18840. First National Bank (McKeesport, PA)

Bank Information

Episode Type: Run → Suspension → Reopening
Bank Type: national
Bank ID: 2222
Charter Number: 2222
Start Date: July 7, 1913
Location: McKeesport, Pennsylvania (40.348, -79.864)

Metadata

Model: gpt-5-mini
Short Digest: 168a447b

Response Measures

Full suspension, Books examined

Other: Bank was closed following government-ordered closing of related Pittsburgh First-Second National; Kuhn interests forced out and board reorganized before reopening.

Description

The First National Bank of McKeesport suspended operations on July 7, 1913 after a run triggered by the failure/closing of the First-Second National Bank (Kuhn interests). Treasury/examiner action closed the Pittsburgh bank; McKeesport closed 'for the present' because of the connection and depositor unrest. The bank reorganized (Kuhn interests to be eliminated) and reopened July 15, 1913. Classified cause as 'local_banks' because the trigger was failure/distress of a related local bank and Kuhn connections rather than pure rumor or internal insolvency of McKeesport.

Events (4)

1. February 10, 1875 Chartered

Source: historical_nic

2. July 7, 1913 Run

Cause: Local Banks
Cause Details: Depositors withdrew after the First-Second National (Pittsburgh), controlled by the Kuhns, was ordered closed; Kuhn connection triggered withdrawals at McKeesport.
Measures: Board reorganization planned; Kuhn interests to be eliminated before reopening; temporary closing to protect depositors (20/60/90-day notices for larger amounts reported for other institutions).
Newspaper Excerpt: the run that started on it by reason of the Kuhn connection with the bank
Source: newspapers

3. July 7, 1913 Suspension

Cause: Local Banks
Cause Details: Bank closed its doors the same day as the First-Second National was ordered closed; notice posted cited the Pittsburgh bank seeking a receiver as the reason for closing 'for the present'.
Newspaper Excerpt: 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.
Source: newspapers

4. July 15, 1913 Reopening

Newspaper Excerpt: McKeesport Bank Opens After Week of Inactivity ... The First National Bank, closed for over a week, reopened here before 8 o'clock today. Depositors will be paid on demand.
Source: newspapers

Newspaper Articles (24)

1. July 7, 1913 Santa Fe New Mexican Santa Fe., Santa Fe, NM

Article from Santa Fe New Mexican, July 7, 1913

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TWO BIG BANKS SHUT THEIR DOORS PITTSBURG AND M'KEESPORT INSTITUETIONS ARE CLOSED-OTHER BANKS AND ALLIED INTERESTS MAY BE AFFECTED-RECEIVERS NAMED. MANY WATER WORKS COMPANIES AFFECTED Pittsburgh, Pa., July 7.-A series of financial difficulties occupied the Pittsburgh district today. The FirstSecond National bank, one of the largest banks in the country, failed to open its doors. Within a short time the First National bank of McKeesport, an adjoining city, closed and during the afternoon receivers were appointed for the American Waterworks and Guarantee company, one of the largest of its kind in the United States and for the banking house of J. S. and W. S. Kuhn, incorporated. Also during the day, a run was made on the Pittsburgh bank for savings, a large institution. The troubles were due to financial difficulties confronting the Kuhn interests of this city. It is said the embarrassment is only temporary and that there is no immediate cause for alarm. Heavy investments in waterworks' propositions, coal and oil lands, interurban railway compaof nies, together with the financing of a skyscraper bank and office building P are given as some of the causes leadai ing up to today's suspensions. b The trouble first made its appearance in the First-Second National bank. It is said the government has been investigating conditions for the past month or since June 4 last, when the last statement was made. An alre leged deficiency of $2,145,000 in the legal reserve of the bank and the subdi sequent examination brought matters gl to a climax. N Several thousand persons congrein gated about the First-Second NationF1 al bank at noon. A squad of police in was necessary to keep the great pc crowd moving. di

2. July 7, 1913 The Fargo Forum and Daily Republican Fargo, ND

Article from The Fargo Forum and Daily Republican, July 7, 1913

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CULMINATES SERIES OF DIFFERENCES Bank Ordered Closed by Acting Comptroller Kane Assistant Secretary Williams of Treasury Also Acted Character of Assets Was Not Tolerated by Department Pittsburgh, Pa., July 7.-The First and Second National bank here was ordered closed by the acting comptroller of currency and was not open for business this morning. This marked the culmination of differences of long standing with the treasury department concerning the character of certain assets of the former First National bank of Pittsburgh, which merged with the Second National bank last March, under the title of the First and Second National bank of Pittsburgh. The Pittsburgh closing house association has taken charge of the situation generally and announces that no further trouble is expected. The First and Second National bank is the second largest in the city and one of the largest in the country. W. S. Kuhn and J. S. Kuhn , Bros., own the controlling interest in that and the First National bank of McKeesport, Pa., which also has closed its doors. The closing lead to the presistent reports that a receiver would be asked for the American Water Works & Guarantee Co., the largest operating water works company in the United States, controlling over forty such plants throughout the country, with which the Kuhns are prominently identified. The suspension of the First and Second National bank precipitated a run on the Pittsburgh bank for savings, of which J. S. Kuhn is president. Application for a receivership for the American Water Works & Guarantee Co. was filed in the federal court at 1:55 this afternoon. Statement by Williams. Washington, July 7.-The treasury officials after a conference over the closing of the First and Second National bank of Pittsburgh, announced an official statement to be issued this afternoon defining the situation. The legal reserve of the bank was deficient by $2,045,000 on June 4, the date of the last call by the comptroller of currency. This brought the situation to a climax. John Skelton Williams, assistant secretary of the treasury and acting comptroller of currency for Kane, is in Pittsburgh. The First National bank of McKeesport, Pa., closed its doors, Secretary McAdoo advised today James S. Kuhn, brother of W. S. Kuhn, president of the closed First-Second National bank of Pittsburgh, president of the McKeesport bank, whose capital is $300,000 and surplus $500,000, according to the last reports of the comptroller of currency. The receivers were also asked for the firm of J. S. and W. S. Kuhn Inc. the receivers were appointed and bonds of $50,000 ordered filed for each,

3. July 7, 1913 Atlanta Georgian Atlanta, GA

Article from Atlanta Georgian, July 7, 1913

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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."

4. July 8, 1913 The Washington Herald Washington, DC

Article from The Washington Herald, July 8, 1913

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PITTSBURGH BANK ORDERED CLOSED First-Second National and Allied Institution in McKeesport Suspend Business. OUTLOOK IS OPTIMISTIC Little Excitement Shown, and Clearing House Association Looks for Best. Receivers for Kuhn Interests. Pittsburgh, July 7.-With the closing of two banks and the appointment of receivers for the Kuhn interests, representing $200,000,000. Pittsburgh today entered upon a financial crisis. the outcome of which is not yet assured. The banks were the First-Second National of Pittsburgh and the First National of McKeesport, both controlled by the Kuhn interests. J. S. Kuhn went into court this afternoon and had receivers appointed for J. S. and W. S. Kuhn, Inc., and the American Water Works and Guaranty Company, the latter being engaged in irrigation projects in the West amounting to $24,000,000. Except for the anticipated visits to the various banks in Pittsburgh by depositors, following the closing of the banks, and the temporary drawing out of small accounts in some of the institutions, particularly banks in which the Kuhns are interested, the failures caused little excitement. There were no runs anywhere. All day small crowds were gathered about the Kuhn banks, which were guarded by policemen, but there was no demonstration. Assurance has been given depositors that in all likelihood every cent will be paid, and soon. & The Pittsburgh Clearing House Association gave out a statement this evenIng assuring the public that the close ing of the banks would have no serious effect and the association had the a situation well in hand. A meeting of t the association was held in the aftt ernoon. L Closing Not Unexpected. In financial and governmental circles Y the closing of the First-Second Nale tional was not unexpected. It was no in secret that there were serious difficulties between the United States Comptroller's office and the officials of the bank as to the conduct of its affairs, and officials of the bank have been heard to complain of "too much governmental regulation." After the meeting of the Pittsburgh Clearing House Association this afternoon this statement was made through its officers: "The closing of the First-Second National Bank by the Deputy Comptroller of the Currency was not entirely unexpected by this association, and it was, therefore, prepared for the crisis. The members of the clearing house are stil'.in good condition, and believe that the banks and trust companies in the city of Pittsburgh, as a whole, are prepared for any emergency. It will take several days to arrange for the transfer of accounts and proper and careful handling of checks made on the First-Second National Bank. We, therefore, ask the indulgence of the public and request that they will help in every way possible to assist in the solution of the problem which confronts the clearing house committee and the banks." Bankers Are Optimistic. All the bankers who attended the meeting of the association were decidedly optimistic, and the situation was declared to be much better than many had expected it to be. The long-standing differences between the Treasury Department of the United co States and the officials of the bank conW cerning the value of certain securities of H the First National Bank of Pittsburgh, Y neyw merged with the Second National an Bank, under the title of First-Second Co National of Pitsburgh, led to the closing fo m by order of Deputy Comptroller of the Currency T. P. Kane. th Application was made before Judge Charles P. Orr, of the United States District Court, for a receiver for the Amerin ican Water Works and Guarantee Comfili pany of New Jersey this afternoon. fe The following were appointed receivers of for the American Water Works and pla Guarantee Company: J. S. Kuhn, W. S. Kuhn, and J. F. Purdy. A fourth name will be added later. A receivership was Co asked for the firm of J. S. & W. S. Kuhn wi Co. J. K. Duff, treasurer of the comCo pany. was appointed, with a bond of $50.000. to

5. July 8, 1913 The Times Dispatch Richmond, VA

Article from The Times Dispatch, July 8, 1913

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First-Second National of Pittsburgh Forced to Close Doors. SOON FOLLOWED BY TWO OTHERS First National of McKeesport and Bank of J. S. & W. S. Kuhn, Inc., Are Caught-Receiver Appointed for American Water Works and Guarantee Company. Pittsburgh, July 7.-The First-Second National Bank of Pittaburgh, the First National Bank of McKeesport, a neighboring city: the American Water Works and Guarantee Company and the banking-house of J. S. & W. S. Kuhn, Incorporated, of this city, were forced into the hands of receivers to-day through the failure of the first named institution to open its doors this morning. The closing of the First-Second National Bank was ordered by the deputy comptroller of currency, T. P. Kane, after every effort had been made to meet the government requirements as to the legal reserve. The Kuhn banking-house has extensive interests in Irrigation projects throughout the West and in mines and street traction systems throughout Western Pennsylvania, besides being a dominant figure In the American Water Works and Guarantee Company. W. S. Kuhn is president of the FirstSecond National Bank, vice-president and director in the banking-house and vice-president and director of the American Water Works and Guarantee Company, besides a director of the McKeesport bank. J. S. Kuhn is a director of the FirstSecond National Bank, president and director of the American Water Works and Guarantee Company, president and director of the McKeesport bank and chairman of the board of directors of the banking-house. Receivers Asked For. When it was learned that the banks would have to suspend business, steps were taken to protect the American Water Works and Guarantee Company and the Kuhn's banking-house, and application was made in the Federal court this afternoon for receivers for both Institutions. Throughout the day a statement of the banks and affected companies' affairs was awaited with feverish anxiety, but none was forthcoming until tonight. when Mr. Kuhn made a formal statement. No statement of the condition of the bank was obtainable subsequent to the one issued June 4 on the last bank call of the comptroller. The June 4 statement was as follows: Resources: Loans and discounts. $15,704,901.16. Overdrafts, secured and unsecured. $2,571.76. United States bonds to secure circulation, $1,900,000. United States bonds to secure United States deposits, $171,000. United States bonds on hand, $16,000. Premium of united bonds, $10,121.26. Bonds, securities, etc., $8,549,236.95. Banking furniture and lixtures, $176,755.04. Other real estate owned. $4,541,977.65. Due from national banks (not reserve agents). $1,178,987.06 Due from State banks and bankers, $1,316,820.23. Due from approved reserve agents, $4,216,447.75 Checks and other cash items. $160.076.23. Exchanges for clearing house, $693,230.42. Notes of other national banks, $360,000. Fractional paper currency, nickels and cents, $13,237.88. Lawful money reserve in bank, via.: Specie and legal tender notes, $1,S.1.023. Redemption fund with United States Treasury (5 per cent of circulation), 95 per cent. Due from United States treasurer other than 5 per cent redemption fund, $87,500. Total, $38,103,856.39. Other Side of Ledger. Liabilities: Capital stock paid in, $3,400,000. Surplus fund, $1,700,000. Undivided profits, less expenses and taxes paid, $250,068.45. National bank notes outstanding, (Continued on Second Page.)

6. July 8, 1913 The Wheeling Intelligencer Wheeling, WV

Article from The Wheeling Intelligencer, July 8, 1913

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B. KS CLOSE HEIR DOORS AT PITTSBURG FIRST-SECOND NATIONAL CLOSED BY ORDER OF GOVERNMENT. Bank Is Owned By Kuhn Interests and Other Banks Not Affected. Statements Issued. The PITTSBURGH, Pa., July First-Second National bank. of Pitts burgh, the First National bank. of Me. Keesport. a neighboring city: the American Water Works and Guarantee company and the banking house of J. S. and W S. Kuhn, Inc., of this city, were forced into the hands of receive ers today. through the failure of the first named institution to open its doors this morning The closing of the First-Second National bank was ordered his the deputy comptroller of the currency T. P Kane, after every effort had been made to meet the government require ments as to the legal reserve The Kuhn banking house has extengive interests in irrigation projects throughout the west. and mines and street traction systems throughout western Pennsylvania, besides being a dominant factor in the American Water Works and Guarantee company W S. Kuhn was president of the First-Second National bank, vice. president and director of the American Water Works and Guarantee com pan besides being a director of the McKeesport bank J S. Kuhn was a director of then First Second National bank president and director of the American Water Works: and Guarantee company prest dent and director of the McKeesport bank and chairman of the board of directors of the banking house When is was learned that the banks suspend business steps taken to protect the America Water Works and Guarantee pany and the Kuhns banking house and application was made in the incleral court this aft ernoon for receivers (or both Institutions Throughout the a statement . bank and affected companies of. fairs was awaited with feverish enx. lety. but none was forthcoming until tonight when Mr Kuhn made R formal statement of the the bank was obtainable issued June the last bank of the comptroller. Kane's Statement. Tonight Mr Kane issued the follow the dirtetors the National if bank the recent Investi xaminers Impair that arrange the for learning in dine and to night issued of the Na and for the and the Bank Bank of Continued on Page Eight."

7. July 8, 1913 Las Vegas Optic Las Vegas, NM

Article from Las Vegas Optic, July 8, 1913

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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."

8. July 8, 1913 Albuquerque Evening Herald Albuquerque, NM

Article from Albuquerque Evening Herald, July 8, 1913

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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

9. July 8, 1913 The Ocala Evening Star Ocala, FL

Article from The Ocala Evening Star, July 8, 1913

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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.

10. July 8, 1913 The Chronicle=news Trinidad, CO

Article from The Chronicle=news, July 8, 1913

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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.

11. July 8, 1913 The Barre Daily Times Barre, VT

Article from The Barre Daily Times, July 8, 1913

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PITTSBURG BANK CLOSED Failure of Big Institution Ties Up $30,000,000 Deposits AND DRAGS DOWN OTHER BANKS Its Reserve. Was Deficient by an Amount Over $2,000,000 Pittsburg, July 8.-The First-Second National Bank of Pittsburg, the First National Bank of McKeesport, the American Water Workers & Guarantee Co. and 'the Banking House of J. S. and S. W. Kuhn were forced into thé hands of a receiver yesterday through the failure of the first named institution to open its doors. The banks were ordered closed by Deputy Comptroller of Currency T. P. Kane, after every effort had been made to meet the government's requirements in respect to the amount of legal reserve. W. S. Kuhn is president of the FirstSecond bank and connected with other institutions as official. Applications were made for receivers of the Water Works company and the Kuhn banking house to protect their interests. It is believed that the bank will liquidate with but little loss to any of the depositors. C. S. Murray was appointed receiver of the First-Second National Bank of Pittsburg. It was announced from Washington that the legal reserve of the First-Second National Bank of Pittsburg was deficient by $2,145,000 on June 4, the date of the last call by the comptroller of the currency. This brought the situation to a climax. The closing of the doors of the FirstSecond National ties up approximately $30,000,000 in deposits. The First-Second bank had a capital of $3,400,000, surplus and profits of $1,950,000. It is understood that there have been differences of long standing with the treasury department concerning the character and value of certain assets of the former First National Bank of Pittsburg, which was merged with the Seeond National bank last March, under the title of the First-Second National Bank of Pittsburg. Directors and officers of the Institution were in session all day Sunday, and most of Sunday night, with special bank examiners sent here to investigate the bank, and early yesterday morning notices were posted on the bank doors that it had been ordered closed. The Pittsburg Clearing House association early took charge of the situation generally and announced that no further trouble is expected. as None of the officials of the bank would make a statement yesterday, announe$ ing that affairs were in the hands of Il the government officials. f The suspension of this bank and of u the First National Bank of McKeesport i caused considerable excitement in the r down-town districts.

12. July 9, 1913 The Fairmont West Virginian Fairmont, WV

Article from The Fairmont West Virginian, July 9, 1913

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COMPTROLLER SAYS BANKING SITUATION OK WITH CLOSING OF FIRST-SECOND PITTSBURGH'S INSTITUTIONS ARE PERFECTLY SOUND. CALLED HALT TO PROTECT THE SMALL DEPOSITORS AGAINST HEAVY WITHDRAWALS. (BY ASSOCIATED PRESS) WASHINGTON July S.-Thomas M. Kane, acting comptroller of the carrency, who returned. today from Pittsburgh where be closed the FirstSecond National bank. declared that the First National bank of that city should have been closed uji at the time of its merger with the Second National bank several months ago. The men ger was authorized by L. O. Murray, former comptroller of the currency At that time Mr. Kane declared to-day. the First National's capital was badly impaired and the bank was notified last December that its impaired capit tal must be restored. The comptroller added that the condition of the bank had been well known in banking ein cles in Pittsburgh, New York and elsewhere. Situation Is Cleared. "The closing of the bank clears the banking and financial atmosphere of Pittsburgh Outside of this institution the banking conditions there are excellent and there is no case for any further anxiety." said he. The First National bank of McKeespart which suspended a few hours after the First-Second bank was closed is arranging for regumption of business in a few days. The bank is in a good condition and there was no reason why it should have closed other than because of the run that started on it by reason of the Kuhn connection with the bank The board of directors of this bank will be reorganized and the Kuhn in terest eliminated before it is reopened How Condition Leaked Out. U. S. Attorney Jordon of Pitcsburgh (Continued on Page

13. July 10, 1913 New-York Tribune New York, NY

Article from New-York Tribune, July 10, 1913

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Small Depositors Aided. Information concerning the government's surveillance of the bank leaked out, and one big depositor withdrew $200,000 last Saturday. Government officials then learned that other big depositors contemplated making heavy withdrawals on Monday. To prevent the large depositors from gaining the advantage of saving their deposits at the expense of little depositors who were not aware of the circumstances the government refused to let the bank open. "The First National Bank of McKeesport, which suspended a few hours after the First-Second National Bank was closed," said Mr. Kane, "is arranging for resumption of business in a few days. "The bank is in a good condition, and there was no reason why it should have closed other than because of the run that started on it by reason of the Kuhn connections with the bank. The board of directors of this bank will be reorganized and the Kuhn interest eliminated before the bank is reopened."

14. July 10, 1913 The Salt Lake Tribune Salt Lake City, UT

Article from The Salt Lake Tribune, July 10, 1913

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PITTSBURG BANK SITUATION NORMAL July 9. -Conditions in PITTSBURG, financial circles at the closing hour today to all appearances reached normal The run on the Pittsburg Bank for Savings, which was started by the closing of the First-Second National on Monday. had subsided early in the afternoon. after a resumption of the run this morning had caused some slight anxiety. Further developments in the affairs of the First-Second National were not looked for until Receiver C. C. Murray had opportunity to organize his force necessary in the liquidation of the institution. It was not expected that depositors would receive any dividend before the expiration of two months The First National bank of McKeesport is expected to reopen within a week, after a reorganization of its officers and directorate with the elimination of the Kuhn interests, which held the majority of the stock of the First-Second bank Application was granted by Federal Judge C. P. Orr today for receivers for six subsidiary companies of the American Waterworks & Guaranty company, The companies are the United Coal. the Somerset Smokeless Coal. the Naomi Coal. the Merchants Coal of Pennsylvania, the Isabella-Connellsville Coke and the Pittsburg & Baltimore Coal company Three receivers were appointed for each company, with the exception of the United Coal, for which four will act. The receiverships are made up of these men Samuel A. Gilmore, James D. O'Neil, William K. Johnson, Thurston Wright and Robert P. Watt. each serving for several of the companies. The application was made by Lucien Hill, whose residence Is given as Mary~ land. and in the petition for the IsabellaConnellsville Coke company, Hill is joined by the company itself. The petitions set forth that receiverships were advisable to protect the properties and assets of the companies on account of debits due. Bankers, on the whole, feel that the tension has been relaxed in the financial situation, and that it is greatly relieved.

15. July 10, 1913 The Times Dispatch Richmond, VA

Article from The Times Dispatch, July 10, 1913

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BANK SITUATION REACHES NORMAL No Further Financial Trouble Experienced in Pittsburgh. KUHN RETURNS TO CITY Former President of Failed Institution Has No Statement to Make. Pittsburgh, Pa., July 9.-Conditions in financial circles at the closing hour to-day to all appearances had reached normal The run on the Pittsburgh Bank for Savings, which was started by the closing or the First-Second National Bank Monday, had entirely subsided early in the afternoon, after a resumption of the run this morning had caused some slight anxiety. Further developments in the affairs of the First-Second National were not looked for until Receiver C. C. Murray has had opportunity to organize his force necessary in the liquidation of the Institution. It was not expected that depositors would receive any dividends before the expiration of two months. The First National Bank of McKeesport is expected to reopen within a week after a reorganization of its officers and directorate with the elimination of the Kuhn interests, which held the majority of the stock of the First-Second National. Application was granted by Federal Judge C. P. Orr to-day for receiverships for six subsidiary companies of the American Water Works and Guarantee Company. The companies are the United Coal, the Somerset Smokeless Coal, the Naomi Coal, the Merchants Coal, of Pennsylvania, the Isabella-Connelhsville Coke, and the Pittsburgh and Baltimore Coal Company. Three receivers were appointed for each company, with the exception of the United Coal, for which four will act. The receiverships are made up of these men: Samuel A. Gilmore, James D. O'Neil, William K. Johnson, Thurston Wright and Robert P. Watt, each serving for several of the companies. Necessary for Protection. The application was made by Lucien Hill, whose residence is given as Maryland, and in the petition for the Isabella-Connellsville Coke Company, Hig is joined by the company itself. The petitions set forth that receiverships are advisable to protect the property and assets of the companies on account of debts due. W. S. Kuhn, who was president 01 the First-Second National Bank, and who was at the bedside of his wife, ill in New England, when the crasm came Monday, arrived home to-day He was closeted with his brother, J. S. Kuhn, all day, and announcement was made that he would have no statement to make for several days. Bankers generally feel that the tension has been relaxed. and the local financial situation greatly clarified.

16. July 10, 1913 Bismarck Daily Tribune Bismarck, ND

Article from Bismarck Daily Tribune, July 10, 1913

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Run on the Bank for Savings Comes to an End OR Wednesday Afternoon Receivers Are Appointed and Searching Investigations to Follow / Secretary McAdoo to Await Developments Before Proceeding Further Pittsburg, Pa., July 9.-Conditions in financial circles at the closing hour today had to all appearances reached normal. The run on the Pittsburg Bank for Savings, which was started by the clos.ng of the first Second-National Monday, subsided early this of the run this morning there was caused but slight anxiety. Further developments in the affairs of the First Second-National were not looked for until Receiver C. C. Murray organied a force necesary in the liqulgization of the institution. It is not expected the depositors will receive any dividend before the expiration of two months. The First National bank of McKeesport is expected to open within a week after the reorganization of its officers and d.rectorate by the elimination of the Kuhns, who held the majority of the stock of the First-Second, An application was granted by Federal Judge Orr today for receiverships for six local companies, subsidiaries of the American Waterworks and guarantee Company. Three receivers were appointed for each company Will Await Results Washington, July 9.-Secretary Mc. Adoo tonight decided 9 await the report of National Bank Examiner Hann, who is investigating the FirstSecond National bank of Pittsburg before calling upon Attorney General McReynolds to take up the questior of whether the National Bank Act was violated in any of the operations of the institution. Examiner Hann is expected to leave for Pittsburg Saturday night to prepare a report to Thomas P. Kane, acting comptroller of the currency, on the results of the inspection by himself and Examiner Sherrill Smith.

17. July 10, 1913 Pine Bluff Daily Graphic Pine Bluff, AR

Article from Pine Bluff Daily Graphic, July 10, 1913

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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.

18. July 10, 1913 The Prescott Daily News Prescott, AR

Article from The Prescott Daily News, July 10, 1913

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EVIDENCE WARRANTS IMMEDIATE INTERVENTION IN PITTSBURG AFFAIRS. MERGER CAUSE OF CRITICISM Acting Comptroller Says First National's Capital Was Impaired at Time of Consolidation With Second National. Washington, July 10.-Secretary McAdoo has asked Attorney-General McReynolds to investigate alleged irregularities in connection with the closing of the First-Second National bank of Pittsburg and determine whether the national bank act has been violated. Sufficient facts have been collected by the treasury department, it is said, to warrant immediate intervention by the department of justice. Thomas P. Kane, acting comptroller of the currency, who has returned from Pittsburg, declared the First National bank of that city should have been "cleaned up or closed up" at the time of its merger with the Second National several months ago. The merger was authorized by Lawrence O. Murray, former comptroller of the currency. At that time, Kane declared the First National's capital was badly impaired and the bank was notified last December that its impaired capital must be restored. The comptroller added that the condition of the bank had been long well known in banking circles in Pittsburg, New York and elsewhere. "The First National Bank, of McKeesport, which suspended a few hours after the First-Second National Bank was closed, is arranging for resumption of business in a few days," said Kane. "The bank is in a good condition and there was no reason why it should have closed other than because of the run that started by reason of the Kuhn connection with the bank. The board of directors of this bank will be reorganized and the Kuhn interest eliminated before it is reopened." Kane said information concerning the government's surveillance of the First-Second National leaked out and one big depositor withdrew $200,000 last Saturday. Government officials then learned that other big depositors contemplated making heavy withdrawals Monday. To prevent the large depositors from gaining the advantage of saving their deposits at the expense of little depositors, who were not aware of the circumstances, the government refused to let the bank open. "But why do you operate now, doctor?" "He is recovering SO rapidly we can't afford to wait."--Life.

19. July 10, 1913 The Times Dispatch Richmond, VA

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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.

20. July 10, 1913 Gilpin Observer Central City, CO

Article from Gilpin Observer, July 10, 1913

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GENERAL. Bacheler criminals outnumber the married ones in New York in the ratio of nearly 3 to 1, as is shown in the annual report of the chief clerk of the district attorney's office. An unidentified negro who had attacked a young white girl at Bonifay, Fla., was taken by a mob from a train on which county officers were hurry. ing him to Pensacola and was hanged to a telegraph pole and then shot. That Attorney General McReynolds had full knowledge of the almost incredible depravity of the Caminetti Diggs white slave cases before he or dered the postponement of the trials and that he was implored by United States District Attorney McNab of San Francisco not to countenance delay is revealed by the records. Arrested on the charge of having passed a bad check at a seaside resort Simon P. Helfinstine, who is in jail here at Los Angeles, startled officials of the sheriff's office with a purported confession in which he detailed the series of eight murders in Ohio. These include the slaying of Pearl Bryant for whose death two medical students Jackson and Walling, were executed. The First-Second National Bank of Pittsburg, the First National Bank of McKeesport, a neighboring city, the American Waterworks and Guarntee Company and the banking house of J S. and W. S. Kuhn, incorporated, of Pittsburg, Pa., were forced into the hands of receivers through failure of the first-named institution to open its doors. The failure involves $150,000, 000. In a quiet ceremony, attended only by immediate relatives, Mrs. Barry Sullivan, of Denver, became the bride of Albrecht von Schroeder of Bostor at the summer home of the bride's father, Chester S. Morey, at Harbo Point, Mich. Officials of cae of the larger pack ing plants at the Chicago stockyards will not frown in future when an ex perienced stenographer announce her resignation and intention to mar ry. Instead, they will write out E check for $25 to be presented the daj after the wedding.

21. July 11, 1913 The Green Forest Tribune Green Forest, AR

Article from The Green Forest Tribune, July 11, 1913

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PITTSBURG BANK CLOSED Big Financial Interests Involved in Closed Institutions. Western Newspaper Union News Service. Pittsburg.-The First-Second National Bank of Pittsburg, the First Na tional Bank of McKeesport, a neighboring city, the American Waterworks and Guarantee Company and the bank ing house of J. S. and W. S. Kuhn, Inc., of this city, were forced into the hands of receivers through the failure of the first named institution to open its loors. The closing of the First-Second National Bank was ordered by the deputy comptroller of the currency, T. P. Kane, after every effort had been made to meet the government's requirements as to the legal reserve. The Kuhn banking house has extensive interests in irrigation projects throughout the West and in mines and street traction systems throughout western Pennsylvania, besides beng a dominant factor in the American Waterworks and Guarantee Company.

22. July 11, 1913 The Marshall Republican Marshall, MO

Article from The Marshall Republican, July 11, 1913

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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.

23. July 11, 1913 The Watertown Weekly Leader Watertown, WI

Article from The Watertown Weekly Leader, July 11, 1913

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U. S. MAY PROBE BANK FAILURES First-Second National of Pittsburgh Suspends. REPORT SHOWS DISCREPANCY Receivers Are Appointed for, $73,000,000 Waterworks Company Controlled by the Kuhns - McAdoo Reassures Financiers. Pittsburgh, Pa., July 9.-As a result of the suspension of the First-Second National bank of Pittsburgh Monday, one of the largest institutions in the country, of which W. S. Kuhn is president, the government may start criminal prosecution. The bank had more than $30,000,000 in deposits. The circumstances on which the probable prosecutions are based is the discrepancy of nearly $2,000,000 between the sworn report to the comptroller of the currency as to the bank's condition on June 4 and what should have been a true copy of this report published in the Pittsburgh newspapers. The report to the comptroller showed assets and liabilities aggregating $39,997,347.10 each, while as given to the Pittsburgh newspapers for publication the report placed these totals at $38,103,886.39, the $1,893,460.71 difference representing rediscounts or borrowed money. Officials declare that this was illegal. The closing of the First-Second bank was followed by action in rapid series against various other interests with which the Kuhns are identified. During the day there was a run on the Pittsburgh Bank for Savings, a large institution, of which J. S. Kuhn is president. Then came the closing of the First National bank of McKeesport, an adjacent city, which is closely allied to the First-Second of Pittsburgh. Soon afterwards a receiver was appointed for the banking house of J. S. & W. S. Kuhn, incorporated. Greatest of all disasters in this tremendous financial crash, however, was the receivership for the American Waterworks and Guarantee company, the largest concern of its kind in the country, of which J. S. Kuhn is president. This corporation controls waterworks plants in about eighty cities and towns in the United States, and the capital stock of the various controlled companies approximates $73,DOC,000. The one consoling feature of the sitnation was a reassuring statement sent out from Washington by Secretasy of the Treasury McAdoo, in which be declared that the general banking condition in Pitsburgh, as well as in the entire country, was strong and sound, and that he expected no further trouble as a result of the failure. The secretary will, it is said, make 9 sweeping investigation of the causes of the failure of the big bank and probably will call upon the department of justice to assist the treasury in unearthing any possible irregularities in connection with the collapse. The closing of the First-Second Naional bank was ordered by Deputy Comptroller of the Currency T. P. Kane after every effort had been made to meet the government requirements as to legal reserve.

24. July 15, 1913 The Washington Times Washington, DC

Article from The Washington Times, July 15, 1913

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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.