First National Bank (Pittsburg, PA)

View Charter #252 on SPMC View balance sheet

Episode Information

Episode UID
25201363
Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
2520 national
Charter Number
252
Start Date
July 7, 1913
Location
Pittsburg, Pennsylvania

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
57a6fe7594d46654

Response Measures

None

Receivership Details

Date receivership started
1913-07-07
Date receivership terminated
1914-04-25
OCC cause of failure
Losses

Description

Articles describe the First National as merged into the First-Second National which was closed and later reorganized and reopened.

Events (6)
1. February 13, 1864 Chartered
Source
historical_nic
2. July 7, 1913 Other
Newspaper Excerpt
receivers were appointed for the First-Second National bank ... and for related Kuhn interests and American Waterworks and Guarantee company
Source
newspapers
3. July 7, 1913 Receivership
Source
historical_nic
4. July 7, 1913 Suspension
Cause
Government Action
Cause Details
Acting Comptroller/Deputy Comptroller ordered the consolidated First-Second National Bank closed due to impaired capital and deficient legal reserve after special examination.
Newspaper Excerpt
the First-Second National Bank of Pittsburg ... was closed today by order of the comptroller of currency
Source
newspapers
5. April 25, 1914 Restored To Solvency
Source
historical_nic
6. April 27, 1914 Reopening
Newspaper Excerpt
PITTSBURGH BANK REOPENS. First-Second National, Refinanced, Resumes Business Tomorrow. The bank will reopen tomorrow morning with a new management and a new board of directors
Source
newspapers

Newspaper Articles (25)
1. July 7, 1913 The Daily Telegram Clarksburg, WV
Article from The Daily Telegram, July 7, 1913

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As a Result of Differences over Value of Bank in the Merger. CITY CLEARING HOUSE Takes Charge of Money Situation and Promises to Issue a Statement. (BY ASSOCIATED PRESS) PITTSBURG, Pa., July 7.-Differences of long standing between the treasury department concerning the character and value of certain assets of the former First National Bank of Pittsburg, which was merged with the Second National Bank last March under the title of the First-Second National Bank of Pittsburg, culminated this morning in the closing of the institution by order of Deputy Comptroller of the Currency T. P. Kane. The directors and officers of the institution were I nsession all yesterday and most of last night with special bank examiners sent here to invoice the bank and early this morning notice was posted on the bank's doors that it had been ordered closed. The Pittsburg Clearing House Association has taken charge of the situation generally and announces that no further trouble is expected. A statement will be issued by it later today. None of the officials of the bank would make a statement this morning anouncing that affairs were in the hands of the government officials. The suspensions of the (First Second National Bank, one of the largest in the country, and First National Bank of McKeesport, caused excitement. Thousands gathered about the banks and squads of police were necessary to keep them moving. By noon a run was started on the Pittsburg Bank, for Savings of which J. S. Kuhn is president. The legal reserve of the First-Second National Bank was deficient by $2,145,000 on June 4. This brought the situation to a climax this afternoon. Application was made in the federal court for a receiver for the American Water 'Works and Guarantee Company, one of the largest companies of the Kuhn interests. The capital stock of the various companies is $73,000,000.

2. July 7, 1913 Atlanta Georgian Atlanta, GA
Article from Atlanta Georgian, July 7, 1913

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CLOSING OF BANK INVOLVES40 MILLIONS One of the Oldest Institutions in Pittsburg Ordered by U. S. Comptroller to Suspend. PITTSBURG, July 7.-The FirstSecond National Bank of Pittsburg, one of the city's oldest banking institutions, closed its doors to-day by direction of the Acting Comptroller of the Currency. The amount involved is said to be between $24,000,000 and $40,000,000. One report is that the amount will reach $200,000,000. The Pittsburg Clearing House had a special meeting last night to consider the impending failure and today another conference was held. Hundreds of depositors, many of them foreigners employed in the great steel mills, flocked to the bank early to-day but a squad of police kept every one moving. The First and Second National, Banks combined last March and OCcupied a new 25-story building. A typewritten notice on the doors stated the institution was in the hands of National Bank Examiner Samuel M. Hann and Sheriff Smith. A director of the bank to-day made the following statement: "The officers and directors are a unit in maintaining that a great injustice has been done and that the bank is solvent at this moment. We are also convinced that all claims will be paid in full. If the Treasury Department, operating through the Comptroller of the Currency, had not interfered and had not subjected the bank to a rigid examination by special examiners who were not able to judge values of property and securities in this community, we would have been able to work out to success our problems."

3. July 8, 1913 Amarillo Daily News Amarillo, TX
Article from Amarillo Daily News, July 8, 1913

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ALLIED BANK CLOSED, AND WATERWORKS CO. GOES INTO RECEIVERSHIP DISPUTE WITH TREASURY Closing of These Great Institutions Said to Be Climax to Long Quarrel as to Value of Assets By Associated Press. PITTSBURG, Pa., July 7.-FirstSecond National Bank, a consolidated institution, and one of the largest in the country, was closed today by order of the comptroller of currency. The First National Bank of McKeesport, Pa., an allied institution also closed. W. S. Kuhn and J. S. Kuhn brothers. own the controlling interest in bot banks, also the American waterworks and Guarantee company, which owns forty waterworks plants in various parts of the country. Late this afternoon, attorneys asked appointment of a receiver by the Federal Court for the waterworks company, also for the firm of J. S. and W. S. Kuhn, incorporated. The receivers appointed for the waterworks company: J. 8. Kuhn, W. S. Kuhn, J. H. Purdy, Samuel Bailey Jr. and for the Kuhn Company: J. K. Duff. The First-Second National Bank has deposits of $30,000,000, the capital stock is $3,400,000. The closing comes as the climax of a long quarrel with the treasury over the value of assets. On June 4. the reserve was more than $2,000,000 below the legal requirement. A run began today on the Pittsburg bank for savings, of which J. S. Kuhn is president.

4. July 8, 1913 The San Francisco Call San Francisco, CA
Article from The San Francisco Call, July 8, 1913

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Allied Houses Into Receiverships-Subsidiary Concern, Also Closed, Holds Heavy Interests in West "SPORADIC CASE" IS McADOO'S COMMENT Another Firm, Under Same Control, Sustains Severe Run and Claims Solvency - - Consolidation Which Produced the Crash Is Charged to Taft Regime PITTSBURG, July 7.-The FirstSecond National bank of Pittsburg, the First National bank of McKeesport, a neighboring city, the American Waterworks and Guarantee company and the banking house of J. S. & W. S. Kuhn. incorporated, of this city, were forced into the hands of receivers 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 by the deputy comptroller of the 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 mines and street traction systems throughout western Pennsylvania, besides being a dominant factor in the American Waterworks and Guarantee company RELIEF MEASURE ASKED W. S. Kuhn was president of the First-Second National bank, vice president and director in the banking house and vice president and director of the American Waterwarks and Guarantee company, besides being a director of the McKeesport bank. J. S. Kuhn was a director of the First-Second National bank and president and director of the American Waterworks and Guarantee company, besides being a director of the McKeesport bank and chairman of the board of directors of the banking house. When it was learned that the banks would have to suspend business. steps were taken to protect the American Waterworks and Guarantee company. and the Kuhn's banking house; and application was made in the federal court this afternoon for receivers for both institutions. OFFICIAL STATEMENT MADE Throughout the day a statement of the banks and affected companies' affairs was awaited with feverish anxlety, but none was forthcoming until tonight, when Mr. Kane 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. Mr. Kane issued the following: "At a meeting of the directors of the First-Second National - Sunday the condition of the bank and the results of the recent investigation of the bank and the results of the recent investigation the bank examiner were discr full consideration the see director Pill their inability to make goos the bank's impaired capital and without dissent it was décided that it would be best for protection of depositors and all other interests to have the comptroller of the current take charge and to arrange for the liquidation of the bank. NO OTHER COURSE "The Pittsburg Clearing House committee, which has been engaged for the last four days in going over the affairs of the bank with the examiners and in making a careful investigation as to its condition. refused to furnish funds sufficient to justify the bank in keeping its doors open, and agreed under the circumstances there was no alterna-

5. July 8, 1913 The Fairmont West Virginian Fairmont, WV
Article from The Fairmont West Virginian, July 8, 1913

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PITTSBURG IS NOT DISTURBED OVER FAILURE NO INDICATION OF ANXIETY OVER SUSPENSION OF THE FIRST-SECOND BANK. (BY ASSOCIATED PRESS) PITTSBURGH July 8.-When the day opened in the Pittsburgh banking district today there was little to indicate that there had been a day of anxiety and excitement in the finan cial world because of he failure of the First-Second National Bank of Pitts. burgh, and the First National Bank of McKeesport yesterday, and the appointing of receivers for W. S. and J. S. Kuhn, incorporated, and the Amerlean Water Works and Guaranty Company. The run on the Pittsburgh bank for savings started yesterday, was resumed today. Depositors were paid fifty dollars at once and notices of thirty, in sixty and ninety days were required for larger amounts. Kuhns Resigned Presidency. PITTSBURGH, Pa., July 8.-J. S. and W. S. Kuhn today resigned as president and vice president respectively of the Pittsburgh Bank for Savings against which a run is being ditected. Officers immediately elected to take charge of the bank are: W. J. Jones, president; L. M. Plumer, vice president: A. N. Coegtley, secretary and treasurer. The comptroller of currency to-day formally closed the First Bank of McKeesport

6. July 8, 1913 The Brunswick News Brunswick, GA
Article from The Brunswick News, July 8, 1913

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DIFFERENCE REGARDING VALUE OF ASSETS CAUSE OF THE ACTION. SEVERAL BANKS IN TROUBLE Heavy Investments in Waterworks, Coal and Timber Lands and Interurban Railway Stock and Financing a Skyscraper Said to Be the Cause. Pittsburg, July T.The First-Second National bank, one of the largest banks in the country, failed to open its doors today. 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 companies of its kind in the United States, and for the bank ing house of J. S. & W. S. Kuhn, Inc. A run was made on the Pittsburg Bank & Savings, another 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 timber lands, and interurban railway companies, together with the financing of a skyscraper bank and office building are given as some of the causes leading up to today's suspensions The trouble first mad its appearare in the First Second National bank. It is said il government has been investigating nditions for the past month or sinc une 4 last when the last statement S made, An al1,133,000 in the leged deficiency O k and the sublegal reserve of the rought matters sequent invostigatie) to a climax.

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 East Oregonian : E.O Pendleton, OR
Article from East Oregonian : E.O, July 8, 1913

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BANKING CONDITION OF COUNTRY SOUND DECLARES M'ADOO Pittsburg, July 8.-Despite the announcement by treasury officials and financiers that banking conditions are sound, the run which started yesterday on a Pittsburg bank for savings continued today. The institution is controlled by the Kuhn interests, the owners of the majority of the stock in the First-Second National which closed yesterday. Washington, July 8.-Secretary McAdoo, in a statement last night declared that the general banking condition in Pittsburg as well as in the entire country was strong and sound and that he expected no further trouble as a result of the failure of the Pittsburg First-Second National bank. "The failure of the Pittsburg bank simply a sporadic case of unsound banking and has no other significance." the secretary said. He added that the receivership for this institution removed a long standing "sore spot" in the Pittsburg situation leaving the condition in that city sound. Will Make Investigation. The secretary will make a sweeping investigation of the causes of the failure and probably will call upon the department of justice to assist the treasury in unearthing any possible irregularities in connection with the collapse. It developed that one fact which drew the critical attention and suspicion of the treasury department to the bank's condition was a discrepancy of nearly $2.000,000 between the sworn statement of the comptroller of the currency as to the bank's condition on July 4 and what should have been a true copy of this report published by the bank in the newspapers of Pittsburg. Reports to the department indicate that one-third of the $3,400,000 capital stock of the bank has been impaired and that the surplus and profits have been wiped out. While details are lacking, estimates based upon the last report to the comptroller of the currency indicate that at this rate the losses migh reach $3,000,000.

10. July 8, 1913 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, July 8, 1913

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Washington, July 7. Secretary McAdoo, in a statement tonight, declared that the general banking condition in as well as in the entire was strong no country, that Pittsburg, he expected and further of sound, the trouble Pitts- and as a result of the failure burg 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. He added that the receivership for this institution removed a long standing "sore spot" in the Pittsburg situation, leaving the general condition in that city sound. The secretary will make a 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. It developed tonight that one fact which drew the critical attention and suspicion of the treasury department to the bank's condition was a 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 by the bank in the newspapers of Pittsburg. The law requires every bank to publish its reports to the comptroller of the currency in response to his call in local newspapers so the public may know the facts. The report to the comptroller showed assets and liabilities aggregating $39,997,347.10 each, while as given to the Pittsburg newspapers for publication the report placed these totals at $38,103,886.30, the $1,893,460.71 difference representing rdiscounts or borrowed money Officials declared that this was illegal. Capital Impaired Reports to the department indicated that one-third of the $3,400,000 capital stock of the bank has been impaired and that the surplus and profits have been wiped out. While details are lacking estimated based upon the last report to the comptroller of the curreney, indicate that at this rate the losses might reach $3,000,000. Secretary McAdoo issued this statement: "The acting comptroller of the curreney took charge of the First-Second National bank of Pittsburg today because its directors at a meeting held in Pittsburg yesterday expressed their inability to make good an impairment of its capital and decided that the wise thing for all interests was for the acting comptroller to take the situation in hand. The Pittsburg clearing house association, which has had the matter under consideration for several days, had, in the meantime, also decided that it was inexpedient to furnish the amount of assistance required to keep the bank going. "This bank. which was handed down from the last administration, has for some time been a sore spot in the local situation, and its liquidation became inevitable. "The Kuhns of Pittsburg were interested in the First-Second National bank and also in the First National bank of McKeesport. The latter also closed its doors as a result of the former's failure. The general banking condition in Pittsburg is sound, and no further trouble with banks is expected. The acting comptroller had no alternative in the circumstances but to take in charge of the First-Second National bank, order to prevent the withdrawal of large deposits, which had already begun, and to secure for the small depositors equal treatment with the large ones, Everything will be done by the acting comptroller to further prompt liquidation of the bank's assets so that the depositors may be paid with the least possible delay. 'The recent reports of the national banks to the comptroller of the currency show a sound and strong condition throughout the country. The failure of the Pittsburg bank is simply a sporadic case of unsound banking and has no other significance." The critical eyes of government examiners had been on the First National bank of Pittsburg for several years and on the consolidated First-Second ever since the amalgamation in March. Suspicion was increased when it was discovered by the 4 call of the comptroller of the eurJune that the legal reserve of the instirency was deficit by $2,145,000 and that tution statement of condition of the bank as presented the to the comptroller and as published in the newspapers were different. The sworn reports submitted to the comptroller on June 4 showed resources and liabilities as follows: Loans Resources: and discounts, $17,237,812.54. United States and other bonds and securities, $11,039,479.30 Real estate owned, $1,718,732.69 Due from banks and bankers, $6,712,255.04. Cash and cash items. $3,106,567.52. Redemption fund and other amounts due from United treasurer, $182,500. Total, $39,997,347.10. Liabilities: Capital stock. $3,400,000. Surplus and profits, $1,960,068.45 Circulation notes, $1,882,900. Due to hanks and hankora

11. July 9, 1913 The Daily Gate City Keokuk, IA
Article from The Daily Gate City, July 9, 1913

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NO EXCITEMENT IN PITTSBURGH I Kuhn Financial Troubles Did Not Create as Much Flurry as the Failure of a Smaller Bank. SITUATION IS CLARIFIED Receivers Asked for Six Subsidpanies of the American lary THE ater and Guaranty Concern. I [United Press Leased Wire Service.] PITTSBURGH, Pa., July 9.-The Pittsburgh bank situation was believed to be further clarified today and much of the uneasiness which has been broadcast since the appointment of receivers for the First-Second National bank and the J. S. and W. S. Kuhn interests was believed to have subsided. W. S. Kuhn who has been at the bedside of his sick wife in Beverely, Mass., expected to arrive today and plunge into the work of e helping straighten out the affairs of the Kuhn concerns. All depositors of n the bank will be paid in full. Direcis tors state the bank will be reorganize ed and the Kuhn interest eliminated before the bank is reopened. It was e learned the treasury department is is investigating charges of "dummy" is loans alleged to have been made by d the institution. it In the United States court today Sreceiverships were asked for six suby, sidiary companies of the American g Water Works and Guaranty company. d Most of the applications which were cmade to Judge Chas. P. Orr, were It signed by Lucian Hill, a citizen of 18 Maryland. In each case the applicais tion was granted but the receivers not officially named as yet. 18 n Financial Situation Good. rWASHINGTON, July 9.-Depart1e ment of justice investigators will be invited by the treasury department is to go over the books of the FirstSecond National bank of Pittsburgh in a short time, it is stated, at the treasit ury department today. Acting Comptroller of Currency Kane arrived in it Washington today from Pittsburgh and declared the financial situation in that city is very good. "It was purely a local disturbance," he said, "and extended only to the leKuhn banks and the Kuhn institutions. I have seen more excitement over the

12. July 9, 1913 The Daily Telegram Clarksburg, WV
Article from The Daily Telegram, July 9, 1913

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By the Department of Justice Declares Secretary of the Treasury. DEPOSITOR'S ACTION In Withdrawing a Large Amount of Money Cause of Closing Bank. (BY ASSOCIATED PRESS) (BY ASSOCIATED PRESS) WASHINGTON, D. C., July 9Secretary McAdoo before the close of the day expects to ask 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 had 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 returned today from Pittsburg, where he closed the First-Second National Bank, declared that the First National Bank of that city should have been closed at the time of its merger with the Second National Bank several months ago. The merger was authorized by L. O. Murray, former comptroller of the currency. At that time Mr. Kane declared today 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 closing of the bank clears the banking and financial atmosphere of Pittsburg. Outside of this institution the banking conditions there are excellent and there is no cause for any further anxiety," said he. 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. 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 interests eliminated before it is reopened. United States Attorney Jordan, of Pittsburg, already has made inquiries of Receiver Murray of the closed bank as to when he should begin an inquiry. Details of the causes which inducedithe treasury department to close the bank Monday morning became known today with the return of Comptroller Kane. He declared that information of the government surveilance 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 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.

13. July 10, 1913 The Richmond Virginian Richmond, VA
Article from The Richmond Virginian, July 10, 1913

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PITTSBURG'S BANK SITUATION SHOWS BIG IMPROVEMENT Run on Bank for Savings Heavy in Forenoon But Checked PUBLIC CONFIDENCE MAY BE RESTORED Optimistic Statement of Treasury Officials Seem to Bear Fruit---Kuhn Refuses to Talk PITTSBURG, July 9.-Pittsburg's bank situation tonight is on the mend. This much is admitted on all sides by men who are familiar with the local financial situation. Whether public confidence can be restored with the optimistic statements which are being daily issued by the clearing house, banking officials, and the government officials, remains to be seen. That little confidence had been placed in these optimistic forecasts over night was evident when the Pittsburg Bank for Savings opened its doors this morning. As early as 8 o'clock depositors began to gather around the bank. As the morning grew on, the hordes of eager, anxious depositors, began to grow, and the lines to lengthen. When the big heavy bronze doors of the bank were thrown open there was a fearful crush and for a time the police were kept busy. Clerks Kept Busy. Inside the high domed room a double force of clerks were working like beavers, counting out the sums of money, great and small, as the depositors stopped at the grated windows and then passed slowly out of the bank. By 1 o'clock the waiting lines outside the bank had been shortened and an hour later had entirely disappeared. Although the clerks were kept busy paying out money until 3 o'clock the closing hour, it was evident that the run had been materially checked, if not altogether abandoned. Met by anxious inquiries from all sides, W. S. Kuhn, who arrived here at 8 o'clock this morning, from his summer residence in Massachusetts, quickly sought his home and remained there all day. He refused to talk about the present financial difficulties which have involved his firm, several banks. and many big enterprises, 80 deeply. Soon after the arrival of Mr. Kuhn an application was filed in the United States District court for receivers for six big coal companies, all subsidiaries of the American Waterworks and Gas company. Among these was the United Coal company. a $4,000,000 corporation. Regarding the information received here from Washington forecasting an investigation by the department of justice into the failure of First-Second National bank, United States Attorney John H. Jordan said today that he had not been consulted as yet by the department of justice. Capital Wiped Out. It was admitted today by the bank's examiners, who are at work on the accounts of the bank, that the capital and surplus, which approximates $5,500,000, had been wiped out, and while the denesitora will probably be

14. July 10, 1913 The Washington Herald Washington, DC
Article from The Washington Herald, July 10, 1913

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PROSECUTION OF BANK OFFICERS MAY RESULT Acting Comptroller Said to Believe Large Dummy Loans Were Made to Employes. SITUATION IS CLEARING UP Startling evidence of criminal mismanagement of the First-Second National Bank of Pittsburgh is believed to have been brought here yesterday by Acting Comptroller of the Currency T. R. Kane as the result of a personal investigation of the bank's affairs. Mr. Kane laid before the Secretary of the Treasury 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 soon will 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' 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: "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 a 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 merged last spring," was the startling statement made by Comptroller Kane on his return here. He gave no reasons further than to refer to the condition of the bank for the last two years.

15. July 11, 1913 The Lancaster News Lancaster, SC
Article from The Lancaster News, July 11, 1913

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WAITS EXAMINER'S REPORT. McAdoo Not Yet .Ready to Set McReynolds on Pittsburg Bank. Washington, July 9.- Secretary McAdoo to-night decided to await the report of the national bank examiner, Samuel Hann, who has been investigating the failed First-Second National Bank, of Fittsburg, before calling upon Attorney General McReynolds to take up the question of whether the National Bank Act was violated in any of the operation of the institution. Immediate reference of the situation to the department of justice was considered by the treasury department early in the day, but this plan was changed to conform to the usual procedure. Examiner Hann expected to leave Pittsburg Saturday night for Baltimore, his regular station to prepare a report to Thomas P. Kane, acting comptroller of the currency, on the results of the inspection of the books of the bank made by himself and Examiner Sherrill Smith. A copy of this report will be furnished according to present plans, to Attorney General McReynolds and United States Attorney Jordan of Pittsburg. Chairman McKnight of the Pittsburg Clearing House Association, advised Mr. Kane, over the long distance telephone, late today that the banking conditions in Pittsburg were clearing up satisfacttorily. He said the run on the Pittsburg bank for saving had practically subsided and that some of the money withdrawn was coming back. National Bank Examiner Williams, in charge of the First National Bank, of McKeesport, Pa, with the Pittsburg bank, reported that arrangements were being made to resume business within a week.

16. July 14, 1913 The Richmond Virginian Richmond, VA
Article from The Richmond Virginian, July 14, 1913

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THINKS PITTSBURG BANK MISMANAGED ACTING CONTROLLER OF OURRENOY KANE SAYS REPORT IS BEING FRAMED. ACTION MAY BE TAKEN FORMER CONTROLLER MURRAY SAYS CARE WAS USED IN APPROVING PLANS FOR MERGER. WASHINGTON, July 13.-The report of special examiners as to indications of criminal violations of law found in the First-Second National bank is now in the course of preparation by them, according to ActIng Controller of the Currency Kane. It will be referred to the department of justice as soon as completed. "Until this is done no one has authority to say what prosecutions may be undertaken. Such information would come from the department of justice rather than from this office," said Mr. Kane. Responsibility Not Fixed. That the bank was grossly mismanaged. he says, is beyond a doubt. No attempt to pass upon the conduct of President James S. Kuhn and Vice-President W. S. Kuhn, he states. or of any other official or director of the wrecked institution has been made by the office of the controller of the currency. Nor has it been attempted to fix responsibility for the failure of the bank before the complete records have been received. "While the First National bank of Pittsburg was known to have been in an unsatisfactory condition," continued Mr. Kane, "the action of the former controller in approving its consolidation with the Second National bank gave color to the presumption that its trouble had been cleaned up, and under the circumstances this office did not feel justified in refusing to approve the FirstSecond National bank as reserve agent for other banks. "It was for the purpose of determining what the true condition was that the examination of the FirstSecond National bank by Examiners Mann and Smith was ordered by me. and the extent of the losses and the inability of the directors and shareholders to make them good did not become known to me until a conference was had with the examiners and directors of the bank in Pittsburg a week ago. In Criminal Cases. "Examiners and receivers of national banks and instructed. whenever they find conditions indicating criminal acts on the part of officers or employes of banking institutions, to make a special report of such indications to the controller of the currencq. Wherever the facts disclose close conditions of such character as to warrant immediate action they are required to furnish the ditrict attorney for the district in which the bank is located with a copy of this report in order that the department of justice may take such action as it deems proper under the circumstances. "In the event that exaxminers' reports do not furnish a complete case against the suspected officer, director or employe. the department of justice assigns a special agent to make a further investigation and report. The department of justice acts upon the finding of such agent. "It is not within the province of the

17. July 15, 1913 Amarillo Daily News Amarillo, TX
Article from Amarillo Daily News, July 15, 1913

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James S. and William S. Kuhn were in control of the First-Second National Bank of Pittsburg, the First National Bank of McKeesport, and a ba. k at Amherst, Ohio, all of which have suspended payments. The First-Second National Bank of Pittsburg, a recent consolidation of the First and Second National banks of the city, was closed by the controller of the currency, who did not believe that its condition warranted it in continuing business A run followed on the Bank for Savings, but the officers of the institution had funds Then a receiver for J. S. and W. S. Kuhn & Co., the private banking house controlled by the brothers, was appointed The American Water Works and Guarantee Company, the largest company in the country engaged in constructing and operating other

18. July 24, 1913 Evening Star Washington, DC
Article from Evening Star, July 24, 1913

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# Fisher Here in Bank's Interests. Walter L. Fisher of Chicago, former Secretary of the Interior, arrived in Washington today. He said at the Shoreham Hotel, where he is staying, that he came on business connected with the First-Second National Bbank of Pittsburgh, which recently went into the hands of a receiver. Mr. Fisher represents one of the stockholders of the bank.

19. October 29, 1913 The Evening World New York, NY
Article from The Evening World, October 29, 1913

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# Chase Bank Sued for $100,000. Suit has been entered in the United States District Court against the Chase National Bank by Receiver Murray of the First-Second National Bank of Pittsburgh to recover $100,000. In his complaint Murray charges that the Chase Bank entered into a conspiracy with the Westinghouse Electric and Manufacturing Company to evade payment of $100,000, which, according to the plaintiff, is due to the Pittsburgh bank on a note transaction.

20. November 11, 1913 The Twin Falls Times Twin Falls, ID
Article from The Twin Falls Times, November 11, 1913

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KUHNS' BANK READY TO OPEN Plans Practically Approved and All Conditions Favorable. Everything is now favorable in connection with the financial condition of the American Water Works & Guaranty company, and it is expected that the receivership will be lifted soon. The above is the statement made Thursday evening by D. C. MacWatters, vice president and general manager of the Kuhn interests in Idaho, while in the city from Milner. Mr. MacWatters said that the reports he had received from the east were encouraging. The plan proposed by Bank Commissioner Murray of Pennsvlvania for the reopening of the First-Second National bank of Pittsburg has been approved by the board of directors and Comptroller of the Currency Kane. Tt will be necessary to secure the consent of 1500 stockholders. Ninety por cent of the number have androved the plan to date and no objections have been met thus far. It is fully expected that all the stockholders will approve the plan and that the bank will be opened in 30 days.-Statesman.

21. January 5, 1914 The Washington Times Washington, DC
Article from The Washington Times, January 5, 1914

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Application will be made soon to the Treasury Department by the First-Second National Bank of Pittsburgh for permission to resume business. Stockholders have subscribed to enough stock to bring about the rehabilitation of the institution which will begin operation with a capital of $4,000,000 and a surplus of $1,000,000. This bank, in which, the Kuhns of Pittsburgh were the largest shareholders, when it closed Its doors. forced the receivership for the American Water Works and Guarantee Company.

22. January 9, 1914 The Twin Falls Times Twin Falls, ID
Article from The Twin Falls Times, January 9, 1914

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of the American Guaranty & Water company when the First-Second National bank of Pittsburg was closed by the comptroller of the currency. "The work which was started by the Kuhns on new irrigation projects in Idaho prior to the receivership is being completed. The Crane Creek project and the Sunnyside project, both in the vicinity of Weiser, are being pushed to completion at this time. The bonds upon these two projects were taken by Missouri and Kansas bankers who visited the land and were favorably impressed with the irrigation possibilities."-Statesman.

23. April 12, 1914 The Washington Herald Washington, DC
Article from The Washington Herald, April 12, 1914

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FIRST-SECOND BANK TO REOPEN Pittsburgh Institution Will Pay Off Old Indebtedness. Within a week the First-Second National Bank of Pittsburgh will be given permission by Comptroller of the Currency Williams to open its doors to conduct a banking business. Mr. Williams yesterday said affairs were in such good shape that the bank will be able to pay off all its old indebtedness under the reorganization plan and will start business with a capital of $4,000,000, and surplus of $1,000,000. Mr. Williams had a conference with Pittsburgh bank officials who represented the creditors and stockholders of the First-Second bank and they have returned to Pittsburgh, Mr. Williams said, with the assurance that the Treasury Department is in full accord with the reorganization plan. Only a few legal matters need to be straightened out and C. C. Murray, receiver for the Pittsburgh institution, will remain in Washington until these matters have been satisfactorily adjusted. The bank closed its doors last July with a loss of approximately $5,000,000.

24. April 26, 1914 The Washington Herald Washington, DC
Article from The Washington Herald, April 26, 1914

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PITTSBURGH BANK REOPENS. First-Second National, Refinanced, Resumes Business Tomorrow. The Comptroller of the Currency announced today that the plans for the reorganization of the First-Second National Bank of Pittsburgh have been perfected: that approximately $4,750,000 of new capital and surplus have been provided and that the receiver is today turning over to the reorganized bank all of the assets and property of every kind which have been in his charge. The government is today redepositing in the bank, the balance of funds collected for its account since it closed its doors in July last amounting to more than $12,700,000. The bank will reopen tomorrow morning with a new management and a new board of directors, including well known and responsible business men of Pitts burgh. The capital of the reorganized bank is $4,000,000, with a surplus of $950,000. The First-Second National Bank of Pittsburgh in the matter of deposits and total liabilities was the largest national bank which had failed since the organization of the national banking system in 1863.

25. March 4, 1933 The Daily Courier Connellsville, PA
Article from The Daily Courier, March 4, 1933

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GOVERNOR ORDERS TWO-DAY HOLIDAY FOR STATE BANKS By International Nows Service. PHILADELPHIA, March 4.-Governor Gifford Pinchot. from his temporary residence at Washington, D. C., today proclaimed mandatory twoday hollday for all Pennsylvania banks. The proclamation issued at 8:30 this morning through Dr. William D. Gordon, State Secretary of Banking, directs all banks in the Commonwealth to remain closed Saturday and Monday. George W. Norris, governor of the Federal Reserve Bank in Philadelphia at whose behest leading Philadelphia financiers assembled in the early Lours the morning to consider decisive action, said the step was made necessary by the growing list state bank holidays. Although it was believed Penneylvania banks could have remained open under the emergency legislation passed by the Legislature last Monday, of holidays by the governors of New York and Illinois and several other states early today precipitated the crisis, Norris explained. "Because of the declaration of bank holiday in New York, Illinois and other states similar action in Pennsylvania has become unavoidable," the Governor declared in his "Were our banks to remain open the demands on them would impose an impossible burden." "Therefore, on the specific recommendation of Governor George W. Norris of the Philadelphia Reserve Bank, hereby declare bank hollday throughout for Saturday, March 5, and Monday, March 6," the proclamation concluded.