22660. First National Bank (Ladysmith, WI)

View Charter #5535 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
5535
Charter Number
5535
Start Date
June 2, 1905
Location
Ladysmith, Wisconsin (45.463, -91.104)

Metadata

Model
gpt-5-mini
Short Digest
60f41cfc

Response Measures

None

Receivership Details

Depositor recovery rate
75.0%
Date receivership started
1905-06-02
Date receivership terminated
1912-03-31
OCC cause of failure
Fraud
Share of assets assessed as good
18.9%
Share of assets assessed as doubtful
39.7%
Share of assets assessed as worthless
41.5%

Description

Multiple contemporary newspapers (June 2–3, 1905) report the directors voted unanimously to close the First National Bank of Ladysmith temporarily and that National Bank Examiner Peter R. Earling was appointed receiver. No article describes a depositor run prior to the suspension; the bank was taken into receivership. Later local coverage (1906) discusses the receiver's presence and alleged looting, consistent with a permanent failure/receivership outcome.

Events (4)
1. August 13, 1900 Chartered
Source
historical_nic
2. June 2, 1905 Receivership
Source
historical_nic
3. June 2, 1905 Receivership
Newspaper Excerpt
National Bank Examiner Peter R. Earling has taken charge. Examiner Earling has been appointed receiver.
Source
newspapers
4. June 2, 1905 Suspension
Cause Details
Directors voted unanimously to close the bank temporarily; closure requested by directors and examiner appointed receiver.
Newspaper Excerpt
the directors have voted unanimously to close its doors temporarily, and at their request Peter R. Earling, national bank examiner, has taken charge and been appointed receiver.
Source
newspapers

Newspaper Articles (15)
1. June 2, 1905 The Minneapolis Journal Minneapolis, MN
Article from The Minneapolis Journal, June 2, 1905

Click image to open full size in new tab

Article Text

RECEIVER FOR LADYSMITH BANK Doors of the First National Closed Temporarily by Vote of the Directors. By W. W. Jermane. Washington, June 2.-The president of the First National bank of Ladysmith, Wis., has advised the controller of the currency that the directors have voted unanimously to close its doors temporarily, and at their request Peter R. Earling, national bank examiner, has taken charge and been appointed receiver. The resources and liabilities of the bank, on March 14, 1905, the date of the last report of condition, were as follows: Resources-Loans and discounts, $56,050; overdrafts, $924; U. S. bonds and premiums, $6,507; banking house, $5,816; other real estate owned, $4,180; due from banks and bankers, $3,833; cash and cash items, $5,794; redemption fund, $312; total, $83,420. Liabilities-Capital stock, $25,000; surplus and undivided profits, $3,613; circulation, $6,250; deposits, $42,659; notes and bills rediscounted, $2,197; bills payable, $3,700; total, $83,420.

2. June 2, 1905 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, June 2, 1905

Click image to open full size in new tab

Article Text

A Wisconsin Bank Closes. Washington, June 2.-The president of the First National Bank of Ladysmith, Wis., has advised the comptroller of the currency that the directors voted unanimously to close its doors temporarily. National Bank Examiner Earling has been appointed receiver. The bank has a capital stock of $25,000.

3. June 2, 1905 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, June 2, 1905

Click image to open full size in new tab

Article Text

VOTED TO CLOSE. Another Bank Goes Into the Hands of the Na. tional Examiner. Washington, June 2.-The president of the First National bank of Ladysmith, Wis, has advised the comptroller of the currency that the directors have voted unanimously to close Its doors temporarily, and at their request National Bank Examiner Peter R. Earling has taken charge. Examiner Earling has been appointed receiver. In a report made by the bank on March 14, 1905, $42,659 was owed depositors. The total capital was $83, 420.

4. June 2, 1905 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, June 2, 1905

Click image to open full size in new tab

Article Text

is sending to the powers and while rejecting the suggestions for administrative reforms in asks for expressions on that from other countries interested, vet reached the State DepartWhether the United States will in the international discussion bound to arise in connection question is dependent to 80 ne upon the character of the MorocThe United States, it is dehas only its commercial interests, and future, to safeguard in that These are important now and to become much larger, but the States has no such interests politiMorocco as engage the attention European powers. General Henry C. Corbin, comthe Philippines Division, has to the War Department that nsport Sherman arrived at Manila Francisco lastnight with smallThe officials of the War are inclined to believe that Corbin has been mistaken and is no smallpox aboard the Sherpossibly some chickenpox. Hansbrough, of North Dakoon the President this morning some friends. The Senator cretary of the Treasury Shaw have agaged in an epistolary controouching npon the drawback questhis was one of the things he with the President. Senator rough is of the opinion that the deficit could be materially by abolishing the drawback. Secretary of War has selected General Adna B. Chaffee and Generals J. Franklin Bell Villiam Crozier to represent the States army at the annual of the French army, to be France during the early part of next. The three general will be accompanied by three Captain Daniel Moore, Artillery a relative of Mrs. Roosevelt; Grote Hutchinson, General one other captain not yet sewill be the aides to the general Cassini, the Russian Ambassamorning made an appointment the President this afternoon. presumed that the possibility of the near future between Russia pan will be discussed. In recent with the President, Japanese Takahira has made known to sident in a general way the attibis government on the subject satisfaction the Mikado would having the President act as an in the preliminary negotipeace should Russia manifest to come to terms. The will donbtless convey to the Ambassador his information as position. nctions were issued by the GenOffice today that will prevent person from entering on more acres of any kind of non-minunder the act of Congress of 30, 1890. Hitherto this act has not to apply to lands entered the timber and stone law, 'additional law and certain classscript and land warrants. The the new ruling will be to preersons from acquiring title to in violation of the spirit of Mineral lands will not be President of the First National Ladysmith, Wisconsin, has rethe Comptroller of the Curthe directors yesterday voted ously to close its doors tempoAt their request, National Bank Earling has taken charge been appointed receiver. The and liabilities of the bank at of business March 14, the date report, were $83,420 each. Cabinet meeting today the in the far East and the prosregarding peace were discussed a general way, most of the time ccupied with departmental matwas decided, among other that the body of John Paul Jones brought direct to Annapolis

5. June 2, 1905 The Providence News Providence, RI
Article from The Providence News, June 2, 1905

Click image to open full size in new tab

Article Text

DIRECTORS VOTE TO CLOSE LADYSMITH NATIONAL BANK Washington, June 2.-The president of the First National bank of Ladysmith, Wis., has advised the comptroller of the currency that the directors have voted unanimously to close its doors temperar11y, and at their request National bank Examiner Peter R. Earling has taken charge. Examiner Earling has been appointed receiver. In a report made by the bank on March 14. 1905. $42,659 was owed depositors. The total capital was $83,420.

6. June 3, 1905 Evening Star Washington, DC
Article from Evening Star, June 3, 1905

Click image to open full size in new tab

Article Text

Ladysmith, Wis., Bank Closed. The president of the First National Bank of Ladysmith, Wis., has advised the controller of the currency that the directors have voted unanimously to close its doors temporarily, and at their request National Bank Examiner Peter R. Earling has taken charge. Examiner Earling has been appointed receiver.

7. June 3, 1905 Ottumwa Tri-Weekly Courier Ottumwa, IA
Article from Ottumwa Tri-Weekly Courier, June 3, 1905

Click image to open full size in new tab

Article Text

BANK IS CLOSED. Institution at Ladysmith, Wis., Goes Into Receiver's Hands. Washington, D. C., June 2.-The president of the First National bank of Ladysmith, Wis., has advised the comptroller of the currency that the directors have voted unanimously to close the bank's doors temporarily. National Bank Examiner Earling has been appointed receiver. The bank has a capital stock of $25,000.

8. June 3, 1905 Palestine Daily Herald Palestine, TX
Article from Palestine Daily Herald, June 3, 1905

Click image to open full size in new tab

Article Text

Temporarily Closed. Washington, June 3.-The president of the First National bank of Ladysmith, Wis.. has advised the comptroller of the currency that the directors voted unanimously to close the doors temporarily, and at their request National Bank Examiner Earling has taken charge. Examiner Earling has been appointed receiver. The bank's capital is $25,000 and deposits $42,659

9. June 3, 1905 The Pensacola Journal Pensacola, FL
Article from The Pensacola Journal, June 3, 1905

Click image to open full size in new tab

Article Text

BANK FAILURE IN WISCONSIN FIRST NATIONAL BANK AT LADYSMITH IN HANDS OF A RECEIVER, By Associated Press. Washington, June 2.-The president of the First National bank of Ladysmith, Wis., has advised the comptroller of the currency that the directors have voted unanimously to close its doors temporarily, and at their request National Bank Examiner Peter R. Earling has taken charge. Examiner Earling has been appointed receiver. The resources and liabilities of the bank on March 14,1905, the date of the last report of the condition, were $83,420. The bank's capital was $25,000 and deposits $42,659.

10. June 3, 1905 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, June 3, 1905

Click image to open full size in new tab

Article Text

Directors Vote to Close a Bank. Washington, June 3.-The president of the First National bank of Ladysmith, Wis., has advised the comptroller of the currency that the directors have voted unanimously to close its doors ten.porarily, and at their request National Bank Examiner Peter R. Earling has taken charge. Examiner Earling has been appointed receiver. The resources and liabilities of the bank on March 14, 1905, the date of the last report of condition, were $83,000. The bank's capital was $25,000, and deposits $42,600.

11. June 4, 1905 Gainesville Daily Sun Gainesville, FL
Article from Gainesville Daily Sun, June 4, 1905

Click image to open full size in new tab

Article Text

Wisconsin Bank Fails. Washington, June 3.-The president of the First National bank of Ladysmith, Wis., has advised the comptroller of the currency that the directors have voted unanimously to close its doors temporarily, and at their request the National Bank Examiner Peter R. Earling has taken charge. Examiner Earling has been appoint receiver. The resources and liabi ities of the bank on March 16, 1906 the date of the last report of the COP dition were $83,420. The bank's cap. ital was $25,000 and deposits $42,659.

12. June 8, 1905 Valentine Democrat Valentine, NE
Article from Valentine Democrat, June 8, 1905

Click image to open full size in new tab

Article Text

Wisconsin Bank Closes. The president of the First National Bany of Ladysmith, Wis., has advised the comptroller of the currency at Wash ington the directors voted unanimously to close its doors temporarily. National Bank Examiner Earling has been appointed receiver. The bank has a capital stock of $25,000.

13. June 15, 1905 River Falls Journal River Falls, WI
Article from River Falls Journal, June 15, 1905

Click image to open full size in new tab

Article Text

The News Condensed. Madison.-Smoke escaping into top stories led to the discovery of fire in the basement of the capitol, where rubbish had ignited. By prompt work the flames were put out without much loss. Milwaukee.-Under the provisions of the "discovery statute" Walter Davis cited into court Mrs. Melissa E. Russell, who claims to be his wife, and demanded proof of her claims. Okauchee.-Henry Loew, a former Milwaukee business man, having been associated with the Milwaukee Monument company, committed suicide by shooting himself through the head at his home here. Milwaukee.-Florence Bellinger, 21 years old, and her mother, Mrs. Anna Meyer, are dead at their home. Death is supposed to have resulted from drinking from the contents of a bottle supposed to contain brandy. Sheboygan.-The big flood which raged here has subsided and reports of losses are coming in from all parts of the county. The losses so far reported now foot up $100,000 and the damage to business has been great. Menominie.-The high water has wrought extensive damage in this county. Red Cedar river rose to a point 22 inches above high water mark, registering nine feet above normal stage. Appleton.- Henry Wichman, his horse and wagon, were nearly buried in a cave-in on Packard street in this city, the heavy rains of the last few days having caused the rushing water to undermine the street. Madison.-The democratic members of the legislature, in the name of the democracy of Wisconsin adopted a reseolution providing for a complimenary banquet and reception for Col. William J. Bryan at the Park hotel here on the evening of July 28. Milwaukee.-With several new washouts reported railroads throughout the state have been handicapped by high water and all of the lines were troubled by delays, passenger trains reaching the depots here from 30 minutes to several hours late. - Janesville.-Fifty thousand dollars of damage was done in the city and county by a severe wind, rain and hail storm, which approached a cloudburst. Racine.-Rev. Peter Gotke, of the Danish Bethonia church, has received a unanimous call to the Danish Lutheran church at Fredsville, Ia. Delavan.-Mrs. Adele Barnes, who for seven years has been postmistress here, is short in her accounts over $2,500, and the office is now in charge of her bondsmen. Madison.-Swarms of 17-year-old locusts have appeared all through southern Wisconsin. Ladysmith.-The First national bank of Ladysmith temporarily suspended business, and is now in charge of P. F. Earling, special bank examiner. The bank has a state deposit of $8,000 and the total deposits are $35,000, which will be paid in full. Janesville.-An interurban car was held up at the outskirts of Beloit by four men, who robbed the passengers at the point of revolvers. Racine.-The Miller company, which employs 300 persons, has entered a protest against the city council granting a permit for a vaudeville show to exhibit on the hay market

14. April 7, 1906 The Ladysmith News and Ingram News Ladysmith, Ingram, WI
Article from The Ladysmith News and Ingram News, April 7, 1906

Click image to open full size in new tab

Article Text

THE CITY AND VICINITY J.L. Yeomans of Glen Flora was in the city on supplementary proceedings matters. A. Peterson was in the city from Glen Flora Wednesday on a business trip. Al Mencel was in the city from Glen Flora on a business trip Wednesday. Frank Burgess, supervisor of assessments, was a visitor in the city from Tony Wednesday. Geo. W. Heaverin of Apollonia was in the city Wednesday on business in connection with Singer estate of which he is administrator. Roy Hill, who has been sick for some months, has sufficiently recovered to go on his mail route again. He expects to take the run on the limited. Mrs. Wilber, who lives in the town of Flambeau, has been very sick, but is now improving. Remember-wood is taken on subscription at the News office. Baby milk for the baby from the same cow each day, all the same price. See Baxter & Goocher. Miss Jessie Macumber of Cleveland, Ohio, arrived in the city Sunday and will make her home in the family of Mr. and Mrs. J. H. Crocker, of whom she is an adopted daughter. Jack Thomas, who recently chopped off a finger while splitting wood, has been suffering from blood poison, but is now recovering therefrom. C. L. Kellogg of Apollonia was in the city Wednesday and Thursday shipping out the last of the Lindoo lumber stock. O. C. Sabin and Arthur Scoville are building camp on the Lake Superior & Southwestern line where they are doing contract work. Attention is called by the postoffice to the matter redepartment of having notices on not allows the sender to only turn envelopes. know This whether his letters are received but saves the ed, postoffice by party address- troudle. The office will you cheap. envelopes News very furnish Our printed farmer friends are iuvited to ask for prices. Glenn H. Williams was in the city from Bruce on legal business Wednesday. S. E. Alvey of Bruce was a business visitor in the city Saturday. A. Frydrychowitz of Weyerhaeuser was a business visitor in Ladysmith Wednesday. Mike Singer of Weyerhaeuser was in the city Wednesday on a business trip. P. R. Earling, receiver of the defunct First National bank, arrived in the city Thursday morning. Mrs. E. D. Van Etten and companion were in the city Monday. Mr. Sleiter, an attorney at Chetek, business visitor in the city Wedon matters nesday was a connected with the Singer estate. Baxter & Goocher can sell milk cheaper than others because they have the trade, and sell for cash. John Cronick of Chetek was a business caller in the city Wednesday. W. E. Clark went to Minneapolis yesterday in search of relief for rheumatism in his right knee. His leg was injured by an accident in the woods six years ago and the knee has been affected with rheumatism much of the time ever since. Miss Nettie Whitcher departed Wednesday for her home at New Auburn. Felix Pierce returned to his home at New Auburn. Baxter & Goocher can furnish cream milk or skimmed milk in any quantity desired and cheaper than any one else. See them and get prices.

15. October 13, 1906 Ladysmith News Ladysmith, Ingram, WI
Article from Ladysmith News, October 13, 1906

Click image to open full size in new tab

Article Text

AS TO BANK WRECKING. A Paper that Ought to Know Comes to a Conclusion. It seems to make a difference in the matter of expediously administering justice to bank-wreckers whether the accused is tried before a regularly organized tribunal under the constitution of the state of Illinois or before a self-constituted newspaper court like the Ladysmith News. The News convicted Newman and McGill for wrecking the First National Bank of Ladysmith, and the matter has been referred to the Budget for review. Of course all who run may read, and all who read must see that from the bank's records Newman and McGill figure very prominently in getting away with the funds.-Budget. The News has not convicted anyone of wrecking the bank. It has reported certain things that have come to light from time to time and has been content with that and the belief that there were several involved in the looting of the bank-if it was looted, as the Budget appears to want to put it. We have not followed the alleged complaint in a suit that was never tried now running in the Budget and cannot do otherwise than accept that paper's conclusion as expressed in last sentence in the above. The News, and the reading public we believe, appreciate that a large portion of the pleading's in lawsuits come about as near the truth as much of the Budget's recent production comes to decency. Hence we are not hasty in arriving at a conclusion based upon the pleadings in a case that for some unstated reason never came to trial. Docbtless there was a good reason for the suspending or dropping or dismissing of this action-whatever was_done with it-and the discerning public would probably be pleased to know what that reason was. However, the time for conclusion has not yet arrived, and, besides, it is rumored that after the Budget is through, another and complete history of the bank case will be given to the public. This, it is said, will cover the ground completely. There appears to be no good reason for going into this affair, but now that a publication is being made, the public should have all the fa ts, and the News, after its usual practices, will endeavor to treat the matter fully and completely-and if the aforementioned rumors are well founded, the Budget will regret having stirred the matter up in the first instance. In the meantime the public will probably not forget who it was that had control of the bank for a long tin e before its failure, who rushed to La Crosse, who put up shortage and who gets mad at the term bankwreckers.