Pittsburg Bank For Savings (Pittsburg, PA)

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PITTSBURGH BANK CLOSED BY STATE Savings Institution Not to Blame for the Failure, Receiver Announces. PITTSBURGH. Pa., Dec. 2.-The Pittsburgh Bank for Savings was ordered closed today by order of the State banking department. It is said the bank has $10,000,000 in deposits. Many depositors crowded before the closed doors, frantic to withdraw their savings. The closing is due to depreciation of the Kuhn securities which were unloaded upon the bank two years ago. according to Receiver Getty. He said: "The closing of the bank was inevitable and is no reflection on the management of the institution. We have found absolutely no evidence of mismanagement and so far as the organization within the bank is concerned, no blame can be attached." The bank held a deposit of $60,000 of the city funds and $200,000 of the board of public education, the latter being secured by collateral bonds. The penny savings of thousands of school children are tied up in the bank. The capital of the bank is $300,000.

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Pittsburgh Bank For Savings Closed by State Department -HAD TEN MILLIONS 30,000 School Children Among Those Who Lose Heavily; 75,000 Depositors By Associated Press Pittsburgh, Dec. 22. - Christmas cheer in Pittsburgh was rudely shocked to-day when the Pittsburgh Bank for Savings, one of the best known institutions in the city, failed to open for business. Tacked to the front door at 9 o'clock was a notice which said that it had been closed by the Pennsylvania Banking Department and G. H. Getty, bank examiner, had been appointed temporary receiver. No statement was issued with the closing notice, but it was known in the financial district that the bank had been unable to weather the storms it [Continued on Page 2]

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PITTSBURGH BANK FAILS TO OPEN Pittsburgh, Pa., Dec. 22.-The Pittsburgh Bank for Savings, one of the best known institutions in the city, failed to open for business, the bank closing by order of the Pennsylvania banking department. G. H. Getty, bank examiner, has been appointed temporary receiver. The institution had deposits of nearly $11,000,000. No statement was issued with the closing notice, but it is known that the bank had been unable to weather the storms it encountered since the failure of James S. Kuhn and W. S. Kuhn, who were credited with being prominently identified with the bank in 1914.

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By Order of Banking Commissioner and Receiver Will Wind Up Affairs. (RY ASSOCIATED PRESS) PITTSBURG, Dec. 22-The Pittsburg Bank for Savings, one of the best known financial institutions in the city, did not open for business this morning, a card on the front door announcing that it had been closed by order of the Pennsylvania commissioner of banking. The bank had a capital of $600,000 and deposits of $10,945,713. A statement issued by President W. J. Jones said that after consultation with the banking commissioner it had been decided to close the bank and place its affairs in the hands of a. receiver in order that its resources might be conserved for the depositors. Continuing he said:

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30, 000 CHILDREN ARE DEPOSITORS IN BANK WHICH CLOSED TODAY (By Associated Press.) lover the bank as temporary receiver. PITTSBURG, Pa., Dec. 22 The Pitts- is known in the financial district of Pittburg Bank for Savings with more than burg that the bank has been unable to $10,000,000 in deposit- failed to open this weather the storms it encountered since morning. A notice tacked on the door the failure of James and W. S. Kuhn. who the in-tiwith says that the bank was closed by order of were prominently identified the state banking department. A great tution last year. A run on the bank at part of the bank's deposits was Christmas that time continued several days, but money. -trong interests went to it- resette The bank was capitalized at $600,000 The depositors included 30,000 school Pre-ident W. J. Jones stated today that children who made weekly deposits in sayings accounts. he believed the trank ean pay a 50 per cent A bank examiner was appointed to take dividend to depositors within -ixty days.

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PITTSBURG BANK FAILURE I

By the United Press Associations PITTSBURG, Dec. 22.-The Pittsburg Bank for Savings was ordered closed toady by the state banking department. Receiver Getty said that the closing was due to the unloading of Kuhn Bros. securities on the bank two years age after the failure of Kuhn Bros. The bank is rated as having $10,000,000 in deposits.

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PITTSBURGH BANK IS REPORTED BANKRUPT Pittsburgh, Pa., Dec. 22.-The Pittsburgh Bank for Savings, one of the best known institutions in the city, failed to open for business today. The bank was closed by order of the Pennsylvania banking department. G. H. Getty, bank examiner, has been appointed temporary receiver.

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PITTSBURGH FINANCIAL INSTITUTION IS CLOSED Bank for Savings Fails to Open on Order of State Officials. PITTSBURGH. December 22.-Christmas cheer in Pittsburgh was rudely shocked this morning when the Pittsburgh Bank for Savings, one of the best known institutions in the city, failed to open for business. Tacked to the front door at 9 o'clock was a notice which said that it had been closed by order of the Pennsylvania banking department, and that G. H. Getty, bank examiner. had been appointed temporary receiver.

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PITTSBURG BANK CLOSES ITS DOORS Inability to Realize on Old Securities Results in Suspension Pittsburg, December 22-Representatives of the state department of banking today took charge of the affairs of the Pittsburg Bank for Savings, which failed to open this morning, and every effort will be made to effect a speedy liquidation. G. H. Getty, a bank examiner, who was appointed temporary receiver, has placed accountants at work on the books and the investigation into the institution's affairs will be expedited. Small crowds collected at the entrance during the day but there was no excitement. Bank officials expressed the belief that a 50 per cent dividend could be paid depositors within 60 days. Bank Examiner Getty and President W. J. Jones, of the bank, issued statements today. Mr. Getty said the officials were not to blame for mismanagement, but were unable to realize an old securities despite efforts of stockholders to weather the storm. Mr. Jones said he had increased the institution's assets $500,000 since July 13, when a run lasting three days occurred following the failure of J. S. and W. S. Kuhn, Inc. Among the deposit of the bank are 41,000 school children, who had $167,136.68 on deposit. Of this number 33,000 were Pittsburg school children, while 8000 lived outside the city. By an agreement with the board of education, bank collectors weekly visited the 132 schools. The children brought their pennies with them and the collectors took them and gave credits in little bank books. These savings are unsecured. The board of education had $201,666 on deposit but had good security to cover possible losses.

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BIG PITTSBURGH ANK CLOSES DOORS Institution Carrying Savings of Thirty Thousand School Children Fails. ECHO FROM KUHN DISASTER PITTSBURGH, Pa., Dec. 22.-The Pittsburgh Bank for Savings, one of the best known institutions` in this city, failed to open for business this morning. It was closed by order of the Pennsylvania banking department, and G. H. Getty, bank examiner, has been appointed temporary receiver. No statement was issued in connection with the closing, but it was known in the financial district that the bank had been unable to weather the storms it has encountered since the failure of James S. Kuhn and W. S. Kuhn, who were identified with the bank in 1913. School Children Lose Money. The savings of some 20,000 school children are included in the bank's deposits. By its savings plan children would take money weekly to school. where collectors would call for it, giving the children credit on their books for the amounts

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PITTSBURG BANK FOR SAVINGS IS CLOSED (Associated Press) PITTSBURGH, Dec. 22.-Unable to weather the difficulties resulting from the failure of James and W. S. Kuhn, two years ago, the Pitsburg Bank for Saving, with which they were prominently identified, was closed by the order of the Banking Department and a temporary receiver named. Their capital is $600,000 and they have nearly $11,000,000 deposits, which include the savings of nearly 40,000 school children.

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BANK IN PITTSBURGH WAS COMPELLED TO CLOSEDOORS [Associated Press Dispatch.] Pittsburgh, December 22. - The Pittsburgh Bank for Savings, one of the best known institutions in the city, failed to open for business today. The bank was closed by order of the Pennsylvania banking department. G. H. Getty, bank examiner, has been appointed temporary receiver. The institution had deposits of nearly $11,000,000. No statement was issued with the closing notice, but it is known that the bank had been unable to weather the storms it encountered since the failure of James S. Kuhn and W. S. Kuhn, who were credited with being prominently identified with the bank in 1914. The bank made a specialty of seeking the pennies of school children for deposit. The parties in control have been investing in western waterpower projects.

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PITTSBURG BANK IS UNDER STATE ORDER Pittsburg, Dec. 23.-The Pittsburg Bank for Savings, corner of Fourth avenue and Smithfield streets, one of the largest savings banks in the city, failed to open its doors at 9 o'clock Wednesday morning. A notice on the door said the bank had been closed by order of the state banking department. G. H. Getty has been apPointed temporary receiver There was much excitement but no disorder.

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FRICK PLAN Includes Disbursement of Gifts to Children in School Houses instead of at Bank. (BY ASSOCIATED PRESS) PITTSBURC, Dec. 25.-The 40,000 or more school children who will receive their deposits in the closed Pitsburg Bank for Savings under the plan of Menry C. Frick to take over their accounts as announced last night, will not be permitted to appear at the banking house when the money is paid. Instead. it is planned to have details worked out so that when the schools reopen after the Christmas holidays, every one of the 132 schools whose pupils are depositors will temporarily become a disbursing point. The Pittsburg Bank for Savings occupied a building in the heart of field district, and it was argued that if thousands of children were allowed to go to the bank foreigners and others might misunderstand the situation and precipitate runs on some of the others banks in the immediate neighborhood.

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FRICK'S GENEROUS RESPONSE.

Too much credit cannot be given to H. C. Frick, the Pittsburg steel magnate, who, upon hearing of the closing of the Pittsburg Bank for Savings in which the school children of that city to the number of over 40,000 had deposited their pennies in response to the movement for thrift, made arrangements to have the deposits of the children paid them at the very earliest moment through other institutions, the expense of which would be borne by him.

The action is in accord with the step taken by the Norwich Savings society a number of months ago when, through the generosity of certain of its officials, the deposits of school children who had been interested in, a similar system of saving in another institute, only to have them tied up by a receivership, were made good to them, either in the form of new accounts or in cash. Such acts cannot fail to win widespread approval and commendation. They recognize the need of overcoming the wrong impression which the closing of banking institutions conveys to children and the detrimental effect which it is bound to have upon the important principle of systematic saving as well as the distrust and lack of confidence which is likely to prevail throughout their entire lives as the result of acts which they are not able to understand.

Thrift and the importance of making provisions for the future are things which every school child should be taught but the lessons lose their value if when they are put into actual use the money which they have managed to save is only returned to them in part. Mr. Frick in providing the money to see that they get the $170,000 or more that is due the Pittsburg children has quickly recognized the need of the situation and its importance to the future.

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PITTSBURGH BANK TO PAY By Associated Press Pittsburgh, Pa., Feb. 16. - The Pittsburgh Bank for Savings which was closed by the State Department of Banking last December will pay the first dividend to depositors next month, according to an announcement by G. H. Getty, the receiver. He said the dividend would amount to at least 40 per cent.

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CLOSED BANK PAYS 50 PER CENT Special to the Telegraph Pittsburgh, March, 29.-Depositors of the Pittsburgh Bank for Savings which was closed last December, will receive a 50 per cent. dividend on April 15, according to announcement by Horace E. Davis, deputy attorney general, who is receiver for the bank.

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Depositors of the Pittsburgh Bank for Savings which was closed last De. cember will be paid a fifty per cent. dividend on April 15, according to an announcement by Horace E. Davis, Deputy Attorney General, who Is receiver for the bank. The dividend will be the first paid since the bank closed.

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WILL GET 80 PER CENT

PITTSBURGH, Dec. 8.-Depositors in the defunct Pittsburgh Bank for Savings probably will receive 80 per cent of their deposits when the final dividend is paid, according to a statement today by Receiver G. H. Getty. Dividends of 50 and 20 per cent already have ben paid.

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ANOTHER SLICE PITTSBURGH

Pa., March 11.-A dividend amounting to $2,200,000. the second since the bank was closed. was today paid to depositors of the Pittsburgh Bank for Savings by Receiver C. H. Getty. Depositors have now received 70 per cent of their reposits and the receiver announced that another dividend amounting to 10 per cent will be paid soon:

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Offer to Buy Bank's Assets PITTSBURGH, April 13.-An offer of $1,225,000 for all remaining assets of the Pittsburgh Bank for Savings has been made by S. W. Swabey, of Chicago; John W. McKinnon, of New York, and S. H. Putnam, of Pittsburgh. It is possible Receiver G. H. Getty will accept the offer. and close the account by paying