19403. Enterprise bank (Pittsburgh, PA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
November 1, 1905*
Location
Pittsburgh, Pennsylvania (40.441, -79.996)

Metadata

Model
gpt-5-mini
Short Digest
1efde673

Response Measures

None

Description

Contemporary articles describe the Enterprise Bank as 'wrecked', in hands of a receiver (Cunningham/Rinaker), duplicate books, alleged fraudulent transactions, and the cashier's suicide. No newspaper text describes a depositor run; the bank was closed and placed in receivership (permanent closure). Exact closing date not given; receiver active by early November 1905.

Events (3)
1. November 1, 1905* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Fraudulent financial transactions discovered (duplicate set of books), alleged misappropriation and charges implicating bank officers and others led to the bank's wreck and closing.
Newspaper Excerpt
Receiver Cunningham of the defunct Enterprise bank
Source
newspapers
2. November 2, 1905 Receivership
Newspaper Excerpt
statement ... was in the hands of Receiver Cunningham. ... Receiver Cunningham, of the defunct Enterprise bank, against William H. Andrews.
Source
newspapers
3. November 8, 1905 Other
Newspaper Excerpt
T. Lee Clark, cashier wrecked Enterprise bank; suicide.
Source
newspapers

Newspaper Articles (10)
1. November 2, 1905 Las Vegas Daily Optic Las Vegas, NM
Article from Las Vegas Daily Optic, November 2, 1905

Click image to open full size in new tab

Article Text

Dead Cashier Left a Second But Unsigned State. ment. District Attorney Dunkle Talks Vaguely of Criminal Action on Charge of Compiracy. Pittsburg, No. 2.-United States District Attorney Dunkle stated today that Cashier Clark had left another written statement Desides the one addressed to his wife, dealing with Enterprise bank affairs. Attorney Dunkle said the statement or confession was in the hands of Receiver Cunningham. It is not signed but charges W. H. Andrews with Clark's ruin. "Has anything been done towards beginning criminal action against anyone?" was asked. "Nothing yet," replied Dunkle. "We must be able to show that Clark and others were in a conspiracy to wreck the bank or misappropriate its funds before we can get action against them, and Cashier Clark is dead, therefore it is going to be something difficult to do. Besides Special Examiner Moxey has not finished his investigation, and will not be able to do so for several months."

2. November 2, 1905 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, November 2, 1905

Click image to open full size in new tab

Article Text

Clark Left Another Statement. Pittsburg, Nov. 2.-United States Dist.-Atty. Dunkle stated today that Cashier Clark had left another written statement besides the one addressed to his wife, dealing with Enterprise bank affairs. Atty, Dunkle said the statement, or the confession, as it has been referred to, was in the possession of Receiver Cunningham. It is shorter than the one to Mrs. Clark. It is not signed. but charges W. H. Andrews with Clark's ruin. "Has anything been done towards beginning criminal action against any one?" was asked. "Nothing yet," replied Atty. Dunkle. "We must be able to show that Clark and others were in conspiracy to wreck the bank or misappropriate its funds before we can get action against them, and Cashier Clark being dead, that is going to be something of a difficult matter to do. Besides, Special Examiner Noxey has not finished his investigation and will no the able to so for several months."

3. November 8, 1905 The Seattle Star Seattle, WA
Article from The Seattle Star, November 8, 1905

Click image to open full size in new tab

Article Text

Suicide and Reform Went Hand in Hand BY T. R. WILLIAMS. John 8. Hopkins, cashier of wrecked People's bank: suicide. Special Dispatch to The Star. Auditor General Norris: died of PITTSBURG, Nov. 8,-Upon the worry. wrecking of the Enterprise NationT. Lee Clark, cashier wrecked Enal bank by republican state polititerprise bank; suicide. cians and the suicide of Cashier T. Lee Clark to escape disgrace and The democrats made the charge threatened legal proceedings, hung that the republicans have juggled the result of the state election on the state funds, deposited them in banks throughout the state in reNovember 7, when a state treasurer in to be chosen. turn for loans made to politicians, and that an endless chain system of All over this republican strongmaking and paying loans was hold of half a century the political worked through the method of disrevolution that had its inception in tributing the funds among the difthe courageous attack of Mayor ferent banks. Weaver, of Philadelphia, on the Homer L. Castle, prohibition can"gang" was given a mighty didate for judge of the state suImpetus on the eve of the election by the bank tragedy, and the prepreme court, whose party joined hands with the democrats In the diction made that Pennsylvania, would elect a democratic ticket next fight for state treasurer, made the original charges of mismanagement Tuesday came true. of the state funds, and It was his "Look at the gang treasury death assertions, made a month ago, that roll." was the slogan of the democratte leaders. Here is the roll: politicians had made big loans from the Enterprise bank, that led to the J. Blake Walters, state treasury cashier; suicide. investigation and the placing of the bank in the hands of a receiver. Amos C. Noyes, state treasurer; died from broken heart because of

4. November 15, 1905 Albuquerque Evening Citizen Albuquerque, NM
Article from Albuquerque Evening Citizen, November 15, 1905

Click image to open full size in new tab

Article Text

Pittsburg, Pa., Nov. 15.-Another suit on four notes aggregating $90, 138 was entered today by Receiver John B. Cunningham, of the defunct Enterprise bank, against William H. Andrews.

5. November 15, 1905 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, November 15, 1905

Click image to open full size in new tab

Article Text

BANK HAS TWO SETS OF BOOKS Sensational Discovery Made by Receiver of Wrecked Allegheny Institution. PITTSBURG, Pa., Nov. 14.-If the latest report concerning the Enterprise bank is true, Receiver Cunningham is in possession of a duplicate set of books kept by persons in the bank between August 25 last, when federal examination was made, and the day the bank closed its doors. This information comes from one of the directors of the Enterprise bank, who appeared to be surprised that no mention had been previously made of this incident in the examination of the bank's accounts. The finding of the books was some days subsequent to the suicide of Cashier Clark and a perusal of them had been of invaluable assistance in tracing to their source many of the fraudulent financial transactions that wrought the wreck of the bank. It is said Examiner Moxey carried with him to Washington a complete copy of these accounts. and upon them the federal government will base its criminal suits. Just who will be hit by the contemplated action is a matter of conjecture. The presumption is that Clark had not sole knowledge of these books and was not the only person who made entries in them. It is known that certain employes of the Enterprise bank have been compelled to secure the receiver by giving judgment notes and making real estate transfers. The inquiry into the reason for this elicits the information that these employes secured loans from the bank that have not yet been met. What the sums aggregate is not known. but Receiver Cunningham insisted that these loans be secured by notes and property transfers of equivalent value.

6. November 16, 1905 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, November 16, 1905

Click image to open full size in new tab

Article Text

# BANK BOOKS DUPLICATED. Secret Set of Enterprise Accounts Said to Have Been Found in Pittsburg. Pittsburg, Pa., Nov. 15.-If the latest report concerning the Enterprise bank is true Receiver Cunningham is in possession of a duplicate set of books, kept by persons in the bank between August 25, last, when the federal examination was made, and the day the bank closed its doors. It is said Examiner Moxey carried with him to Washington a complete copy of these accounts, and upon them the federal government will base its criminal suits.

7. November 18, 1905 Spirit of the Age Woodstock, VT
Article from Spirit of the Age, November 18, 1905

Click image to open full size in new tab

Article Text

Bank Had Duplicate Books. Pittsburg,-Receiver - Cunningham of the Enterprise bank is in possession of a duplicate set of books kept by persons in the bank between Aug. 25 last, when federal examination was made, and the day the bank closed its doors. The books show many of the alleged fraudulent financial transactions that wrecked the bank.

8. March 7, 1906 Albuquerque Morning Journal Albuquerque, NM
Article from Albuquerque Morning Journal, March 7, 1906

Click image to open full size in new tab

Article Text

RINAKER SAYS HE HAS NOT BEEN NOTIFIED OF SALE By Associated Press. Pittsburg, Pa., Mar. 6.-Thomas Rinaker, receiver of the Enterprise bank. said this afternoon that Francis J. Torrance, vice president of the Santa Fe Central railroad, had not informed him that negotiations were in progress for the sale of the road to the Tallmadge syndicate, of which rumors have been current here for some days.

9. March 7, 1906 Los Angeles Herald Los Angeles, CA
Article from Los Angeles Herald, March 7, 1906

Click image to open full size in new tab

Article Text

Santa Fe Control May Be Sold By Associated Press. PITTSBURG, Pa., March 6.-Thomas Rinaker, receiver of the Enterprise bank, said today that Francis J. Torrance had informed him that.negotiations were in progress for the sale of the Santa Fe Central railroad to the Tallmedge syndicate.

10. March 9, 1906 The Estancia News Estancia, NM
Article from The Estancia News, March 9, 1906

Click image to open full size in new tab

Article Text

AGAIN IS THE CENTRAL SOLD Credence is Given the Report that the Deal is about to be Consummated. Again the rumored sale of the Santa Fe Central Railroad is holding the boards and and receiving columns of space in the various newspapers. The column discussion and series of statements in last Saturday's Albuquerque Journal brought forth denials from Gen. Francis J. Torrance and Col. W.S. Hopewell in the afternoon papers. The Journal has a strong second in the Denver Post despite the denials. The fact that all the men in the local shops have been laid off, except the blacksmith gives credence to the rumor here and goes to show that there is "something up." The following from Wednesday's Journal would indicate that it is not all off, at least:Special to the Morning Journal. Pittsburg, Pa., Mar. 6.-A meeting of the Pennsylvania Development company, owners of the Santa Fe Central railroad, was held here tonight at which it is announced, it was agreed to accept the offer made for the railroad by C. W. Tallmadge, of Chicago. The formal negotiations will be completed within a week and the transfer will be made immediately thereafter. Francis J. Torrance, vice president of the Santa Fe Central, said tonight that he would issue a statement when the sale is consummated The sum realized from the sale of the road will he an enormous bene fit to the depositors of the closed Enterprise bank. Some of the properties of the Santa Fe Central railroad had been rated by Special Examiner E. P. Moxey,of the bank as "doubtful" the others as "good." The sale is now said to be nearing consummation will put an entirely different face on the next report covering these properties, and it is agreed that the large portion of the "doubtful" assets would be switched into the "good' assets column, for the real value of these properties not questioned here. "I have not been informed of this sale." I said Receiver Thomas Rinaker of the Enterprise bank tonight. "but it will be a good thing for the depositors. I cannot, however, undertake to say how much it will do." Various estimates of the price that is to be paid for the railroad property have been made here. The fact that the company has a Superscript(5) tock issue of $2,500,000 was used as a basis for the price to be paid. Inasmuch as the proposed buyers offered 100 percent of the actual money invested in the building of the road and in securing the property, the amount of the bond issue can barely be taken as indicating the actual price offered. The new owners are a to assume the bonds issued by the road g and pay the stockholders the amount W their stock cost. What this will be is not t stated and it is likely that no statement will be made until the matter has been n definitely closed up." f