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Active Investors in Idaho Irrigation Pass Into Voluntary Receivership Assets of Millions Said To Seventy Be Sum of Total Kuhn and American Waterworks Company Invested in Various Parts of the United States Pittsburg-The First-Second Natime has been in a cerious condition. total of the bond issues of the constieral condition in that city sound. tional bank of Pittsburg, with deposits No statement of any kind has been tuent companies is $41,000,000. The secretary will make a sweeping of $33,000,000 and assets of $37,000,000, issued by the Kuhns or their repreMajor Fred R. Reed, who until reinvestigation of the causes of the failwas closed Monday morning by order sentatives, excepting one in which the cently was associated with the Kuhn ure and probably will call upon the of the comptroller of the currency. treasury officials are severely critiinterests in Idaho, stated Monday that department of justice to assist the W. S. Kuhn, head of the S. Kuhn cized for closing the First-Second Nathe failure of the Kuhns would not treasury department in unearthing company, Inc., was president and ditional bank and undervaluing certain affect the Kuhn enterprises here, beany possible irregularities in regard rector of the institution. There is said securities held by the institution. cause they had all been completed or to the collapse.-Statesman. to be $4,000,000 worth of securities in The Kuhns, besides being heavily inwere practically completed. It developed Monday night that one the bank which the treasury officials terested in banks, are also heavy hold"The Kuhns have expended several fact which drew the critical attention claim are valueless. ers of stock in several irrigation combig fortunes in Idaho, carrying the big and suspicion of the treasury departThe First National bank of McKeespanies in the west. Among them ahe end of the load themselves. This is ment to the bank's condition was a the Sacramento Valley Irrigation comport closed its doors at 10:30 Monday shown by the fact that the total outdiscrepancy of nearly $2,000,000 bepany, with headquarters in Sacramenmorning. It is the leading banking instanding bonded indebtedness of the tween the sworn statement to the to, Cal., and the Twin Falls North Side stitution in McKeesport. The Kuhns Idaho companies is $8,500,000; and I comptroller of the currency as to the Land & Water company in Idaho. W. control the directorate, and W. S. know they have spent $16,000,000 here. bank's condition on June 4 and what S. Kuhn is president and director of Kuhn was a director of the bank. should have been a true copy of this "These enterprises will go ahead this concern. The holdings of the W. The Amherst bank of Amherst, O., report published by the bank in the under the receivership. The farms S. Kuhn company Electric Light & also closed its doors Monday morning. newspapers of Pittsburg. will produce and all will be well for The directorate of this bank is also Electric Railway company in this terReports to the department indicate those who own them. The electric ritory amounts to many millions of controlled by the W. S. Kuhn company. that one-third of the $3,400,000 capipower plants will continue to supply dollars. In the United States circuit court tal stock of the bank has been impairjuice. here Monday J. S. Kuhn, W. S. Kuhn ed and that the surplus and profits "The indirect effect will run to Idaand J. H. Purdy were appointed reThe failure of the Kuhns created a have been wiped out. While details ho irrigation and power projects of ceivers for the American Water Works profound impression in Boise. While are lacking, estimates based upon the considerable importance. In that res& Guarantee company of New Jersey it was known that the Idaho enterlast report to the comptroller of the pect alone will the state be injured, in and its subsidiaries. prises of the Pittsburg men involved currency, indicate that at this my opinion, if at all, as the result of in this financial collapse of nationlosses might reach $3,000,000. Building Power Plants. the Kuhn failure. wide import were completed and doing This company is engaged in the con"The Kuhns have been builders. business and would not be affected by New York-The American Water struction of three immense dams for They are great men and they have the failure, at the same time it was Works & Guarantee company, of the purpose of securing water power done great things. It is a dark day for realized that the state would be damwhich J. S. Kuhn is president, conrights. Two of them are located on me, yet it is some consolation to know aged more or less because of additiontrols water works plants in about 80 the Cheat river, West Virginia, and that I was ever associated with such cities and towns in the United States. al bars that would be raised temporthe other on the Big Sandy in the same men. There is no position I would arily to irrigation and power projects The capital stock of the various constate. not willingly give up to help them. If that seemed ready to bud. On the trolled companies is about $73,000,000. A mortgage on this property was they need me, they have only to ask. whole, though, the failure produced no The concern is also largely interested taken a few days ago by the HydroI'll take pot luck with those kind of deep-rooted repression in business in irrigation projects, electric interurElectric company of West Virginia, a men any time." circles. ban and electric light enterprises. Kuhn interest, for $25,000,000. J. K. The appointment of receivers for D. C. MacWatters, general manager It was chartered in Pennsylvania Duff, treasurer of the W. S. Kuhn the American Water Works & Guaranof the Kuhn enterprises in Idaho, was in 1882 and has an outstanding capital company, Inc., was appointed receiver tee company in connection with the stock of $5,000,000. Since 1889 the reached Monday at American Falls by for that company Monday afternoon. bank closing, means that all the Kuhn stock has paid an annual dividend of The Statesman and given the first He was also appointed receiver for J. companies in Idaho are under a renews of the failure. He said he did not 6 per cent and in June of last year a S. Kuhn and W. S. Kuhn as individceivership. These companies are: stock dividend of 150 per cent was decare to make any statement for publiuals. cation at this time. The North Side company. clared from the surplus of more than Run on Savings Bank. $5,000,000. The Idaho Southern Railway comThe Pittsburg Bank for Savings, anpany. Among the companies controlled by other leading bank controlled by the the American Water Works & GuarThe Great Shoshone & Twin Falls REPORT OF COMPTROLLER Kuhn interests, weathered a severe Water Power company. antee company are: run, and according to W. O. Jones, California-Idaho company, a develWashington-Secretary McAdoe, in a The American Falls Power company. president of the concern, the bank will The Twin Falls-Oakley Land & Waopment concern which owns land in statement Monday night, declared that be able to meet all demands made upter company. the Sacramento valley; Clinton Water the general banking condition in Pittson it. The institution has a large The Twin Falls-Salmon River comburg, as well as in the entire country Works company, Clinton, Ia.,; Great amount of cash on hand and millions Shoshone & Twin Falls Water Power pany. was strong and sound and that he exin negotiable securities, which it has All told the Kuhns have invested company, operating water powers in pected no failure of the Pittsburg arranged to turn into money immeFirst-Second National bank. around $16,000,000 in Idaho. Snake River, Ida.; Keokuk (Iowa) diately if the necessity demands it. "The failure of the Pittsburg bank The outstanding bonds amount to Water company; Sacramento Valley W. S. Kuhn is at Price's Crossing, $8,500,000. Irrigation company; St. Joseph (Misis simply a sporadic case of unsound Mass., at the bedside of his wife, who The American Water Works & Guarsouri) Water company; Twin Falls banking and has no other significis seriously ill at the Kuhn summer (Idaho) North Side Land & Water ance," he said. He added that the reantee company was the holding organhome. He could not be reached Moncompany; Twin Falls-Oakley Land & ceivership for this institution relievization of the Kuhns. It represented day night. Mrs. Kuhn gave birth to a Water company and the Twin Fallsed a long standing "sore spot" in the a large number of companies in varchild on Saturday, and since that Salmon River Land & Water company. Pittsburg situation, leaving the genious parts of the country. The grand
