22788. Bank of Mineral Point (Mineral Point, WI)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
October 11, 1909
Location
Mineral Point, Wisconsin (42.860, -90.183)

Metadata

Model
gpt-5-mini
Short Digest
336c712c

Response Measures

None

Description

Articles (Oct 18-19, 1909) report the Bank of Mineral Point was closed about a week before publication after an examination; a receiver (Schofield) took charge and arrests alleged for misuse/forged notes (Phil Allen Jr.). No run or depositor crowding is described. Cause appears to be bank-specific adverse information (embezzlement/forged notes) leading to failure and receivership.

Events (3)

1. October 11, 1909 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Investigation revealed alleged looting of ~ $200,000 via forged notes and misuse of funds by vice president Phil Allen Jr.; bank closed after examiner's probe.
Newspaper Excerpt
The bank ... was closed a week ago after an investigation of the books by Bank Examiner Goodhart.
Source
newspapers
2. October 14, 1909 Receivership
Newspaper Excerpt
When Receiver Schofield took charge last Thursday ... the loss to depositors would run greatly over $200,000 and that more arrests were to be expected.
Source
newspapers
3. October 18, 1909 Other
Newspaper Excerpt
F. E. Hanscom, cashier of the wrecked Bank of Mineral Point, shot and killed himself ... Since the failure of the bank Hanscom has been working night and day and has been very despondent.
Source
newspapers

Newspaper Articles (2)

Article from Omaha Daily Bee, October 19, 1909

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Article Text

Cashier Shoots Himself; Woman Expires at Sight Officer of Wrecked Bank at Mineral Point, Wis., Ends Life at Grave of His Mother. MINERAL POINT, Wis., Oct. 18.-F. E. Hanscom, cashier of the wrecked Bank of Mineral Point, shot and killed himself at 10 o'clock last night. Hanscom's body was removed to the home of his mother, At sight of the body Mrs. Gray dropped dead. Since the failure of the bank Hanscom has been working night and day and has been very despondent. Mr. Hanseom was a brother-in-law of Phil Allen, jr., vice president of the bank, for the alleged misuse of whose funds Allen was arrested last Friday. The bank, regarded as one of the strongest in southwest Wisconsin, was closed a week ago after an investigation of the books by Bank Examiner Goodhart. An attempt was made to keep the institution on its feet by the sale of mining property in which Allen was interested, but the deal fell through. It was alleged the bank had been looted of $200,000 by means of notes forged by Allen. Allen's chief aid in running the bank was Hanscom. The former became seriously ill when the bank was closed and Hanscom devoted every minute of his time in assisting Examiner Woodhart in straightening out the bank books. When Receiver Schofield took charge last Thursday rumors which could not be confirmed had it that the loss to depositors would run greatly over $200,000 and that more arrests were to be expected. Hanscom took his own life while kneeling over the grave of his mother in the little ceinetery here. He was first noticed to be missing at 6 o'clock last evening. No alarm was expressed until later in the evening, when inquiry at the bank and various other places failed to reveal his whereabouts. A searching party was finally organized with the result that the body of the banker was found on the grave of his mother. He was 55 years of age and leaves two grown daughters. Hanscom's heavy losses and worry over the fact that he had told depositors shortly before the bank failed that it was all right are said to be responsible for his act.


Article from The Topeka State Journal, October 19, 1909

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Article Text

DIED ON MOTHER'S GRAVE. Cashier Had Been With Bank of Mineral Point Since Its Organization. Mineral Point, Wis., Oct. 19.-F. E. Hanscome, cashier of the failed Mineral Point bank, who committed suicide, was found at a rate hour in the night lying over the grave of his mother in the family plot of the local cemetery. He ended his life by shooting himself through the head. Hanscome's heavy losses and worry over the fact that he had told the depositors shortly before the bank failed that it was all right are said to be responsible for his act. The dead cashier had been connected with the bank since its organization in 1874. He began as bookkeeper and teller and had a reputation of strict honesty. Hanscome was 55 years old. He leaves a widow, two grown daughters, one a teacher in a public school in Milwaukee, and the other a student in the Milwaukee Normal school. Mr. Hanscom was a brother-in-law of Phil Allen, jr., vice president of the bank, for the alleged misuse of whose funds Allen was arrested last Friday. The bank, for a generation regarded as one of the strongest in southwestern Wisconsin, was closed a week ago, after a week's investigation of the books by Bank Examiner Goodart. An attempt was made to keep the institution on its feet by the sale of mining property in which Allen was interested, but the deal fell through. It was alleged that the bank had been looted of $200,000 by means of notes forged by Allen. Allen's chief aid in running the bank was Hanscom. The former became seriously ill when the bank was closed and Hanscom devoted every minute of his time to assisting Examiner Goodhart in straightening out the books. When Receiver Schofield took charge last Thursday rumors which could not be confirmed had it that the loss to depositors would run greatly over $200,000 and that arrests in addition to that of Allen were to be expected.