19587. Farmers & Drovers Bank (Waynesburg, PA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
December 1, 1906*
Location
Waynesburg, Pennsylvania (39.896, -80.179)

Metadata

Model
gpt-5-mini
Short Digest
b06ec891

Response Measures

None

Description

Articles report the Farmers & Drovers Bank of Waynesburg suspended/closed in December 1906 with a large shortage and cashier J. B. F. Rinehart arrested for false reports; a receiver (John H. Strawn) was appointed and the bank was not reopened. No article describes a depositor run preceding suspension, so this is classified as a suspension leading to permanent closure with receivership.

Events (3)

1. December 1, 1906* Receivership
Newspaper Excerpt
Cashier J. B. F. Rinehart of the suspended Farmers and Drovers' bank of Waynesburg, Pa., has been arrested... Receiver Strawn of the defunct Farmers and Drovers Bank has given notice to the former directors... (Receiver John H. Strawn).
Source
newspapers
2. December 12, 1906 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Large alleged discrepancy/shortage in accounts (reports of $950,000 to $1,800,000) and alleged false reports by cashier J. B. F. Rinehart; bank failed because of internal fraud/shortage.
Newspaper Excerpt
The institution was closed on December 12, 1906
Source
newspapers
3. October 28, 1907 Other
Newspaper Excerpt
Waynesburg Bank WILL NOT BE RE-OPENED ACCORDING TO ANNOUNCEMENT OF RECEIVER STRAWN. ... Efforts to re-open the Farmers and Drovers' bank of Waynesburg, Pa., which failed last December have finally been abandoned.
Source
newspapers

Newspaper Articles (3)

Article from The Washburn Leader, December 28, 1906

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Article Text

CRIMINAL NEWS. Captain Edgar B. Macklin of Company C, Twenty-fifth United States infantry, was shot twice and dangerously wounded at El Reno, Okla., by a negro and belief is expressed there that it was one of the members of the troop discharged by President Roosevelt for participation in the Brownsville (Tex.) riots. A desperate effort was made at Chicago to assassinate Judge Charles S. Cutting of the probate court by Frank F. Ellerbrock of that city. The would. be assassin is believed to be insane. Judge Cutting escaped injury by a hair's breadth and overpowered his assailant after a fierce fight. Cashier J. B. F. Rinehart of the suspended Farmers and Drovers' bank of Waynesburg, Pa., has been arrested charged with making false reports to the comptroller of the currency. The bank examiner in charge reports an alleged discrepancy of $950,000 in the accounts of the institution. A mob numbering twenty-five or thirty men broke down the door of the Annapolis (Md.) jail, took out Henry Davis, the negro who on last Friday criminally assaulted Mrs. John Reid (white) near Igleharts Station, and lynched him. Davis confessed his guilt. Governor Higgins of New York has commuted to imprisonment for life the sentence of death under which Albert T. Patrick has remained nearly five years, since his conviction of the murder of William Marsh Rice, the aged Texas millionaire, in New York city. The execution at Houston, Mo., of Joda Hamilton, the twenty-year-old farmer boy, for the murder of five members of the family of Barney Parsons, a farmer, was a horrible affair. Two attempts were necessary before the hanging proved successful. The jury in the case of Henry Suss. man, on trial at Minneapolis for the murder of his wife in the Glenwood hotel on Sept. 26, returned a verdict of murder in the second degree. Sussman was sentenced to imprisonment for life. Four officials of the Nebraska Land and Feeding company have been convicted at Omaha on thirty-six counts of an indictment charging conspiracy to defraud the government of public lands and subornation of perjury. Charles D. Faber, city paving in spector and ex-mayor of Montgomery, Ala., was shot by his assistant and former chief city detective, W. H. Murphy. Faber's wounds are probably fatal. The Bank of Horatio, Ark., has been looted by two robbers, who entered the bank, covered the cashier with their pistols and appropriated all the money in sight, about $4,000. Robert Gordon, fifteen years old, was sentenced at Chicago to the re.


Article from The Fairmont West Virginian, October 28, 1907

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Article Text

Waynesburg Bank WILL NOT BE RE-OPENED ACCORDING TO ANNOUNCEMENT OF RECEIVER STRAWN. I WASHINGTON, Oct. 28.-Efforts to re-open the Farmers and Drovers' bank of Waynesburg, Pa., which failed last December have finally been abandoned. The annowneement has been made by Receiver John H. Strawn. Outstanding obligations of the bank amounting to $200,000 are to be met by an assessment of 100 per cent." on all stockholders, which has been ordered by Controller of the Currency W. B. Ridgely. F. B. Rinehart whose operations are said to have caused the failure, was indicted in Pittsburg by the Federal grand jury on numerous accounts of abstracted and false entries.


Article from New-York Tribune, February 27, 1908

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Article Text

BANK DIRECTORS MUST PAY $1,500,000. Waynesburg, Penn., Feb. 26.-Receiver Strawn of the defunct Farmers and Drovers' Bank has given notice to the former directors of the bank that they will have to contribute $1,500,000 as a result of the failure of the bank. The institution was closed on December 12, 1906, and it has been ascertained that the shortage amounts to $1,800,000. The directors have been informed by the receiver that should they fail to comply with his request for this large sum proceedings will be taken against them.