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NATIONAL BANK CLOSED. Washington, Dec. 12.-The Farmers & Drovers' National bank of Waynesburg, Pa., was closed today by the controller of the currency, and Examiner John B. Cunningham has been appointed receiver. The assets and liabilities are $2,367,474.
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NATIONAL BANK CLOSED. Receiver for Farmers' and Drovers' Bank at Waynesburg, Pa. Washington, Dec. 12.-The Farmers' and Drovers' National Bank of Waynesburg, Pa., was closed today by the direction of the comptroller of the currency. National Bank Examiner Cunningham has appointed a receiver The assets and liabilities are $2,368,000.
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NATIONAL BANK CLOSED. Management Charged With Greatest Irregularities. Washington, Dec. 12.-The Farmers' and Drovers' National bank of Waynesburg, Pa., was closed today by order of the comptroller of the currency and John B. Cunningham was appointed receiver. The bank is charged with the greatest irregularities. Assets and liabilities each are $2,367,474.61.
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Another Bank Failure. WASHINGTON, Dec. 12-The Farmers & Drovers' National bank, of Waynesburg, Pa., was closed today by order of the comptroller of the Currency, and John B. Cunningham was appointed receiver. The bank is charged with the greatest Irregularities. Assets and liabilities each $2,367,474.61.
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BANK IS CLOSED. Aged Institution of Waynesburg. Pa., in Hands of Receiver. Washington, Dec. 12.-The Farmers and Drovers' National Bank of Waynesburg, Pt, was closed today by direc. tion of the Comptroller of the Currency and National Bank Examiner John B. Cunningham has been appointed receiver and the assets and liabilities are $2,367,474. A statement issued by the Comptroller of the currency says that the bank has been in an unsatisfactory condition for some time/ and that its lawful money reserve has been continuously deficient, notwithstanding repeated admonitions and an official notice to make it good. Waynesburg, Pa., Dec. 12.-The Farmers and Drovers' National Bank, which was closed today by the Comptroller of the Currency, is said to be the oldest national bank west of the Allegheny mountains. It is backed by wealthy men and the Comptroller's order occasioned no excitement.
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Bank Is Closed by Examiner. WASHINGTON, D. C., Dec. 13.-The Farmers' and Drovers' National bank of Waynesburg, Pa., was closed today by order of the comptroller of the currency and John B. Cunningham was appointed receiver. The bank is charged with the greatest irregularities. Its assets and liabilities are each $2,367,474.61.
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CLOSED BY CONTROLLER. Bank at if Taynesburg, Penn., in an Unsatisfactory Condition. Washington. Dec. 12 e-The Farmers and Drovers' National Bank of Waynesburg, P 1. was closed to-day by direction of the Controller of the Currency, and John B. Cunningham, national bank examiner. has been appointed receiver. The assets and liabilities are $2,367,474. A statement issued by the Controller of the Currency says that the bank has been in an unsatisfactory condition for some time and that its lawful money reserve has been continuously deficient, notwithstanding repeated admonitions and an official notice to make it good The statement says: Its liabilities for rediscounts have largely exceeded the amount of its capital stock, in violation of law and in disregard of the Controller's repeated instructions to reduce such liabilities to lawful limits The examiner has discovered that these rediscounts are several hundred thousand dollars greater than the amount shown by its books and reports to the Controller. The books and sworn reports of condition have been found by the examiner to be so falsified as to be wholly unreliable. Its checks and drafts have been recently dishonored, and the general condition of the bank is such as to warrant an assumption of insolvency and to justify the Controller in closing its doors, pending a thorough examination into its affairs as the only means of determining its liabilities and true condition. Waynesburg Penn., Dec 12.-The Farmers and Drovers' National Bank, which was closed to-day, is said to be the oldest national bank west of Alleghany Mountains. It was backed by the wealthiest men of Greene County, and chiefly for this reason the Controller's order occasioned no excitement
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National Bank Closed. Washington.-The Farmers' and Drovers' National bank of Waynesburg, Pa., was closed Wednesday by direction of the comptroller of the currency and Bank Examiner J. B. Cunningham has been appointed receiver
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WARRANTS OUT FOR BANKERS. Waynesburg Financiers with Political Ambitions to Be Arrested. Pittsburg, Dec. 16.-Warrants were issued here to-night for certain officials of the failed Farmers and Drovers' National Bank of Waynesburg, the oldest national bank west of the Allegheny Mountains, and to-morrow a United States deputy marshal will go to Waynesburg to serve them. It is said at least two, and probably more, bank officials will be arrested for juggling the money of the bank. It is said that the shortage will run from $400,000 to $700,000. The bank became involved in the last two political campaigns. D. S. Walton, the president, aspired to the senate, and was elected at the last election, while J. B. Rhinehart, the vice president and cashier, has long been desirious of becoming the Republican county leader. It is said that the bank spent $150,000 in the fight for State treasurer.
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Failure of Waynesburg Pa., Bank Puts Business at Standstill. STORES MAY CLOSE THEIR DOORS Cashier of the Suspended Bank, is However, Said to Be Wealthy Enough to Pay All Depositors Who Had Money in Bank. (By Associated Press.) WAYNESBURG, PA., Dec. 17.With the closing of the Farmers and Drovers' National Bank last Wednesday, the arrest at Harrisburg 01 Cashier J. B. F. Rinehart, charged with making false reports to the comptroller of the currency, and the discovery of an alleged*dis crepancy amounting to $950,000, business in this city is almost at a stand still. Many merchants sold scarcely a dollar's worth of goods today and some contemplate closing their stores until the bank difficulty has been adjusted. Hundreds of men women and children in Waynesburg, and the surrounding region had their money deposited in the Farmers sult and of Drivers' their iniability bank, and to as get a re- at their savings the holiday season promises to be a sorry one. To secure trade and show their confidence in the situation several merchanth today displayed notices in their windows that checks on Drovers bank of the be accepted Farmers and in payment holiday would goods. It is feared that a shortage of cash will cause further business depression. Rinehart returned to Waynesburg from Pittsburg tonight and was met by several of the bank officials, \ had a was out that there it whom he given conference. was Later no reason for depositors to be alarmed as Rinehart's personal assets were sufficient to cover any amount might have to be made good. It estimated here that he is worth; considerably over $1,000 000.
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DISCREPANCIES AMOUNTING TO $950,000 IN ACCOUNTS OF SUSPENDED BANK. FEDERAL OFFICIAL MAKES CHARGE FALSE REPORTS REGARDING CON. DITION OF WAYNESBURG (PA.) INSTITUTION. Pittsburg, Dec. 18.-In the information made by National Bank Examiner John B. Cunningham against Cashier J. H. F. Rinehart of the Farmers and' Drovers' National bank of Waynesburg, which was closed by order of the comptroller of the currency last Wednesday, discrepancies amounting to $950,000 are alleged. The cashier is charged upon eight counts with "unlawfully and knowingly making false entries in a report of the official condition of the bank made to the comptroller as required by law." Two reports are appended to the information, which were furnished in pursuance to a request of the comptroller. One of these purports to give the condition of the bank on April 6, 1906, and was signed by J. H. F. Rinehart. cashier, and Samuel Hervey, James Inghran and D. S. Walton, directors. It was sworn to upon April 11 before a notary public. The other report, giving the condition of the bank June 18, 1906, was signed and sworn to on June 22. Examiner Cunningham alleges that false entries of overdrafts were made, "notes and bills rediscounted" reported at $80,000, when they amounted to $600,000, and $118,688.35 charged as coming from approved agents when, in fact, only $10,000 was due. During the afternoon Cashier Rinehart called upon United States Commissioner W. T. Lindsay and waived a hearing for court. He furnished bail in the sum of $10,000.
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Bank Closed by Controller. The Farmers' and Drovers' National Bank, of Waynesburg, Pa., was closed by direction of the Controller of the Currency, and John B. Cunningham, National Bank Examiner, has been appointed receiver. The assets and liabilities are $2,367,474.
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DEPOSITS ARE MISSING. Lincoln Bank Failure at Chicago a Secret Because Owner Refuses to Talk. CHICAGO, Ill., Dec. 18.-Judge Landis of the United States district court today granted the petition of the receiver appointed yesterday for the Lincoln bank at Morton Park, of which William J. Atkinson was the proprietor. for an examination of Atkinson with a view to locating the assets of the institution. The attorneys for the receivers says only $350 in cash has been found in the bank although it is known that much more than this had been deposited Saturday. Atkinson refused to make any statements. Others estimate the deposits at about $90,000, all made by poor people. PITTSBURG, Pa., Dec. 18.-National Bank Examiner Cunningham, who is investigating the defunct Farmers and Drovers' National bank of Waynesbur;, Pa., says the minute book of the institution is missing and that it was "lost, strayed or stolen." It contains the names of the bondsmen. He added that the further he went into the bank's affairs the worse he found them.
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NEWS FROM WASHINGTON. The United States armored cruiser Montana was successfully launched at the Newport News (Va.) shipyard Saturday in the presence of a large number of people. The vessel was christened by Miss Minnie Conrad, daughter of W. G. Conrad of Montana. The president has sent a special message to congress treating solely of Porto Rican affairs. He recommends full American citizenship for residents of the island, but would not grant them complete self-government at present. President Roosevelt has announced his intention to withdraw his simplified spelling order to the public printer and hereafter all documents from the executive departments will again be printed in the old fashioned style. President Roosevelt has announced his intention of taking vigorous steps to put a stop to the movement which has seemed to be dragging him against his will into another race as leader of the Republican party. The Farmers and Drovers' National bank of Waynesburg, Pa., has been closed by direction of the comptroller of the currency. The assets and liabilities are $2,367,474. Secretary Shaw has announced that he will deposit $10,000,000 in depository banks and that he will buy $10,000,000 in bends of 1907.
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WAYNESBURG'S WRECKED BANK. Net Liabilities May Reach $1,500,000 -Forged Notes Among the Assets. PITTSBURG, Dec. 29.-There were more sensational developments at Waynesburg to-day in connection with the failure of the Farmers and Drovers' National Bank, among which was the appointment of a receiver for Rinehart's tin plate mill, which is known under the name of the W. H. Griffiths Company. To-day it was authoritatively asserted that rediscounted notes, for which the farmers and drovers' bank at Waynesburg is liable, now amount to $1,250,000, of which it is positively asserted that $500,000 worth are forgeries. From all indications the liabilities of the bank will be $1,500,000 in excess of the assets. The name of Barney Grossman, a clothier of Waynesburg and an intimate friend of Cashier Rinehart, is signed to notes for $350,000, and he denies that all the signatures are genuine. Many notes, the signatures of which have been verified, are worthless, the signer at no time having sufficient funds to meet the paper. Judge Holt made Sheriff John J. Koebert permanent receiver for Rueben H. Goldberg & Co. to-day. Attorney Trimble, representing Examiner Cunningham, declared that Goldberg was indebted to the bank to the extent of $44,000 on notes and that Rinehart was a partner in the firm. Judge Holt also appointed Harry B. George temporary receiver for the W. E. Griffiths Company, tin plate manufacturers of Waynesburg, of which Rinehart is the largest stockholder. The company owes the bank $82,000. Its plant cost $25,000 and it has outstanding bills to the amount of $12,000.
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BRIBE FOR U. S. OFFICIAL TO QUIT BANK EXPOSE? Rinehart Said to Have Offered Exam. iner Cunningham Presidency at $10,000 a Year. Waynesburg, Pa., Jan. 3.-The latest sensation in the affairs of the suspended Farmers' & Drovers' National bank was the announcement that a few days after the bank was closed J. B. F. Rinehart, its ruling spirit, of fered John B. Cunningham, federal examiner, the presidency at $10,000 a year, Rinehart to be restored as cashier and vice president. Rinehart, it is said, told Cunningham that if he would let up on the exposures affairs could be smoothed over quietly and business resumed again within a week. One thing that precipitated the trouble in the bank was the recent reduction of the state's deposit from $125,000 to $75,000. Bank officials expected an increase. A steel lock box in the vaults of the bank is causing speculation. Rinehart refuses to open it. even at the request of Receiver Cunningham, who threatened to break into it. It is said to contain insurance policies for $200,000.
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BUSINESS FAILURES Jan. 14-Parsons, Snyder & Co., Cleveland, O.; liabilities, $150,000. 18-G. S. McReynolds & Co., Chicago; liabilities, $400.000. Feb. 8.-Boliver County Bank, Cleveland, Miss.; liabilities, $110.000; assets, $130,000. 15-Bank of America, Chicago, placed in receiver's hands. 26-Cash Buyers' Union, Chicago, placed in receiver's hands Williamson Libbey Lumber Co., Oshkosh, Wis.; liabilities, $500,000. Mar. 1-Southern Bank & Trust Co., Ft. Smith, Ark., owing depositors $80,000. 2-Walsh, president defunct Chicago National bank, arrested on charge of falsifying reports. 27-National Business College, Quincy, Ill., assigns; liabilities, $30,000; assets, $100,000. 29-North Freedom (Wis.) bank closed by examiner. Apr. 2-Teis, Smith & Co., bankers, Pekin, III.; liabilities, $100,000. 24-First National bank, Attalla, Ala., closed by national bank examiner. May 2-Delmont national bank, Delmont, Pa., closed Receiver for American Reserve Bond Co., St. Louis, appointed. 28-Joplin (Mo.) Savings bank closed by state officials. Jun. 18-Farmers' State bank of Clearfield, Ia., closed by state bank examiner. 30-White, Dunham Shoe Co., of Brockton and Boston, failed; liabilities, $400,000. Aug. 6-Milwaukee Ave. State bank, Chicago, closed by state bank examiner; liabilities, $4,000,000. 8-F. E. Coyne, ex-postmaster, Chicago, failed in bakery and luncheon business. 16-Garfield Park bank of Chicago closed as result of collapse of Milwaukee Ave. State bank. 28-Real Estate Trust Co., of Philadelphia, suspends business; liabilities, $7,000,000. Sep. 20-Bates National bank, of Butler, Mo., closed by directors. 29-Private bank at Middleport, O., closed. Nearly all deposits of $115,000 gone. Nov. 15-Bank of Beckwith & Co., at Evanston, Wyo., closed owing to financial troubles. 30-Three banks conducted by C. v. Chandler at Macomb, Colchester and Bardolph, Ill., closed for lack of ready cash. Dec. 1-Bank of Kiowa, I. T., closed on account of slow collections and inability to realize on assets. 12-Farmers' and Drovers' National bank of Waynesburg, Pa., Crosea NJ comptroller of currency. 13-Cummings Commission Co., one of largest brokerage houses in northwest, suspends. 17-Lincoln bank of Morton Park, suburb of Chicago, fails.
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OFFICIAL IS OFFERED BRIBE Penn Bank Official Offers Examiner the Presidency at $10.000 a Year to Quit His Expose. WAYNESBURG, Pa., Jan. 8.-Today's sensation in the affairs of the suspended Farmers and Dovers' National bank was the announcement that a few days after the bank was closed J. B. F. Rinehart, its ruling spirit,offered John B. Cunningham. federal examiner, the presidency at $10,000 a year, Rinehart to be restored as cashier and vice president. Rinehart, it is said. told Cunningham that if he would let up on the exposures affairs could be smoothed over quietly and business resumed again within a week. offer. One thing that precipitated the trouble in the bank was the recent reduction of the state's deposits form $125,000 to $75,000. Bank officials expected an increase. A steel lock box in the vaults of the bank is causiing speculation. Rinehart refuses to open it, even at the request of Receiver Cunningham, who threatened to break into it. It is said to contain insurance policies for $200,000.
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Bank Closed by Controller. The Farmers' and Drovers' Nat nal Bank, of Waynesburg, Pa., was closed by direction of the Controller of he Currency, and John B. Cunninham, National Bank Examiner, has been appointed receiver. The asset and liabilities are $2,367,474. :
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WAYNESBURG, Pa., Sept. 10.The following letter to. the depositors of the defunct Farmers and Drovers National Bank of Waynesburg, with the subjoined agreement for them to detach. sign and return. has been mailed to all the depositors of the institution by Receiver Strawn at the request of the directors: WAYNESBURG. Pa.. Sept. 5, 1907. To the depositors in the Farmers and Drovers National Bank of Waynesburg. Pa.: The earnest effort now being made to reopen the Farmers and Drovers National Bank depends for its success on the bank's getting 3 year or more time to pay its depositors. This bank, like every other bank, has the principal part of its assets in notes, many of which cannot be collected at once. If collection is enforced on a large scale the loss will be great.
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Will be Assessed 100 Per Cent. Washington, Pa., Oct. 28.-Efforts to reopen the Farmers and Drovers' national bank, of Waynesburg, Pa., which failed last December, have been abandoned. This announcement 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 upon all stockholders, which has been ordered by Comptroller of the Currency Ridgeley. W. J. F. Rinehart, whose operations are said to have caused the failure, was indicted in Pittsburg Saturday by the federal grand jury on numerous counts of abstraction and false entries.
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Money For Depositors, Washington. Pa.. Oct. 29.-Receiver John H. Strawn. of the Farmers and Drovers' National bank. of Waynesburg, Pa., will next week begin mailin gto depositors and rediscounters checks for the first payment on their claims. The first payment will be 25 per cont. of all approved claims.
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Directors Asked for Big Sum. Waynesburg, Pa., Feb. 2 .-Receiver Strawn of the defunct Farmers and Drovers' National bank has notified 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 Dec. 12, 1906, and it has been ascertained that the shortage amounts to $1,800,000.
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MUST PAY HUGE SUM. Directors of Failed Bank Called Upon for $1,500,000. Waynesburg, Pa., Feb. 27.-Receiver Strawn of the defunct Farmers and Drovers' National bank has notified the ex-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 December 12, 1906, and it has been ascertained that the shortage amounts to $1,800,000. The directors have been notified by the receiver that should they fail to comply with his request for this large sum proceedings will be taken against them.