waiting to get in. Policemen kept the crowd in line and there was no disorder. On the bank counters $5,000,000 in cash was stacked before the hour for opening this morning. and officials announced that $5,000,000 more was available.
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Article Text
RUN ON BANK CONTINUES. PITTSBURG, July 9.-Another heavy run started to-day when the Pittsburg Bank for Savings opened its doors. Police held the crowd of at least 500 back, permitting one person at a time to enter the bank.
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Article Text
Tension in Pittsburgh Over. Pittsburg, July 11.-Conditions in financial circles have to all appearances reached normal. The run on the Pittsburgh Bank for Savings, which was started by the closing of the First-Second National on Monday has subsided.