16948. Farmers & Drovers Bank (Waynesburg, PA)

Bank Information

Episode Type
Suspension โ†’ Closure
Bank Type
state
Start Date
December 12, 1906
Location
Waynesburg, Pennsylvania (39.896, -80.179)

Metadata

Model
gpt-5-mini
Short Digest
b43b93d0d2f343d0

Response Measures

None

Description

The bank was closed/suspended on Dec 12, 1906 after discovery of large shortages and alleged false reports by the cashier J. B. F. Rinehart; a receiver (John H. Strawn) announced the bank would not be re-opened (Oct 28, 1907). Later reporting (Feb 1908) documents receivership actions and claims against directors. No article describes a depositor run; the failure appears due to internal fraud/shortage, followed by suspension and permanent closure under a receiver.

Events (4)

1. December 12, 1906 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Discovery of massive shortage (reports cite $950,000 to $1,800,000) and alleged false reports/abstracted and false entries by cashier J. B. F. Rinehart.
Newspaper Excerpt
The institution was closed on December 12, 1906
Source
newspapers
2. December 28, 1906 Other
Newspaper Excerpt
Cashier J. B. F. Rinehart of the suspended Farmers and Drovers' bank of Waynesburg, Pa., has been arrested charged with making false reports to the comptroller of the currency. The bank examiner in charge reports an alleged discrepancy of $950,000 in the accounts of the institution.
Source
newspapers
3. October 28, 1907 Receivership
Newspaper Excerpt
Waynesburg Bank WILL NOT BE RE-OPENED ACCORDING TO ANNOUNCEMENT OF RECEIVER STRAWN. ... Efforts to re-open the Farmers and Drovers' bank of Waynesburg, Pa., which failed last December have finally been abandoned. The announcement has been made by Receiver John H. Strawn.
Source
newspapers
4. February 26, 1908 Receivership
Newspaper Excerpt
Receiver Strawn of the defunct Farmers and Drovers' Bank ... The institution was closed on December 12, 1906, and it has been ascertained that the shortage amounts to $1,800,000. The directors have been informed by the receiver that should they fail to comply with his request for this large sum proceedings will be taken against them.
Source
newspapers

Newspaper Articles (4)

Article from The Washburn Leader, December 28, 1906

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Article Text

CRIMINAL NEWS. Captain Edgar B. Macklin of Company C, Twenty-fifth United States infantry, was shot twice and dangerously wounded at El Reno, Okla., by a negro and belief is expressed there that it was one of the members of the troop discharged by President Roosevelt for participation in the Brownsville (Tex.) riots. A desperate effort was made at Chicago to assassinate Judge Charles S. Cutting of the probate court by Frank F. Ellerbrock of that city. The would. be assassin is believed to be insane. Judge Cutting escaped injury by a hair's breadth and overpowered his assailant after a fierce fight. Cashier J. B. F. Rinehart of the suspended Farmers and Drovers' bank of Waynesburg, Pa., has been arrested charged with making false reports to the comptroller of the currency. The bank examiner in charge reports an alleged discrepancy of $950,000 in the accounts of the institution. A mob numbering twenty-five or thirty men broke down the door of the Annapolis (Md.) jail, took out Henry Davis, the negro who on last Friday criminally assaulted Mrs. John Reid (white) near Igleharts Station, and lynched him. Davis confessed his guilt. Governor Higgins of New York has commuted to imprisonment for life the sentence of death under which Albert T. Patrick has remained nearly five years, since his conviction of the murder of William Marsh Rice, the aged Texas millionaire, in New York city. The execution at Houston, Mo., of Joda Hamilton, the twenty-year-old farmer boy, for the murder of five members of the family of Barney Parsons, a farmer, was a horrible affair. Two attempts were necessary before the hanging proved successful. The jury in the case of Henry Suss. man, on trial at Minneapolis for the murder of his wife in the Glenwood hotel on Sept. 26, returned a verdict of murder in the second degree. Sussman was sentenced to imprisonment for life. Four officials of the Nebraska Land and Feeding company have been convicted at Omaha on thirty-six counts of an indictment charging conspiracy to defraud the government of public lands and subornation of perjury. Charles D. Faber, city paving in spector and ex-mayor of Montgomery, Ala., was shot by his assistant and former chief city detective, W. H. Murphy. Faber's wounds are probably fatal. The Bank of Horatio, Ark., has been looted by two robbers, who entered the bank, covered the cashier with their pistols and appropriated all the money in sight, about $4,000. Robert Gordon, fifteen years old, was sentenced at Chicago to the re.


Article from The Fairmont West Virginian, October 28, 1907

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Article Text

Waynesburg Bank WILL NOT BE RE-OPENED ACCORDING TO ANNOUNCEMENT OF RECEIVER STRAWN. I WASHINGTON, Oct. 28.-Efforts to re-open the Farmers and Drovers' bank of Waynesburg, Pa., which failed last December have finally been abandoned. The annowneement has been made by Receiver John H. Strawn. Outstanding obligations of the bank amounting to $200,000 are to be met by an assessment of 100 per cent." on all stockholders, which has been ordered by Controller of the Currency W. B. Ridgely. F. B. Rinehart whose operations are said to have caused the failure, was indicted in Pittsburg by the Federal grand jury on numerous accounts of abstracted and false entries.


Article from New-York Tribune, February 27, 1908

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Article Text

BANK DIRECTORS MUST PAY $1,500,000. Waynesburg, Penn., Feb. 26.-Receiver Strawn of the defunct Farmers and Drovers' Bank has given notice to the former directors of the bank that they will have to contribute $1,500,000 as a result of the failure of the bank. The institution was closed on December 12, 1906, and it has been ascertained that the shortage amounts to $1,800,000. The directors have been informed by the receiver that should they fail to comply with his request for this large sum proceedings will be taken against them.


Article from Semi-Weekly Herald, January 18, 1909

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Article Text

and clad where to the Y. M. C. A. building the injured nearby drug stores, Within an hour after mass were cared for. the hotel was a the fire started, the walls remaining. of ruins, only many thrilling escapes, conThere were of the guests, whose is A. W. dition is former the only one regarded as serious departSmith of McPherson, the Grand Army of commander of and once ment for Kansas, Republithe Republic governor on the alcandidate for H. A. Poland, canticket. McPherson. Smith and were sleeping in the so of floor near room on the fourth building. There was e south-side o fthe for their receiving aid a 8 little chance so the two made o from bed in e ladder the o ftheir outside, the window. clothing and Each suspended it from as fas as possible the on turn descended and dropped to area r the rope ladder crashed into an He susf d stound. striking Smith on the railing. internal inh tained way, a broken ankle followed and Smith down of juries. Rowland also fell. He was 3. ladder and and both were the unconscious, There it was 8 picked up the hospital. brok serious, take nto Rowland suffered three รฉn y e CHICAGO, ribs. ILL., Jan. _"Suicide over a a the lofty structure soon be p a good bridge", in Lincoln park, for will its destruction park h n has been made is thin contemplated o fthep bridge ast, b ythe Lincoln who a board. The number of persons, de famous leaped by a to their deaths from that the its e top. have The commissioners built unusually say high under in or nbridge was sailboats might pass have red der that that launches struc1 6. is useless. placed it, and these now craft, the unsightly in ture Jan. 15.-It is expected into 8, h DENVER, legislature will probe Las Aniat that the election frauds in be start d the alleged and Huerfano counties to resolution mas weeks. The joint r le ed in two appointment of a commission three in for the of two senators and the sen3 to consist after adoption went by to the of n members, where it originated, motion a ate, this morning, and on Senator is Howell house of Denver went over. whose seat is Barela of Las Animas, alleged irregu8because of for an d contested, is loud in his desire however, n investigation. larities, His colleague, in oppos d. Senator Wood, became Both angry are Republic n. a ing the Senator measure. Barela may the be allowed investiit cans. his seat unti lafter con to hold Dr Beshoar, (Dem.), the g at gation. is here urging an Immediate com e testant the senate elections this o hearing by Chairman Campbell of of the e mittee. cosulted with both announced contestants committee yesterday and up early case would be taken Dr al that the The charge Is made by comof B next Beshoar week. that wholesale fraud was mitted openly. t. d. DENVER, Jan. 5.-Gov. message Shafroth e sent to the senate a Judge in ntoday Lee Champion for appointd naming of Bailey, resigned, The judiciary place was referred to the receive e ment committee which declined motion to of the d appointment on a is now at Speer the Democrats. The matter up in the air. a 15.-Four a NEWARK, N. J., Jan. factories t workers in the hat when or thousand struck this morning, employers y in Orange were notified by their would be st they more union labels in the e that no in the hats produced that 'permitted factories. It is understood was dee Orange order promulgated today. of the e the upon at a recent meeting The a of Associated cided Hat Manufacturers. industry entire hat manufacturing t the country may be affected. the s NEW YORK, Jan. 15.-During of a public bof the festivities Palace shottheight at Grand Central middle aged 6. dance after midnight today, a up of ly who, according to the papers clerk y man, was William Schoerd, dancers a n on him floor dead. Other but y, fell to somewhat the panic stricken, When ; were quieted by the police. dancing OTe were der had been restored, the was resumed ; e PITTSBURG, Jan. 15. J. B. vice-presi- F. Rine. cashier and Na. r hart, of former the Farmers and Drovers was this 7 dent Bank of Waynesburg, grow: tional found guilty of charges, bank. He k morning of the failure of the in the was ing out convicted of all counts t charge. le of / WASHINGTON Jan. An import1 conference on the administration depart h ant naval matters by the navy the reeorof which may result in e 1 ganization ment, of the system at is present being r vogue in that department, attendance at the 1 in today. Those in Secreof meeting held in the offices of the Court d of the Navy were Supreme Paul tary William H. Moddy and r Justice of New York, former Secretary A. Morton United States Judges k of the Dayton Navy; of West Virginia, former on t G. of the house committee of B chairman affairs, and all high President naval y naval and officers. The and ficials was in touch with the big meeting , a big shake up is expected. n e CHICAGO. Jan. 15 Aibert S. novel Bier was the originator of a d s method field of routing a robber, according He says he to was stopped by a colored man, the police story told here. who