22792. First National Bank (Mineral Point, WI)

View Charter #3203 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
3203
Charter Number
3203
Start Date
October 12, 1909
Location
Mineral Point, Wisconsin (42.860, -90.183)

Metadata

Model
gpt-5-mini
Short Digest
16425d48

Response Measures

None

Description

Comptroller of the Currency ordered the First National Bank of Mineral Point closed after discovery of large forgeries/defalcations (~$200–$210k). Reports state there was no serious run (no regular run; no opportunity for a run). A federal receiver (John W. Schofield) was appointed immediately and criminal proceedings/imprisonment followed for the vice-president. Closure date reported Oct 12, 1909.

Events (2)
1. October 12, 1909 Receivership
Newspaper Excerpt
John W. Schofield, of the office of the comptroller of the currency, was appointed receiver of the Wisconsin institution.
Source
newspapers
2. October 12, 1909 Suspension
Cause
Government Action
Cause Details
Closed by the Comptroller of the Currency after discovery of alleged forgeries and defalcations (reported ~$200,000–$210,000) in the bank's books.
Newspaper Excerpt
The comptroller of the currency announced that the First National Bank of Mineral Point, Wisconsin, has closed its doors and that a receiver had been appointed.
Source
newspapers

Newspaper Articles (24)
1. October 12, 1909 The Fargo Forum and Daily Republican Fargo, ND
Article from The Fargo Forum and Daily Republican, October 12, 1909

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WIS. BANK WRECKED First National of Mineral Point Closed by Government FIND $210,000 SHORTAGE AN EMPLOYE OF COMPTROLLER'S OFFICE NAMED AS RECEIVER FOR CLOSED INSTITUTIONARREST OF OFFICIALS IS EXPECTED VERY SHORTLY. Washington, Oct. 12.-The discovery of alleged forgeries and defalcations aggregating, according to advices, approximately $210,000, today resulted in closing the doors of the First National Bank of Mineral Point, Wis., and the appointment of John W. Schofield, in the office of the comptroller of currency, as receiver of the Wisconsin institution. Arrests were expected to follow the closing of the bank, after a conference between the federal authorities at Mineral Point. Discovered By Examiner. The first word of the irregularities of the bank reached the treasury department on Oct. 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 shortages and questionable paper. The first indications were that the loss would reach only $90,000. 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.

2. October 12, 1909 The Evening Times Grand Forks, ND
Article from The Evening Times, October 12, 1909

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WISCONSIN BANK CLOSED ITS DOORS Heavy Defalcations Charged and Arrests Are Expected to Follow Washington, Oct. 12.-The discovery of alleged forgeries and defalcations aggregating, according to unofficial advices, approximately $210,000, today resulted in closing the doors of the First National bank of Mineral Point, Wis., and the appointment of John W. Schofield of the office of the comptroller of the currency as receiver of the Wisconsin institution. Arrests were expected to follow the closing of the Dank, after a conference between the federal authorities at Mineral Point. 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 some 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 by $128,000.

3. October 12, 1909 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, October 12, 1909

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GOVERNMENT CLOSES DOORS OF FIRST NATIONAL BANK AT MINERAL POINT, WIS. $210,000 in Cash Missing, Books Evidently Juggled Receiver is Named and Affairs of Bank Will be Wound Up-Had Been Under 1 Investigation for Several Weeks Criminal Action to be Lodged Against Some of the Officers. Washington, Oct. 12.-The discovery of alleged forgeries and defalcations aggregating, according to unofficial advices, approximately $210,000 today. resulted in the closing of the doors of the First National Bank, of Mineral Point, Wis., and the appointment of John W. Schofield, of the office of the comptroller of the currency, as receiver. Arrests are expected to follow the colsing of the bank after a conference between the Federal authorities at Mineral Point. The first word of Irregularities in the bank reached the treasury department Oct. 5. when National Bank Examiner Goodhart, after an examination of the bank's condition. telegraphed the comptroller that he found shortages and questionable paper. The first indiI cations were that the loss would reach only $90,000 but examinations increased this in varying amounts until the amount reached $128,000. Fails to Make Good. Losses on other paper probably accounts for the difference between this amount and $210,000, the alleged shortage announced in the press reports. S. Calvert Spensley, president of the bank. expressed to the bank examiner confidence of his ability to carry the bank thru its troubles. The bank officials succeeded in obtaining a small amount of cash. but Spensley evidently was unable to negotiate the amount necessary and this morning Examiner Goodhart reported by telegraph that the bank had been closed. Statement of resources and liabilitles Sept. 1 disclosed no unusual conditions on its face. The capital stock was $100,000; surplus $20,000; undivided pronts. $11.724.. The bank had out $25,000 in circulation, secured by $51,393 United States and other bonds. There were $505,978 in deposits, and $5,000 outstanding bills payable. Total liabilities were $667.702. Of the same total of resources all except $51,393 United States and other bonds are available for the debts of the institution. Bestdes the bonds the resources N comprised loans and discounts of $489.175: banking house and other real estate, $37,458; amounts due from other at banks. $48,206; cash items. $44,470. The bank's capital is $100,000; dec. posits $505.978; surplus, $20,000; unn, divided profits, $11,724. Its resources total $667.702. ct

4. October 12, 1909 The Ogden Standard Ogden, UT
Article from The Ogden Standard, October 12, 1909

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FORGERIES IN BANK Caused the Closing of Doors by the Government Washington, Oct. 12.-The comptroller of the currency announced that the First National Bank of Mineral Point, Wisconsin, has closed its doors and that a receiver had been appointed. The bank has a capital of $100,000 and deposits of $505,978. The discovery of forgeries and defalcations aggregating, according to unofficial advices, approximately $210,000 resulted in closing the doors of the bank. Arrests are expected to follow. The first word of irregularities in the bank reached the treasury department on October 7, when National Bank Examiner Richard W. Goodhart telegraphed to the comptroller that he had found some shortages and questionable papers. The first indica. tions were that the loss would reach only $80,000, but the figures of the discrepancy began to grow. S. Calvert Spensley, president of the bank, expressed confidence in his ability to carry the bank through its troubles. He declared he could raise $100,000 within six days, but he was evidently unable to negotiate that amount en the bank's credit and this morning Examiner Goodhart reported by telegraph that the bank had been closed.

5. October 12, 1909 The Bridgeport Evening Farmer Bridgeport, CT
Article from The Bridgeport Evening Farmer, October 12, 1909

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BANK CLOSES DOORS TODAY First National of Mineral Point, Wis., on Account of Shortage of $200,000 VICE PRESIDENT TO BLAME (Special from United Press.) Mineral Point, Wis., Oct. 12.-Following the appointment oy the controller of the currency of John S. Schofield as receiver, the First National Bank of this place closed its doors today. The action followed an all night session of the officers in a vain effort to avoid the closing. Vice President Phil Allen, Jr., who is alleged to be responsible for the shortage which is believed to be nearly $200,000, is reported dying in his home here. The bank has always been regarded as one of the strongest in the south western lead and zinc mining district. Stocks and bonds in various corporations with a face value equal to the bank's shortage are said to have been turned over to the bank by Allen. It is impossible as yet, however, according to President Shiekley, to give the value of the securities. The bank's condition, however, is generally regarded as sound. Washington, Oct. 12.-The closing of the First National Bank of Mineral Point, Wis., was reported to the comptroller of the currency to-day. The comptroller has appointed John W. Schofield receiver. The assets and li+ abilities of the bank at the time of the last report to the comptroller were $667,701.78 each.

6. October 13, 1909 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, October 13, 1909

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Arrests to Follow Failure of Bank Wisconsin Institution Closes Doors Upon Discovery that Enormous Sum is Missing. WASHINGTON, Oct. 12.-The discovery of alleged forgeries and defalcations aggregating, according to unofficial advices, approximately $210,000, today resulted in closing the doors of the First National bank of Mineral Point, Wis., and the appointment of John W. Schofield of the office of the comptroller of the currency as receiver of the Wisconsin institution. Arrests were expected to follow the closing of the bank after a conference between the federal authorities at Mineral Point. MINERAL POINT, Wis., Oct. 12.-A conference will be held tonight by United States District Attorney Harry Morgan and National Bank Examiner R. W. Goodhart to decide what steps shall be taken to bring to account those responsible for the failure of the First National bank of this place, which was closed following the disappearance of more than $200,000 of its funds. That fraud is behind the failure is admitted. The cause is said to be disastrous speculation in mines. The manner in which the bank was defrauded, it is alleged, was by the substitution of notes in the forged names of well-known local business men for negotiable securities.

7. October 13, 1909 New-York Tribune New York, NY
Article from New-York Tribune, October 13, 1909

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SHORTAGE CLOSES BANK ARRESTS ARE EXPECTED. Loss of $210,000 in Wisconsin Institution Said To Be Due to Forgery. Washington, Oct. 12.-The discovery of alleged forgeries and defalcations aggregating, according to unofficial advices, approximately $210,000 resulted in closing to-day the doors of the First National Bank of Mineral Point, Wis. John W. Schofield, of the office of the Controller of the Currency, was appointed receiver of the Wisconsin institution. Arrests are expected to follow the closing of the bank, after a conference between the federal authorities at Mineral Point. Word of irregularities in the bank reached the Treasury Department on October 5, when Richard W. Goodhart, national bank examiner, who had been making his regular examination of the bank's condition, telegraphed to the Controller of the Currency that he had found shortages and some 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 latest amount reported to Washington swelled the loss to $128,000. The losses on other paper in the bank subsequently discovered probably account for the difference between this amount and the $210,000 of alleged shortage announced in the press reports. S. Calvert Spensley, president of the bank, expressed to the examiner confidence in his ability to carry the bank through its troubles. The bank officials sought cash to place to the credit of the bank and succeeded in obtaining a small amount. Prestdent Spensley declared that he could raise $100,000 in cash within six days, but he was evidently unable to negotiate that amount on the bank's credit, and this morning Mr. Goodhart reported by telegraph that the bank had been closed. John W. Schofield, who was immediately appointed by Mr. Kane, Acting Controller of the Currency,, to take charge of the bank's affairs, left to-day for Mineral Point. He has acted as receiver for several banks. F. E. Hanscom is the bank's cashier. The directorate comprises President Spensley, Vice-Prestdent Philip Allen. jr., James Brewer, W. P. Gundey, Frederick Vivian, R. J. Penhalegon and J. L. Gray. The last statement of the resources and liabilities of the bank as shown by its report of condition rendered to the Controller on September 1, disclosed no unusual conditions on its face. The capital stock was $100,000, its surplus $20,000, and undivided profits $11,724. The bank had out $25,000 in circulation. secured by $51,393 in United States and other bonds. There was $505,978 in deposits and $5,000 of outstanding bills payable. This made total liabilities of $667,702. Of the same total amount of resources, all except the $51,393 of United States and other bonds are available for the debts of the institution. Besides the bonds, the resources comprised loans and discounts of $486,175 : banking house and other real estate, $37,458: amounts due from other banks, $48,206. and cash items, $44,470. Mineral Point., Wis., Oct. 12.-A more serious aspect developed in the failure of the First National Bank here to-day, it being reported that the shortage, instead of $200,000, as at first estimated. will run close to $400,000. Vice-President Phil Allen, jr., is said to have lost heavily in California and Montana mining investments. Worthless notes poured into the bank to-day, and widows and orphans were hard hit. as Mr. Allen acted as administrator of many estates. The value of the securities which he has turned over to the bank has not been ascertained, but much Western mining stock in the collection is said to be worthless. The bank examiner worked over the books until late to-night, practically completing his work, so that everything will be in readiness for the receiver. He was assisted by Cashier Harrison, a brotherin-law of Vice-President Allen. Mr. Allen, for years a victim of palsy, is seriously ill at his home, unable to see visitors. The city is noticeably quiet in the face of a calamity which affects a large proportion of the community. Mineral Point is the third oldest city in the state, and practically all of its three thousand inhabitants are of American birth. The bank was regarded as being thoroughly sound.

8. October 13, 1909 Grant County Herald Lancaster, WI
Article from Grant County Herald, October 13, 1909

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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.

9. October 13, 1909 Daily Arizona Silver Belt Globe, Miami, AZ
Article from Daily Arizona Silver Belt, October 13, 1909

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MININGSPECULATION CAUSED FAILURE OF BANK Two Hundred Thousand Dollars Missing-Investigation Begun MINERAL POINT, Wis., October 12. -A conference will be held tonight by Federal Attorney Morgan nad Bank examiner Goodhart to decide what steps will be taken to bring to account those responsible for the failure of the First National Bank of this place, which was closed following the disappearance of more than $200,000 of its funds. The cause of the failure is said to be disastrous speculation in mines. The manner in which the bank was defraud ed, it is alleged, was by the substitution of notes in forged names of well known business men on negotiable securities. The bank has been in existence for over twenty-three years, for the last eight of which Mr. Sponsley has been at its head, and Phil Allen has been eashier almost since its inception. At Allen's residence all callers were informed that he was dangerously ill. He is 61 years old. So sudden was the collapse of the bank that there was no opportunity for a run upon it, and today hundreds of spectators and depositors are dazed and uncertain as to what they should do. Virtually one-third of the adult population of the town were dépositors.

10. October 13, 1909 Rock Island Argus Rock Island, IL
Article from Rock Island Argus, October 13, 1909

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SHORT $400,000 Defalcation at Mineral Point, Wis., Bank Continues to Grow VICE PRESIDENT BLAMED United States Officials to Hold Conference in Regard to Steps to Be Taken. Mineral Point, Wis., Oct. 13.-The legal aspect of the First National bank failure here was scheduled for discussion between the bank examiner and the United States district attorney today. The latter missed a train from Madison last night, but is expected tonight. Several additional notes said to be worthless have reached the bank. Shortage Near $400,000. Mineral Point, Wis., Oct. 13.-Further investigation into the affairs of the First National bank indicate that the shortage will be near $400,000. The bank yestesday closed its doors and John W. Schofield has been appointed receiver. In the meanwhile Vice President Allen, whose dealings in mining stock were directly responsible for the bank's trouble, is reported as being in a more serious condition in his home. Mr. Allen for years has been a victim of palsy, and the shock of the discovery of his alleged financial irregularities aggravated the oïd malady. Worthless notes are pouring into the bank, and widows and orphans are hard hit, as Mr. Allen acted as administrator of many estates. He was a pillar of the church, a Sunday school superintendent, sometimes occupied the pulpit, and was implicitly trusted. The value of the securities which he has turned over to the bank has not been ascestained, but much western mining stock in the collection is said to be worthless. No Excitement in Town. This bank was regarded as a financial Gibraltar. So firm was this belief that when reports of trouble began spreading a week ago, there was no run on the bank. Even when news of the shortage was known to many depositors last Friday only $16,000 was withdrawn. It is said that more than this sum was deposited from other sources. It seemed past belief to a majority of depositors that anything could be really wrong.

11. October 14, 1909 Iowa County Democrat Mineral Point, WI
Article from Iowa County Democrat, October 14, 1909

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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

12. October 16, 1909 Evening Star Washington, DC
Article from Evening Star, October 16, 1909

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WEEK ENDING OCT. 16, 1909. President Taft left Albuquerque, N. M., on his way to El Paso, Tex., where he will meet President Diaz of Mexico today; the President accepted the resignation of Charles R. Crane as minister to China. The United States Supreme Court met for the term of 1909-10., The controller of the currency ordered closed the First National Bank of Mineral Point, Wis.. on account of a shortage amounting to $210,000. Chandler Hale assumed the position of third assistant secretary of state. The strict new United States regulations regarding oyster shipments were suspended until May 1, 1910. The Washington, Charleston and Tingey were the winners of the record target practice trophies in the navy. Wilbur and Orville Wright have neglected to collect the $30,000 due them by the government. The National Geographic Society at Washington requested the University of Copenhagen to waive its first claim to an examination of Dr. Cook's polar observations. Judge Anderson of the United States district court in Indianapolis refused an order, applied for by the Department of Justice, for the removal of Delavan Smith and Charles R. Williams, proprietors of the Indianapolis News, to the District of Columbia for trial on the charge of criminal libel in the Panama canal controversy. The fifteen-year sentence in prison imposed upon Charles W. Morse was sustained by the United States circuit court of appeals. The engineer was killed and a number of passengers injured when a Royal Blue train sideswiped some derailed freight cars in the Philadelphia yard. A lone robber held up the night force of the Northern Express Company at Seattle and got away with thousands of dollars. Key West is asking aid for the storm sufferers. Lieut. C. A. Richter, chief engineer, committed suicide on the gunboat Marietta in Hampton roads. Gen. Richard C. Drum, forme: adjutant general of the United land. States Army, died at his home in MaryIn the District. King Edward conferred with Premier Asquith and the unionist leaders before starting to Newmarket; the idea of a referendum to settle the crisis between the lords and the commons seems to find little favor; King Edward formally opened the new $20,000,000 harbor at Dover. Lady Constance Lytton and Mrs. H. N. Brailsford, suffragette leaders, were sentenced to a month's imprisonment for a disturbance at Newcastle. A dispatch from London said that Sir John Fisher, senior naval lord of the admiralty, would probably retire and be made a peer. Prof. Ferrer, convicted of revolutionary activity, was shot at Barcelona; the execution caused great excitement among socialists in Europe, and rioting occurred at Paris, where an attempt was made to kill M. Lepine, prefect of police, and at Rome. The German reichsbank raised its discount rate from 4 to 5. per cent. The French holders of the Wright patents on aeroplanes applied for an injunction against various other machines. President Fallieres and his cabinet and Ambassador White witnessed aeroplane flights at Juvisy, France. A number of death sentences in Russia were commuted. Ralph Wilner of New York was ejected from his hotel in St. Petersburg, by order of the police, who said his passport had expired. The Turkish sultan. a dispatch from Constantinople says, will refuse the demands of the powers for indemnity for the Adana riots. A Heutenant and five sailors of the Dutch navy were killed by an explosion of picric acid aboard a ship's pinnace, near Masslius, Holland, The opening of the twenty-one provincial assemblies, the beginning of parliamentary government in China, was ignored in Peking. Circulars were distributed in the northern provinces of China urging a boycott on Japanese goods and enterprises, owing to alleged insults and aggressions. Foreign Affairs. The District budget for the next fiscal year, which includes estimates of expenditures of about $11,200,000, was forwarded by the District Commissioners to the Secretary of the Treasury for transmission to Congress. The Commissioners, as a board, held the first regular meeting in

13. October 20, 1909 Grant County Herald Lancaster, WI
Article from Grant County Herald, October 20, 1909

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CASHIER A SUICIDE; ALLEN IN CUSTODY Frank Hanscom, Mineral Point Bank Cashier, Shoots Self. Shock Kills Mother-in-Law - Deputy Acts Promptly Following Death of Bank Officer Mineral Point, Wis., Oct. 18 Sensation is fast following sensation as a result of the wrecking of the First National bank. Frank E. Hanscom, cashier of the ruined bank, worried over the closing of the bank, as well as the loss of his personal fortune in the wreck. shot and killed himself in the cemetery on his father's grave. Mrs. John Gray, his mother-in-law, upon hearing of the suicide, threw up her arms, screamed and fell dead of heart failure. TAKE ALLEN TO MADISON. Monday night, following these startling developments, Deputy United States Marshal John Kelley arrived from Madison to take Vice President Philip Allen, Jr., accused of forgery and embezzlement of $168,00, to Madison for a hearing. despite the reports that Allen is seriously sick. As though this were not sufficient for one period of twenty-four hours it is now reported that the examination of the wrecked bank and the papers show that safe deposit boxes have been opened and rifled of valuable papers, an instance of the disappearance of a $3 500 mortgage being inmored There is no confirmation of these reports. however. The arrival of Deputy Marshal Kelley is presumed to be the direct result of the Hanscom suicide, and the determination of the government authorities to prevent the possible suicide of Allen, who hitherto has been merely under surveillance. He will be taken to Madison in the mo ning. arraigned, and it is said that bail required will be not less than $50,000. This may assure his being kept in custody. NO OTHER WARRANTS. One report, however, is that Allen has prepared to plead guilty and accept immediate sentence. Nothing could be learned, however, as to the future ccurse of the federal officials. It was known, however. that Deputy Marshal Kelley did not bring any warrant for other bank officials. The suicide of Hanscom is not due to any criminal connection with the wrecking of the bank, but simply to worry and strain, for Hanscom, though nominally cashier, was in reality no more than teller, SO closely did Allen retain direct control of the bank's affairs. The dead cashier was a relative by marriage of Allen, the alleged wrecker of the bank, Allen's first wife, who died several years ago, having been a sister of Mrs Hanscom and a daughter of Mrs. Gray, whose death followed that of the cashier. Hanscom had been in DO way connected with the cause which led to the suspension of the First National. but it is known that the closing of the bank preyed upon his mind continually. HEAVILY INTERESTED IN BANK. He was heavily interested in the institution. with other relatives. Two brother-in-laws., S. J. Penhallegon and John Gray, Jr., were stockholders in the bank and Mrs. Gray, his mother-in-law, was heavily interest ed. The suicide of Hanscom, who had a splendid reputation, here has created a sensation second only to that of the closing of the First National bank and the subsequent arrest of Allen. Hanscom is survived by his widow and two daughters. LONG WITH INSTITUTION. Hanscom had been connected with the First National bank since its organization, antedating Phil Allen, Jr., in point of service. He began as bookkeeper and carried much of the

14. October 22, 1909 Watertown Leader Watertown, WI
Article from Watertown Leader, October 22, 1909

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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.

15. October 22, 1909 The Wisconsin Tobacco Reporter Edgerton, WI
Article from The Wisconsin Tobacco Reporter, October 22, 1909

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TWO DEATHS IN BANK FALL Cashier Kills Himself and Mother-inLaw Drops Dead. Mineral Poin,t Wis., Oct. 19. -Two deaths occurred here last night as the deaths occurred here as the result of the failure of the First National Bank, with a deficit estimated at $210,000. F. E. Hanscom, cashier of the institution, shot and killed himself. His remains were immediately removed to the home of his mother-in-law, Mrs. John Gray. At sight of the lifeless body, Mrs. Gray dropped dead. Since the failure of the bank, Hanscom had been working night and day and was very despondent. Hanscom was a brother-in-law of Phil Allen, Jr., vice president of the bank, who was arrested last Friday for the alleged misuse of the bank's funds. 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 Goodhart. An effort was made to keep the institution on its feet by the scale of mining property in which Allen was interested, but the deal fell through. It was alleged that the bank had been looted by means of notes forged by Allen. Allen's chief aid in running the bank was Hanscom. The former became seriously ill when the institution was closed, and Hanscom devoted every minute of his time in assisting Examiner Goodhart in straightening out the books. When Receiver John W. 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 oxpected.

16. October 29, 1909 The Ekalaka Eagle Ekalaka, MT
Article from The Ekalaka Eagle, October 29, 1909

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Washington. Nebraska and Kansas millers are pressing for early action in the prospective litigation on the flour bleaching question. The department of justice and agriculture last spring agreed that a shipment of Nebraska bleached flour should be seized and a case made up and taken to the courts just as soon as possible for test of the whole question and decision whether the bleaching is injurious or amounts to adulteration in the view of the law. The months have rolled along and no case has been started. Now it is explained that the agricultural people are doing all they can. A recommendation that the navy yards be divided into four departments, each in charge of a general manager, is said to be the most important result of the investigation by a special board of naval officers, headed by Rear Admiral Swift, whose report reached Washington. It is understood that there is a supplementary report signed by a minority of the board. Organized labor, representing many parts of this country, Canada and Cuba, paid a notable tribute to the homecoming from Europe of Samuel Gompers, president of the American federation of labor, who arrived from New York. The celebration in honor of his return, after an absence of several months, was probably the most enthusiastic demonstration ever accorded an American labor leader. There was a monster parade, followed by a big mass meeting at convention hall. Brigadier General Amos S. Kimball, U. S. A. (retired), who saw forty years' service in the army, and was retired at his own request in 1902, having been made a brigadier general several days beofre his retirement, died at his home here at the age of 69. The discovery of alleged forgeries and defalcations aggregating, according to unofficial advices, approximately $210,000, resulted in closing the doors of the First National bank of Mineral Point, Wis., and the appointment of John W. Schofield, of the office of the comptroller of the currency, as receiver.

17. November 19, 1909 The Washington Herald Washington, DC
Article from The Washington Herald, November 19, 1909

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# BANK LOOT COMPLETE. Church Worker Forges Name of the Pastor to $200 Note. The Comptroller of the Currency made up his mind some time ago that Phil. Ailen, jr., vice president of the First National Bank of Mineral Point, Wis., which failed, had come nearer violating every statute in his work of looting the bank than any other official of a failed bank in the history of the Comptroller's office. According to the reports of the receiver, Mr. Allen, who is now under indictment as the principal agent in the work of looting the bank, has been guilty not only of the usual offenses against the national banking act, such as falsification of records, but it has been proved, according to his report to the Comptroller, that Allen committed forgery and larceny. He took the securities which farmers and other confiding persons, who believed in his integrity, brought to him for safe-keeping and sold them, and converted the proceeds to his own use. He forged the names of prominent citizens to notes and took the proceeds, but the Comptroller of the Currency was hardly prepared to learn that Allen had forged the name of his pastor to a note for $200. The amount of forged papers may reach the stupendous sum of $500,000. Allen was a religious worker as well as a banker.

18. March 5, 1910 The Superior Times Superior, WI
Article from The Superior Times, March 5, 1910

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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,

19. July 20, 1911 River Falls Journal River Falls, WI
Article from River Falls Journal, July 20, 1911

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Madison. - Arguments on the demurer to the complaint in the case of C. L. Williams, receiver of the defunct First National bank of Mineral Point, against Calvert Spensely and other directors, were heard by Judge J. A. Humphrey of Springfield, Ill., in the federal court here. Williams brought action to recover from the defendants $700,000, alleging the bank sustained that much loss through the negligence of the directors.

20. July 21, 1911 Ladysmith News-Budget Ladysmith, WI
Article from Ladysmith News-Budget, July 21, 1911

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Madison. - Arguments on the demurer to the complaint in the case of C. L. Williams, receiver of the defunct First National bank of Mineral Point, against Calvert Spensely and other directors, were heard by Judge J. A. Humphrey of Springfield, Ill., in the federal court here. Williams brought action to recover from the defendants $700,000, alleging the bank sustained that much loss through the negligence of the directors.

21. September 20, 1911 Vernon County Censor Viroqua, WI
Article from Vernon County Censor, September 20, 1911

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# BANK CASE WILL BE TRIED Judge Overrules Demurrer in Action by Receiver to Recover $700,- 000, Charging Negligence. Madison.-Federal Judge Humphrey of Springfield, Ill., has overruled the demurrer of Calvert Spensley and other directors of the First National bank of Mineral Point to the complaint of C. L. Williams, receiver of the bank. Mr. Williams brought the action against the directors to force the collection of an assessment of $700,000. He charged them with negligence in connection with the wrecking of the bank by Phil Allen, Jr., who is now serving a ten-year term in the Leavenworth prison. The defendants filed a demurrer, pleading the statute of limitations. Judge Humphrey decided that the statute of limitations had not expired and the case will now be tried on its merits.

22. September 21, 1911 The Manitowoc Pilot Manitowoc, WI
Article from The Manitowoc Pilot, September 21, 1911

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# BANK CASE WILL BE TRIED Judge Overrules Demurrer in Action by Receiver to Recover $700,-000, Charging Negligence. Madison.-Federal Judge Humphrey of Springfield, Ill., has overruled the demurrer of Calvert Spensley and other directors of the First National bank of Mineral Point to the complaint of C. L. Williams, receiver of the bank. Mr. Williams brought the action against the directors to force the collection of an assessment of $700,000. He charged them with negligence in connection with the wrecking of the bank by Phil Allen, Jr., who is now serving a ten-year term in the Leavenworth prison. The defendants filed a demurrer, pleading the statute of limitations. Judge Humphrey decided that the statute of limitations had not expired and the case will now be tried on its merits.

23. September 21, 1911 Wood County Reporter Wisconsin Rapids, WI
Article from Wood County Reporter, September 21, 1911

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# BANK CASE WILL BE TRIED Judge Overrules Demurrer in Action by Receiver to Recover $700,- 000, Charging Negligence. Madison.-Federal Judge Humphrey of Springfield, Ill., has overruled the demurrer of Calvert Spensley and other directors of the First National bank of Mineral Point to the complaint of C. L. Williams, receiver of the bank. Mr. Williams brought the action against the directors to force the collection of an assessment of $700,000. He charged them with negligence in connection with the wrecking of the bank by Phil Allen, Jr., who is now serving a ten-year term in the Leavenworth prison. The defendants filed a demurrer, pleading the statute of limitations. Judge Humphrey decided that the statute of limitations had not expired and the case will now be tried on its merits.

24. September 22, 1911 Eagle River Review Eagle River, WI
Article from Eagle River Review, September 22, 1911

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# BANK CASE WILL BE TRIED Judge Overrules Demurrer in Action by Receiver to Recover $700,- 000, Charging Negligence. Madison.-Federal Judge Humphrey of Springfield, Ill., has overruled the demurrer of Calvert Spensley and other directors of the First National bank of Mineral Point to the complaint of C. L. Williams, receiver of the bank. Mr. Williams brought the action against the directors to force the collection of an assessment of $700,000. He charged them with negligence in connection with the wrecking of the bank by Phil Allen, Jr., who is now serving a ten-year term in the Leavenworth prison. The defendants filed a demurrer, pleading the statute of limitations. Judge Humphrey decided that the statute of limitations had not expired and the case will now be tried on its merits.