19290. Enterprise National Bank (Pittsburg, PA)

View Charter #4991 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
4991
Charter Number
4991
Start Date
October 20, 1905
Location
Pittsburg, Pennsylvania (40.441, -79.996)

Metadata

Model
gpt-5-mini
Short Digest
b3e1951d

Response Measures

Full suspension, Books examined

Other: Receivership and criminal prosecutions followed; large embezzlement by cashier discovered.

Receivership Details

Depositor recovery rate
35.6%
Date receivership started
1905-10-18
Date receivership terminated
1916-10-31
OCC cause of failure
Fraud
Share of assets assessed as good
39.8%
Share of assets assessed as doubtful
54.1%
Share of assets assessed as worthless
6.1%

Description

The Enterprise National Bank of Allegheny (Pittsburg, PA) collapsed in Oct 1905 after its cashier T. Lee Clark committed suicide and large defalcations were revealed. Depositors agitated and attempted to storm the bank; a receiver was appointed and the bank remained closed while receivership/liquidation and prosecutions followed. Sequence: depositor unrest/run -> doors barred/closure/suspension -> receiver appointed and permanent closure. I corrected 'Allegheny' spelling where articles used both 'Allegheny' and 'Alleghany'.

Events (5)
1. April 4, 1895 Chartered
Source
historical_nic
2. October 18, 1905 Receivership
Source
historical_nic
3. October 20, 1905 Receivership
Newspaper Excerpt
Receiver John B. Cunningham, who is in charge of the bank; put all the notes and discounted paper in charge of the Bank of Pittsburg (New-York Tribune) ; a receiver was appointed (multiple articles)
Source
newspapers
4. October 20, 1905 Run
Cause
Bank Specific Adverse Info
Cause Details
Discovery of large embezzlements/defalcations by cashier T. Lee Clark (suicide) and revelations implicating loans to political interests; depositors began heavy withdrawals and agitation.
Measures
Receiver Cunningham ordered doors barred; notes and discounted paper put in charge of the Bank of Pittsburg; receiver later restricted access and took assets in charge.
Newspaper Excerpt
the sudden closing its doors last October ... the cashier, T. Lee Clark ... suicide ... depositors started. rumors and the ot' heavy defalcations were later (articles describe depositors starting and attempts to storm bank)
Source
newspapers
5. October 20, 1905 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed following discovery of massive shortages and the suicide/confession of the cashier; national bank examiner appointed receiver and bank suspended operations.
Newspaper Excerpt
the bank was closed; Receiver John B. Cunningham, who is in charge of the bank; receiver was appointed
Source
newspapers

Newspaper Articles (24)
1. October 21, 1905 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, October 21, 1905

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CONFESSION OF CASHIER CLARK Suicide Left Document in the Vault of the Bank. NAMES OF'ALL CONCERNED SENATOR PENROSE DENIES CURRENT RUMORS. Pittsburg, Oct. 20.-As the investigation into the affairs of the Enterprise National bank proceeds, it shows that Cashier Clark, who committed suicide, was interested in many corporations, and that his associates were prominent men. Startling revelations are being made as to the manner in which the dead cashier managed the moneys of the bank. Some of the directors, on the strength of what has been discovered, intimate that Clark was a defaulter to a large amount. It is believed that President Frederick Gwinner and the wealthier men of the bank's directorate will make some effort to get control of the Santa Fe Central railway and the Pennsylvania Development company, which concerns are so much involved in the state's affairs. By doing this as individuals the directors may hope to save themselves, if they are compelled to make good to the state any shortage in the funds. It is further said that the directors will lose nothing. Funeral services over the body of the late cashier were held this afternoon at the family residence. Only immediate relatives were in attendance. Left a Confession. It was reported this afternoon that among the private papers of T. Lee Clark, the dead cashier of the Enterprise National bank, is a complete confession of the operations which brought about his ruin and the closing of the bank. This confession, it is said, narrates minutely all the steps in the proceedings attending the securing of the bank's funds, and how the loans were made, together with the names of the politicians concerned. The paper is said to have been found in the vault of the bank and is now in the hands of the bank examiner, Cunningham, temporary receiver. Walter Lyon. ex-lieutenant governor of Pennsylvania, and counsel for the enterprises headed by Messrs. Andrews, Torrance and Kennedy, stated today that if the investigation showed that loans had been made by Cashier Clark for the promotion of the Santa Fe Central Railroad company and the Pennsylvania Development company the notes will be paid as soon as Bank Examiner Cunningham has ascertained the amounts.

2. October 22, 1905 New-York Tribune New York, NY
Article from New-York Tribune, October 22, 1905

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WILL SUE DIRECTORS. Depositors to Take Action in Enterprise Bank Case. [By Telegraph to The Tribune.] Pittsburg, Oct. 21.-The directors of the Enterprise National Bank to-day engaged counsel for a pending legal fight, to be started in the Alleghany County court on Monday. T. P. Trimble, attorney for the bank, and also for T. Lee Clark's estate, will probably be retained by the Clark estate, and a three cornered fight will be begun. The action against the directors will be begun by the depositors, under the act of May 9, 1889, which reads as follows: Any banker, broker or officer of any trust or savings institution, national, State or private bank, who shall take and receive money from a depositor, with the knowledge that he, they or the bank is at that time insolvent, shall be guilty of embezzlement, and shall be punished by a fine of double the amount so received and imprisonment of from one to three years in the penitentiary. Yesterday and to-day about $100,000 of the Enterprise Bank notes were lifted. Examiner Cunningham put all the notes and discounted paper in charge of the Bank of Pittsburg, of which Wilson A. Shaw is president, with privilege to lift the same. Negotiations are now under way for the sale of the Santa Fe Central Railroad Company by the Pittsburg owners. It is said several offers have been made for the property, and at least two of the three railroads which now have connection with It are among the negotiators. These roads are the Denver and Rio Grande, the Rock Island and the Santa Fe. "The Pittsburg Leader" to-day says that there is every evidence that the politicians said to be responsible for the failure of the Enterprise National Bank are hurrying to pay the notes in an effort to conceal traces of their identity, and Receiver John B. Cunningham, who is in charge of the bank, does not deny 1t.

3. October 22, 1905 Arizona Republican Phoenix, AZ
Article from Arizona Republican, October 22, 1905

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GRIMINAL PROCEDURE Against Officers and Directors of the Failed Allegheny Bank Pittsburg, Oct. 21.-It was stated tonight that information will be made on Tuesday against the officers and directors of the Enterprise National Bank of Allegheny, charging them with embezzlement in having received money from depositors when it is alleged that they knew the bank was insolvent. This action will be brought. it is said, under the amendment to the act of 1863, approved on May 9. 1899, which provides that "any banker, broker or officer of any trust or savings institution, state or national bank, who shall take or receive money from a depositor with a knowledge that he, they or the bank at the time is insolvent, shall be guilty of embezzlement and shall be punished by a fine in double the amount so received and imprisoned from one to three years in the penitentiary." Such action will result in all papers, names and details of the transactions being produced in open court. Negotiations are under way for the sale of the Santa Fe Central by its Pittsburg owners and among the probable purchasers named are the three roads with which it has connections, the Denver and Rio Grande, the Rock Island and the Santa Fe proper. A story that an application would be made for a receiver of the Santa Fe Central was denied by its president. The Leader is authority for the statement that the politicians concerned are lifting their notes through the Bank of Pittsburg, the clearing house representative of the Enterprise, in order to conceal the identity of the notemakers. S. P. Kohn, a stockholder of the Enterprise, said that the stockholders will make up any deflciency and that depositors will be paid in full. Bank Examiner Cunningham said that he had no knowledge of the statement of the dead cashier, alleged to have been discovered among the bank papers, and asserted that there is no paper in the bank bearing the name of Senator Penrose as maker, endorser or guarantor.

4. October 23, 1905 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, October 23, 1905

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# CUNNINGHAM KNOWN HERE Receiver for Looted Pittsburg Bank Was Formerly Bank Examiner in Nebraska. National Bank Examiner J. B. Cunningham, who has been placed in charge as receiver of the Enterprise National bank of Pittsburg, Penn., is a former Nebraskan, having been an attorney at law at Lincoln prior to his appointment as national bank examiner. Vice President C. F. McGrew of the Omaha National bank was a national bank examiner for Nebraska at the same time with Mr. Cunningham and knew him quite well. Mr. McGrew said Sunday: "I think that it was in 1898 that Mr. Cunningham was appointed examiner. John W. McDonald, also of Lincoln, was appointed at the same time, through the instrumentality of Comptroller of the Currency Dawes. Mr. McDonald was assigned to one of the southern districts, Florida, I believe, but afterwards resigned. Mr. Cunningham was subsequently transferred to Kansas and then to West Virginia, and has been employed as national bank examiner since. I have not seen him for several years. In fact he had gone nearly out of my memory, until recalled by his being placed in charge of the Enterprise bank at Pittsburg."

5. October 24, 1905 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, October 24, 1905

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STATE IS AMPLY SECURED Treasurer of Pennsylvania Talks of Funds in Defunet Allegheny Bank. HARRISBURG, Pa., Oct. 23.-State Treasurer Mathuews was at his office today for the first time since the failure of the Enterprise National bank of Allegheny, in which more than $1,000,000 of public funds were deposited. He said that at the time of the failure there was $1,030,000 of state money in the bank, of which $632,000 belonged to the general fund and the balance to the sinking fund. Asked about the report that security which had been furnished by the bank to protect the state from any loss in case of failure was worthless, Mr. Mathuews said he had every reason to believe that the state was amply protected. He also said that these bonds would more than cover the amount of the state's deposit and that he was not giving himself any concern about this feature of the case. A receiver was appointed this afternoon for the National Cable and Wire company, a corporation of which the late T. Lee Clark, cashier of the Enterprise bank, was president. J. H. Hunter was named as receiver and a preliminary injunction was granted by the court restraining the company from disposing of or incumbering the assets in favor of any particular creditor. The company is capitalized at $500,000, half of which is preferred stock. None of the common stock has been issued, but $151,400 worth of the preferred stock has been sold and is now outstanding.

6. October 24, 1905 Evening Journal Wilmington, DE
Article from Evening Journal, October 24, 1905

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WASHINGTON. It develops that there is a complete deadlock over every feature of the Panama Canal problem. Secretary Taft is on the point of going to the Isthmus to bring order out of chaos, if possible. The United States Supreme Court decided that State Senator Green, of New York, must stand trial in Washington on the charge of conspiring with Beavers and others to defraud the Postoffice Department. The Supreme Court, at Pittsburg, heard argument and reserved decision on an appeal from the opinion of the Chester County Court, that neither of the rival Republican factions in that county 's entitled to the party column on the official ballot. Samuel Spencer, president of the Southern Railway, interprets Presiden Roosevelt's utterances as indicating that his rate policy has been modified. PENNSYLVANIA. State Treasurer Mathués, the Republican leader of Delaware county, said he would retire from politics.when his term ended. FOREIGN. Morgan and Uerkins are reported to be unfavorably impressed by the terms of the Russian loan. Mobs for two days have fought with the police of Santiago, Chile. Many have been killed and wounded. MISCELLANEOUS. Notes aggregating at least $500,000 are missing from the ruined Enterprise National Bank, of Pittsburg. These notes represent paper held as security for the loans made by Cashier Clark, and, it is declared. contain the names of prominent State politicians. The notes probably have been destroyed, and it is said that they were destroyed by the dead cashier. A remarkable lack of system in the method of conducting the affairs of the Enterprise National has been disclosed by the investigation now under way. A Pittsburg banker expresses the belief that within forty-eight hours every bit of damaging political paper will be taken up, leaving in the bank only legitimate and well secured notes. Clark's suicide has caused the naming of a receiver for the National Cable and Wire Company. of which Clark was president. More than $2,000,000 sinking fund and $4,000.000 of the general fund are deposited in Pittsburg and Allegheny banks, the Enterprise National being particularly favored. Governor Folk fought fire in the executive mansion at Jefferson City, Mo., conducted his wife and guests to safety and saved the portraits of his predéces sore. A report was current in New York that Charles F. Murphy. the Tammany leader, and Senator McCarren will be called as witnesses in the insurance inquiry, DEATHS. Jerry Simpson, at Wichita, Kan,

7. October 26, 1905 The Manitowoc Pilot Manitowoc, WI
Article from The Manitowoc Pilot, October 26, 1905

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HIS SHORTAGE MAY REACH $2,000,000. Directors of Alleghany Bank Will Not Know Actual Deficit Until Auditor's Work Is Done. PITTSBURG, Pa., Oct. 23.-It was announced today by National Bank Examiner John B. Cunningham, receiver of the Enterprise National bank of Allegheny, that the audit of the accounts of the institution will not be completed before the latter part of this week. The directors and stockholders of the bank are still in the dark concerning the deficit and do not know whether the private loans made by Cashier Clark will reach $700,000 or greatly exceed that amount. Mr. Gwinner, president of the bank. when pressed for-a statement, said he did not know whether the shortage would be $1000 or $2,000,000. W. A. Seiling. a director, said the prospects were brighter and the bank would soon be able to open its doors. It is reported that 11 syndicate is buying the accounts of the small depositors at 50 cents on the dollar, but sales are few. as the depositors are hopeful of getting back every cent of their money. HARRISBURG, Pa., Oct. 23.State Treasurer Matthews today said that at the time of the Enterprise bank failure there were $1,030,000 of state money in the bank.

8. October 27, 1905 The Stark County Democrat Canton, OH
Article from The Stark County Democrat, October 27, 1905

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TO ROOSEVELT Governor Pennypacker Goes for Aid in the Allegheny Bank Troubles. Harrisburg, Pa., Oct. 25.-Gov. Pennypacker late this afternoon turned over to the United States the investigation of the closed Enterprise National bank of Allegheny. The reason is assigned that it is a national bank and not under state control, but, as the state is a large depositor in the bank, it now asks for a full inquiry. This is the first time in years that an action of this kind has been taken by a governor, and it is regarded as very significant; $1,030,000 of the moneys of the commonwealth was in the bank.

9. October 31, 1905 The Morris County Chronicle Morristown, NJ
Article from The Morris County Chronicle, October 31, 1905

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DOMESTIC. A step in the dark plunged Bruno A. Bahr, a messenger boy, eleven stories down a ventilating shaft at Chicago, III., killing him. An association was formed of Mutual Life policyholders in Minnesota to oust the McCurdys from the company. John F. Stevens, chief engineer of the Panama Canal, denied a rumor that he would resign. Upward of 500 delegates are expected at Chattanooga, Tenn., for the Southern immigration and quarantine conference, November 9 and 10. After a week's trial the charge against Charles M. Chamberlain of wrecking the Chamberlain Bank, at Tecumseh, Neb., has been dismissed. The President of the wrecked Enterprise National Bank. at Pittsburg, Pa., says the shortage will reach $1,500,000. David S. Scott, who forged his wife's name to obtain funds, requested a Pittsburg (Pa.) judge to send him to prison. New indictments have been found at Cleveland, Ohio, against O. L. Hays and Edward Flickinger, charged with violating the National banking laws. Sequoia trees have been sent from the National parks in California to the Yellowstone Park and promise to thrive there. Three hundred Syrians rioted at Liberty and Church streets, New York City. Daggers and pistols were drawn and a dozen men were wounded. Herman Schultz knelt at the coffin of his sucide son at their home in New York City, and sent a bullet through his own brain. Five miners were killed by the cavein of a slope in a Utah copper mine. Receivers took charge of the Tubular Dispatch and New York Mail and Transportation Companies and the pneumatic mail tube service in Manhattan (New York City) was stopped. In ten factories in the mountain distriet 1500 men of the Amalgamated Window Glass Workers of America will go to work at once. Beef Trust men indicted in Chicago, 11., filed a special plea, contending that estimony given by them in the Governnent beef inquiry had been used in obtaining their indictment, and therefore they could not be prosecuted on that finding.

10. November 1, 1905 The Fulton County News McConnellsburg, PA
Article from The Fulton County News, November 1, 1905

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THE LATEST NEWS BRIEFLY TOLD. DOMESTIC The rival Interstate Commerce Law Conventions in Chicago passed resolutions against the evils of rebates, sustaining the contention of President Roosevelt regarding railroad-rate regulations, and an address was made attacking Rockefeller and Carnegie. Former President Cleveland and Mrs. Cleveland attended the Chicago horse show as the guests of Paul Morton. Mr. Cleveland is on his way to deliver an address at the unveiling of a statue to J. Sterling Morton at Nebraska City. A dress-suit case containing the arms and legs of the girl whose troso was found sometime ago in the Charles River was discovered in Boston harbor. Rings on the fingers may lead to identification. Washington is discussing the question as to whether the President has or has not gone outside of the United States on his trip from New Orleans to Hampton Roads. Governor Pennypacker has commuted to life imprisonment the death sentence of Mrs. Catharine Danz, the Philadelphia woman charged with poisoning her husband. Adolph Perbolmer leaped out of the fourth-story window of an office building in Chicago to escape arrest, and was dashed to death in a crowded thoroughfare. Commander-in-Chief Tanner, of the G. A. R., announces a number of appointments, including that of John Tweedale, of Washington, as adjutant general, Secretary of War Taft and a party of United States army engineers are about to sail from Hampton Roads to investigate the Panama Canal. Bank Examiner Moxey states that the condition of the Enterprise National Bank of Pittsburg will not be known for 30 days. Secretary of War Taft's estimate of appropriations necessary for the department in 1907 is $104,988,267. William A. Duer, father-in-law of Clarence H. Mackey, died at the latter's residence on Long Island. President Roosevelt had a strenuous time in New Orleans where the crowds were great and the enthusiasm tremendous. An immense subterranean channel which promises to surpass in size and beauty the famous Mammoth Cave, has been discovered near Glasgow Junction, Barren county, Ky. A verdict for $80,241 was given in New York against Joseph Lester, Joseph H. Hoadley and Cyrus F. Judson, in favor of William H. Franklin and George J. Scott. There was a run on the Trenton Trust and Safe Deposit Company in Trenton, N. J., but the institution gave evidence of its ability to stand it. Alonzo H. Whitman, convicted in Buffalo of raising and forging checks, was sentenced to eight and a half years in Auburn prison. Aubrey L. Rice, of Boston, was arrested, charged with the larceny of $4,000 from the Puritan Trust Company of that city. Thieves carried off $8,000 worth of silver from William R. Elfer's silver manufacturing establishment in New York. A runaway trolley car collided with another in New York, injuring 25 passengers, two receiving probably fatal injuries. Six bodies were taken from the ruins of a railroad hotel which was gutted by fire at Hot Springs, Ark. FOREIGN Prince Charles of Denmark will accept the throne of Norway, following a plebiscite, November 12. King Oscar has formally declined the offer of the throne to a prince of the house of Bernadotte. The Russian prisoners in Japan will be transferred to Vladivostok on board vessels of the Russian volunteer fleet, and thence will be returned to Russia in detachments. After a fierce fight Portuguese troops captured a position occupied by rebellious natives in Portuguese West Africa, killing 200 of the natives. The Portuguese lost 15 men. A fire on Georges Island, at the entrance to the harbor of Halifax, N. S., destroyed storehouses, machine shops and quarters occupied by the families of soldiers. The Mikado of Japan has done the rather unusual thing of inviting several thousand of his naval officers to luncheon at the palace. The Spanish steamer Zuria went ashore off the Island of Heligoland, and nine of her crew were drowned. General Andrade, Cuban secretary of the interior, takes no stock in the rumor that General Gomez is buying 6,000 rifles in the United States for the purpose of organizing a revolution in Cuba. The Russian Admiralty has decided to withdraw all the naval force in the Pacific, excepting one cruiser, a gunboat and some torpedo boats at Vladivostok. President Loubet left Madrid for Paris. He, against his wishes, attended a bullfight with King Alfonso, but left after the first bull was killed. The Norwegian bark Astrid was sunk in collision with the German steamer Schaumburg in Cuxhaven Roads. The crew was saved. The freedom of the City of Londonconsidered a great distinction, was conferred upon General Booth, of the Salvation Army. A statue of Field Marshal von Moltke, the gift of the army to the German people, was unveiled at Berlin. It is reported that a Russian battleship has been destroyed at Sebastopol by incendiaries. The railroads in Russia have been practically tied up by the strike and the industrial situation has become critical. Witte spoke to a delegation and discussed their demands. President Loubet and King Alfonso started on a day's hunt in the royal preserve at Rio Frio. In a crash between 20,000 students and workmen and Cossacks at Kharkoff Russia, small bombs were hurled at the cavalry and the Cossacks fired into the

11. November 1, 1905 Willmar Tribune Willmar, MN
Article from Willmar Tribune, November 1, 1905

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# MISCELLANEOUS. The railroad system of Russia is almost completely tied up and socialists say, since troops cannot be transported, the government is at their mercy. Fifteen were killed in conflict at Ekaterinoslav and massacres took place in many cities in Russia. Secretary Shaw told Nebraska bankers that there will be no financial legislation until the nonelasticity of our currency causes a panic, which may be soon. The Norwegian government asks the storthing for complete power to negotiate with Charles of Denmark relative to taking Norway's throne. The census bureau issued a report placing the number of bales of cotton ginned this year at a figure in excess of 4,000,000. A St. Louis woman gave out plans for a new $1,000,000 university for study of the occult. An American collector of customs was wounded and his native assistant killed in the Santo Domingo riots. It is feared that the bloodshed will fan the latent revolution. A Pittsburg lawyer says that of the $2,500,000 resources of the failed Enterprise national bank of Allegheny only $40,000 was on hand when the institution was closed, and that collateral deposited to secure loans were rehypothecated. Secretary Taft announces his cabinet position suits him and that he will not be a candidate for president. Papers have been served on a woman Spiritualist to recover $1,000,000 which she is alleged to have obtained from Pierre Lorillard Ronalds, the dead New York clubman. The headless body of a woman found in the Bronx river was identified by a New York merchant as his missing wife. The semi-annual conference of the college of bishops of the Methodist Episcopal church, comprising the governing body of that denomination, began in Washington. Sereno T. Merrill died in Beloit, Wis., aged 90 years. He came to Beloit in 1846, and was the first teacher in Beloit college. By the caving in of a slope in the Highland Boy copper mine at Bingham, Utah, five men were instantly killed. A new party in Canada to be known as the national, proposes to treat Great Britain as a brother, not as a parent. A bride of two months was found dead in Chicago, with her husband, evidently her murderer, fatally shot beside her. Admiral Togo made a triumphant entry into Tokio and, cheered by thousands, drove to emperor's palace to report officially the return of his victorious warships. The Pennsylvania's new car order brings that road's expediture for equipment for the year up to $26,000,000. The New York police have been ordered to arrest all women who appear unescorted on the streets of the tenderloin after ten o'clock at night. Gov. Folk, of Missouri, commuted the sentence of Edgar G. Bailey, who was to have been hanged at Kansas City for murder, to imprisonment for 99 years.

12. November 8, 1905 Watertown Republican Watertown, WI
Article from Watertown Republican, November 8, 1905

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BANK EXAMINER IS DISCHARGED. COMPTROLLER OF CURRENCY TAKES FIRM STAND IN CASHIER CLARK'S CASE. Failure to Discover Conditions in Enterprise National at Allegheny (Pa.) Subject for Action. WASHINGTON, D. C., Nov. 4.The comptroller of the currency today removed from service Bank Examiner R. H. Mattern, on account of his failure to discover the conditions existing in the Enterprise National bank of Allegheny City, Pa. Owen P. Reeves, Jr., has been appointed to fill the vacancy. Mr. Reeves has been an assistant bank examiner in New York city. No Suspicion on Examiner. The case of Examiner Mattern has been carefully investigated and he has been given a full opportunity to be heard in his own defense. According to a statement issued by Comptroller Ridgely there is not the slightest ground for suspicion of any criminal intent on the part of Mr. Mattern or any corrupt collusion with the officers of the bank. He was, however, it is claimed, entirely too credulous in his acceptance of their statements, and careless and inefficient in his examinations. Schoolma'ams Storm Bank. PITTSBURG, Pa., Nov .4.-A swarm of women, mostly school teachers, attempted to storm the Enterprise National bank. Rumors became current that some depositors were to be paid off. Receiver Cunningham ordered the doors barred. It is reported that Receiver Cunningham has made the former employes of the bank sign over their properties to him. He has learned, it is said, that the tellers. bookkeepers and assistants knew of the bank's condition; that he made each one confess that the handwriting on the books was theirs, but that the cash and securities were not as they represented in the accounts; and that they said Cashier Clark compelled them to make false entries under threat of dismissal. Depositors May Get 25 Per Cent. Receiver Cunningham intimates that a final settlement may result in the payment of 25 per cent. to the depositors. The bank directors will make a legal battle on any judgments filed against them. Clark's Books Are Opened. The personal books and papers of Cashier Clark of the Enterprise National Bank of Allegheny, which were found in the dead cashier's desk, were taken up by the examiner today for the first time. It is hoped that in these personal or private books will be found some trace of the missing funds of the institution. Churchman-Banker Confesses. DES MOINES, Nov. 4.-C. H. Dye, vice president of the Tabor State bank at Tabor, treasurer of Tabor college, a trustee of the Congregational church there and treasurer of the local school district, confessed that he had forged notes amounting to between $50,000 and $75,000, which had been discounted by the bank. The bank was closed and the auditor of state immediately dispatched an examiner. The officers claim it is solvent despite the loss. The bank has a capital of $25,000 and deposits amounting to $165,000. He Floated Oil Schemes. Dye declares he abstracted the money from the bank to float oil schemes in Kansas in competition with the Standard Oil company. He also had been operating through the Chicago board of trade and sought to corner the stock of several large mining properties in the west. He took chances on the board and in mines to recoup himself for the oil losses. His father may make good for him. There is no disposition to prosecute the son if the losses are made good. The young man has lived in Tabor twelve years, serving as cashier of the bank for ten years. It was not until he was made a vice president that he attempted to get rich quickly.

13. November 8, 1905 Willmar Tribune Willmar, MN
Article from Willmar Tribune, November 8, 1905

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MISCELLANEOUS. Prince Louis of Battenberg and a British fleet arrived at Annapolis. He was royally welcomed by American officers. A statement by T. Lee Clark, cashier of the defunct Allegheny bank, written a few hours before his suicide, charges W. H. Andrews with causing his ruin. Dr. C. H. French, president of Huron (S. D.) college, announced that Ralph Voorhees, of New Jersey had given the college $100,000. The corn crop in the southwestern portions of the belt is badly damaged by heavy rains, wet weather causing mold and decay. Mrs. Henry T. Evans, wife of a director in the National Biscuit company, committed suicide in Chicago by hanging. The boom of Speaker Cannon for the presidency was launched by Senator Hopkins at a Hoopeston (III.) banquet. New treaty with China designed to end the hardships and abuses prevalent at present by providing for the examination of prospective immigrants at the port of departure abroad, instead of at the port of arrival, is sought by President Roosevelt, Secretary Metcalf and Commissioner of Immigration Sargent. Constantine Andrew was crushed to death under a fall of rock in the mine of the Gallatin Coal company near Nashville, III. The old union flag was struck throughout Sweden and the new Swedish ensign was hoisted to accompaniment of salutes, the ringing of church bells and parades of troops. Five American missionaries have been murdered at Lienchow, China. Direct charge of fraud is made by the receiver of the Enterprise national bank of Allegheny against W. H. Andrews, republican machine leader, in a suit to recover $55,000. Former President Cleveland eulogized J. Sterling Morton at the unveiling of a statue at Nebraska City, Neb. Proceedings to oust the Mutual and New York Life companies from Ohio were begun at Akron. Two men were killed and others are buried under the wreckage caused by a head-on collision on the Shenandoah division of the Norfolk & Western railroad near Nace, Va. Rival interstate commerce law conventions in Chicago adopted resolutions on the question of railway rate regulation and provided for lobbies to attend before congress in behalf of their views. Secretary Hitchcock is hot on the trail of land grabbers throughout the country. Booker T. Washington declares President Roosevelt's southern trip has relieved the race issue. Five women were badly burned, two of them probably fatally, in a fire which destroyed the hardware factory of M. Gould Sons & Co. at Newark, N. J. Loss, $60,000.

14. November 10, 1905 Wood County Reporter Wisconsin Rapids, WI
Article from Wood County Reporter, November 10, 1905

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BANK EXAMINER IS DISCHARGED. COMPTROLLER OF CURRENCY TAKES FIRM STAND IN CASHIER CLARK'S CASE. Failure to Discover Conditions in Enterprise National at Allegheny (Pa.) Subject for Action. WASHINGTON, D. C., Nov. 4.The comptroller of the currency today removed from service Bank Examiner R. H. Mattern, on account of his failure to discover the conditions existing In the Enterprise National bank of Allegheny City, Pa. Owen P. Reeves, Jr., has been appointed to fill the vacancy. Mr. Reeves has been an assistant bank examiner in New York city. No Suspicion on Examiner. The case of Examiner Mattern has been carefully investigated and he has been given a full opportunity to be heard In his own defense. According to a statement issued by Comptroller Ridgely there is not the slightest ground for suspicion of any criminal intent on the part of Mr. Mattern or any corrupt collusion with the officers of the bank. He was, however, it is claimed, entirely too credulous in his acceptance of their statements, and careless and inefficient In his examinations. Schoolma'ams Storm Bank. PITTSBURG, Pa., Nov .4.-A swarm of women, mostly school teachers, attempted to storm the Enterprise National bank. Rumors became current that some depositors were to be paid off. Receiver Cunningham ordered the doors barred. It is reported that Receiver Cunningham has made the former employes of the bank sign over their properties to him. He has learned, it is said, that the tellers, bookkeepers and assistants knew of the bank's condition; that he made each one confess that the handwriting on the books was theirs, but that the cash and securities were not as they represented in the accounts; and that they said Cashier Clark compelled them to make false entries under threat of dismissal. Depositors May Get 25 Per Cent. Receiver Cunningham intimates that a final settlement may result in the payment of 25 per cent. to the depositors. The bank directors will make a legal battle on any judgments filed against them. Clark's Books Are Opened. The personal books and papers of Cashier Clark of the Enterprise National Bank of Allegheny, which were found in the dead cashier's desk, were taken up by the examiner today for the first time. It is hoped that in these personal or private books will be found some trace of the missing funds of the institution. Churchman-Banker Confesses. DES MOINES, Nov. 4.-C. H. Dye, vice president of the Tabor State bank at Tabor, treasurer of Tabor college, a trustee of the Congregational church there and treasurer of the local school district, confessed that he had forged notes amounting to between $50,000 and $75,000, which had been discounted by the bank. The bank was closed and the auditor of state immediately dispatched an examiner. The officers claim it is solvent despite the loss. The bank has a capital of $25,000 and deposits amounting to $165,000. He Floated Oil Schemes. Dye declares he abstracted the money from the bank to float oil schemes in Kansas in competition with the Standard Oil company. He also had been operating through the Chicago board of trade and sought to corner the stock of several large mining properties in the west. He took chances on the board and in mines to recoup himself for the oil losses. His father may make good for him. There is no disposition to prosecute the son if the losses are made good. The young man has lived in Tabor twelve years, serving as cashier of the bank for ten years. It was not until he was made a vice president that he attempted to get rich quickly.

15. November 16, 1905 Evening Journal Wilmington, DE
Article from Evening Journal, November 16, 1905

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THE WORLD'SNEWS PERSONAL AND SOCIAL Mrs. Harriet Miss Susan Upton B. Anthony, Mrs. Hu-ted Taylor and Ida Harper made a plea to the President 111 behalf of Leman suffrage. Mrs. Isabella S. McSparren was award. er $18,000 the Intrad and Gripper en verdect against Washington Phila- Tidlroad for received in in wreck at Chadd's Ford Junction, in 1904. WASHING CON. of the will a strong effort to Remake Supporters Administration capture the publican organization in Ohio. Shaw. who is to address Secretary before make an the branch the Retirement to emCivil submitted Service Treasury treasury Department Association. of has ployes questions relating to their financial condition. President Roosevelt in addressing a delmen, gave a egation of leather scathing rebuke to Henry M. Whitney, recent candidate for ernor whom Democratic of of Massachusetts, L'eutenant he accused Govmisquoting him in campaign will The Administration disapprove speeches. the movement on the Isle of Pines for secession from Cuba and annexation to the United States. The real reason for Representative Burton's for the is campaign Speakership, it said. is his desire for the floor leadership of the House. PENNSYLVANIA. Three men were killed and were injured by an of on explosion dynamite seven railroad construction work near Safe Harbor. A receiver for the Henry Roever Company, of Chester, was appointed at Media on application of Senator Sproul. men were killed an of gas a new mine shaft at Eight in by Bentleys- explosion ville. FOREIGN Ambassadors of the Powers at Constantinople presented to the Porte an ultidemands with is and all matum Macedonia. making Refusal expected. respect to save Germany are preparing to send warships to Piraeus, SPORTING. Swarthmore defeated Lafayette in annual football game by the score of 27 to o. over Haverford triumphed Jefferson Medical College 29 to 5. Carlisle Indians lost to Massillon team 8 to 4. Marshall P. Reynolds, Pennsylvania's great fullback, was not allowed to matriculate in the Law Department at the University. MISCELLANEOUS United States Circuit Judge Van Devanter overruled the demurrer to the third of Senator atindictment Burton, whose torneys filed a plea in bar to prosecution. The crew of the Fall River schooner James F. Parker was rescued by a tugboat and the United States with the tied Dahlgren, captain torpeodboat to the wheel and his wife and two to avoid outward deckhouse, being swept men to the by immense waves. States Telephone has a franchise The United Company acquired Independent granted to the old Mercantile Electric in New York and will Company endeavor to conduct a general telephone business in New York city under it. in New York met Ballot reformers city and approved the adoption of the Australian in chusetts ballot, which Massa- party columns are abolished and names of candidates are arranged in alphabetical order. Receiver Cunningham of the of National Bank, Alleghany, Enterprise began another suit against W. H. Andrews for to be due on one of $90,000. which alleged notes, was indorsed by the dead cashier, T. Lee Clark. James H. Hyde, before the Insurance Investigating Committee, told of four that of Ryan for the able offers stock. besides EquitThey were made, said Mr. Frick and Mr. by by Gage E. Hyde, George by Gould, Mr. Tarbell, Harriman, representing a syndicate, and by these offers were Young. All verbal George and W. that of Mr. Young, the largest, was for $7,000,000. E. H. Harriman made a series of denials of made Mr. on Mr. Harriman Tuesday. the charges After by had Hyde testified Mr. Hyde was recalled, and reaffirmMr. myer was to ed his previous refused testimony. permission cross-ex- Unteramine Mr. Harriman. B. B. Odell Former Governor requested Chairman Armstrong to call him before the to give him an to testify committee under opportunity oath in reply to Hyde. R. Hearst court concerning method of William the obtained orders counting of and the production of tally sheets for his the latter offer election McClellan, contest. through To Mayor Judge Parker, said that he had no opposition to offer.

16. November 20, 1905 Bismarck Daily Tribune Bismarck, ND
Article from Bismarck Daily Tribune, November 20, 1905

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# STATEHOOD LEGISLATION would be bright prospects for the enactment of statehood legislation were it not for the fact that the statehood advocates cannot agree among themselves. Especially in the eastern pair of territories—Oklahoma and Indian Territory—is there bitter factional strife. One party wants the territories made into one big state and the other demands separate statehood, at least for Oklahoma. There is not serious agitation for separate statehood for the Indian Territory, because such a thing is recognized as out of the question. Advocates of joint statehood appear just now to be the stronger, especially since they have enlisted President Roosevelt in their ranks. He told a delegation from Oklahoma the other day that he would recommend in his message that the two territories be admitted as one state. Not much is being heard from New Mexico and Arizona as yet, but their boomers will be on hand when the time comes. "Bull" Andrews, the delegate in congress from New Mexico, is too busy just now extricating himself from the affairs of the failed Enterprise National Bank of Allegheny City to give much attention to the question of statehood. President Roosevelt has demonstrated that while he may be impulsive he is not vindictive. Walter S. Elvidge, the chauffeur who was summarily dismissed from the government service because he allowed his machine to interfere with the president's carriage, will be reinstated, after a suspension of sixty days. When Mr. Roosevelt had time to think it over, he didn't want to deprive the man of his means of livelihood. There is no admission, however, that the president was wrong in ordering his dismissal. It is made plain that the reinstatement is an act of clemency, not of justice. "Uncle Joe" Cannon, who will be the speaker of the 59th congress, arrived in town this week, sun-burned and ruddy and looking the picture of rugged health. He said his early arrival was in order that he might open up his house and "get a line on things," preparatory to the winter's work. Now that the speaker is here, members will arrive on every train. The make-up of the house committees for the new congress is a burning question and many anxious members will feel it incumbent upon them to have personal interviews with the speaker. There are a number of vacant chairmanships, chief of which is that of appropriations, and the scramble promises to be a lively one. As yet, the speaker is mum as an oyster on the committee question. He would have you believe that not a thought had he given the subject all summer long. Were the speaker to make the declaration outright we would have to accept it as true, of course; but it is mighty certain that other members of the house have thought hard and long and prayerfully on the question of committee places.

17. November 24, 1905 The Springfield Herald Springfield, CO
Article from The Springfield Herald, November 24, 1905

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Andrews Enters a Denial. Pittsburg. - William H. Andrews, territorial delegate from New Mexico, filed an affidavit of defense Monday to the suit entered against him by John B. Cunningham, receiver of the Enterprise National Bank of Allegheney. Andrews denies the debt of $10,000 alleged to be due on two checks claimed to have been drawn by F. R. Nichols on the Enterprise National Bank to the order of Andrews. He avers that both checks were drawn at the instance and request of the cashier of the bank, for the accommodation of the bank.

18. December 7, 1905 New-York Tribune New York, NY
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SELL TO PAY ENTERPRISE BANK. # Proceeds of Street Railway to Apply on $500,000 Debt. [By Telegraph to The Tribune.] Pittsburg, Dec. 6.-A deal was completed in this city to-day whereby the Pittsburg Railways Company obtains possession of the Washington, Pennsylvania and Canonsburg Electric Street Railway, for $475,000 in cash and $600,000 in bonds. The road was owned by Francis J. Torrance, Arthur Kennedy, W. H. Andrews, James Hagan and other members of the Pennsylvania Development Company. The proceeds of the sale will go toward liquidating the indebtedness of the Pennsylvania Development Company to the wrecked Enterprise National Bank. According to a statement made by former Receiver Cunningham, this indebtedness amounts to $500,000. Walter Lyon, attorney for the Pennsylvania Development Company, admitted that the deal had been closed.

19. December 7, 1905 Arizona Silver Belt Globe, Miami, AZ
Article from Arizona Silver Belt, December 7, 1905

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The failure of the Enterprise National Bank of Allegheny, Pa., has precipitated a receivership for the Santa Fe Central and it is rumored that an offer has been made for the property by the Gould people who propose to extend it to a connection with the Texas Pacific at El Paso. This would give the Rio Grande an outlet to the Gulf of Mexico, long sought for by its management.

20. February 10, 1906 New-York Tribune New York, NY
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# HIS RECORD IS CLEAR. Candidate for Mayor of Allegheny Not Connected with Enterprise Bank Failure. Washington, Feb. 9. -A short time ago Charles F. Kirschler, candidate for Mayor of Allegheny, Penn., wrote to the President saying that a certain preacher of his city had been charging him, sometimes openly and sometimes by insinuations and innuendoes, with responsibility for the failure of the Enterprise National Bank, and asking that the matter be investigated. The President referred the letter to the Secretary of the Treasury, and he in turn asked the Controller for a report. The Controller's letter to the Secretary of the Treasury is as follows: I return herewith a letter from Mr. William Loeb, jr., secretary to the President, and also a letter addressed to the President by Charles F. Kirschler, president of the Provident Trust Company and Republican nominee for Mayor of Allegheny, Penn. As requested by you I have asked Thomas Rinaker, receiver of the Enterprise National Bank, and Edward P. Moxey, Special National Bank Examiner, detailed to investigate the affairs of this bank at the request of the Department of Justice, whether there is anything implicating Mr. Charles F. Kirschler, or in any way connecting him with the failure of the Enterprise National Bank. Mr. Moxey writes as follows: "Thus far in my investigation I have not run across a record of any transaction that Charles F. Kirschler had with the bank, either as a maker or indorser of any note. His name does not appear to be among the depositors of the bank." Mr. Rinaker writes and telegraphs me practically to the same effect, so that I am safe in saying that there has not been found in the Enterprise National Bank any evidence at all to justify any charge that Mr. Kirschler was connected, directly or indirectly, with the failure of that bank.

21. March 4, 1906 The Sun New York, NY
Article from The Sun, March 4, 1906

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# SANTA FE CENTRAL DEAL. The Tallmadges of Chicago Take Hold of Project Which Broke Pittsburg Bank. CHICAGO, March 3.-E. R. Tallmadge of C. L. & E. R. Tallmadge to-day corroborated the report that his firm is negotiating for the Santa Fé Central Railway and that the success of the deal is assured. "My brother and I have been working on this deal for several months, and I have just received word from him at Pittsburg that our offer will be accepted," said Mr. Tallmadge. The transaction represents about $2,500,000. The Santa Fé Central is the road involved in the recent failure of the Enterprise National Bank of Allegheny, as a result of which Lee Clark, the cashier, committed suicide. It is 60 miles long and runs from Santa Fé to Torrence, N. M. The Chicago capitalists intend to extend the road westward into the Pecos Valley, and will seek an Eastern outlet, probably at Fort Worth, Tex.

22. March 27, 1906 The Daily Morning Journal and Courier New Haven, CT
Article from The Daily Morning Journal and Courier, March 27, 1906

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FIVE ARRESTS MADE IN ENTERPRISE BANK CASE AFTERCLAP IN SENSATIONAL FAILURE OF ALLEGHENY INSTITUTION. Three Clerks and Forest B. Nichols, Private Secretary to William H. Andrews, and George E. Cooke, an Alleged Partner of Cashier Clark, Who Committed Suicide, the Men Taken Into Custody - Arraigned Before United States Commissioner and Released on Bonds of $5,000 Each. Pittsburg, March 26.-Five arrests were made to-day as a result of the affair of the Enterprise National bank of Alleghany, which suddenly closed its doors last October following the sensational suicide of its cashier, T. Lee Clark. Deputy United States marshals took into custody Forest B. Nichols, private secretary to William H. Andrews; Charles Menzemer, George R. Ralston and Edward P. McMillan, employes of the Enterprise bank and George E. Cooke, an alleged partner of Cashier Clark, in several real estate deals. The charge against Menzemer is that as clerk of the bank he certified checks drawn upon the bank by persons who had not sufficient funds on deposit to meet the checks drawn and so certified, this constituting a false certification. Nichols is charged with conspiring with an officer of the bank who is not named to abstract and wilfully apply unlawfully monies, funds and credits of the bank. Ralston and McMillan, who were clerks in the bank, are charged with making false entries in the books to defraud the bank, while Cook is charged with conspiring to defraud the bank by getting false credits. The charges were formulated some time ago but the warrants were not issued because the officials desired to secure evidence that was being taken in certain civil proceedings. The men were arraigned before a United States commissioner and furnished bonds in $5,000 each. The arrests are a climax in a most sensational financial collapse and are the result of the investigation made by Bank Examiner Edward P. Moxey, who furnished the information to United' States Commissioner William T. Lindsley. The information was baseed of to the use the funds alleged of conspiracy Enterprise of bank Nichols in the interest of the Santa Fe Central Railroad company and the Pennsylvania Construction company. of the ibank is one The story failure of of the tragedy EnOne was throughout. last terprise the community morning startled in October by the Cashier Clark shooting at news ted suicide that by Simultaneously had bis residence commita suburb. of the bank was the in Bellevue, closing announced. among excitement was caused and the Great many depositors started. rumors The ot' heavy defalcations were of the bank later funds of the directors that the bank had admitted been but it was many bestatus of the bank's misused, fore the weeks affairs beknown. Even at this date no statement of the came definite probable receive div- has idend that the creditors will been made although partial reports have been made to the comptroller of the currency, A warrant was also issued for Thomformer paying teller of the but he has not yet bank, as Harvey, been be found. placed under arrest, as the could not there are In add sixty-eight Twenty-two counts are against the six men. Nichols, six against against Ralston, seventeen Menzemer, against eleven Cook, against McMillan, eleven against and one against Harvey, All the charges are for acts alleged to have been done between June, 1903, and the date of the closing of the bank,

23. July 11, 1907 Mexico Missouri Message Mexico, MO
Article from Mexico Missouri Message, July 11, 1907

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# BANK WRECKERS SENTENCED. New Trial in Enterprise National of Allegheny Is Refused. Pittsburg, Pa.-After refusing new trials of the men recently convicted in connection with the failure of the Enterprise National bank of Allegheny, Judge Ewing in the federal court sentenced Edward P. McMillen, the bookkeeper, who pleaded guilty of making false entries and misapplication of funds, to six months to six years' imprisonment on the first charge and six months upon the second. Charles Menzemer, former assistant teller, convicted of misapplication of funds and abetting T. Lee Clark, the cashier who committed suicide, to do the same, was sentenced to five years and six months' imprisonment. Thomas W. Harvey, the former teller, convicted of making false entries, was given a respite to settle his affairs. Lemert S. Cook, a real estate dealer, convicted of misapplying the funds of the bank, was also given a respite. Sentence was suspended in the case of George L. Ralston, former individual bookkeeper, who was convicted of abstraction and misapplication of the bank's funds, but acquitted of the charge of making false entries.

24. September 22, 1908 Wausau Pilot Wausau, WI
Article from Wausau Pilot, September 22, 1908

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like $7,500,000 has been stolen by dishonest bank employes in that city. The banks have concluded that the best course before them-while not wisbing to east suspicion upon anyone is to photograph every one of their employes and take their measurements by the Bertillon system, SO that, when a next defalcation may occur, the police authorities all over the world will have the last embezzler marked down as minutely as though he were the most elusive Max Shinburn who ever alternated between safe-cracking and jail service. If there was one bank officer who would have surrendered his complete control of millions rather th submit to being "mugged" by the police, it was William Montgomery, cashier of the Allegheny National, under arrest in connection with the disappearance of $839,000 of deposits and the entire $500,000 worth of capital stock. He was the intimate friend and confidant of Senator Quay. the man who placed Quay's bets during the Harrison campaign, when Quay won $250,000, and the trusted handler of the moneys of the political machine in that section of the State. When the Allegheny National went down-or up- -the State was backing it with $532,000 of deposits and the city of Pittsburg with $1,532,000. Private depositors were SO wary that they let it have little. When the crash came, after a series of speculations in stocks, the police reported the discovery of no photograph of Montgomery, even during their investigations of the suddenlyacquired fortune of a Pittsburg widow whose wealth leaped in eight years from $10,000 to $333,000. and of other women in Pittsburg and neighboring cities, whose real estate investments had increased with remarkable facility. While the fate of the Allegheny National's money still hung in the balance. pending the decision of Montgomery's allies as to restitution of the million that had gone, a man returned to Pittsburg who for nearly three years had left the police bitterly regretful that the Bertillon system was not compulsory there before the Enterprise National of Allegheny co!lapsed in October. 1905. He was Thomas W. Harvey, teller of the Enterprise. who, in the vain hope of escaping the penalty for his share in the crime, had given up his identity and his home, to wander amid agonies of dread until his fearful spirit could no longer bear the strain. He surrendered himself to the Federal authorities, and on the same day was sentenced to seven years in the penitentiary-and that with no more notoriety than if he were a purse snatcher. Pittsburg was learning to wash its dirty linen with neatness, silence and dispatch. Yet the Enterprise embezzlements were among the most sensational ever known in the State of Pennsylvania. The losses amounted to $1,500,000. It was a "political" bank, like the Allegheny National, and hundreds of thousands of its deposits had gone out to politicians on notes which, unsecured at best, had disappeared when the cashier, T. Lee Clark, both poisoned and shot himself, to make sure of death. Speculation, women and gambling was the way the stolen millions went When the Union Trust Company of Pittsburg discovered its loss of $385,000 in 1906, almost on the anniversary of the Enterprise run. the thieves proved to be a couple of mild young persons, Clinton B. Wray, the teller, and C. S. Hixton, the individual bookkeeper. The gambling crooks took it off these two marks in large chunks Both received ten years apiece when their defalcations were discovered. While the gamblers were enjoying the Union Trust Company's cash, the bucket shops were getting during the year between March, 1907, and March of this year $520,000 taken from the Farmers' Deposit National Bank by Henry Reiber, the paying teller, and John Young. the auditor. They proved themselves fools as simple over wildcat curb adventures as the boys of the Union Trust did over crooked cards. For ten years those two presumably experienced financiers had been stealing $1,105,000 from the Farmers' Deposit Bank. and no one, among either officers or directors. had suspected them. They, too, have been sentenced to ten years each. Pittsburg's example has given the State of Pennsylvania a record that puts the dashing depredations of bank robbers in the Southwest, with their masks and their revolvers, to the blush of poignant shame. SHORT NEWS NOTES. Fire in the lumber yards of the Lake