Dane County Bank - Stoughton, WI

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: January 2, 1903
Location: Stoughton, Wisconsin (42.917, -89.218)

Metadata

Model: gpt-5-mini
Short Digest: c9881693

Response Measures

None

Description

Articles (Jan–Feb 1903) describe the Dane County Bank in receivership (receiver B. E. Wait), an auction of unpaid accounts, and the cashier John H. Joice pleading guilty and paying $15,000 to satisfy creditors. No newspaper account describes a depositor run; failure appears driven by bank-specific misconduct/insolvency and resulted in receivership/liquidation.

Events (3)

1. January 2, 1903 Receivership

Newspaper Excerpt: The receiver of the bank, B. E. Wait of Stoughton, was satisfied with such an arrangement... The fine and costs were accordingly paid and the defendant discharged.
Source: newspapers

2. January 2, 1903 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Cashier accused of receiving deposits while knowing bank was insolvent; misconduct and insolvency led to receivership.
Newspaper Excerpt: The case of John H. Joice, former cashier of the Dane County bank of Stoughton... the receiver of the bank, B. E. Wait of Stoughton, was satisfied with such an arrangement.
Source: newspapers

3. February 6, 1903 Other

Newspaper Excerpt: Attorney Ben E Wait, receiver for the Dane County Bank, held an auction in front of the postoffice Friday and disposed of fifty-five thousand dollars of unpaid accounts and claims against various parties.
Source: newspapers

Newspaper Articles (2)

1. January 2, 1903 The Wisconsin Tobacco Reporter Edgerton, WI

Article from The Wisconsin Tobacco Reporter, January 2, 1903

Click image to open full size in new tab

Article Text

CASHIER JOICE SETTLES. Pays the Stoughton Bank $15,000, Ending the Litigation. The case of John H. Joice, former cashier of the Dane County bank of Stoughton, accused of receiving deposits in his bank after he knew it was insolvent, was settled in the municipal court at Madison Tuesday in a sudden manner, much to the surprise of all concerned, except the attorneys for the defense. The case was called at 2 o'clock, but owing to the absence of one of the jurors, Lewis Dahl of Mt. Horeb, who was sick, the court was adjourned on motion of Rufus B. Smith, one of the attorneys for the defense, until a conference of the attorneys could be held and some decision arrived at concerning the continuance of the case. When the court reassembled at 3 o'clock Mr. Smith stated to the court that further information had been filed with the clerk, and that his client would plead guilty to the charge against him. He further stated that the relatives and friends of the defendant had by almost superhuman efforts succeeded in raising a sufficient amount with which to satisfy the creditors of the bank, and that the receiver of the bank, B. E. Wait of Stoughton, was satisfied with such an arrangement. Mr. Smith ended with a plea for leniency, saying that the amount raised by friends of Mr. Joice amounted to some $15,000; that the costs in the case amounted to $1,800, and asked that a fine of $100 be imposed, which, with the costs and the amount raised for settlement, would make it practically a fine of $17,000. The court then asked the defendant if this arrangement was satisfactory to him, and receiving an affirmative reply, ordered, on the plea of guilty by Mr. Joice, that the defendant be fined $100, together with the costs, on the condition that he make the settlement proposed, or in default be committed to the Dane county jail for one year. The fine and costs were accordingly paid and the defendant discharged.

2. February 6, 1903 The Wisconsin Tobacco Reporter Edgerton, WI

Article from The Wisconsin Tobacco Reporter, February 6, 1903

Click image to open full size in new tab

Article Text

Stougnton. Thore Olson, who has been seriously ill for some time with dropsy and last Saturday evening was not expected to live, is reported to be improving slightly. Mr and Mrs Abraham Severson were pleasantly surprised at their home east of town last Saturday evening by about fifty of their friends, of whom one-half went out from here. Supper was served and dancing indulged in until after mid- night. Mr and Mrs Severson were made the recipients of a handsome chair. January 25th, the anniversary of the opening of the Old Folks' Home, was duly commemorated at the institution. The 25th of January has been the occa- sion of pleasant gatherings now for three years, and this last was no exception. The morning address was given by Rev M P Ruh, after which an exceptionally fine dinner was served in the dining room to the inmates, the directors and their wives, and Mr and Mrs Jerome Scolen, whom all delight to honor on such occasions. After dinner the gath- ering was addressed by Rev A Bredesen, who dwelt especially on the many bless- ings that had rested upon the institution since its opening. Not a single death has occurred since the same company celebrated the last anniversary. The in- mates now number 37, and three more have been accepted and are expected in the near future, making the number 40, which is all that can comfortably be ac- commodated with the present capacity of the Home. Indications are that more buildings will have to be built, as new applications for membership are con- stantly coming in. Attorney Ben E Wait, receiver for the Dane County Bank, held an auction in front of the postoffice Friday and dis- posed of fifty-five thousand dollars of unpaid accounts and claims against vari- ous parties. There were about fifty present and the bidding began at fifteen dollars and was raised gradually by 15 and 25 cent offers until the sum of $250 was reached. The contest was mostly among Chris Olsen, Robe Dow, H A Hulsether and Barney Kittilsen. The largest claims were against W F Olsen, the Chicago real estate man, who always borrowed five thousand dollars at a time. There were many notes given by pur- chasers of Texas land who refused pay- ment because the Grand Falls Irrigation company was unable to give a clear title. Those who have kept the parcels con- tracted for were compelled to repur- chase from the new owners of the Pecos Valley property. Editor Charles S Crosse of Stoughton deems himself a very lucky man. Play- ing with his little daughter some weeks ago the child accidentally thrust a tiny finger into his left eye. A slight scratch upon the eyeball resulted which, though painful, was passed over lightly. But soon inflammation developed and be- came very serious. Finally Mr Crosse, led like a blind man, was taken to the hospital at Janesville, where he was in- formed that the immediate removal of the injured member was necessary to save the other eye. Yet, in the desper- ate hope of better things, the patient was put under medical treatment for a short time. A beneficial change was noticeable soon, and resort to surgery was happily found needless. In due time recovery became complete, and the editor feels now that only by a miracle was he saved the loss of one eye even if not of total blindness.