Farmers and Drovers NB, Waynesburg, PA (Charter 839)

Photo of The Farmers and Drovers National Bank of Waynesburg, Pennsylvania, ca1900s. Courtesy of Jerry Dzara

Farmers and Drovers NB, Waynesburg, PA (Chartered 1865 - Receivership 1906)

Town History

Farmers and Drovers Bank of Waynesburg, Haxby PA-695, $5 note signed by Jesse Lazear, Cashier and Jesse Hook, President, dated May 7, 1858 Ex: Eric P. Newman. A hay wagon vignette is at top center and a gray FIVE protector is across the bottom. Courtesy of Heritage Auctions, www.ha.com

Waynesburg is a borough in and the county seat of Greene County, Pennsylvania, located about 50 miles south of Pittsburgh. Its population was 4,176 at the 2010 census. In 1900 the population was 2,544 and it peaked in 1950 at 5,514.

The region around Waynesburg is underlaid with several layers of coking coal, including the Pittsburgh No. 8 seam, the Waynesburg seam, and the Sewickley (Mapletown) seam. The area is also rich with coalbed methane, which is being developed from the underlying Marcellus Shale, the largest domestic natural gas reserve. Early in the 20th century, four large gas compressing stations and a steam shovel factory were located in Waynesburg.

Waynesburg is named for General "Mad" Anthony Wayne, one of the top lieutenants of George Washington during the Revolutionary War (1776–81). In 1796, the Pennsylvania General Assembly passed legislation to create Greene County, dividing Washington County into two parts with the lower part becoming Greene County. Part of the legislation required a city to take the county seat for the section of land. They chose Waynesburg as the place for the county seat because it was in the center of the county. Thomas Slater owned the land which is now Waynesburg. The borough is the location of Waynesburg University, and it is served by the Greene County Airport.

Waynesburg had seven National Banks chartered during the Bank Note Era, and all seven of those banks issued National Bank Notes.

Bank History

Organized Jan 30, 1865
Chartered Feb 25, 1865
Succeeded Farmers and Drovers Bank
Receivership Dec 12, 1906

On Monday, November 16, 1857, the stockholders of the Farmers' and Drovers' Bank of Waynesburg met and selected the following Board of Directors: Jesse Hook, Daniel Boner, John Phelan, John C. Flenniken, Wm. T.E. Webb, Wm. E. Minor, Jonas Ely, Aaron Shelby, Alfred Myers, William Armstrong, Joseph Sedgwick, Paul Ray, and Alfred Frost.

In February 1906, Mr. E.M. Sayers resigned as president.

In a letter to the editor written in May 1906, G.W.D. remarked in that selection of a candidate for the Governorship by the Republican party ought to consider a man who had the least to do with the Legislature of two years ago. And in view of all the political chicanery playing the devil with Pennsylvania politics, a proper candidate was needed who would draw all factions together. One who was elected from the Fortieth Senatorial district, the Gibraltar of the rock-ribbed section of Democracy, by a nearly unanimous vote to the Senate where he was elected president pro temp, practically on sight. The Hon. Daniel S. Walton of Greene County was such a clear headed, clean man and true Republican, always in for a square deal. In addition to his law practice, he was president of the Farmers and Drovers National Bank of Waynesburg, one of the oldest and most substantial financial institutions of the state.

On December 11, 1906, the doors of the Farmers and Drovers National Bank were closed by order of Comptroller of the Currency, Ridgway. National Bank Examiner John B. Cunningham was appointed receiver. The assets and liabilities were $2,367,474. A statement issued by the comptroller of the currency stated that the bank had been in unsatisfactory condition for some time and that its lawful money reserve was continuously deficient, notwithstanding repeated admonitions and an official notice to make it good. The books and sworn reports of condition were found by the examiner to be so falsified as to be wholly unreliable. Its checks and drafts had been dishonored and the general condition of the bank was such as to warrant an assumption of insolvency and to justify the comptroller closing its doors pending a thorough examination.

Edwin Sydney Stuart, a Philadelphia Republican, secured the party's nomination and was elected Governor, taking office January 15, 1907. Hon. Daniel S. Walton served one more term for a total of 7 terms in the Pennsylvania Senate.

On January 15, 1909, word of the conviction of J.B.F. Rinehart in the United States Court at Pittsburgh was received in Waynesburg with mixed feeling of elation and regret. Rinehart, former cashier and vice president, was sentenced to 15 years in the penitentiary for wrecking the Farmers and Drovers National Bank. Many would declare Rinehart had been made the scapegoat for numerous others, almost equally guilty, but now beyond the reach of the law. Attorneys J.W. Ray and A.F. Silveus who assisted in the defense of Rinehart returned to Waynesburg. They both stated it was a plain case and the stood little chance of saving the accused. They said there would be no more criminal trials in connection with the bank failure, but that a sufficient number of civil suits were pending to result in practically endless litigation, requiring at least 15 years to try all.

Official Bank Title(s)

1: The Farmers and Drovers National Bank of Waynesburg, PA

Bank Note Types Issued

Original series $1 bank note with pen signatures of D. Crawford, Cashier and C.A. Black, President. Courtesy of Heritage Auctions, www.ha.com

A total of $966,200 in National Bank Notes was issued by this bank between 1865 and 1906. This consisted of a total of 68,904 notes (68,904 large size and No small size notes).

This bank issued the following Types and Denominations of bank notes:

Series/Type	Sheet/Denoms	Serial#s	Sheet Comments
Original Series	3x1-2	1 - 1000
Original Series	4x5	1 - 1950
Original Series	3x10-20	1 - 2260
Series 1875	4x5	1 - 350
Series 1875	3x10-20	1 - 1880
Series 1875	50-100	1 - 594
1882 Brown Back	3x10-20	1 - 6486
1882 Brown Back	50-100	1 - 1498
1902 Red Seal	4x5	1 - 1420
1902 Red Seal	3x10-20	1 - 834

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1865 - 1906):

Presidents:

Cashiers:

Other Bank Note Signers

There are currently no known Vice President or Assistant Cashier bank note signers for this bank.

Wiki Links

Sources

Waynesburg, PA, Wikipedia, https://en.wikipedia.org/wiki/Waynesburg,_Pennsylvania
Don C. Kelly, National Bank Notes, A Guide with Prices. 6th Edition (Oxford, OH: The Paper Money Institute, 2008).
Dean Oakes and John Hickman, Standard Catalog of National Bank Notes. 2nd Edition (Iola, WI: Krause Publications, 1990).
Banks & Bankers Historical Database (1782-1935), https://spmc.org/bank-note-history-project
Pittsburgh Daily Post, Pittsburgh, PA, Fri., Nov. 20, 1857.
The Daily Notes, Canonsburg, PA, Wed., Dec. 12, 1906.
Intelligencer Journal, Lancaster, PA, Wed., Dec. 12, 1906.
Pittsburgh Daily Post, Pittsburgh, PA, Sat., Jan. 16, 1909.