16951. Farmers & Drovers National Bank (Waynesburg, PA)

View Charter #839 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
839
Charter Number
839
Start Date
December 12, 1906
Location
Waynesburg, Pennsylvania (39.896, -80.179)

Metadata

Model
gpt-5-mini
Short Digest
5ced1bf4cebbdff5

Response Measures

None

Receivership Details

Depositor recovery rate
77.3%
Date receivership started
1906-12-12
Date receivership terminated
1938-05-11
OCC cause of failure
Fraud
Share of assets assessed as good
27.5%
Share of assets assessed as doubtful
68.1%
Share of assets assessed as worthless
4.4%

Description

The bank was closed by direction of the Comptroller of the Currency on 1906-12-12 and a receiver was appointed. Coverage documents misconduct (falsified books, forged notes) and receiver actions; later efforts to reopen were abandoned (Oct 1907) and stockholders were assessed—indicating permanent closure rather than reopening.

Events (6)
1. February 25, 1865 Chartered
Source
historical_nic
2. December 12, 1906 Receivership
Source
historical_nic
3. December 12, 1906 Receivership
Newspaper Excerpt
National Bank Examiner John B. Cunningham has been appointed receiver (of the Farmers and Drovers' National Bank).
Source
newspapers
4. December 12, 1906 Suspension
Cause
Government Action
Cause Details
Closed by direction of the Comptroller of the Currency due to unsatisfactory condition: continuously deficient lawful money reserve, rediscounts in violation of law, falsified books and reports, and dishonored checks/drafts.
Newspaper Excerpt
The Farmers and Drovers' National Bank of Waynesburg, Pa., was closed today by direction of the Comptroller of the Currency
Source
newspapers
5. September 5, 1907 Other
Newspaper Excerpt
The earnest effort now being made to reopen the Farmers and Drovers National Bank ... depends for its success on the bank's getting 3 year or more time to pay its depositors. (letter to depositors by Receiver Strawn)
Source
newspapers
6. October 28, 1907 Other
Newspaper Excerpt
Efforts to reopen the Farmers and Drovers' national bank, of Waynesburg, Pa., which failed last December, have been abandoned. ... Outstanding obligations ... to be met by an assessment of 100 per cent upon all stockholders.
Source
newspapers

Newspaper Articles (23)
1. December 12, 1906 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, December 12, 1906

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Article Text

From Washington. (Correspondence of the Alexandria Gazette.) Washington, Dec. 12. A tentative agreement has been reach ed by House leaders on the ship subsidy bill It will be taken up by the House committee on merchant marine and fisheries tomorrow. when, it is expected, 8 favorable report will be made. The basis of agreement is on the extension of subvention only to Oriental and South American lines. No vessels will be eligible to bounty except those carrying mails. About sixteen lines will receive assistsuree. The miuumum expenditure per year on account of the subsidy is estimated at $1,860,000 and the maximum amount at $3,220,000. President Roosevelt told a delegation of railroad stockholders, today, that there is very slim chance of any subridy bill for Alaskan lines passing Congress this session. The Farmers and Drovers' National Bank of Waynesburg, Pa, , was closed today by direction of the Comptroller of the Currency, and National Bank Examiner John B. Cunningham has been appointed receiver. This bank has been in an unsatisfactory condition for sometime. The following nominations were sent to the Senate today: To be ambassadors Heary White, of Phode Island, to France; Lloyd C. Griscom, of Penney!vania, to Italy: John W. Riddle, of Mianesota, to Russia; and Irving B. Dadley, of California, to Crazil. To be minister: Leslie Coomba, of Kentucky, to Peru. President Rocsevelt told Senators Aldrich and Spooner this morning that Postmaster General Cortelven will succeed Secretary Shaw at the head of the Treasury Department on March 4. The Senators called at the Waite House to learn just when the change was to take place 10 order to straighten out the case which worried the executive session of the Senate vesterday. When the Presi. deut - ent Mr. Cortelyou's nomination to the Senate he said he was to take the

2. December 13, 1906 The Montgomery Advertiser Montgomery, AL
Article from The Montgomery Advertiser, December 13, 1906

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BANK IS CLOSED. Aged Institution of Waynesburg. Pa., in Hands of Receiver. Washington, Dec. 12.-The Farmers and Drovers' National Bank of Waynesburg, Pt, was closed today by direc. tion of the Comptroller of the Currency and National Bank Examiner John B. Cunningham has been appointed receiver and the assets and liabilities are $2,367,474. A statement issued by the Comptroller of the currency says that the bank has been in an unsatisfactory condition for some time/ and that its lawful money reserve has been continuously deficient, notwithstanding repeated admonitions and an official notice to make it good. Waynesburg, Pa., Dec. 12.-The Farmers and Drovers' National Bank, which was closed today by the Comptroller of the Currency, is said to be the oldest national bank west of the Allegheny mountains. It is backed by wealthy men and the Comptroller's order occasioned no excitement.

3. December 13, 1906 New-York Tribune New York, NY
Article from New-York Tribune, December 13, 1906

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CLOSED BY CONTROLLER. Bank at if Taynesburg, Penn., in an Unsatisfactory Condition. Washington. Dec. 12 e-The Farmers and Drovers' National Bank of Waynesburg, P 1. was closed to-day by direction of the Controller of the Currency, and John B. Cunningham, national bank examiner. has been appointed receiver. The assets and liabilities are $2,367,474. A statement issued by the Controller of the Currency says that the bank has been in an unsatisfactory condition for some time and that its lawful money reserve has been continuously deficient, notwithstanding repeated admonitions and an official notice to make it good The statement says: Its liabilities for rediscounts have largely exceeded the amount of its capital stock, in violation of law and in disregard of the Controller's repeated instructions to reduce such liabilities to lawful limits The examiner has discovered that these rediscounts are several hundred thousand dollars greater than the amount shown by its books and reports to the Controller. The books and sworn reports of condition have been found by the examiner to be so falsified as to be wholly unreliable. Its checks and drafts have been recently dishonored, and the general condition of the bank is such as to warrant an assumption of insolvency and to justify the Controller in closing its doors, pending a thorough examination into its affairs as the only means of determining its liabilities and true condition. Waynesburg Penn., Dec 12.-The Farmers and Drovers' National Bank, which was closed to-day, is said to be the oldest national bank west of Alleghany Mountains. It was backed by the wealthiest men of Greene County, and chiefly for this reason the Controller's order occasioned no excitement

4. December 14, 1906 Iowa State Bystander Des Moines, IA
Article from Iowa State Bystander, December 14, 1906

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Article Text

National Bank Closed. Washington.-The Farmers' and Drovers' National bank of Waynesburg, Pa., was closed Wednesday by direction of the comptroller of the currency and Bank Examiner J. B. Cunningham has been appointed receiver

5. December 17, 1906 The Washington Herald Washington, DC
Article from The Washington Herald, December 17, 1906

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Article Text

WARRANTS OUT FOR BANKERS. Waynesburg Financiers with Political Ambitions to Be Arrested. Pittsburg, Dec. 16.-Warrants were issued here to-night for certain officials of the failed Farmers and Drovers' National Bank of Waynesburg, the oldest national bank west of the Allegheny Mountains, and to-morrow a United States deputy marshal will go to Waynesburg to serve them. It is said at least two, and probably more, bank officials will be arrested for juggling the money of the bank. It is said that the shortage will run from $400,000 to $700,000. The bank became involved in the last two political campaigns. D. S. Walton, the president, aspired to the senate, and was elected at the last election, while J. B. Rhinehart, the vice president and cashier, has long been desirious of becoming the Republican county leader. It is said that the bank spent $150,000 in the fight for State treasurer.

6. December 21, 1906 Eagle River Review Eagle River, WI
Article from Eagle River Review, December 21, 1906

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DEPOSITS ARE MISSING. Lincoln Bank Failure at Chicago a Secret Because Owner Refuses to Talk. CHICAGO, Ill., Dec. 18.-Judge Landis of the United States district court today granted the petition of the receiver appointed yesterday for the Lincoln bank at Morton Park, of which William J. Atkinson was the proprietor. for an examination of Atkinson with a view to locating the assets of the institution. The attorneys for the receivers says only $350 in cash has been found in the bank although it is known that much more than this had been deposited Saturday. Atkinson refused to make any statements. Others estimate the deposits at about $90,000, all made by poor people. PITTSBURG, Pa., Dec. 18.-National Bank Examiner Cunningham, who is investigating the defunct Farmers and Drovers' National bank of Waynesbur;, Pa., says the minute book of the institution is missing and that it was "lost, strayed or stolen." It contains the names of the bondsmen. He added that the further he went into the bank's affairs the worse he found them.

7. December 21, 1906 The Washburn Leader Washburn, ND
Article from The Washburn Leader, December 21, 1906

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Article Text

NEWS FROM WASHINGTON. The United States armored cruiser Montana was successfully launched at the Newport News (Va.) shipyard Saturday in the presence of a large number of people. The vessel was christened by Miss Minnie Conrad, daughter of W. G. Conrad of Montana. The president has sent a special message to congress treating solely of Porto Rican affairs. He recommends full American citizenship for residents of the island, but would not grant them complete self-government at present. President Roosevelt has announced his intention to withdraw his simplified spelling order to the public printer and hereafter all documents from the executive departments will again be printed in the old fashioned style. President Roosevelt has announced his intention of taking vigorous steps to put a stop to the movement which has seemed to be dragging him against his will into another race as leader of the Republican party. The Farmers and Drovers' National bank of Waynesburg, Pa., has been closed by direction of the comptroller of the currency. The assets and liabilities are $2,367,474. Secretary Shaw has announced that he will deposit $10,000,000 in depository banks and that he will buy $10,000,000 in bends of 1907.

8. December 22, 1906 Evening Star Washington, DC
Article from Evening Star, December 22, 1906

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DOUBTFUL NOTES FOR $100,000. Property Valued at $400,000 Turned Over to Bank. WAYNESBURG, Pa., December 22.Property valued at over $400,000 has been placed on record in favor of the Farmers and Drovers' National Bank by Receiver Cunningham. The previous owners were J. B. F. Rinehart, former cashier and vice president of the defunct institution, and John J. Koebert, sheriff of Greene county. The property includes Rinehart's home, valued at $100,000, coal lands and building sites. The coal lands have been estimated as worth close to a million dollars. but an appraisement just completed Is said to show a valuation of not over $300,000. As far as has been ascertained the notes in the bank which are alleged to be of doubtful signature amount to a little more than $100,000.

9. December 22, 1906 The L'anse Sentinel L'anse, MI
Article from The L'anse Sentinel, December 22, 1906

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MISCELLANEOUS Former United States Senator Arthur Brown, of Utah, who was shot in his apartments at the Hotel Raleigh, Washington, by Mrs. Anna M. Bradley, of Salt Lake City, died at the Emergency hospital. President Roosevelt was criticised in caustic terms by Senator Rayner, of Maryland, for his threat to use force to open San Francisco schools to the Japanese. The clergy of Paris issued special appeals to their parishioners to be present at the churches at the first mass celebrated outside the pale of the law. The government purposes to proceed gently. The divorce case brought by Augustus Hartje, millionaire paper manufacturer, of Pittsburg, was decided in favor of Mrs. Hartje. The children remain with their mother. Hartje must pay all the court costs. It is reported in Honolulu, and denied in Washington, that two regiments of Japanese, completely officered, are in Honolulu disguised as laborers. The vegetable canning factory of J. P. Polk & Co. at Greenwood, Ind., burned down, the loss being $220,000. Former Postmaster Gilbert Meeks, of Nichols, Ga., was sentenced to one year imprisonment and to pay a fine of $2,068 for embezzlement. The jury in the case of S. E. Howell, president of the Omaha Coal Exchange, charged in company with the 79 other members with maintaining a trust, in violation of the state law, returned a verdict of guilty. The Farmers' and Drovers' National bank, of Waynesburg, Pa., was closed by direction of the comptroller of the currency, and National Bank Examiner John B. Cunningham has been appointed receiver. The assets and liabilities are $2,367,474. Six armed men held up the International bank at Petersburg, Russia, and escaped with $14,500. Representatives of the orthodox and reformed Hebrew congregations of Wew York joined in a protest before the committee on elementary schools against the observance of Christmas festivities in the public schools. Samuel Dodd, president of the International Silver company, whose principal office is in Meriden, Conn., died very suddenly at his home of valvular disease of the heart. Two men were killed and several injured in a railway wreck at Danville. Va. By the recent closing down of factories at Lodz, Poland, 30,000 persons are without food. Laborers during the past few days have killed five nationtlists end wounded 15. Jefferson Hanks, of Colorado Springs, Col., 13 years old, accidentally shot and killed his 14-year-old cousin. The five-year-old daughter of Mr. and Mrs. Peter Lemay, of Spalding, Mich., was burned to death while playing around a fire.

10. December 28, 1906 Rock Island Argus Rock Island, IL
Article from Rock Island Argus, December 28, 1906

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MORE FORGED PAPER IN WAYNESBURG BANK Examiner of Wrecked Institution Finds New Notes Bringing Total to $160,000. Waynesburg, Pa., Dec. 28.-John B. Cunningham, examiner and temporary receiver of the Farmers' and Drovers' National bank, has sent an urgent appeal to the department of justice, Washington, to send an officer immediately, as a result of the discovery of new forgeries The department had arranged to detail a man in a week or so, but Cunningham has discovered such serious conditions he needs expert legal advice immediately. Cunningham has discovered among forged notes papers signed by eight directors of the bank. He sent for the men, and they promptly declared the signatures forgeries. During the day he discovered $60,000 more forged paper. This brings the forgeries up to $160,000.

11. December 30, 1906 The Sun New York, NY
Article from The Sun, December 30, 1906

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WAYNESBURG'S WRECKED BANK. Net Liabilities May Reach $1,500,000 -Forged Notes Among the Assets. PITTSBURG, Dec. 29.-There were more sensational developments at Waynesburg to-day in connection with the failure of the Farmers and Drovers' National Bank, among which was the appointment of a receiver for Rinehart's tin plate mill, which is known under the name of the W. H. Griffiths Company. To-day it was authoritatively asserted that rediscounted notes, for which the farmers and drovers' bank at Waynesburg is liable, now amount to $1,250,000, of which it is positively asserted that $500,000 worth are forgeries. From all indications the liabilities of the bank will be $1,500,000 in excess of the assets. The name of Barney Grossman, a clothier of Waynesburg and an intimate friend of Cashier Rinehart, is signed to notes for $350,000, and he denies that all the signatures are genuine. Many notes, the signatures of which have been verified, are worthless, the signer at no time having sufficient funds to meet the paper. Judge Holt made Sheriff John J. Koebert permanent receiver for Rueben H. Goldberg & Co. to-day. Attorney Trimble, representing Examiner Cunningham, declared that Goldberg was indebted to the bank to the extent of $44,000 on notes and that Rinehart was a partner in the firm. Judge Holt also appointed Harry B. George temporary receiver for the W. E. Griffiths Company, tin plate manufacturers of Waynesburg, of which Rinehart is the largest stockholder. The company owes the bank $82,000. Its plant cost $25,000 and it has outstanding bills to the amount of $12,000.

12. January 3, 1907 The Washington Herald Washington, DC
Article from The Washington Herald, January 3, 1907

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BANK CASHIER DEFIES JUDGE Refuses to Surrender Key to Mysterious Strong Box. New Sensation / in Failure of the Farmers and Drovers at Waynesburg. Waynesburg, Pa., Jan. 2.-A mysterious strong box and an equally mysterious woman are the latest sensations which have entered into the failure of the Farmers and Drovers National Bank. The strong box, which is a small iron safe, was found by Receiver Cunningham. and when he made inquiries he discovered that former Cashier Rinehart was the only person who possessed a key to the box. When Cunningham demanded that Rinehart open the box, the former cashier refused. Cunningham finally wired to Judge Oldham, of the Department of Justice, who arrived here to-day. Oldham demanded the key, but still Rinehart refused. He said he would open the box if he were allowed to extract certain papers. He admits that the box contains two policies for life insurance amounting to $200,000, one of which for $100,000 has been deeded to the bank. Oldham made a proposition that he would open the box and turn over any private papers to Rinehart after he had read them. Rinehart refused. From Rinehart's attorneys, who were called into the conference this afternoon, it was learned that the letters Rinehart refused to give to Oldham were written to him by a woman, and he will not have them fall into any hands but his own. A widow, whose name is concealed, eailed at the bank to-day and tried to secure possession of thirty shares of stock in the bank which she had given to Rinehart. The latter promised to buy them from her and place the amount to her credit. To-day she found that while he had been drawing the dividends from the stock, he had not credited her with their value.

13. January 3, 1907 The Greenville Journal Greenville, OH
Article from The Greenville Journal, January 3, 1907

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BUSINESS FAILURES Jan. 14-Parsons, Snyder & Co., Cleveland, O.; liabilities, $150,000. 18-G. S. McReynolds & Co., Chicago; liabilities, $400.000. Feb. 8.-Boliver County Bank, Cleveland, Miss.; liabilities, $110,000; assets, $130,000. 15-Bank of America, Chicago, placed in receiver's hands. 26-Cash Buyers' Union, Chicago, placed in receiver's hands Williamson Libbey Lumber Co., Oshkosh, Wis.; liabilities, $500,000. Mar. 1-Southern Bank & Trust Co., Ft. Smith, Ark., owing depositors $80,000. 2-Walsh, president defunct Chicago National bank, arrested on charge of falsifying reports. 27-National Business College, Quincy, Ill., assigns; liabilities, $30,000; assets, $100,000. 29-North Freedom (Wis.) bank closed by examiner. Apr. 2-Teis, Smith & Co., bankers, Pekin, Ill.; liabilities, $100,000. 24-First National bank. Attalla, Ala., closed by national bank examiner. May 2-Delmont national bank, Delmont, Pa., closed Receiver for American Reserve Bond Co., St. Louis, appointed. 28-Joplin (Mo.) Savings bank closed by state officials. Jun. 18-Farmers' State bank of Clearfield, Ia., closed by state bank examiner. 30-White, Dunham Shoe Co., of Brockton and Boston, failed; liabilities, $400,000. Aug. 6-Milwaukee Ave. State bank, Chicago, closed by state bank examiner; liabilities, $4,000,000. 8-F. E. Coyne, ex-postmaster, Chicago, failed in bakery and luncheon business. 16-Garfield Park bank of Chicago closed as result of collapse of Milwaukee Ave. State bank. 28-Real Estate Trust Co., of Philadelphia, suspends business; liabilities, $7,000,000. Sep. 20-Bates National bank, of Butler, Mo., closed by directors. 29-Private bank at Middleport, O., closed. Nearly all deposits of $115,000 gone. Nov. 15-Bank of Beckwith & Co., at Evanston, Wyo., closed owing to financial troubles. 30-Three banks conducted by C. v. Chandler at Macomb, Colchester and Bardolph, III., closed for lack of ready cash. Dec. 1--Bank of Kiowa, I. T., closed on account of slow collections and inability to realize on assets. 12-Farmers' and Drovers' National bank of Waynesburg, Pa, closed by comptroller of currency. 13-Cummings Commi on Co., one of largest brokerage how es in northwest, suspends. 17-Lincoln bank of Morton Park, suburb of Chicago, fails.

14. January 3, 1907 Gilpin Observer Central City, CO
Article from Gilpin Observer, January 3, 1907

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BUSINESS FAILURES Jan. 14-Parsons, Snyder & Co., Cleveland, O.: liabilities, $150,000. 18-G. S. McReynolds & Co., Chicago: liabilities, $400,000. Feb. 8.-Boliver County Bank, Cleveland, Miss.: liabilities, $110,000; assets. $130,000. 15-Bank of America, Chicago, placed in receiver's hands. 26-Cash Buyers' Union, Chicago, placed in receiver's hands Williamson Libbey Lumber Co., Oshkosh, Wis.; liabilities, $500,000. Mar. 1-Southern Bank & Trust Co., Ft. Smith, Ark., owing depositors $80,000. 2-Walsh, president defunct Chicago National bank, arrested on charge of falsifying reports. 27-National Business College, Quincy, Ill., assigns; liabilities, $30,000; assets, $100,000. 29-North Freedom (Wis.) bank closed by examiner. Apr. 2-Teis, Smith & Co., bankers, Pekin, Ill.; liabilities, $100,000. May 2-Delmont national bank. Delmont, Pa., closed Receiver for American Reserve Bond Co., St. Louis, appointed. Jun. 18-Farmers' State bank of Clearfield, Ia., closed by state bank examiner. Aug. 6-Milwaukee Ave. State bank, Chicago, closed by state bank examiner; liabilities, $4,000,000. 8-F. E. Coyne, ex-postmaster, Chicago, failed in bakery and luncheon business. 16-Garfield Park bank of Chicago closed as result of collapse of Milwaukee Ave. State bank. 28-Real Estate Trust Co., of Philadelphia, suspends business; liabilities, $7,000,000. Sep. 20-Bates National bank, of Butler, Mo., closed by directors. 29-Private bank at Middleport, O., closed. Nearly all deposits of $115,000 gone. Nov. 15-Bank of Beckwith & Co., at Evanston. Wyo., closed owing to financial troubles. 30-Three banks conducted by C. V. Chandler at Macomb, Colchester, and Bardolph, Ill., closed for lack of ready cash. Dec. 1-Bank of Kiowa, I. T., closed on account of slow collections and inability to realize on assets. 12-Farmers' and Drovers' National bank of Waynesburg, Pa., closed by comptroller of currency. 13-Cummings Commission Co., one of largest brokerage houses in northwest, suspends. 17-Lincoln bank of Morton Park, susurb of Chicago, fails.

15. January 3, 1907 Rock Island Argus Rock Island, IL
Article from Rock Island Argus, January 3, 1907

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BRIBE FOR U. S. OFFICIAL TO QUIT BANK EXPOSE? Rinehart Said to Have Offered Exam. iner Cunningham Presidency at $10,000 a Year. Waynesburg, Pa., Jan. 3.-The latest sensation in the affairs of the suspended Farmers' & Drovers' National bank was the announcement that a few days after the bank was closed J. B. F. Rinehart, its ruling spirit, of fered John B. Cunningham, federal examiner, the presidency at $10,000 a year, Rinehart to be restored as cashier and vice president. Rinehart, it is said, told Cunningham that if he would let up on the exposures affairs could be smoothed over quietly and business resumed again within a week. One thing that precipitated the trouble in the bank was the recent reduction of the state's deposit from $125,000 to $75,000. Bank officials expected an increase. A steel lock box in the vaults of the bank is causing speculation. Rinehart refuses to open it. even at the request of Receiver Cunningham, who threatened to break into it. It is said to contain insurance policies for $200,000.

16. January 4, 1907 The Tupelo Journal Tupelo, MS
Article from The Tupelo Journal, January 4, 1907

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BUSINESS FAILURES Jan. 14-Parsons, Snyder & Co., Cleveland, O.; liabilities, $150,000. 18-G. S. McReynolds & Co., Chicago; liabilities, $400.000. Feb. 8.-Boliver County Bank, Cleveland, Miss.; liabilities, $110.000; assets, $130,000. 15-Bank of America, Chicago, placed in receiver's hands. 26-Cash Buyers' Union, Chicago, placed in receiver's hands Williamson Libbey Lumber Co., Oshkosh, Wis.; liabilities, $500,000. Mar. 1-Southern Bank & Trust Co., Ft. Smith, Ark., owing depositors $80,000. 2-Walsh, president defunct Chicago National bank, arrested on charge of falsifying reports. 27-National Business College, Quincy, Ill., assigns; liabilities, $30,000; assets, $100,000. 29-North Freedom (Wis.) bank closed by examiner. Apr. 2-Teis, Smith & Co., bankers, Pekin, III.; liabilities, $100,000. 24-First National bank, Attalla, Ala., closed by national bank examiner. May 2-Delmont national bank, Delmont, Pa., closed Receiver for American Reserve Bond Co., St. Louis, appointed. 28-Joplin (Mo.) Savings bank closed by state officials. Jun. 18-Farmers' State bank of Clearfield, Ia., closed by state bank examiner. 30-White, Dunham Shoe Co., of Brockton and Boston, failed; liabilities, $400,000. Aug. 6-Milwaukee Ave. State bank, Chicago, closed by state bank examiner; liabilities, $4,000,000. 8-F. E. Coyne, ex-postmaster, Chicago, failed in bakery and luncheon business. 16-Garfield Park bank of Chicago closed as result of collapse of Milwaukee Ave. State bank. 28-Real Estate Trust Co., of Philadelphia, suspends business; liabilities, $7,000,000. Sep. 20-Bates National bank, of Butler, Mo., closed by directors. 29-Private bank at Middleport, O., closed. Nearly all deposits of $115,000 gone. Nov. 15-Bank of Beckwith & Co., at Evanston, Wyo., closed owing to financial troubles. 30-Three banks conducted by C. v. Chandler at Macomb, Colchester and Bardolph, Ill., closed for lack of ready cash. Dec. 1-Bank of Kiowa, I. T., closed on account of slow collections and inability to realize on assets. 12-Farmers' and Drovers' National bank of Waynesburg, Pa., Crosea NJ comptroller of currency. 13-Cummings Commission Co., one of largest brokerage houses in northwest, suspends. 17-Lincoln bank of Morton Park, suburb of Chicago, fails.

17. January 4, 1907 Perrysburg Journal Perrysburg, OH
Article from Perrysburg Journal, January 4, 1907

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BUSINESS FAILURES Jan. 14-Parsons, Snyder & Co., Cleveland, O.; liabilities, $150,000. 18-G. S. McReynolds & Co., Chicago; liabilities, $400.000. Feb. 8.-Boliver County Bank, Cleveland, Miss.; liabilities, $110,000; assets, $130,000. 15-Bank of America, Chicago, placed in receiver's hands. 26-Cash Buyers' Union, Chicago, placed in receiver's hands Williamson Libbey Lumber Co., Oshkosh, Wis.; liabilities, $500,000. Mar. 1-Southern Bank & Trust Co., Ft. Smith, Ark., owing depositors $80,000. 2-Walsh, president defunct Chicago National bank, arrested on charge of falstfying reports. 27-National Business College, Quincy, Ill., assigns; liabilities, $30,000; assets, $100,000. 29-North Freedom (Wis.) bank closed by examiner. Apr. 2-Teis, Smith & Co., bankers, Pekin, III.; liabilities, $100,000. May 2-Delmont national bank, Delmont, Pa., closed Receiver for American Reserve Bond Co., St. Louis, appointed. Jun. 18-Farmers' State bank of Clearfield, Ia., closed by state bank examiner. Aug. 6-Milwaukee Ave. State bank, Chicago, closed by state bank examiner; liabilities, $4,000,000. 8-F. E. Coyne, ex-postmaster, Chicago, failed in bakery and luncheon business. 16-Garfield Park bank of Chicago closed as result of collapse of Milwaukee Ave. State bank. 28-Real Estate Trust Co., of Philadelphia, suspends business; liabilities, $7,000,000. Sep. 20-Bates National bank, of Butler, Mo., closed by directors. 29-Private bank at Middleport, O., closed. Nearly all deposits of $115,000 gone. Nov. 15-Bank of Beckwith & Co., at Evanston, Wyo., closed owing to financial troubles. 30-Three banks conducted by C. v. Chandler at Macomb, Colchester and Bardolph, Ill., closed for lack of ready cash. Dec. 1-Bank of Kiowa, I. T., closed on account of slow collections and inability to realize on assets. 12-Farmers' and Drovers' National bank of Waynesburg, Pa., closed by comptroller of currency. 13-Cummings Commission Co., one of largest brokerage houses in northwest, suspends. 17-Lincoln bank of Morton Park, susurb of Chicago, fails.

18. January 4, 1907 The Ely Miner Ely, MN
Article from The Ely Miner, January 4, 1907

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BUSINESS FAILURES Jan. 14-Parsons, Snyder & Co., Cleveland, O.; liabilities, $150,000. 18-G. S. McReynolds & Co., Chicago; liabilities, $400.000. Feb. 8.-Boliver County Bank, Cleveland, Miss.; liabilities, $110,000; assets, $130,000. 15-Bank of America, Chicago, placed in receiver's hands. 26-Cash Buyers' Union, Chicago, placed in receiver's hands Williamson Libbey Lumber Co., Oshkosh, Wis.; liabilities, $500,000. Mar. 1-Southern Bank & Trust Co., Ft. Smith, Ark., owing depositors $80,000. 2-Walsh, president defunct Chicago National bank, arrested on charge of falsifying reports. 27-National Business College, Quincy, Ill., assigns; liabilities, $30,000; assets, $100,000. 29-North Freedom (Wis.) bank closed by examiner. Apr. 2-Teis, Smith & Co., bankers, Pekin, Ill.; liabilities, $100,000. May 2-Delmont national bank, Delmont, Pa., closed Receiver for American Reserve Bond Co., St. Louis, appointed. Jun. 18-Farmers' State bank of Clearfield, Ia., closed by state bank examiner. Aug. 6-Milwaukee Ave. State bank, Chicago, closed by state bank examiner; liabilities, $4,000,000. 8-F. E. Coyne, ex-postmaster, Chicago, failed in bakery and luncheon business. 16-Garfield Park bank of Chicago closed as result of collapse of Milwaukee Ave. State bank. 28-Real Estate Trust Co., of Philadelphia, suspends business; liabilities, $7,000,000. Sep. 20-Bates National bank, of Butler, Mo., closed by directors. 29-Private bank at Middleport, O., closed. Nearly all deposits of $115,000 gone. Nov. 15-Bank of Beckwith & Co., at Evanston, Wyo., closed owing to financial troubles. 30-Three banks conducted by C. V. Chandler at Macomb, Colchester and Bardolph, Ill., closed for lack of ready cash. Dec. 1-Bank of Kiowa, I. T., closed on account of slow collections and inability to realize on assets. 12-Farmers' and Drovers' National bank of Waynesburg, Pa., closed by comptroller of currency. 13-Cummings Commission Co., one of largest brokerage houses in northwest, suspends. 17-Lincoln bank of Morton Park, susurb of Chicago, fails.

19. January 8, 1907 The Evening Statesman Walla Walla, WA
Article from The Evening Statesman, January 8, 1907

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OFFICIAL IS OFFERED BRIBE Penn Bank Official Offers Examiner the Presidency at $10.000 a Year to Quit His Expose. WAYNESBURG, Pa., Jan. 8.-Today's sensation in the affairs of the suspended Farmers and Dovers' National bank was the announcement that a few days after the bank was closed J. B. F. Rinehart, its ruling spirit,offered John B. Cunningham. federal examiner, the presidency at $10,000 a year, Rinehart to be restored as cashier and vice president. Rinehart, it is said. told Cunningham that if he would let up on the exposures affairs could be smoothed over quietly and business resumed again within a week. offer. One thing that precipitated the trouble in the bank was the recent reduction of the state's deposits form $125,000 to $75,000. Bank officials expected an increase. A steel lock box in the vaults of the bank is causiing speculation. Rinehart refuses to open it, even at the request of Receiver Cunningham, who threatened to break into it. It is said to contain insurance policies for $200,000.

20. January 10, 1907 The Idaho Recorder Salmon, ID
Article from The Idaho Recorder, January 10, 1907

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BUSINESS FAILURES Jan. 14-Parsons, Snyder & Co., Cleveland, O.: Habilities, $150,000. 18-G. 8. McReynolds & Co., Chicago: liabilities, $400.000. Feb. &-Boliver County Bank, Cleveland. Miss.: liabilities, $110,000; assets, $130,000. 15-Bank of America, Chicago, placed in receiver's hands. N-Cash Buyers' Union, Chicago, placed in receiver's hands. Williamson Libbey Lumber Co., Oshkosh, Wis.: liabillties, $500,000. Mar. 1-Southern Bank & Trust Co., Ft. Smith, Ark., owing depositors $80,000. 2-Walsh, president defunct Chicago National bank, arrested on charge of falsifying reports. 27-National Business College, Quincy, III., assigns; liabilities, $30,000; assets. $100,000. 29-North Freedom (Wis.) bank closed by examiner. Apr. 2-Teis, Smith & Co., bankers, Pekin, III.: liabilities, $100,000. 34-First National bank. Attalla, Ala., closed by national bank examiner. May 2-Delmont national bank, Delmont, Pa., closed. Receiver for American Reserve Bond Co., St. Louis, appointed. 28-Joplin (Mo.) Savings bank closed by state officials. Jun. 18-Farmers' State bank of Clearfield, Ia., closed by state bank examiner. 30-White, Dunham Shoe Co., of Brockton and Boston. failed: liabilities. $400,000. Aug. 6-Milwaukee Ave. State bank, Chicago, closed by state bank examiner: liabilities, $4,000,000. 8-F. E. Coyne, ex-postmaster, Chicago, failed in bakery and luncheon business. 16-Garfield Park bank of Chiengo closed as result of collapse of Milwaukee Ave. State bank. 28-Real Estate Trust Co., of Philadelphia, suspends business: liabilities, $7,000,000. Sep. 20-Bates National bank. of Butler. Mo., closed by directors. 29-Private bank at Middleport, O., closed. Nearly all deposits of $115,000 gone. Nov. 15-Bank of Beckwith & Co., at Evanston, Wyo., closed owing to financial troubles. 30-Three banks conducted by C. V. Chandler at Macomb, Colchester and Bardolph, III., closed for lack of ready cash. Dec. 1-Bank of Kiowa, L T., closed on account of slow collections and inability to.realize on assets. 12-Farmers' and Drovers' National bank of Waynesburg, Pa., closed by comptroller of currency. 13-Cummings Commission Co., one of largest brokerage houses in northwest. suspends. 17-Lincoln bank of Morton Park. suburb of Chicago, fails.

21. September 10, 1907 The Fairmont West Virginian Fairmont, WV
Article from The Fairmont West Virginian, September 10, 1907

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WAYNESBURG, Pa., Sept. 10.The following letter to. the depositors of the defunct Farmers and Drovers National Bank of Waynesburg, with the subjoined agreement for them to detach. sign and return. has been mailed to all the depositors of the institution by Receiver Strawn at the request of the directors: WAYNESBURG. Pa.. Sept. 5, 1907. To the depositors in the Farmers and Drovers National Bank of Waynesburg. Pa.: The earnest effort now being made to reopen the Farmers and Drovers National Bank depends for its success on the bank's getting 3 year or more time to pay its depositors. This bank, like every other bank, has the principal part of its assets in notes, many of which cannot be collected at once. If collection is enforced on a large scale the loss will be great.

22. October 28, 1907 The Marion Daily Mirror Marion, OH
Article from The Marion Daily Mirror, October 28, 1907

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Will be Assessed 100 Per Cent. Washington, Pa., Oct. 28.-Efforts to reopen the Farmers and Drovers' national bank, of Waynesburg, Pa., which failed last December, have been abandoned. This announcement 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 upon all stockholders, which has been ordered by Comptroller of the Currency Ridgeley. W. J. F. Rinehart, whose operations are said to have caused the failure, was indicted in Pittsburg Saturday by the federal grand jury on numerous counts of abstraction and false entries.

23. March 5, 1908 The Spanish Fork Press Spanish Fork, UT
Article from The Spanish Fork Press, March 5, 1908

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# NEWS SUMMARY Joseph Ford was shot and killed by J. L. Hutchinson at Tracy, Cal., in a row over a game of cards. The provision in the army appropriation bill increasing the pay of privates and non-commissioned officers has been stricken out. Prince Ferdinand of Bulgaria and Elenonore Caroline Gasparine Louise, Princess of Reuss, were married at Coburg, Germany, on the 28th. Three men were killed and a fourth mortally wounded in a battle with revolvers following a quarrel in a lumber camp near Evelyn, Ky. A mother and her three children were burned to death and several persons were injured by a fire in the district inhabited by foreigners in Pittsburg. The Reading, Pa., plant of the American Iron and Steel company, has resumed operations after two months' idleness, and 1,000 men are again at work. Cadido Garcia, a wealthy stock grower, was shot and almost instantly killed from ambush near Clayton, N. M., and a neighbor is charged with the crime. Justice Day, in the New York supreme court, set aside the verdict of a jury and fined twelve jurymen $50 each for deciding the verdict by the flip of a coin. Nunzio Nasi, the former minister of public instruction of Italy, has been sentenced to a term of imprisonment on the charge of embezzlement from the state treasury. The vault of the First State bank of Clear Lake, Minn., was blown early on the morning of the 28th. The cracksmen secured $3,000 in currency and escaped on a handcar. Dal Hawkins, now confined in the Tucson, Arizona, jail, has confessed to killing Albert Leonhart, a carpenter, on December 22, whose murder has been a complete mystery. Discussing the recent financial crisis in the senate, Senator Nelson said that it was not due so much to the scarcity of money as to the difficulty in keeping money in circulation. The senate has confirmed the nominations of Louis A. Coolidge of Massachusetts, to be assistant secretary of the treasury; and Charles P. Grandfield of Missouri, to be first assistant postmaster general. Conductor L. D. Cook of the Rio Grande, Yaqui & Pacific railroad, reports that Yaquis killed three Mexican members of his train crew, but spared himself and the engineer because they were Americans. The indictments against Judge Peter S. Grosscup of the United States court and four other directors of an electric railway, of Chicago, charging manslaughter, because of an accident last August, have been quashed. The Women's Municipal league of New York City is investigating dishwater. It has been suggested that an organized effort to purify dishwater in New York's hotels and restaurants will be of great value to the city. From present indications it is estimated that there will be about fifty United States warships of the various classes assembled in the San Francisco bay with the arrival of Rear Admiral Evans' fleet early in May. Whether or not a republic is soon to supplant the monarchy in Portugal, it is practically the unanimous opinion in Lisbon that the near future will witness a violent struggle in which the life of the monarchy may be at stake. Receiver Strawn of the defunct Farmers & Drovers' National bank of Waynesburg, Pa., has notified the former directors of the bank that they will have to contribute the sum of $1,500,000 as a result of the failure of the bank. An opinion, written by Judge Gantt, was handed down by the supreme court of Missouri last week, holding that the law creating the court of general sessions in the city of St. Louis is unconstitutional and the court is invalid and void. J. P. Morgan sailed for Europe on the 26th. The fact that Mr. Morgan regards the financial situation as sufficiently cleared to permit him to go abroad was interpreted as a favorable indication in Wall street and in banking circles generally. Three children of Mrs. W. A. Davis were burned to death in a fire which destroyed their home in Santa Rosa, N. M. It is supposed the fire was started by explosion of a gasoline stove while Mrs. Davis was calling upon a sick neighbor. William Jones and his wife, Irene Jones, have been sentenced to the penitentiary for the kidnaping of Lillian Wulff, an eight-year-old Chicago girl, last December. The man was given a thirty-year term and the woman twenty-five years. All the railroads doing business in