gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
88d920e07dc26bcc
Response Measures
Full suspension, Books examined
Other: Receiver appointed after closure; stockholder assessments levied later (post-failure)
Receivership Details
Depositor recovery rate
65.0%
Date receivership started
1908-10-13
Date receivership terminated
1917-10-31
OCC cause of failure
Fraud
Share of assets assessed as good
67.2%
Share of assets assessed as doubtful
23.3%
Share of assets assessed as worthless
9.5%
Description
Closure followed suspicion and revealed large cashier defalcations; receiver appointed and bank remained defunct.
Events (7)
1.October 29, 1890Chartered
Source
historical_nic
2.October 12, 1908Run
Cause
Bank Specific Adverse Info
Cause Details
Suspicion of forgery/defalcation by cashier J. W. Scriber after a suspicious $2,000 note surfaced; some deposits withdrawn and fear of run.
Measures
Cashier Scriber ordered the bank closed to forestall a run.
Newspaper Excerpt
The refusal of the bank to open its doors this morning was due to the fear of a run caused by a general suspicion that has been aroused as to the honesty of the bank's cashier, J. W. Scriber.
Source
newspapers
3.October 12, 1908Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed due to alleged defalcations and suspicion surrounding the cashier; feared run prompted refusal to open.
Newspaper Excerpt
This morning the Farmers' & Traders' National bank of this city failed to open its doors
Source
newspapers
4.October 13, 1908Receivership
Source
historical_nic
5.October 13, 1908Receivership
Newspaper Excerpt
It is the general opinion in La Grande that a receiver will be appointed to take charge of the bank's affairs.
Source
newspapers
6.October 21, 1908Receivership
Newspaper Excerpt
Claude Gatch, national bank examiner, has been appointed receiver of the Farmers and Traders' bank, which closed its doors some time ago, due to the alleged defalcations of Cashier Scriber.
Source
newspapers
7.January 28, 1909Other
Newspaper Excerpt
There is money enough now on hand in the receiver's charge to pay 40 per cent dividend to depositors in the suspended Farmers' & Traders Bank, of this city.
Source
newspapers
Newspaper Articles (21)
1.October 12, 1908East Oregonian : E.OPendleton, OR
Click image to open full size in new tab
Article Text
La Grande, Ore., Oct. 12.-(Special.)-This morning the Farmers' & Traders' National bank of this city failed to open its doors and a bank examiner will be here tomorrow to inquire into the condition of its affairs. The refusal of the bank to open its doors this morning was due to the fear of a run caused by a general suspicion that has been aroused as to the honesty of the bank's cashier, J. W. Scriber. Forgery Is Suspected. Last Friday N. K. West, a prominent merchant of this city, received notice from the First National bank at Elgin informing him that they held a note "signed by him for $2000 and in favor of the Farmers' & Traders' national. Knowing he had never issued such a note, Mr. West called upon Scriber to explain. He was then informed by Scriber that the affair would be attended to and for him, West, to think no more about it. Auto Race to Elgin. However, Mr. West was not satisfied and securing an auto started for Elgin to investigate. At the same time Scriber also started out by auto for Elgin in hopes of beating West to that place. On the way to Elgin West's auto collided with a buggy and as a result Scriber beat him to Elgin by half an hour. Reaching the bank Scriber secured the note and the Elgin bankers are now non-committal regarding the matter. Suspicion Causes Run. Saturday the news of West's experience became known in La Grande and suspicion became aroused as to the safety of Scriber's bank. Some deposits were withdrawn Saturday, but not enough to affect the bank seriously. However, it was feared a run would occur today and in consequence Scriber ordered the bank closed today. Today Scriber is reported to be suffering from nervous prostration and is ill at his home. However, in an interview with the La Grande Observer, he declared he would use all his private means to protect the bank's depositors and furthermore declared that the bank has ample means to pay off every depositor at full face. Bank Is Solvent. The last statement issued by the bank September 23, showed the bank to be solvent. At that time the deposits amounted to $190,000 and the notes and securities to $161,000. Cash amounting to $50,000 was then on hand or available. It is the general opinion in La Grande that a reciver will be appointed to take charge of the bank's V affairs. However, it is not believed the depositors will suffer at all undess further irregularities are discovered. La Grande's other banks, of which there are two, are in stronger condiG tions than at any time in the past. No fears whatever are entertained d for their safety. h
2.October 12, 1908East Oregonian : E.OPendleton, OR
Click image to open full size in new tab
Article Text
LA GRANDE BANK FAILS TO OPEN Suspicion as to Honesty of Bank's Cashier Causes Run and Doors Are Closed. SENSATIONAL AUTO RACE FIGURES IN TRANSACTIO J. W. Scriber, Cashier of Farmers' and Traders' Bank, Suspected of Forging a Large Note-Race to Elgin for Possession of Note Results in Smashup-News of Peculiar Transaction Leaks Out and Run Ensues.
3.October 15, 1908Heppner GazetteHeppner, OR
Click image to open full size in new tab
Article Text
NO. 1429 LA GRAND BANK IN TROUBLE f Suspicion as to Honesty of Cashier. -Monday morning the Farmers' & Traders' National bank of La t Grande, failed to open its doors. The refusal of the bank to open its doors was due to the fear of a run caused by & general euspicion that has been aroused as to the honesty of the bank's cashier, J. W. Scriber. Last Friday N. K. West, a prominent merchant of La Grande, received notice from the First National bank of Elgin informing him that they held a note signed by him for $2000 and in favor of the Farmers' and Traders' national. Knowing he had never issued such a note, Mr. West called upon Scriber to explain. He was then informed by Scriber that the affair would be attended to and for him. West, to think no more about it. However, Mr. West was not satisfied and securing an auto started for Elgin to investigate. At the same time Scriber also started out by auto for Elgin in hopes of beating West to that place. On the way to Elgin West's auto collided with a buggy and as a result Scriber beat him to Elgin by half an hour. Reaching the bank Scriber secured the note and the Elgin bankers now non-committal regarding the matter. Saturday the news of West's exexperience became known in La Grande and suspicion became aroused as to the safety of Scriber's bank. Some deposits were withdrawn Saturday, but not enough to affect the bank seriously. Scriber is reported to be suffering from nervous prostration and is ill at bis home. However, in an interview with the La Grande Observer, he declared he weuld use all his private means to protect the bank's depositors and furthermore declared that the bank has ample means to pay off every depositor full face. The last statement issued by the bank September 23. showed the bank to be solvent. It is the general opinion in La Grande that a receiver will be appointed to take charge of the bank's affairs. However, it is not believed the depositors will suffer at all unless further irregularities are discovered. La Grande's other banks, of which there aretwo, are in stronger conditions than at any time in the past. No fears whatever are entertained for their safety.
4.October 21, 1908Lewiston Evening TellerLewiston, ID
Click image to open full size in new tab
Article Text
Gatch LaGrande Bank Receiver.La Grande, Ore.-Claude Gatch, national bank examiner, has been appointed receiver of the Farmers and Traders' bank, which closed its dors some time ago, due to the alleged defalcations of Cashier Scriber. He has aลked the department at Washington that another be appointed in his stead, as me = roo busy to devote more attention than his omcial duties call for.
5.October 22, 1908The News=recordEnterprise, OR
Click image to open full size in new tab
Article Text
With guaranteed bank deposits, the Farmers and Traders bank at La Grande would not have closed its loors, there would have been no run on the bank as the depositors would have had no fear of receiving their noney. The expenses of a receiver ship would have been avoided and very expensive litigation of various kinds. And above all, there would iave been an inspection that inspected, and the stealing of Scriber would have been stopped years ago.
6.October 27, 1908The Evening StatesmanWalla Walla, WA
Click image to open full size in new tab
Article Text
Scriber Made a Good Haul LA GRANDE, Oct. 27.-The fact has just become known that the total defalcations of J. W. Scriber, cashier of the suspended Farmers and Traders' National bank will reach approximately $125,000. It was thought at first they would not exceed one-third that amount. It is reported now that the depositors can not get more than 20 cents on the dollar. Receiver Nieder, recently appointed, will take charge immediately. It is reported today. that the night before the first exposure Scriber burned $70,000 in notes which he believed were bad. In his haste in covering his tracks, he also burned good notes valued at $20,000. it is said.
7.October 27, 1908The Spokane PressSpokane, WA
Click image to open full size in new tab
Article Text
$120,000 SHORTAGE Scriber's Defalcation Has Reached Enormous Figures. LA GRANDE, Ore., Oct. 27.-The fact has just become known that the total defalcations of J. W. Scriber, cashier of the suspended Farmers & Traders' National bank, will reach approximately $120,000. It was thought at first that his shortage would not exceed a third of that amount. Now depositors will not get more than 20 cents on the dollar. Receiver Neider reported today that the night before the first exposure Scriber burned $70,000 in notes which he believed bad. In his haste to cover his tracks he also burned good notes valued at $20,000; it is said.
8.October 27, 1908The Seattle StarSeattle, WA
Click image to open full size in new tab
Article Text
CASHIER SHORT $120,000 (By United Press.) LA GRANDE Ore, Oct. 27.-The starting fact became known today that the total defalcations of J. W. Scriber, cashier of the suspended Farmers' and Traders' National bank, located here, will reach approximately $130,000. When the bank closed two weeks ngo, it was thought they would not exceed onethird of that amount. Following this announcement came expressions of fear on the part of depositors that they will not recelve more than 20 cents on the dollar, if they get that much. Receivor Nelder will take charge of the institution at once. Scriber's alleged defalcations are varied and Innumerable, ramifying from forgeries to other shrewd methods of embezzlement. He is said to have used certificates of deposit, previously and consecutively numbered, that were far beyond regular numbers,
9.October 28, 1908The Wenatchee Daily WorldWenatchee, WA
Click image to open full size in new tab
Article Text
ARRESTED ON NEW CHARGES (Special to the World.) La Grande, Oregon, October 28.The United States marshal arrived tonight to arrest the defaulting cashier of the suspended Farmers & Traders' National bank on additional charges. It is known that the shortage will be considerably over $100,000. Bank Examiner Wilson will finish his work tonight and the bank will be turned over to receiver Neiker tomorrow. Mrs. T. N. Murphy, who is rumored to be engaged to him, has $12,000 up on Scribner's bond, and it is said that he told her to take her money out a week before the crash.
10.October 28, 1908The Spokane PressSpokane, WA
Click image to open full size in new tab
Article Text
SCRIBER ARRESTED AGAIN LA GRANDE, Ore., Oct. 28.-J. W. Scriber the defaulting cashier of the suspended Farmers & Traders' National bank was arrested again yesterday on another charge placed against him by O. F. Coolidge one of Scriber's bondsmen. He was immediately arraigned and was allowed further time to plead. He gave additional bonds of $5,000 for his release.
11.November 13, 1908The Athena PressAthena, OR
Click image to open full size in new tab
Article Text
Scriber Gives Bonds. J. W. Scriber, formerly cashier of the wrecked Farmers' and Traders' bank of La Grande, Ore., was released from custody on bonds amounting to $40,000 provided by friends and relatives. In connection with bis release it has been given out upon what is regarded as reliable authority that several conferences have been held by Scriber's relatives and friends in view of making good the entire indebtedness of the ex-banker. It is also rumored that be will plead guilty when arraigned.
12.November 26, 1908The Spokane PressSpokane, WA
Click image to open full size in new tab
Article Text
OWNERS OF DEFUNCT TO BE ASSESSED LA GRANDE, Ore., Nov. 26.Receiver Walter Neidner of the defunct Farmers' & Traders' National bank, will notify stockholders of the suspended institution during the next week that an assessment of 100 per cent will be levied on all stock. The $60,000 capital stock will be used to defray exxpenses of the receivership and apply on the repayment of the depositors. Only Scriber, the bankrupt cashier of the defunct bank, cannot meet the assessments.
13.December 22, 1908East Oregonian : E.OPendleton, OR
Click image to open full size in new tab
Article Text
DEFUNCT BANK OWNERS PAY HEAVY ASSESSMENT La Grande, Ore., Dec. 22.-Walter Nicner receiver of the defunct Traders & Farmers National Bank has received $12,750, of which $6000 was contributed by George Ackles, as a payment on a hundred per cent assessment levied on stockholders.
14.December 22, 1908The Evening StatesmanWalla Walla, WA
Click image to open full size in new tab
Article Text
Stockholders Are Paying Up LA GRANDE, Ore., Dec. 22.-Walter Niedner, receiver of the defunct Traders & Farmers' National bank, has received $12,750, of which $6000 was contributed alone by George Ackles, as payment on a hundred per cent assessment levied on stockholders.
15.December 23, 1908The Spokane PressSpokane, WA
Click image to open full size in new tab
Article Text
ASSESS OWNERS 100 PER CENT I LA GRANDE, Ore., Dec. 23.Walter Niedner, receiver of the defunct Farmers' and Traders' National bank, received $12,750, of which $6,000 had been contributed alone by George Ackles, as payment on the 100 per cent assessment levied on the stockholders.
16.January 28, 1909The Hood River GlacierHood River, OR
Click image to open full size in new tab
Article Text
Bank to Pay 40 Per Cent. La Grande - There is money enough now on hand in the receiver's charge to pay 40 per cent dividend to depositors in the suspended Farmers' & Traders Bank, of this eley. This dividend will be paid early in March. City Treasurer Wright has received a communication from Washington saying his claim as treasurer for the city is no better than individual deposits. In all, there were $3382 of city fund in the bank. Mr. Wright states that he will make full payment to the city when the first dividend is paid. The county treasurer, sheriff and city treasurer have a total of $15,000 to repay because of the bank failure. This requirement will leave County Treasurer John Frawley practically penniless.
17.March 3, 1909East Oregonian : E.OPendleton, OR
Click image to open full size in new tab
Article Text
Bank Dividend Delayed. La Grande, Ore.-Because the comptroller of the currency has advised the receiver to withhold issuance of dividends until after March 19, when the third installment of assessments on stockholders is due, there were no dividends today as planned originally by the receiver of the Farmers & Traders National bank. There are funds now on hand to pay 40 per cent dividends, but by March 19 there will be enough for 45 per cent payments.
18.April 1, 1909Heppner GazetteHeppner, OR
Click image to open full size in new tab
Article Text
First Dividend. La Grande Bank. La Grande-Schedules and pro rate dividends to be issued by the receiver of the Farmers and Traders' bank will soon be speeding toward Washington, to be converted into checks on the receivership. The amount of the first dividend will be 40 per cent, as new claims have appeared against the bank and cannot be settled except by the courts.
19.June 30, 1909The Spokane PressSpokane, WA
Click image to open full size in new tab
Article Text
GAVE BANK THE NOTE AS ACCOMMODATION (By United Press) PORTLAND, June 30.-The trial of the case of Walter Neider, receiver of the Farmers & Traders' National bank of LaGrande, against Asa B. Thompson for the collection of a note given the bank is in progress here and is being heard without a jury. Thompson in defense alleges that the note was accommodation paper and was without valuable consideration.
20.December 31, 1909East Oregonian : E.OPendleton, OR
Click image to open full size in new tab
Article Text
DEPOSITORS LEAVE MONEY UNTOUCHED La Grande, Ore.-La Grande doesn't appreciate good cash. Approximately $20,000 in dividend money lies in the vaults of the receiver's office of the Farmers' & Traders' National bank, awaiting calls from the owners. Receiver Niedner hoped to give the depositors a liberal Christmas. present of a 10 per cent dividend, but the depositors don't need the money right now.
21.February 13, 1912East Oregonian : E.OPendleton, OR
Click image to open full size in new tab
Article Text
LA GRANDE DEPOSITORS TO GET ANOTHER DIVIDEND La Grande, Ore.-Depositors in the defunct Farmers & Traders National Bank will receive a third dividend of 10 per cent within the next ten days, according to a letter from the receiver to F. L. Meyers, cashier of the La Grande National Bank. As soon as the Comptroller of the Currency
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
