19586. Farmers & Drovers Bank (Waynesburg, PA)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
December 2, 1889
Location
Waynesburg, Pennsylvania (39.896, -80.179)

Metadata

Model
gpt-5-mini
Short Digest
5c106d13

Response Measures

Accommodated withdrawals

Description

Several articles (Dec 2–5, 1889) report assignments of prominent local firms and officers (including the bank president and cashier) and mention a small run on the Farmers & Drovers' Bank. The bank met all demands, appointed new officers, and depositors returned funds; there is no mention of a suspension or closure.

Events (1)

1. December 2, 1889 Run
Cause
Bank Specific Adverse Info
Cause Details
Assignments/failures of local businessmen (Wyoming Cattle Company members) and involvement of bank president and cashier in assignments prompted deposit withdrawals.
Measures
Met all demands, signed and paid out notes (~$15,000), appointed three new officers and strengthened cash reserves.
Newspaper Excerpt
Wednesday and Friday there was considerable of a run on the bank, but they were able to meet all demands and have since amply fortified themselves against all danger of running short of funds.
Source
newspapers

Newspaper Articles (3)

Article from Pittsburg Dispatch, December 3, 1889

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Article Text

WORSE EVERY DAY. More Failures at Waynesburg, the Liabilities Being Large. A NUMBER OF FARMERS RUINED. The Norfolk and Western Railroad to Be Extended Into Ohio. ALL THE NEWS FROM NEARBY TOWNS ISPECIAL TELEGRAM TO THE DISPATCH.1 WAYNESBURG, December 2.-The financial break which started here four days ago is becoming worse and worse. The persons principally involved are members of the Wyoming Cattle Company, which was organized a few years ago with John R. Rush, of the East End, Pittsburg, as one of the principal stockholders. Internal Revenue Collector John Dowlin was one of those who have made an assignment. Dr. D. W. Braden, who had been acting as President of the Farmers and Drovers' Bank, has also assigned. Among the other failures are A. N. Greenlee, of Jefferson; Stephen and Silas Carey, of Washington township; William and John Reese. of Franklin township; ex-Auditor General J.F. Temple, Abner Goge and ex-Sheriff Hemley. These are in addition to W. T. Lautz, cashier of the Farmers' and Drovers' Bank, and ex-Sheriff D. A. Spragg. The liabilities of these men will amount to from $200,000 to $300,000. Wednesday and Friday there was considerable of a run on the bank, but they were able to meet all demands and have since amply fortified themselves against all danger of running short of funds. Three new officers of the bank have been chosen, namely: George L. Wyley, President: A. I. Lindsay, Cashier, and Samuel Harvey. Esq., Director. The new officers were engaged all night in signing notes which had been paid out, amounting to $15,000, and they were then paid out. Many of those who drew out their deposits have since returned them. Treasurer Smith, of the county, had loaned $21,000 to two of the men who have failed and this will cause the failure of that gentleman. The Prothonotary had in four days, up to Saturday evening. received 231 judgments to record. The total has not yet been counted, and about half of them have been entered SO far. A number of farmers have been ruined from indorsing the paper of those who have gone down.


Article from The True Northerner, December 4, 1889

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Article Text

An Assignment Affects a Bank. D. A. Spragg has made an assignment at Waynesburg, Pa., which involves Dr. D. W. Braden and W. T. Lantz, the latter cashier of the Farmers and Drovers' Bank. A small run was made on the bank, but it did not in any way affect its credit.


Article from The Middleburgh Post, December 5, 1889

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Article Text

# ntor Good Waynesburg, a few days ago, is becoming worse and worse. The persons principally involved are members of the Wyoming Cattle Company, which was organized a years ago with John R. Rush of the End, Pittsburgh, as one of the principal stockholders. Ex-Internal Revenue collector John Dowlin is one of those who have made an assignment. Dr. D. W. Braden, who has been as President of the Farmers and Drovers' Bank, has also assigned. Among the other failures are A. N Greenlee, of Jefferson; Stephen and Elias Carey, of Washington township; Wm. and John Reese, of Franklin township; ex-Auditor General J. F. Temple, Abner Hoge and ex Sheriff Lee. These are in addition to W. T. Lazear, cashier of the Farmers and Drovers' Bank, and ex-Sheriff D. A Spragg. The liabilities of these men will amount to $.00,000, $300,000.