22616. First National Bank (Highland, WI)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
10880
Charter Number
10880
Start Date
July 1, 1923*
Location
Highland, Wisconsin (43.047, -90.380)

Metadata

Model
gpt-5-mini
Short Digest
f0709010

Response Measures

None

Receivership Details

Depositor recovery rate
66.0%
Date receivership started
1923-06-14
Date receivership terminated
1928-08-15
OCC cause of failure
Fraud
Share of assets assessed as good
65.4%
Share of assets assessed as doubtful
13.3%
Share of assets assessed as worthless
21.3%

Description

Articles report the First National Bank of Highland was closed and a receiver (James Cass) was appointed; large shortages (~$50,000) and indictment of cashier Grover Elam for irregularities/embezzlement are cited. No contemporaneous run is described. Dates are approximate from newspaper context (closure about a year before July 1924). One later 1932 article mentions the failure and missing funds, likely recounting the earlier collapse.

Events (3)

1. August 4, 1916 Chartered
Source
historical_nic
2. June 14, 1923 Receivership
Source
historical_nic
3. July 1, 1923* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Investigation found approximately $50,000 missing; irregularities in bank funds; cashier Grover Elam indicted for violation of federal banking laws/embezzlement; receiver appointed (James Cass).
Newspaper Excerpt
Elam was formerly cashier of the First National bank at Highland which was closed about a year ago.
Source
newspapers

Newspaper Articles (4)

Article from Grant County Herald, July 23, 1924

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Article Text

FRANK HEIL ON TRAIL OF BANKER ELAM Federal 'Javert' Combs U. S. For Man Frank Heil, deputy U. S. marshal, of Madison, has been assigned to the Grover Elam case and visited parts of the country last week in search of a clue. Elam was formerly cashier of the First National bank at Highland which was closed about a year ago. Soon after his disappearance more than two months ago his parents received a letter from him and a sister at Dodgeville admits receiving one letter. Since then no trace of the missing man has been found. According to relatives he could not have had a great deal of money on his person when he departed. The U. S. authorities look upon Elam's disappearance as a violation of good faith. He was suffering from burns met with in an automobile accident and was permitted to remain at home until he had recovered although he was wanted in connection with irregularities in the bank funds.


Article from Grant County Herald, October 8, 1924

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Article Text

NATIONAL BANK STOCKHOLDERS MUST SETTLE UP MADISON-Suits for recovery of $16,000 from stockholders of the First National Bank, Highland, Wis., were filed in circuit court here Wednesday by James Cass, receiver of the bank. It is claimed that the stockholders involved failed to pay $100 demanded by the United States comptroller on each share of stock. Filing of the suit against stockholders resulted in reports that a new search will be started by federal authorities for Grover Elam, former cashier of the bank, who has been missing for a year. Elam was indicted by a federal grand jury for violation of federal banking laws. Approximately $50,000 is claimed to have been missing from the bank.


Article from Grant County Herald, November 12, 1924

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Article Text

rusty nail. Gus Hesselman, well known real es tate man of Dyersville, Iowa, is lai up with a broken leg due to an aut accident of recent date. St. Thomas congregation at Mont fort cleared $850 at the fair and din ner held Saturday a week ago fo benefit of the new church. Mr. and Mrs. Thos. Bowen of Dodge ville celebrated their golden weddin; day on Nov. 5. They have four daugh ters, a son and ten grandchildren Both old people were born in Wales David Clark, Bagley farmer, set trap for skunks and caught a rattle snake with 11 rattles. He put th snake in a box with a blue racer and the two snakes got along togethe amicably. J. S. Winn, employed in a chees warehouse at Richland Center, mis judged a step and took two steps fo one when he ran to mail a letter. H suffered a broken leg at the hip and will be laid up for a long time. A new steel bridge over the Littl Baraboo river at Germantown, nea Cazenovia, has been opened for traf fic. It is the largest bridge built i the county this summer. Some grad ing is still to be done at the ap proaches to the bridge. Ralph Walters, who disappeare from his home near Postville, with his father's Ford, in January, 1920 has been located at Zanesville, Ohio where an old neighbor recognize him at a filling station. When tol about the anxiety of his parents, h immediately wrote them and prom ised to start back home at once. Fire Sunday a week ago destroye the two-story residence owned by Wm Williams, Bert Thomas, tenant, a Ridgeway. Mr. and Mrs. Thomas ha been away two weeks when the fir occurred. Thomas recently closed hi hardware store and had a quantit of uninsured stock in the building Williams carried $1,000 insurance. The Postville creamery made dur ing the month of September, 77,68 pounds of butter, which sold for $27 904.59, and together with the butte milk brought $28,035.85. The in crease over the same month last yea was 17,022 pounds and the averag price paid for butterfat was 41c. On hundred and five patrons drew check of $100 or more. Judge Jenks of Iowa county hele that two notes held by the defunc 1st National bank of Highland were forged and of no value. Suit was brought by the bank against the es tates of Augusta Fleming and Johr Hudek. The Fleming note was fo $1,361.17, and the Hudek note for $1,800. The bank cashier, named Elam has been missing for some time. A gift of $12,000 has been offere to the Waukesha Methodist church by a member, provided the church will forever forego the holding o suppers, bazaars, sociables and rum mage sales. John Becker declares the public is fed up on these thing and he believes the church should be run on business principles and should not solicit items for barter or sale. Iowa county headquarters of the K1 Klux Klan have been transferre from Dodgeville to Mineral Point where they are occupying the old K of P. hall. A prominent member o the order states that J. T. Gunnell and William Rooks, organizers, are now in Jacksonville, Florida, and that the Mineral Point office is in charge of Walter Stephens and Jo Miller of Darlington. Elmer Hurt is being held by the authorities in Iowa, accused of slash ing four persons, one perhaps fatal ly, in a brawl at a barn dance nea Northwood Saturday night. He i: alleged to have been drunk and at tacked Ed Gould, severing an arn muscle and hurting the bone. H also cut a gash across his stomach Owen Nelson suffered a bad gasl above the eye and in one arm. Mayor Art Ricks of Boscobel is get ting a reputation as a sleuth. Head ing a party of city officials, the mayo waylaid Clifford Nauert, alleged boot legger on his way to a dance in Crawford county, at the Wisconsin river bridge. Several gallons of alco hol were confiscated, according to the Dial. Nauert made no resistance It is reported also that a party of of ficials tracked a man who was paying Vick Levy of near Yuba, is suf fering from a broken leg, sustaine when he was thrown from a load o chicken crates last Wednesday after noon. He and his brother-in-law


Article from The Coolidge Examiner, October 7, 1932

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Article Text

MOST SPECTACULAR OF FEDERAL AGENCIES swindler who avails himself of the violation of the national banking Bureau of Investigation Is loopholes in the bankruptcy laws, and bankruptcy laws. thefts from Least Advertised. the bureau investigators are coninterstate shipments, bribery. stantly busy checking the schedules crimes on Indian reservations, es of bankrupt petitioners. Thousands Washington.-One of the least adcaped federal prisoners, civil rights. of dollars in hidden assets have vertised yet most spectacular of and domestic violence, and others been returned through this agency. all federad agencies is the bunot assigned to a specific agency. All violations of the national reau of investigation of the United In two fields, especially, the DeStates Department of Justice. To banking act come under the jurispartment of Justice agency is the most casual citizens the bureau is diction of the bureau. One of the protector of civil rights and liberjust a name, if It is known at all. most noted Chicago cases of recent ties. As a co-ordinating policy The credit for famous cases in years was the arrest and convicagency the bureau aids in the capwhich the clinching evidence tion of John E. Malloy, assistant ture and conviction of thousands cashier of the Lawrence Avenue against an International thief, a of state and national laws. At National bank. Malloy misapprodefaulting banker, or a confidence Washington the most complete man on the high seas was furnished priated funds and showed up in fingerprint bureau In the world Is by an agent from the bureau is Milwaukee, claiming to have been maintained for the aid of all pothe victim of a holdup in the bank. generally given the police. lice agencies. The bureau agents, credited as Through the reconstruction of pracNot only are the prints of fedbeing the ace detectives in the tically the entire ledger system of eral violators maintained but the United States and American posthe bank his story was proven false prints of any fugitive wanted by sessions, avoid the limelight. Aland Malloy was sentenced four any police department for any though every agent is trained in years in prison and fined $5,000 on crime from leaving the scene of law and accounting their work is a charge of making false entries an accident to robbery with a gun highly secretive. Publicity Is avoidand embezzling $59,960. are kept. A free "posting" system. as in contrast to the courting Investigation and search for the by which any police chief can have of publicity by most investigating fugitive is never given up by the the fingerprints of a fugitive placed bodies. Department of Justice investigators. on file is maintained. The prints Some of the most dramatic One of the longest successful of every arrested man is checked crimes, made famous in play and searches ended in the arrest and each time against the files and coconviction of Grover S. Elam. a story, come under the jurisdiction operation given the corresponding bank embezzler from the First Naof this body. Their field includes police chief. crimes on the high seas, treason, tional bank of Highland, Wis. The arrest and conviction of The bank failed in 1931 and an Gene Elins for murder is a case 11investigation by the bureau showed lustrative of this work. On Feb$50,000 unaccounted for. Elam was WITH PLAID GUIMPE uary 7, 1931, the bureau received indicted. but because he was sufferBy CHERIE NICHOLAS from the police department at ing from a bad gasoline burn a Tulsa. Okla., the fingerprints of warrant was not served pending Gene Elmis with a notation that he his recovery. In the meantime he was wanted for the murder of a disappeared. Special agents of the police officer. Checking the files it bureau of Investigation instituted a was ascertained that two days presearch for him and a few weeks viously a fingerprint card was re ago he was located in Chicago unceived from St. Paul, Minn., statder the name of Albert S. Nagel ing that one Raymond Parker had and is being returned to Wisconsin been arrested for investigation. for trial. The two prints were Identical and The bureau has been in existElms was tried on the murder ence for 24 years and comprises 22 charge in Oklahoma and sentenced filed offices located throughout the to life Imprisonment. United States and its possessions. The other field In which the buIn each office there is stationed a reau comes most in contact with staff of trained investigators unbusiness and civic leaders is in the der the supervision of an investiinvestigation of all bankruptcy gator in chief. The national difrauds. Practically the only prorector of the bureau is J. Edgar tection legitimate business has Hoover. with the Chicago office beagainst the confidence man and Ing in charge of W. A. McSwain.