18581. Title & Trust Company (Connellsville, PA)

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: trust company
Start Date: July 1, 1930
Location: Connellsville, Pennsylvania (40.018, -79.589)

Metadata

Model: gpt-5-mini
Short Digest: 5ddf4980

Response Measures

Full suspension, Books examined

Other: Bank was closed by state banking department and later receivers appointed; large embezzlement alleged against former president.

Description

Multiple articles report heavy withdrawals (a run) in early July 1930 culminating in the Title & Trust Company closing July 1, 1930 at the request of state banking authorities; receivers were later appointed and a large embezzlement was alleged (Feb 1931). OCR errors in articles corrected (e.g., 'Connellaville' -> Connellsville).

Events (4)

1. July 1, 1930 Receivership

Newspaper Excerpt: the notice further stated that the bank had been placed in the hands of the comptroller of the currency, who has designated D. J. Bleakley, national bank examiner, to take charge. ... receivers made known some time ago that only about 20 cents on the dollar would be paid to depositors. (reports later reference receivers and liquidation).
Source: newspapers

2. July 1, 1930 Run

Cause: Bank Specific Adverse Info
Cause Details: Heavy withdrawals by depositors and inability to meet a municipal bond redemption call; later alleged large embezzlement discovered.
Measures: Directors closed the institution; state banking authorities and examiners took charge; deposits and assets placed in custody/receivership.
Newspaper Excerpt: the bank was closed after was unable to meet the demands of the city ... Previously, was said, there had been heavy run by depositors.
Source: newspapers

3. July 1, 1930 Suspension

Cause: Government Action
Cause Details: Closed by the State Banking Department / placed in hands of state examiners and later the comptroller/receivers for liquidation.
Newspaper Excerpt: The Title and Trust Company of Western Pennsylvania ... closed yesterday upon request of J. D. Swigart, chief ... The bank, located in Connellsville, failed July 1
Source: newspapers

4. February 3, 1931 Other

Newspaper Excerpt: Linford Fitch Ruth ... arrested ... on warrant charging him with embezzling $700,000 from the Title & Trust Company of Western Pennsylvania ... The receivers made known ... that only about 20 cents on the dollar would be paid to depositors. (embezzlement arrest and insolvency findings).
Source: newspapers

Newspaper Articles (10)

1. July 2, 1930 The Evening Standard Uniontown, PA

Article from The Evening Standard, July 2, 1930

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2 Connellsville Banks In Hands Government Officials STATE AND NATIONAL BANK EXAMINERS TO CHECK ON ASSETS To preserve its assets, and prevent any run on their bank which might prove injurious to Connellaville and community the directors of the Union National bank, located in Connellaville, placed its affairs in the hands of National Bank examiner this morning. B. J. Bleakley, of Wheeling, W:- Va., is in charge of the affairs of the bank today. The decision of the Union National directors came after it was learned that the Title and Trust Company of Western Pennsylvania, another Connellsville bank, had closed yesterday upon request of J. D. Swigart, chief (Contined on Page Three.)

2. July 3, 1930 The Morning Call Allentown, PA

Article from The Morning Call, July 3, 1930

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OF TWO Federal Reserve Ships Large Sums of Money to Aid Open Institutions CITY'S FUNDS TIED UP WITH $3,500,000 DEPOSITS Stagnation in Bituminous Industry Given by State Department as Reasons for Action Connellsville, July by Federal the district, which shipped in large sums money, banks of city which remained open today, passed easily through what lieved be erisis following closing Tuesday of the Title and Trust Company Western Union with tying over three and half dollars. were abnormal at both National and National, especially during the foreas the day wore the depositors closing hour there were practically none. open who might come, but tellers were Frank W. Jackson, special agent of the state banking, charge Title Trust comwhile Bleakle, Wheeling, national bank examiner, took charge Union. Stagthe comptroller's Washthe Union. Offers needwhile offer funds from bank offered send help for the day runs made necessary. City council to devise means of handling the finances. The trust company depository for the city, which $120,000 tied up bank. The Union National bank failed to for the board the institution had been decided would be for best of bank's depositors and stockholders place assets custody of the banking department. Title Trust the largest bank the city, over closing time Peter secretary The secretary result "frozen" assets about by the "utter stagnation in the coal producing industry in western Pennsyl-

3. July 31, 1930 Wilkes-Barre Times Leader, the Evening News Wilkes-Barre, PA

Article from Wilkes-Barre Times Leader, the Evening News, July 31, 1930

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Connellsville Bank Closes Doors Today; Third Within Month Pa., July Citizens Bank Connellsville failed open its doors, making the third bank closing here within 30 on the doors of notice posted the bank depositors that the had been closed by institution tion of the The notice further stated that the bank had been placed the hands of the comptroller of the currency who has D. Beakley, National Bank examiner, take charge eparations were immediately Second National Bank, by the banking instithe remaining for following the feared inevitable result of three banks Officials of the Secwithdrawals. ond National Bank that all demands be met, dolfor dollar. official statement as Although no to the condition of the Citizens National Bank was forthcoming it was believed the institution had experlenced heavy demand for funds on July and July following the closing Title Trust Company and Union National The Title and Trust Company and the Union National Bank discontinued business July and 2 respectively. The Citizens National Bank was established years age and several years ago absorbed the First National Bank. It resources of surplus 000. Demand deposits $805.275 and savings of $1,958,620. stateJune Markell is president of the institution which was capitalized at $100,000.

4. July 31, 1930 Republican and Herald Pottsville, PA

Article from Republican and Herald, July 31, 1930

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CONNELLSVILLE CLOSED DOORS Heavy Runs Being Made Today on Remaining Bank. THIRD CLOSED IN MONTH Directors Placed Institution in Hands of Comptroller of Currency. Connellsville. Pa., July 31. (U.P.) The Citizens' National Bank failed to open its doors for business today and "run" being made on the city's remaining bank-the Second The Citizens" National, after meeting of the board of directors last night, posted a notice on it today the effect that assets of the bank were in the hands of the Comptroller of It was reported the Second National Bank was ready meet heavy withdrawals and that money was received from Pittsburgh banks to aid it. It was believed that closing of two other banks here earlier this month was responsible for today's On July 1. the Title and Trust Company of Western Pennsylvania closed here and the next day onother national bank failed to open its doors. Heavy withdrawals were then said to have been made on the Citizens National and the Second National At meeting of the board of dlrectors of Citizens National Bank last night the following resolution was passed "Whereas. During the past month there have been made by the depositors of this bank unusually heavy withdrawals. whereas, in the best judgment of the board of directors of the best Interests of the loyal remaining depositors will be best subserved by suspending business and conserving asset. "Therefore. Be it resolved. that the doors he closed and the assets placed In the hands of the comptroller of the currency for liquidation as provided under the laws of the United States. The following notice was on the door of the Citizens bank today: "This bank under the direction of the of currency. is in charge of B. J. Bleakley national bank exam ner. Closed by resolution of the board of directors." Signed. B. J. Bleakley. Anthracite ccal is an economical fuel. Buy and burn anthracite. President Takes Three. Holiday. Washington, July 31. (U.P)-Prestdent Hoover will leave tomorrow for a. three-day stay at his Virginia mountain camp. was announced at the White House today. Mrs. Hoover went to the camp today to prepare the lodge the Prestdential party. The President is ex pected to discuss the New York Republican situation over the week end with William H. Hill, Binghamton, N. Y., publisher, one of the State party leaders, who, with Mrs. Hill, will be among the guests, Other guests invited Rickard, mining engineeri York, and Mrs. the Hoovers, secretary of the Treasury not the same da customs to that date Anthracite fuel, Buy

5. July 31, 1930 The Evening News Harrisburg, PA

Article from The Evening News, July 31, 1930

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THIRD BANK AT CONNELLSVILLE CLOSES DOORS International News Service CONNELLSVILLE, July 31. The Citizens' National Bank of Connellsville today failed to open its doors, marking the third bank closing here within thirty days. A notice posted on the doors of the bank notified depositors that the institution had been closed by action of the directors. The notice further stated that the bank had been placed in the hands of the comptroller of the currency, who has designated D. J. Bleakley, national bank examiner, to take charge. Preparations were immediately taken by the Second National Bank, the only remaining banking institution, for a heavy run, which was feared inevitable following the failure of three banks as a result of withdrawals. Officials of the Second National Bank gave assur ances that all demands could be met, dollar for dollar. Although no official statement as to the condition of the Citizens' Na tional Bank was forthcoming, it was believed the institution had experienced heavy demand for funds on July 2 and July 3, following the closing of the Title and Trust Company of Western Pennsylvania and the Union National Bank. The Title and Trust Company and the Union National Bank discontinued business July and 2, respectively. The Citizens' National Bank of Connellsville was e he twenty-five years ago and several years ago absorbed the First Na tional Bank. It had resources of $3,377,507, surplus of $200,000, demand deposits of $805,275 and savings deposits of $1,958,620, according to its statement of June 30. F. E. Markell is president of the institution, which was capitalized at $100,000.

6. February 3, 1931 Standard-Speaker Hazleton, PA

Article from Standard-Speaker, February 3, 1931

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CHARGED WITH TAKING $700,000 Former President of Connellsville, Pa., Bank Arrested In Washington. WASHINGTON, Feb. man identified by police as Linford Fitch Ruth, former president of the Title & Trust Company of Western Pennsylvania at Connellsville, Pa. was arrested tonight on warrant charging him with embezzling $700,000 from the institution. Police said he admitted his identity, but any with shortage. He was quoted as say ing he would be glad to return Connellsville and face the charge. The man, 70 years old, was taken into custody at the home of his son and held precinct station charge of being fugitive from justice pending action by Pennsylvania authorities. The warrant was signed by Downing, chief of police of Fayette county, He informed police the institution had been closed state banking authorities. CONNELLSVILLE, Pa., Feb. Fitch Ruth, arrested Washington tonight on charge embezzling $700,000 from the Title Trust Company of Western Pennsylvania here, organized the bank thirty years ago and served as its president until the institution was closed by the State Banking Department last July Ruth, who maintained home Washington and spent much of his time there, left Connellsville on July 16 and as far as could be learned tonight, had not returned. The bank was closed after was unable to meet the demands of the city, for which it was depository, when an issue of municipal bonds fell due and the company was called upon for funds. Previously, was said, there had been heavy run by depositors. A depositors' committee recently was organized to investigate affairs of the bank. At meeting tonight the comittee's attorney, William R. Lane, of Uniontown, was authorized to examine the report of the bank's receivers, filed with the Fayette county prothonotary at Uniontown. William H. Showman head of the depository committee. The receivers made known some time ago that only about 20 cents on the dollar would be paid to depositors.

7. February 3, 1931 The Daily American Somerset, PA

Article from The Daily American, February 3, 1931

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Charge Ruth Embezzlement Feb. man identified by police as Linford Fitch Ruth, former president of the Title and Trust Company of Western Pensylvania at Connellsville, was arrested tonight on warrant charging him with embezzling $700,000 from the institution. Police said he admitted his identity but denied any connections with shortage. He was quoted saying would glad return Connellsville and face the charge. The man, 70 years old, was taken into custody the home of son and held at precinct station charge of being fugitive from justice pending action by Pennsylvania authorities. The warrant was signed by Downing, County Detective Fayette county, Pa. He informed the institution had been closed by state banking authorities.

8. February 3, 1931 The Daily American Somerset, PA

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DEPOSITORS COMMITTEE TO EXAMINE REPORTS CONNELLSVILLE, Feb. Linford Ruth, arrested tonight charges of Washington on from the Title embezzling and Company Western here, organized the years and gerved its president until the institution closed by the State Banking departlast July who maintained home in Washington spent much of his time there, left Connellsville July The bank was closed after was unable to meet the demands of the city, for was depository, when an issue of municipal bonds fell due and the Trust company called upon for Previous said, there had been was heavy by depositors. depositors' committee recently: organized to investigate affairs the bank. meeting tonight the committee's attorney William Lane of Uniontown, was authorto examine the report of the bank's filed with the Fayreceivers at Unioncounty town. William H. Showman is head the depositors committee. The receivers made known some ago that only about 20 cents the dollars would be paid to deposiRuth was arrested the instance Banking county, Adams.

9. February 3, 1931 Altoona Tribune Altoona, PA

Article from Altoona Tribune, February 3, 1931

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FORMER BANK PRESIDENT EMBEZZLES $700,000 CONNELLSVILLE Pa., Feb. Fitch Ruth, arrested in Washington tonight on charges of embezzling $700.000 from the Title and Trust company of Western here, ganized the bank 30 years ago and served its president until the institution closed by the state banking department July Ruth, maintained home in Washington spent much of his time there, left Connellsville July 16. The bank was closed after was unable meet the demands of the city, for which was depository, when an issue of municipal bonds fell due and the trust was called upon for funds. Previously, was said, there had been heavy run by depositors.

10. February 4, 1931 Evening Star Washington, DC

Article from Evening Star, February 4, 1931

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BANKER, 70, WAIVES EXTRADITION HERE Linford Fitch Ruth Returns to Pennsylvania to Face Embezzling Charge. Appearing before Judge Gus Schuldt in Police Court late yesterday, Linford Fitch Ruth, 70-year-old banker, voluntarily agreed to return to Uniontown, Pa., to face a charge of embezzling and removing funds from the defunct Title & Trust Co. of Western Pennsylvania, of which he is president. He returned in the custody of Chief of Detectives A. A. Downing of Fayette County, who had a warrant for the banker. The bank, located in Connellsville, failed July 1, and the warrant was sworn out in an information after a shortage of $700,000 was alleged to have been discovered in the bank's accounts. Ruth, who has maintained a residence in Washington for 20 years, was arrested Monday night at his home on New Hampshire avenue, while preparing to return to Uniontown after the receipt of a telegram from his attorney. After being questioned at headquarters, the elderly banker was detained at the twelfth precinct until the arrival here of Detective Downing late yesterday. Although Ruth maintained a residence here, going back and forth to attend to his banking affairs, it was said he had conducted no business operations in Washington. He is largely interested in West Virginia and Pennsylvania coal operations. His attorney, William E. Richardson, said the banker had been in frequent touch with the receivers, appointed since the failure of the trust company, and was not a fugitive from justice as implied by the issuance of the warrant.