19991. Citizens Dollar Savings Bank (Fairmont, WV)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
March 1, 1915*
Location
Fairmont, West Virginia (39.485, -80.143)

Metadata

Model
gpt-5-mini
Short Digest
b906ac2bcc22dd51

Response Measures

None

Description

Articles indicate the Citizens Dollar Savings (and Trust) institution suspended operations and was placed in the hands of a receiver (Governor appointed Harvey Shain, Mar 18/19, 1915). No article describes a depositor run; primary causes were large embezzlement/mismanagement (cashier indicted for massive shortages) and consequent insolvency. Subsequent actions: state suit to recover funds (Aug–Sep 1915), indictments for embezzlement (Nov 1915), receiver handling dividends and asset sales with distributions to depositors by 1917. I corrected minor name variants (Articles use Citizens' Dollar Savings / Citizens Dollar Savings and Trust Company).

Events (5)
1. March 1, 1915* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Suspension followed discovery of large embezzlements/misappropriation by cashier and insolvency of the bank.
Newspaper Excerpt
J. R. Lynn, former cashier of the Citizens' Dollar Savings bank, which suspended operations several months ago, was indicted...
Source
newspapers
2. March 18, 1915 Receivership
Newspaper Excerpt
Governor Hatfield last night appointed Harvey Shain, of Fairmont, as receiver for the Citizens Dollar Savings and Trust Company of Fairmont.
Source
newspapers
3. August 25, 1915 Other
Newspaper Excerpt
Suit was entered ... by Attorney General A. A. Lilly against the Citizen's Dollar Savings Bank of Fairmont and the Maryland Casualty Company ... to recover $15,000 of the state funds held in the bank when it passed into the hands of a receiver.
Source
newspapers
4. November 23, 1915 Other
Newspaper Excerpt
J. R. Lynn, former cashier of the Citizens' Dollar Savings bank ... was indicted on seven counts ... of embezzling and misplacing funds of the institution to an amount aggregating $120,000.
Source
newspapers
5. June 18, 1917 Other
Newspaper Excerpt
Within the next two weeks the depositors of the Citizens Dollar Savings Bank will in all probability, receive a dividend of 50 per cent. Statement ... was made by the receiver of the bank, Harvey Shain. He stated that the bank building had been sold ... and that he had concluded a sale of stock ...
Source
newspapers

Newspaper Articles (11)
1. March 18, 1915 The Daily Telegram Clarksburg, WV
Article from The Daily Telegram, March 18, 1915

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Article Text

BANK RECEIVERS Are Appointed by the Governor and Requisitions Are Honored by Him. CHARLESTON, March 18-Governor Hatfield last night appointed Harvey Shain, of Fairmont, as receiver for the Citizens Dollar Savings and Trust Company of Fairmont, and W. M. Arnold at Ravenswood, as receiver for the the McKinley Security Bank of that town. Shain was the former president of the Fairmont institution. The governor last night also honored the requisition of the governor of Virginia for Daniel Adams, now in jail at Charles Town, this state. wanted in Clark county, Va., for housebreaking. and issued a requisttion on the chief magistrate of the District of Columbia for Richard Renner, wanted in Jefferson county, where he escaped jail.

2. March 19, 1915 The Daily Telegram Clarksburg, WV
Article from The Daily Telegram, March 19, 1915

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Article Text

BANK RECEIVERS Are Appointed by the Governor and Requisitions Are Honored by Him. CHARLESTON, March 19.-Governor Hatfield has appointed Harvey Shain, of Fairmont, as receiver for the Citizens Dollar Savings and Trust Company of Fairmont, and W. M. Arnold at Ravenswood, as receiver for the the McKinley Security Bank of that town. Shain was the former president of the Fairmont institution. The governor last night also honored the requisition of the governor of Virginia for Daniel Adams, now in jail at Charles Town, this state. wanted in Clark county, Va., for housebreaking. and issued a requisttion on the chief magistrate of the District of Columbia for Richard Renner. wanted in Jefferson county, where he escaped jail.

3. August 25, 1915 The Daily Telegram Clarksburg, WV
Article from The Daily Telegram, August 25, 1915

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SUIT ENTERED Against Defunct Fairmont Bank and Its Surety to Recover State Funds. CHARLESTON, Aug. 25.-Suit was entered in the circuit court of Kanawha county Tuesday by Attorney General A. A. Lilly against the Citizen's Dollar Savings Bank of Fairmont and the Maryland Casualty Company, of Baltimore, to recover $15,000 of the state funds held in the bank when it passed into the hands of a receiver. The proceeding is one in debt with the damages placed at $50,000. It is the object of the attorney genera. to recover the money from the surety without waiting for action by the receiver of the bank,

4. August 31, 1915 Spirit of Jefferson Charles Town, WV
Article from Spirit of Jefferson, August 31, 1915

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Article Text

State Sues Bank. Suit was brought in the common pleas court of Kanawha county by Atty. Gen. A. A. Lilly against the Citizens' Dollar Savings bank, of Fairmont, and the Maryland Casualty Co., of Baltimore, to recover $15,000 of the state's fund held in the bank when it passed into the hands of a receiver. The proceeding is one in debt with the damages placed at $50,000. It is the object of the attorney general to recover the money from the surety without waiting for action by the receiver of the bank.

5. September 23, 1915 Shepherdstown Register Shepherdstown, WV
Article from Shepherdstown Register, September 23, 1915

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Article Text

Sensational disclosures involving State Treasurer E. L. Long, it is said, will be made in the hearing of a suit filed in Ka- nawha County Common Pleas Court by the State against the Citizens' Dollar Savings Bank, of Fairmont, and the Maryland Casualty Company, of Balti- more, to recover $19,000 the State had on deposit at the time the bank went into the hands of a receiver. The casualty company was on the bank's bond to in- demnify the State against loss, and suit was instituted by Assistant Attorney-Gen- eral Frank Lively to compel it to make im- mediate settlement. It is said the surety company will base its defense on the grounds that it had repeatedly warned the State Treasurer that the bank was in a precarious condition and notified him to withdraw the State's funds. The same warnings were given the officers of the bank. Defendant claims that in spite of its warnings Treasurer Long would not withdraw or reduce the deposits, and therefore it cannot be held responsible.

6. November 23, 1915 Spirit of Jefferson Charles Town, WV
Article from Spirit of Jefferson, November 23, 1915

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Article Text

# CHARGES THE AGAINST CASHIER. Fairmont, W. Va.-J. R. Lynn, former cashier of the Citizens' Dollar Savings bank, which suspended operations several months ago, was indicted on seven counts in the circuit court here on charges of embezzling and misplacing funds of the institution to an amount aggregating $120,000. For a part of this money, he is charged with attempting to defraud the Davis Trust Company, of Davis, W. Va. Lynn was formerly a trustee in the First Methodist church of this city, and took an active part in politics. He was also a close follower of race horses and is said to have played the game considerably. A large number of civil suits have been instituted against Lynn involving many thousands of dollars. Prosecuting Attorney Tusca Morris had capias issued, and Lynn will be apprehended at once.

7. April 3, 1916 The West Virginian Fairmont, WV
Article from The West Virginian, April 3, 1916

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TELLER. POWELL IDENTIFIES CHECKS Technical Testimony in Trial of L. G. Race Continues. Examination of the witness for the state continued today in the trial of L. G. Race, indicted for aiding and abetting J. R. Linn in abstracting funds from the Citizens Dollar Savings bank. Another attempt by the prosecution to discover the significance of the mysterious "225" number on all 01 the personal checks of L. G. Race, was without result. Thomas Powell, teller of the bank, was on the stand most of the morning. According to his testimony the entries in the pass book, of the grocery company, that were personal checks of Mr. Race were indicated, so that any. one looking at the book could tell that Race's personal checks were being charged to the Grocery company's account. Mr. Powell identified a number of the checks that have been introduced as evidence and identified the ledger sheets showing the account of the Grocery company from day to day as being in his hand writing. Powell said that he kept the ledger in which the account of the grocery company was posted. C. D. Conaway, sherff of Marion county, was called by the state's attorneys and testified that he had collected $5,800 or about this sum on an execution against John A. Clark and others including J. R. Linn, L. G. Race, 'E. M. Showalter. Conaway said that $3,400 of this sum was paid with a personal check of L. G. Race. After Powell and Conaway had testified Charles E. Wells was called by the prosecution. Mr. Wells haid that he, as a stockholder of the grocery company. knew nothing of the transactions alleged in the indictment. Harvey Shain was again called by the state's attorneys and testified as a receiver of the bank that he had notes amounting to $22,500 due from J. R. Linn and $34,000 of notes due from Race. He said that judgments had been obtained on all of these. A number of other witnesses were examined this afternoon but their testimony was mostly corroborative of what previous witnesses have testified. A number of motions were made before Judge Haymond this morning but owing to the absence of some of the counsel no orders or decisions have as yet been handed down. The additional petit jurors returned this morning and

8. June 18, 1917 The West Virginian Fairmont, WV
Article from The West Virginian, June 18, 1917

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rifty Per Cent Disbursement to be Made Soon Says Receiver. BANK BUILDING SOLD Movement to Have Receiver Ousted Abandoned by Depositors. Within the next two weeks the depositors of the Citizens Dollar Savings Bank will in all probability, receive a dividend of 50 per cent. Statement to this effect was made by the receiver of the bank, Harvey Shain, at a meeting of the depositors at the court house Saturday afternoon The meeting was called to order by Chairman M. C. Lough, with R. J. Abbaticchio acting as secretary. F. K. Holt, chairman of the Depositors committee read his report, giving in detail the action of the committee since it was appointed. It was agreed that Mr. Shain be invited to attend the meeting and a committee composed of John S. Scott and Earl Morgan was appointed to notify him. The report of the committee was accepted and their actions endorsed by the depositors. Thereupon Mr. Shain was presented and addressed the meeting. He stated that the bank building had been sold two days previous to a syndicate, organized by Clarence Robinson and W. J. Wiegel for $30,000 and that he had concluded a sale of stock for $20,000. In his address he brought out that within the next two weeks the depositors would receive a dividend of 50 per cent. He stated that his report shows that about $29,000 worth of assets which were not charged to him. He further stated that in hi sopinion the depositors would be paid in full, and that he would be glad to answer any questions propounded to him. At the conclusion of Mr. Shain's report Frank Thompson moved that the motion previusly made and carried, accepting and endorsing the action of the committee which had recommended that efforts be continued to have Mr. Shain removed from the receivership be reconsidered. After a few remarks the motion carried. Earl Morgan then moved that the report of the committee be laid on the table, which motion carried. J. S. Price tendered his resignation as a member of the committee.

9. June 28, 1917 The Calhoun Chronicle Grantsville, WV
Article from The Calhoun Chronicle, June 28, 1917

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West Virginia News Cullings I An epitome of most important events transpiring in state : : : : Wheeling.-Mrs. Mary Bowers, aged I 90. was burned to death when fire destroyed her home at Elm Grove, near here. Mrs. Bowers lived alone in a big cabin. Hamlin.-T. J. Bartrug, of Mounds ville, has been appointed chief engineer of highways of Lincoln county. This county has issued bonds for $900.a 000 to be expended in the improvement of roads, most of which will be of the "Class A" type. Clarksburg.-West Virginia's nat ural gas shortage is, paradoxically, bringing more factories into the state from points in neighboring states that have been depending upon the gas supply for fuel. They are coming for coal instead of gas, however, Bluefield.-The Bluefield Home Guard is making an effort to get every man who was enrolled last week in the military census to give two or three hours each week to drilling and learning something of the elementary principles of being soldiers. Clarksburg.-A special train passed through here on the Baltimore & Ohio railroad, conveying 225 pupils. from the state school for the deaf and dumb at to their state, the beparts Romney, of the homes destination in various ing Kenova by way of Parkersburg. Wheeling.-Damage to the extent or was caused a fire detwo large damin the busiaged $60,000 stroyed adjoining property by garages and which ness district here. Thirty-four automobiles stored in two buildings, the Lincoln Garage and the Reo Sales Agency plant were destroyed: Morgantown.-The district convention of the Woman's Home Missionary Society of the Methodist Episcopal Church was held here at the M. E. Church. Mrs. R. B. Nay, of Wheeling, presided. The principal address was delivered by Dr. L. M. Bristol, professor of sociology of the university Wheeling.-The Wheeling city council unanimously adopted a resolution urging the immediate passage by congress of the Lever bill, proposing government food control. The urgent need for such legislation to become effective at the earliest possible date was emphasized by the resolution. Charleston.-District Attorney Wm. G. Barnhart wired the adjutant general at Washington tendering his services to the government for active field duty in Europe. The application was made without restriction, no commission being asked. Barnhart announcing that he is ready for any service indicated. Charleston.-TI office of the Public Service Commission is being flooded with telegrams, petitions and protests against its recent order on the application of the Chesapeake & Ohio railroad, on which permission was granted for the discontinuance of one passenger train each way daily on the Greenbrier division. Fairmont.-Group "Six" of the West Virginia Bankers' Association have elected the following officers for the year: President, W. J. McElhiney, West Union: secretary-treasurer, Felix Elliott. Kingwood executive committee, W. I. Booth. Clarksburg; J. L. Keener, Morgautown, and T. A. Whalen, Weston Fairmont.-The depositors of the Citizens' Dollar Savings Bank, which institution failed a few years ago, will within the next few weeks receive a dividend of fifty per cent of their deposits. according to a statement made by Harvey Shain. receiver of the bank. The bank building has been sold to a syndicate. Grafton According to information reaching the city, two big coal deals, affecting the Booths Creek section of the county have been made. It is stated upon reliable authority that W. M. Goodwin Jr., of Fairmont, and J. M. Foster, of Morgantown have disposed of a 10,000 acre tract lying in Marion and Taylor counties. Parkersburg.-The first regular meeting of the West Virginia's Wom en's Defense League. an auxiliary of the State Council of Defense, was held here during the past week. Mrs. J. G Cochran, of Parkersburg president of the West Virginia Federation of Wom en's Clubs, is chairman of the Wom. en's Committee of the Council of De. fense and head of the Women's Defense League Wheeling The first detachment of the 900 guardsmen of the First West at on have Virginia Wheeling regiment Island, Fort Henry begun camp, their nine-day vacations. A number of re. cruits will be permitted to take their

10. June 28, 1917 The Calhoun Chronicle Grantsville, WV
Article from The Calhoun Chronicle, June 28, 1917

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Fairmont.-The depositors of the Citizens' Dollar Savings Bank, which institution failed a few years ago, will within the next few weeks receive a dividend of fifty per cent of their deposits. according to a statement made by Harvey Shain. receiver of the bank. The bank building has been sold to a syndicate.

11. December 3, 1917 The West Virginian Fairmont, WV
Article from The West Virginian, December 3, 1917

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# TO RE-HEAR BIG # JUDGMENT CASE Smith-Race Grocery Action Goes to the Supreme Court. Supreme court of appeals at Charleston will re-hear the facts in the action of Eugene C. Frame and E. F. Hartley, trustees of the Smith-Race Grocery Company, a corporation, vs. Harvey Shain, receiver of the Citizens' Dollar Savings Bank, of Fairmont. The case was heard on March 30 last in the circuit court of Marion county and the court entered a judgment in favor of the trustees against the bank for $125,017.59. The bank, through its counsel, Attorneys Frank C. Haymond and Harry Shaw, on November 19, applied to the Supreme Court of Appeals, for an appeal and supersedeas. This morning the attorneys for the bank received word that the writ was allowed and a re-hearing would be held in January.