Bank of McKeesport - McKeesport, PA

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: July 7, 1913
Location: McKeesport, Pennsylvania (40.348, -79.864)

Metadata

Model: gpt-5-mini
Short Digest: f824c4fa

Response Measures

None

Description

Article (Albuquerque Evening Herald, 1913-07-07) reports financial turmoil in Pittsburgh and nearby places tied to the Kuhn interests; mentions a McKeesport bank failing/closing and being 'short' and unable to open its doors. It is unclear whether the target bank 'Bank of McKeesport' is the same institution referenced (article names 'First National' and 'First National Bank McKeesport' in places). No explicit run on this McKeesport bank is described; the bank is reported closed and related to adverse investments, with no reopening mentioned. I therefore classify as a suspension (closure) due to bank-specific adverse information. Significant OCR errors in the source text were corrected for meaning (e.g., 'failed McKeesport. short during time to open the Its doors' interpreted as the McKeesport bank failed/closed and did not open).

Events (1)

1. July 7, 1913 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Financial difficulties tied to heavy investments/guarantees of the Kuhn waterworks and related concerns led to suspension/closure of the McKeesport bank (reported unable to open its doors).
Newspaper Excerpt: First National ... failed McKeesport. short during time to open the Its doors.
Source: newspapers

Newspaper Articles (1)

1. July 7, 1913 Albuquerque Evening Herald Albuquerque, NM

Article from Albuquerque Evening Herald, July 7, 1913

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Article Text

INTERESTS OF PITTSBURG FINANCIAL TROUBLES First-Second National Bank, One of Largest in City, Fore ed to Close; Subsidiaries Fol. low Suit. DIFFICULTY DECLARED TO BE ONLY TEMPORARY Heavy Investments in Water Works Guaranty Said to Be Responsible for Suspensions in Smoky City. (By Lessed Wire to Evening Herald.) Pittsburgh, Pa., July 7.-A series financial difficulties of of National The Pittsburgh the First-Second financial district occupied bank, today. one the largest banks in the First National an adjoining and failed McKeesport. short during time to open the Its doors. the City, Within country. bank closed of a appointed for the and Guarantee terworks were of the afternoon American company receivers Wa. ons largest companies of United States house of 3. 8. Inc. ing in the Also and and for w the 8. its Kuhna bank Kind made during the day a run was inga. on the Pittsburgh Bank for Sav. a large Institution The troubles were due to financial difficulties confronting the Kuba terests barrassment of this city. It Is said the em- in is only temporary that there is no Immediate and alarm. Heavy investments cause in water for works propositions. coal and oil lands and Interurban railway companies, to. gether with the financing of a oky scraper bank and office building.spa given up as some of the CRUSSIS leading to today's suspensions. The trouble first made Its ance in the First-Becond National appear been bank. It la said the government has investigating conditions past the month or since June last, last statement was made when legal leged deficiency of $2,140,000 in An al- the reserve of the bank and the subto sequent examination brought matters elimax. gated Several thousand persons congreat bank about the First-Second Nation. was at noon. A aquad of police moving. necessary to keep the great crowd J. S. and W. S. Kuhn, Incorporated. bankers, known as the Kulin interests are Incorporated in Delaware with capitol stock of $500,000. James a Kuhn is chairman of the board 8. directors and his brother. W. S of is vice president. James S. Kuhn, president of the Waterworks also of Guarantee company. with a capital and $20,000,000 and W. 8. Kuhn is vide president of this company. The Kuhn Interests have largely in of late in Irrigation centered projects the west. They also Penn Traction and a combination of West line er company. Water control trolley Pow- the Interests in western Pennsylvania of a mines in this tuminous ly and the the operations state, group hapecial. of blW. United Coal company of which tor. 8. Kuhn la president and Other Interests of W. E direc- Kuhn are this the Colonial Trust company and city, Commercial National of this Commonwealth Trust company bank of tor city in all of which he is a vice president. and director direc+ National bank of the First National vice president rector McKeesport, tor First of Allegheny; and bank of direc. the di- of of the Pittsburgh ings: president and and Leechburg president Rallway director Bank company Kitaning for SavValley and director Sacramento Side and Irrigation company: president Land director Twinfalls North and Water company. Kuhn is president and of the American rector and James 8. Waterworks diand Guarantee company: director First National president Bank Allegheny: First president and director of reutor National Bank McKeesport; diin the Colonial bank of this Fisher & ton: and tor in Freehold Kuhn, Trust Co., city: Inc., company direc- Box. president and director for Savings: director curity Falls Bank Investment company Pittsburgh of and the Se. North Side Water and Twin vice president and Coal company company. also Penn of company: Penn United Traction and of director Land West Traction and Water Power West house Dany and director in the Westing- comcompany. Electric and manufauturiug ASKED 8 RECEIVER Pittsburgh. WATERWORKR July -Attornors this FOR COMPANY afternoon P appeared before of in the federal for Orr receivers court and Judge for the American Water asked works and Guarantee alao for the firm of company and o, Krhn. Incorporated. For the and these 8 were appointed: S. Kuhn former Kuhn. J H. Purdy, a get of the company general manah or Balley, For Jr.n bank official and of Simuel the Kuhn company was la 1. J. K. Duff. company. who is treasurer of 2 dered filed for Bonds each of $50,000 receiver. ware or se WORKS BANK OFFICIALS WATER