Farmers & Drovers Bank (Waynesburg, PA)

Episode Information

Episode UID
5911512791080
Episode Type
Run Only
Bank Type
state
Bank ID
591151279 hash
Start Date
December 2, 1889
Location
Waynesburg, Pennsylvania (39.896, -80.179)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
47d54f64359a2300

Response Measures

None

Description

Bank experienced runs but met demands and continued operations with new officers.

Events (2)

1. December 2, 1889 Run
Cause
Bank Specific Adverse Info
Cause Details
Assignments/failures of local businessmen and involvement of bank officers (cashier and acting president) triggered withdrawals.
Measures
Met all demands, signed and paid out notes (~$15,000), appointed new officers and fortified funds.
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
2. December 3, 1889 Run
Cause
Bank Specific Adverse Info
Cause Details
Same local assignments/failed associates prompted a smaller subsequent run.
Measures
Bank continued to meet withdrawals; credit unaffected.
Newspaper Excerpt
A small run was made on the bank, but it did not in any way affect its credit.
Source
newspapers

Newspaper Articles (2)

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.