Article Text
Value BANK CLOSES ITS DOORS. Washington, Oct. 12.-The comptroller of currency today announced the First National Bank of Mineral Point, Wis., had closed its doors and that John W. Schofield had been appointed receiver.
First National Bank (Mineral Point, WI)
Episode Information
- Episode UID
320301318- Episode Type
- Suspension → Closure
- Bank Type
- national
- Bank ID
-
32030national - Charter Number
- 3203
- Start Date
- October 12, 1909
- Location
- Mineral Point, Wisconsin (42.860, -90.183)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
c66615f5b631d064
Response Measures
None
Receivership Details
- Depositor recovery rate
- 57.0%
- Date receivership started
- 1909-10-12
- Date receivership terminated
- 1918-08-30
- OCC cause of failure
- Fraud
- Share of assets assessed as good
- 42.5%
- Share of assets assessed as doubtful
- 18.3%
- Share of assets assessed as worthless
- 39.1%
Description
Closed by Comptroller after discovery of large forgeries/embezzlement; receiver appointed.
Events (5)
1.
June 10, 1884
Chartered
- Source
- historical_nic
2.
October 12, 1909
Receivership
- Source
- historical_nic
3.
October 12, 1909
Receivership
- Newspaper Excerpt
- The comptroller of currency today announced ... that John W. Schofield had been appointed receiver.
- Source
- newspapers
4.
October 12, 1909
Suspension
- Cause
- Government Action
- Cause Details
- Comptroller ordered closure after bank examiners found large shortages and forged notes (embezzlement) by vice-president Phil Allen Jr.
- Newspaper Excerpt
- The comptroller of currency today announced the First National Bank of Mineral Point, Wis., had closed its doors and that John W. Schofield had been appointed receiver.
- Source
- newspapers
5.
October 18, 1909
Other
- Newspaper Excerpt
- F. E. Hanscom, cashier of the wrecked First National Bank, shot and killed himself last night.
- Source
- newspapers
Newspaper Articles (24)
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Article Text
WISCONSIN BANK FAILS, Washington. Oct. 12.-The comptroller of the currency today announced that the First National bank of Mineral Point, Wis, had closed its doors and that a receiver had been appointed. The bank has a capital of $100,000 and deposits of $505,973.
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National Bank Closes Its Doors. Washington, Oct. 12.-The comptroller of the currency today announced that the first national bank of Mineral Point, Wis., had closed its doors and that a receiver had been appointed. The bank has a capital of $100,000 and deposits of $505,978.
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BANK CLOSES DOORS. Washington. Oct. 12-The comptroller of the currency today announced that the First National bank of Mineral Point, Wis., had closed its doors and that a receiver had been appointed. The bank has a capital of $100,000 and deposits of $505,978.
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BIG BANK SHORTAGE AT MINERAL POINT Vice-President Forged Notes Amounting to $200,000. Was Engaged in Mining SpeculationsSecurities Turned Over to Make Good the Shortage. Mineral Point, Wis., Oct. 11.-A shortage aggregating, according" to President Calvert Spensley, possibly $200,000, has been disclosed in the First National bank in this city. Vice President Phil Allen, Jr., who rests under the imputation of having forged notes to that amount, though no warrant has yet been issued, is reported to be dying at his home here. Late Monday night there was an all night session of the stockholders and directors of the bank, being held in an effort to avoid the closing of the bank on Tuesday. The bank is one of the strongest in southwestern Wisconsin's lead and zinc mining district, and the business men of the three counties are rallying to its support. Stocks and bonds in various corporaations in the district, with a face value equal to the bank's shortage, have been turned over to the bank by Mr. Allen. It is impossible as yet, however, according to President Spensley, to give the value of these securities, and though none of the officials of the bank or President Spensley will make any estimate, it is believed that the securities turned over will not meet the shortage by a large figure, estimated by some at $2000,00. The bank's condition, however, is generally regarded as sound, and National Bank Examiner Woodhouse is doing all in his power to help the directors to pass the crisis. So far there has been no serious run on the bank though there have been rumors for several days of trouble in the accounts. The discovery of errors in the accounts was first made about a week ago, and until that time there was no suspicion of any trouble in the minds of those closest to the bank's books.
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FIRST NATIONAL BANK CLOSED John W. Schofield of Washington Appointed Receiver. SHORT NEARLY $200,000 But the Directors Hope to Pay Depositors Nearly in Full. After an earnest, hard struggle on the part of the directors to keep their doors open, the First National Bank of Mineral Point was on Tuesday morning closed, by order of the comptroller of the currency. Reports of a shortage in securieties were current for several days, but the depositors took the news calmly and there was at no time a regular run on the bank, but on Monday there were a good many heavy withdrawals. As told in press dispatches the story of the bank's difficulties is about as follows: The first word of irregularities in the bank reached the treasury department on October 5, when National Bank Examiner Richard W. Goodhart, who had been making his regular examination of the bank's condition, telegraphed to the comptroller of the currency that he had found some shortage and questionable paper. The first indications were that the loss would reach only $90,000. The figures of the discrepancy then began to grow. Soon the amount was increased by $20,000 and the next and last amount reported to Washington swelled the loss to $128,000. The
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BANK PRESIDENT SHORT Phil Allen, Jr., Reported Dying at Mineral Point, Wis., Fellowing Shortage Expose. Washington, Oct. 13.-The closing of the First National bank of Mineral Point, Wis., was reported to the comptroller of the curracy. The comptroller has appointed John W. Schofield receiver. The assets and liabilities of the bank at the time of the last report to the comptroller were $667,701.74 each. Mineral Point, Wis., Oct. 13.-A shortage aggregating, according to President Calvert Spensley, possibly $200,000, has been disclosed in the First National bank of this city. Vice-President Phil Allen, Jr., who
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GASHIER SUICIDES Mineral Point, Wis., Oct. 18.-F. E. Hanscom, cashier of the wrecked First National Bank, shot and killed him/ self last night. His body was removed to the home if his mother-in-law, Mrs. John Gray. At sight of the body Mrs. Gray dropped dead. Hanscom has been working night and day since the failure of the bank and was very despondent. Hanscom was a brother-in-law of Phil Allen, jr., vice president of the bank, who was arrested last Friday, charged with looting two hundred thousand dollars from the bank by means of forged notes. Hanscom was Allen's chief assistant in running the bank and has worked night and day aiding bank examiner Goodhart in straightening out the books. It has been rumored that other arrests were to follow Allens. Hanscom's body was found late last night, lying on his mother's grave in a local cemetery.
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Accused of $168,000 Theft. Philip Allen, Jr., vice-president of the First National Bank of Mineral Point, Wis., now in the hands of a receiver, was arrested charged with the embezzlement of $168,000 of the bank's funds. Allen was seriously ill at his home.
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ALLEN WILL PLEAD. Madison, Wis., Oct. 19.-Phil Allen, Jr., vice president of the suspended First National bank of Mineral Point, Wis., was brought to Madison tonight by Deputy United States Marshal Joh n Kelley and arraigned before Commissioner C. E. Blake on the charge of embezzling $168,000 of banks funds. Allen waived preliminary hearing and the case was continued until tomorrow when it is expected, defendant will plead to the charge.
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Civil war is Impending in Spain. Several bombs have been exploded near the royal palace in which King Alfonzo is practically a prisoner, be ing guarded by a double cordon of troops. President Taft and President Diaz of Mexico exchanged visits at Paso Tex., and Ciudad, Juraez, both execu tives leaving their native countries for the first time in an official capacity Dr. Frederick A. Cook, refuting the charges that he did not ascend Mount McKinley, will organize an expedition to ascend the mountain and procure the records he left there. He asserts Guide Barrill has perjured himself Thirty-seven persons are dead, many injured. and property damaged to about $1,000,000. as a result of the storm which swept Tennessee. Alabama, Georgia, Arkansas and South Carolina. The National Purity congress opened in Burlington, la., with President B S Steadwell in the chair and about 500 reformers and social workers present. Many well known men and women were on the program. Plans for a campaign for the passage of an act to enable Illinois municipalities to adopt the commission form of government were discussed at the annual meeting of the Illinois Mayors' association in Elgin. The Portola festival, celebrating the discovery of San Francisco bay. opened in the Golden Gate city. The National Spiritualists' association began their seventeenth convention in Rochester, N. Y. A convention of employing printers met in Chicago to adopt uniform methods that would end the price war Mrs. Georgie Ferguson, associate pastor of the People's church in Wash ington. says her sex would obtain the ballot if they adopted the method sug. gested by Samuel Adams in revolutionary days-elect state committees. study conditions and adopt state platforms. Marines from the cruiser Idzuma were landed in San Francisco to aid in fighting a fire. The visitors thought the city was threatened. They were not needed. Because he ran down and killed a woman with his automobile. T. C. Goetz of Stamford. Conn., was con victed of involuntary manslaughter and sentenced to jail for one year. Wilfrid Thibeault and Prof. Frank Hill were charged in the Fall River (Mass.) police court with the murder of Amelia St. Jean. whose mutilated body was found at Tiverton. R. 1. They pleaded not guilty and their cases were continued. A receiver was appointed for Solomon Brothers. dealers in oriental goods at New York, with branches at Pittsburg. Cleveland. Chicago and St. Louis. In an Interview at Buffalo. Explorer Cook reiterated that be would bring the Eskimos who accompanied him to the north pole to this country in order to disprove alleged distorted declarations in Commander Peary's statement. Pittsburg won the fifth world's championship baseball game from Detroit by a score of 8 to 4. The Pirates now lead the Tigers in the series by one game. The second national convention of the Congregational Brotherhood of America is in session at Minneapolis with a very large number of representatives present from all parts of the country. The constitutionality of the Illinois two-cent rate law is attacked in an action brought in the federal court at Springfield by the Chicago, Peoria & St. Paul Railroad Company. Milwaukee for ten days will be the Mecca of the dairy farmers and persons engaged in allied interests as the National Dairy show there is now on. A famous portrait by Velasquez, pur chased by a wealthy American abroad. will soon arrive in this country. ac cording to H. R. Duneen. an art dealer. who has returned to New York from Europe. He says it is likely tc become the most noted picture in America. The name of the owner is not revealed. The general understanding in Wash ington is that the court of appeals will render its decision in the con tempt case against Samuel Gompers, John Mitchell and Frank Morrison of the American Federation of Labor within a week. The Norwegian Sterk. a small freighter, foundered off the coast of Norway. The crew of 12 was lost. It has developed that the shortage in the Mineral Point (Wis.) First National bank failure will reach nearly $400,000. It is said that Vice-President Allen has lost heavily in mining investments. Charles R. Crane of Chicago. minister designated to China, was practically deposed by a demand from Secretary Knox for his resignation. The latter charges Mr. Crane with indiscretion. The latter had already tendered his resignation to President Taft. Pittsburg defeated Detroit in the third game of the world's championshin series by 8 to 6
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Cashier Ends Life; Shock Kills Woman Mineral Point, Wis., Oct. 19.-When the body of F. E. Hanscom, cashier of the wrecked First National bank, who shot and killed himself, was taken to the home of Mrs. John Gray, eighty years old, his mother-in-law, she dropped dead from the shock of the tragedy. The bank, for a generation regarded as one of the strongest in southwestern Wisconsin, was closed a week ago. It was alleged that the bank had been looted of $200,000 by means of notes forged by Phul Allen. Jr., its vice president. Hanscom was Allen's brother-in-law and was his chief aid in running the bank.
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ALLEN IS ARRAIGNED. Mineral Point, Wis., Banker Pleaded Not Guilty Today. Madison, Wis., Oct. 20.-Phil Allen, Jr., vicepresident of the suspended First National Bank of Mineral Point was brought to Madison last night and arraigned before Commissioner Blake charged with embezzling $168,000. Allen waived his hearing and his case was continued until today, when before Commissioner Lewis he pleaded not guilty. His bail was fixed at $60,000 and this was not furnished. An offer of $40,000 bond was refused by the commission.
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Accused of $168,000 Theft. Philip Allen, Jr., vice-president of the First National Bank of Mineral Point, Wis., now in the hands of a receiver, was arrested charged with the embezzlement of $168,000 of the bank's funds. Allen was seriously ill at his home.
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John W. Schofield, receiver of the First National Bank of Mineral Point, Wis., has been asked by the Comptroller of the Currency to make a full and complete examination of the books.
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ALLEN IS IN JAIL; LACKS $60,000 BAIL VICE PRESIDENT OF WRECKED MINERAL POINT BANK WON'T SEEK FRIENDS' AID. PRELIMINARY HEARING PUT OFF. Adjournment Will Continue Until United States District Attorney Can Get to Case of Accused Banker. PRISONER MAKES A STATEMENT. MADISON, Wis., Oct. Special.] -The preliminary hearing of Phillip Allen, Jr., vice president of the wrecked First National Bank of Mineral Point. Wis., on the charge of embezzling $168,000 of the bank's funds, was this morning continued by United States Court Commissioner Blake to October 27, and it was agreed that another postponement will be made if District Attorney Gordon or Assistant District Atttorney Morgan have not finished with the regular calendar hearings at La Crosse. Bail was fixed at $60,000, although Allen's attorney, Vroman Mason, district attorney of Dane county. said that if the bail was fixed at $40,000 his client might be able to secure it. An attempt was made to get word to District Attorney Gordon at La Crosse by telephone, but failing to reach him, Commissioner Blake, after a conference with the parties concerned, decided that the bond of $60,000 would be more commensurate with the alleged embezzlement. Fails to Get Bail. Failing to furnish this, it was ordered that Allen remain in the custody of Deputy United States Marshal Kelly. Attorney Mason declared there was no necessity for keeping Allen in jail, but as Deputy Kelly must return to La Crosse, it was ordered that Allen be remanded to the Dane county jail. Allen stated he had friends in Mineral Point who probably would go on his bond but he did not care to ask them. When arraigned and asked by the commissioner what plea he wished to enter Allen said: "I confessed as to certain facts and I will stand by my confession.' Seems in Good Health. If Allen has been seriously ill he did not show any signs of it. He talked willingly and expressed surprise at the growth of Madison since his last visit. Allen frankly stated that he would not commit suicide, as his brother-inlaw, Frank Hanscome, the cashier of the bank, diù, and said that he did not forge any notes or plunder any estates. He said that he made money on every deal he engineered and that he turned over to the bank securities of the value of $250,000, which would more than cover the alleged shortage. No Indictment Returned. LA CROSSE, Wis., Oct. 20.-[Special.]-It is understood that SO far no indictment has been returned against Phil Allen, Jr., vice president of the First National bank of Mineral Point, by the grand jury in session here. The impression prevails that after the indictment is returned Allen will be brought here before Judge Sanborn for hearing. Two Funerals Are Held. MINERAL POINT, Wis., Oct. 20. The funerals of Frank E. Hanscom. cashier of the First National bank, who committed suicide Sunday night, and that of his mother-in-law, Mrs. John Gray, who was killed by the shock of Hanscom's death, took place this afternoon. Hanscom was buried in Graceland cemetery by the side of his father and his mother. between whose graves he fired the shot that ended his life. Sacramento Bank Closes. SACRAMENTO, Cal., Oct. 20.-The Nippon Bank of Sacramento voluntarily closed its doors today and notified State Bank Commissioner Anderson of its suspension. This is the second Japanese bank in this city to close within a week. Predict Banker's Death. OXFORD. Mich., Oct. 20.-The belief here is that M. Lee Hagle, the missing village treasurer and banker, probably never will be brought back to his home town alive. Those who make these conjectures do SO on the assumption that worry may drive him to the point of distraction where he will end his life. After more thorough investigation it is a learned that Hagle's liabilities amount to approximately $42,000. Town Forgeries Charged.
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Cashier Ends Life; Shock Kills Woman Mineral Point, Wis., Oct. 19.-When the body of F. E. Hanscom, cashier of the wrecked First National bank, who shot and killed himself, was taken to the home of Mrs. John Gray, eighty years old, his mother-in-law, she dropped dead from the shock of the tragedy. The bank, for a generation regarded as one of the strongest in southwestern Wisconsin, was closed a week ago. It was alleged that the bank had been looted of $200,000 by means of notes forged by Phul Allen, Jr., its vice president. Hanscom was Allen's brother-in-law and was his chief aid in running the bank.
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Wrecked Bank Data. Lawrence O. Murray, national controller of the currency, has furnished the secretary of the Wisconsin special legislative committee on banking, C. W. Rhodes, information concerning the First National bank at Mineral Point which was wrecked by Phil Allen, Jr., as follows: Capital stock, $100,000; nominal assets at date of suspension, good, $313,627; doubtful, $135,304; worthless, $288,801, claims proved to December 1, 1909, $301,075.
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# MINERAL POINT BANK DATA. Federal Controller of Currency Furnishes Legislative Committee with Figures. MADISON, Wis., Jan. 22. - [Special.] -Lawrence O. Marray, national control- ler of the currency, has furnished the secretary of the special legislative com- mittee on banking, C. W. Rhodes, infor- mation concerning the First National bank at Mineral Point which was wrecked by Phil Allen, Jr., as follows: Capital stock, $100,000; nominal assets at date of suspension, good, $313,627; doubtful, $135,304; worthless, $288,801, claims proved to December 1, 1909, $301-075.
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# MINERAL POINT BANK DATA. Federal Controller of Currency Furnishes Committee with Figures. Lawrence O. Murray, national controller of the currency, has furnished the secretary of the special legislative committee on banking, C. W. Rhodes, information concerning the First National Bank at Mineral Point, which was wrecked by Phil Allen, Jr., as follows: Capital stock, $100,000; nominal assets at date of suspension, good, $313,627; doubtful, $135,304; worthless, $288,801; claims proved to Dec. 1, 1909, $301,075.
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# MINERAL POINT BANK DATA. Federal Controller of Currency Furnishes Committee with Figures. Lawrence O. Murray, national controller of the currency, has furnished the secretary of the special legislative committee on banking, C. W. Rhodes, information concerning the First National Bank at Mineral Point, which was wrecked by Phil Allen, Jr., as follows: Capital stock, $100,000; nominal assets at date of suspension, good, $313,627; doubtful, $135,304; worthless, $288,801; claims proved to Dec. 1, 1909, $301,075.
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Take Allen to Prison. Philip Allen, Jr., wrecker of the First National bank of Mineral Point, whose acts of frenzied finance ruined hundreds of depositors, was taken to the federal prison at Fort Leavenworth, Kan. He is under sentence of ten years. The decision to get Allen out of the way now, instead of holding him until the calling of the conspiracy cases against President Calvert Spensley and others, was made as a result of discoveries of secretly written letters, in which Allen attempted to frame up deals against the receivers for his estate, the Central Wisconsin Trust Company of Madison, with the pur pose of concealing stocks and retaining them in the name of relatives. The letters now in the hands of the attorneys for the trustee were intercepted by Sheriff John P. Halbach. The letters and the spirit that prompted the writing offer a sidelight on Allen's character that in the light of past professions of good faith by Alen have astonished and disgusted the officials and attorneys interested. It was this discovery of his secret dealings even while in his jail cell that brought upon Allen a hurriedlyprepared trip to For Leavenworth,
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Fifth Dividend. A dividend of 7 per cent is now payable to creditors of the First National Bank of Mineral Point. at the office of J. P. Hankins, in the Iowa County Bank Building. C. L. WILLIAMS, Receiver.
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Fifth Dividend. A dividend of 7 per cent is now pay. able to creditors of the First National Bank of Mineral Point, at the office of J. P. Hankins, in the Iowa County Bank Building. C. L. WILLIAMS, Receiver.