gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
a8a13796228d3271
Response Measures
None
Receivership Details
Depositor recovery rate
57.0%
Date receivership started
1909-10-12
Date receivership terminated
1918-08-30
OCC cause of failure
Fraud
Share of assets assessed as good
42.5%
Share of assets assessed as doubtful
18.3%
Share of assets assessed as worthless
39.1%
Description
Closed by Comptroller and receiver appointed after discovery of large forgeries/defalcations; no sustained public run reported.
Events (3)
1.June 10, 1884Chartered
Source
historical_nic
2.October 12, 1909Receivership
Source
historical_nic
3.October 12, 1909Suspension
Cause
Government Action
Cause Details
Comptroller ordered closure and appointment of a receiver after discovery of extensive forgeries/defalcations (embezzlement) by officers, alleged shortage ~$200,000β$210,000 (reports later larger).
Newspaper Excerpt
Following the appointment by the comptroller of the currency of John W. Schofield as receiver, the First National Bank of this place closed its doors today.
Source
newspapers
Newspaper Articles (25)
1.October 12, 1909The Washington TimesWashington, DC
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WISCONSIN BANK CLOSES ITS DOORS Dying Teller Said to Be Short More Than $200,000. MINERAL POINT, Wis., Oct. 12. Following the appointment by the comptroller of the currency of John W. Schofield as receiver, the First National Bank of this place closed its doors today. This action followed an all-night session of the officers in a vain effort to avoid the closing. President Calvert Spicely, of the bank, declares an examination by National Bank Examiner Woodhouse has disclosed a shortage which may reach $200,000. Vice President Phil Allen, jr., who is alleged to be responsible for the shortage is reported dying in his home here. The bank has always been regarded as one of the strongest in the Southwestern 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 Spicely to give the value of these securities. The bank's condition, however, is generally regarded as sound.
2.October 12, 1909Evening Times-RepublicanMarshalltown, IA
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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
3.October 13, 1909The Salt Lake Herald-RepublicanSalt Lake City, UT
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FUNDS USED BY SOME OFFICIAL First National Bank of Mineral Point, Wis., Closed by Comptroller. CASHIER SAID TO BE SICK SUDDEN COLLAPSE LEFT DEPOSITORS IN THE LURCH. Washington, Oct. 12.-The comptroller of the currency today announced that the First National bank of Mineral Point, Wis., had 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 alleged 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 work of irregularities in the bank reached the treasury department on Oct. 5, when National Bank Examiner Richard W. Goodhart telegraphed to the comptroller that he had found some shortages and questionable paper. The first indications were that the loss would reach only $90,000, but the figures of the discrepancy began to grow. S. Calvert Spensley, president of the bank, expressed confidence in his ibility to carry the bank through its troubles. He declared he could raise $100,000 within six days, but was evidently unable to negotiate that amount on the bank's credit, and this morning Examiner Goodhart reported by telegraph that the bank had been closed.
4.October 13, 1909The Montgomery AdvertiserMontgomery, AL
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FRAUD IS ADMITTED OFFICIALS ON TRAIL OF RESPONSIBLE PARTIER. Disastrous Speculation in Mines Said To Be Cause of the Failure of Bank at Mineral Polat. Mineral Point, Wis., Oct. 12-A conference was held tonight by United States District Attorney Hardy 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 through the substitution of notes in the forged names of well-known business men for negotiable securities. The repeated occurrence of these notes and a certain uniformity in their character, aroused the suspicions of the bank examiner. and a further probing into the books of the concern determined his sudden ae. tion in closing the bank The First National Bank has been in existence for over twenty-three years. for the last eight of which Mr. Sponsley has been its president and Mr. Phil Allen has been connected with It as cashier almost since its inception. Four years ago he was made vice president. At. Mr. Allen's residence here, all callers are informed that the master of the house is dangerously ill and that it is impossible for him to be interviewed. He is 61 years old. A more serious aspect has developed in the bank failure. it being reported that the shortage, instead of $200,000, as at first estimated, will run close to $400,000. Vice-President Allen is said to have lost heavily in California and Montana mining investments. Worthless notes poured into the bank today and widows and orphans were hard hit. Mr. Allen, a Sunday-school superintendent, who some times occupied the pulpit. was implicitly trusted. 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. Mr. Allen, for years a victim of palsy, is seriously 111 at his home, unable to see visitors. The shock of this discovery of his alleged financial irregularities aggravates the old malady. The city is noticeable 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 3,000 inhabitants are of American birth. Reporters talking with many persons today did not hear a harsh word spoken of the stricken vice-president.
5.October 13, 1909Grant County HeraldLancaster, WI
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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.
6.October 14, 1909Iowa County DemocratMineral Point, WI
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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
7.October 18, 1909Las Vegas OpticLas Vegas, NM
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PROBABLY FEARED ARREST WHEN BODY WAS TAKEN TO HOME OF MOTHER-IN-LAW, SHE DROPPED DEAD STRAIN WAS TOO GREAT SINCE CLOSING OF INSTITUTION HE HAD WORKED NIGHT AND DAY / Mineral Point, Wis., Oct. 18.-F. E. Hanscom, cashier of the wrecked First National bank here, shot and killed himself last night.His body was removed to the home of his mother-in-law, Mrs. John Gray. At the sight of the body, Mrs. Gray dropped dead. Hanscom had been working night and day since the failure of the bank and was very despondent. Hanscom was a brother-in-law of Phil Allen, jr., vice president of the bank, who was arrested last- Friday charged with stealing two hundred thousand dollars from the bank by means of forged notes. Hanscom was Allen's chief assistant in running the bank and had worked night and day, aiding Bank Examiner Goodhart in straightening out the books. It had been rumored that other arrests were to have followed Allen's. Hanscom's body was found late last night lying on his mother's grave in a local cemetery.
ALLEN WILL PLEAD. Madison, Wis., Oct. 19.-Phil Allen, Jr., vice president of the suspended First National bank of Mineral Point, Wis., was brought to Madison tonight by Deputy United States Marshal Joh n Kelley and arraigned before Commissioner C. E. Blake on the charge of embezzling $168,000 of banks funds. Allen waived preliminary hearing and the case was continued until tomorrow when it is expected, defendant will plead to the charge.
9.October 20, 1909The Cairo BulletinCairo, IL
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ALLEN IS ARRAIGNED Vice President cf Suspended Bank Could Not Give Bail and is Held in Custody. Madison, Wis., Oct. 19.-Phil Allen, Jr., vice president of the suspended First National Bank of Mineral Point. was brought to Madison tonight and arraigned before Commissioner Blake charged with embezzing $168,000. Allen waived a hearing and the case was continued until tomorrow when it is expected the defendant will plead. Asked by Blake what plea he would make, Allen replied: "I have confessed to certain facts and will stay by my confession." As the prisoner could not furnish bail at $60,000 he is held in custody by Deputy Marshal Kelley.
10.October 20, 1909The Columbus JournalColumbus, NE
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Civil war is Impending in Spain. Several bombs have been exploded near the royal palace in which King Alfonzo is practically a prisoner, be ing guarded by a double cordon of troops. President Taft and President Diaz of Mexico exchanged visits at Paso Tex., and Ciudad, Juraez, both execu tives leaving their native countries for the first time in an official capacity Dr. Frederick A. Cook, refuting the charges that he did not ascend Mount McKinley, will organize an expedition to ascend the mountain and procure the records he left there. He asserts Guide Barrill has perjured himself Thirty-seven persons are dead, many injured. and property damaged to about $1,000,000. as a result of the storm which swept Tennessee. Alabama, Georgia, Arkansas and South Carolina. The National Purity congress opened in Burlington, la., with President B S Steadwell in the chair and about 500 reformers and social workers present. Many well known men and women were on the program. Plans for a campaign for the passage of an act to enable Illinois municipalities to adopt the commission form of government were discussed at the annual meeting of the Illinois Mayors' association in Elgin. The Portola festival, celebrating the discovery of San Francisco bay. opened in the Golden Gate city. The National Spiritualists' association began their seventeenth convention in Rochester, N. Y. A convention of employing printers met in Chicago to adopt uniform methods that would end the price war Mrs. Georgie Ferguson, associate pastor of the People's church in Wash ington. says her sex would obtain the ballot if they adopted the method sug. gested by Samuel Adams in revolutionary days-elect state committees. study conditions and adopt state platforms. Marines from the cruiser Idzuma were landed in San Francisco to aid in fighting a fire. The visitors thought the city was threatened. They were not needed. Because he ran down and killed a woman with his automobile. T. C. Goetz of Stamford. Conn., was con victed of involuntary manslaughter and sentenced to jail for one year. Wilfrid Thibeault and Prof. Frank Hill were charged in the Fall River (Mass.) police court with the murder of Amelia St. Jean. whose mutilated body was found at Tiverton. R. 1. They pleaded not guilty and their cases were continued. A receiver was appointed for Solomon Brothers. dealers in oriental goods at New York, with branches at Pittsburg. Cleveland. Chicago and St. Louis. In an Interview at Buffalo. Explorer Cook reiterated that be would bring the Eskimos who accompanied him to the north pole to this country in order to disprove alleged distorted declarations in Commander Peary's statement. Pittsburg won the fifth world's championship baseball game from Detroit by a score of 8 to 4. The Pirates now lead the Tigers in the series by one game. The second national convention of the Congregational Brotherhood of America is in session at Minneapolis with a very large number of representatives present from all parts of the country. The constitutionality of the Illinois two-cent rate law is attacked in an action brought in the federal court at Springfield by the Chicago, Peoria & St. Paul Railroad Company. Milwaukee for ten days will be the Mecca of the dairy farmers and persons engaged in allied interests as the National Dairy show there is now on. A famous portrait by Velasquez, pur chased by a wealthy American abroad. will soon arrive in this country. ac cording to H. R. Duneen. an art dealer. who has returned to New York from Europe. He says it is likely tc become the most noted picture in America. The name of the owner is not revealed. The general understanding in Wash ington is that the court of appeals will render its decision in the con tempt case against Samuel Gompers, John Mitchell and Frank Morrison of the American Federation of Labor within a week. The Norwegian Sterk. a small freighter, foundered off the coast of Norway. The crew of 12 was lost. It has developed that the shortage in the Mineral Point (Wis.) First National bank failure will reach nearly $400,000. It is said that Vice-President Allen has lost heavily in mining investments. Charles R. Crane of Chicago. minister designated to China, was practically deposed by a demand from Secretary Knox for his resignation. The latter charges Mr. Crane with indiscretion. The latter had already tendered his resignation to President Taft. Pittsburg defeated Detroit in the third game of the world's championshin series by 8 to 6
11.October 21, 1909The Oskaloosa HeraldOskaloosa, IA
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ALLEN IS ARRAIGNED. Mineral Point, Wis., Banker Pleaded Not Guilty Today. Madison, Wis., Oct. 20.-Phil Allen, Jr., vicepresident of the suspended First National Bank of Mineral Point was brought to Madison last night and arraigned before Commissioner Blake charged with embezzling $168,000. Allen waived his hearing and his case was continued until today, when before Commissioner Lewis he pleaded not guilty. His bail was fixed at $60,000 and this was not furnished. An offer of $40,000 bond was refused by the commission.
12.October 21, 1909Ladysmith News-BudgetLadysmith, WI
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, diΓΉ, 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.
14.October 28, 1909Mineral Point TribuneMineral Point, WI
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Claims Against Defunct Bank. In another column of the Tribune can be found a notice issued by T. P. Kane, U. S. Deputy Comptroller of Currency, relative to claims against the First National Bank of Mineral Point. The receiver in charge of the bank will not be in readiness to receive or give attention to any claim until Monday, Nov. 1. Concerned parties should govern themselves accordingly.
15.October 29, 1909The Herald-AdvanceMilbank, SD
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Washington, Despite rumors, no one has yet been selected for the post of minister to China to succeed Charles R. Crane, whose resignation was recently accepted by the president. Among the many names that have been mentioned, one of the most recent is that of Judge Thomas Burke of Seattle, Wash., but this and other reports in regard to the post were characterized by Assistant Secretary of State Wilson as mere speculation. Using a roll of bills as a weapon, Charles C. Glover, president of the Riggs National bank, is charged with having attacked a depositor who called at the bank. The depositor, Emilio Jasselli, brought suit for damages against Mr. Grover, asking $10,000 for the bodily and mental pain he suffered. Announcement was made at the navy department that Rear Admiral Gottfried Blocklinger will be transferred to the retired list on account of old age October 23, and that Rear Admiral Thomas C. McLean will be retired October 25, for the same reason. Admiral Blockinger was born in Iowa, and entered the navy in July, 1863. He reached the rank of rear admiral in October, 1908, and has had over twenty-one years service at sea. Death's invasion of the fast thinning ranks of war veterans caused 48,312 names to be dropped from the pension rolls of the United States last year. Of this number 32,831 were survivors of the civil war. The total loss to the pension roll from all causes was 51,581. A new minister to China will hardly be appointed until the president returns to Washington. It is no secret that the Washington government will welcome the overthrow of President Zelaya. 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.
16.October 29, 1909The Charles Mix New EraWagner, SD
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mincrease in the number of trials em up classes IIV to 44 JO refort [enude em all ΠΏΠ»ΠΎΡΠ° America Judge Advocate General George B. Davis made public is causing much comment in military circles. Conditions, officers say, as shown by the report, are disgraceful and positive remedial measures should be taken. The Matin's correspondent at Oran, Algeria, telegraphs that Mulai Hafid, the sultan of Morocco, has sold the Riff mines, which were the cause of the trouble between Spain and the Moors on the Riffian coast, to a Geruse Local sentiment may be summed up as averse to granting the request of the National Geographic society of the United States that the University of Copenhagen waive its claim to the first examination of Dr. Cook's North Pole data. Copies of circulars issued in north China by a body of Chinese, calling themselves the popular association of the three eastern provinces, have been reecived in Japan, after having been spread broadcast among Chinese of the lower classes. Third Assistant Postmaster General Lawshe announced to the heads of the bureaus in his division that he intended to resign from the postoffice department. The use of the words "So help me -ord eq ABUI onlho jo pue our 18 "pon hibited In the courts of the District of Columbia, If congress passes a law which is now being drafted by the commissioners of the District of Columbia. Dr. Maurice C. Stack. for thirtythree years assistant superintendent of the government hospital for the in14810 Aepung Mashington uj paid euss of cancer of the throat. 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, head-0J ***** 'IJIMS Rear sq pe port reached Washington. The national capital is planning a great pageant of international scope for the next fourth of July. At a meeting of officials and business men up Columbia, jo District the jo the office of Commissioner McFarland, It was decided to invite, through their diplomatic representatives each of the twenty-one Central and South AmeriInter- Breat . up ujof of republices can national parade, in which the marines -red IIIM A the jo ticipate. Washington. Despite rumors, no one has yet been selected for the post of minister to China to succeed Charles R. Crane, -08 receiting SUM esoq.m cepted by the president. Among the many names that have been menthe sp recent most the jo euo 'penon of Judge Thomas Burke of Seattle, Wash., but this and other reports in regard to the post were characterized by Assistant Secretary of State Wilspeciation. ejem su uos . SW 81119 jo roll . Used Charles C. Glover, president of the Riggs National bank, is charged with oqual pederitor . attended SUJAUL called at the bank. The depositor, Emilio Jasselli, brought suit for damages against Mr. Grover, asking $10,eq ujed pus Allpoq our JOJ 000 suffered. Announcement was made at the uavy department that Rear Admiral Gottfried Blocklinger will be transferred to the retired list on account of -PV Rear that pus 23, October 025 PIC -01 eq 111A O Thousa tired October 26. for the same reason. Admiral Blockinger was born in Iowa, and entered the navy in July, 1863. He reached the rank of rear admiral in October, 1908, and has had over 'wes to serviΓ§o Tears and Death's invasion of the fast thinning ranks of war veterans caused em thom peddosp eq 01 samuu pension rolls of the United States 133611 require *141 JO Tear. eur 'J'WA HAIR on jo sjoajajns OJOM total loss to the pension roll from all 9195'19 SEA sesned prace IIIM China of ΠΌΡΠΉ V president em Inun eq 4 returns to Washington. It is no secret that the Washingon 111A no) overthrow of President Zelaya. The discovery of alleged forgeries accord pas of 201 ly $210,000. resulted in closing the doors of the First National bank of Mineral Point, Wis., and the appointour jo Scholleld 'M uqof jo queur ---- our JO companities our jo eogre rency, as receiver.
17.November 19, 1909The Washington HeraldWashington, DC
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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.December 2, 1909Mineral Point TribuneMineral Point, WI
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MINERAL POINT, WISCONSIN, THURSDAY, DECEMBER 2, 1909. NO 20 PER CENT DIVIDEND. and Cloaks Desire and Application of Bank Receiver TH Schofield Denied by Comptroller of Currency BEGINNING DECEMBER 1st. the PLAUSABLE REASONS GIVEN price on all Ladies Suits remaining in stock will be Headquar Present Outlook for Depositors More $10.00 per suits. This inCheering However Than for DOLLS, TOY Some Time. cludes Ladies Suits which GOODS have sold from $18 to $30 National Bank Receiver Schofield, per suit-sizes 16 to 18 and who has been acting as receiver of the First National Bank of Mineral Point, 34-36-38. having completed the preliminary work, Greatest I and placed the receivership in good running order, retired at the close of busiBEGINNING DECEMBER 1st, all ness December 1st, and turned over In Hand Ladies Cloaks will be subthe receivership to Mr. C. L. Williams, as permanent receiver Mr. Williams ject to a discount of twelve China Eve is an experienced man, and familiar and one half per cent. with receivership work. Becoming familiar with the condiIn Minera tions here, and appreciating the great BEGINNING DECEMBER 1st, all advantage it would be to the people of A few fliers as Children's Cloaks will be this community in general if dividends could be paid promptly, Receiver Schoon sale at a reduction of field on Tuesday asked the Comptroller WOMENS H one-fourth. of Currency to order the payment of a dividend of 20 per cent. before ChristTHE mas. Eager and interested persons Regular 70 (and that means many) mistook the reThe above reductions will be contin$1 quest for a certainty, the result being $1 that the entire populace erroneously ued until all cloaks and suits are sold $1 regarded it as a declared fact. But the following day (Wednesday) the FOUR DOZEN public spirit was more or less chilled upon word coming from the Comptroller COATS ALL SIZ at Washington that he could not com& Gray Co. ply with the request because of these POINT, WISCONSIN. A swell new li seeming plausible reasons: "On account of the unusual and exlow prices. The n tensive frauds perpetrated by Allen, it of merchandise ai is evident that the amount of just G claims which may be unproven cannot be ascertained with certainty. "That under the law, creditors have three months after publication of notice ISTMAS The within which to present their claims, W and they should suffer no loss by reason of delay if claims are proven within the statutory time." DAYS LEFT ALLEN GETS TI Much as the Comptroller desires to relieve the situation, he does not deem Sentence Pronounced o and inspect the largest line of it prudent to declare a dividend before Since When He Has E the expiration of three months. Grand Jury Seve The tangled condition of the bank books having covered so many years, Last Friday, Nov. 26 JAPANESE made the work tedious and trying for able day in the life of self-confessed bank eml the receiver, but through it all he displayed apt fitness and was ever prompt it being the day when } and courteous. Mr. Schofield departs to ten years in the g for his eastern home in anticipation of tentiary at Fort Leave a well-earned rest, and there follows Sanborn in federal co him the respect of one and all of the Allen plead guilty to follows: troubled multitude with whom he came in contact. First-Embezzlemenl of the bank. His final remark to a Tribune repre-In the city Second -Abstraction sentative was to the effect that the the bank. cloud hovering over the unfortunate Third-Unlawful iss creditors of the bank had a brighter cates of deposit. lining. REWER.CO Fourth, False entri-
19.March 5, 1910The Superior TimesSuperior, WI
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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,
20.July 20, 1911River Falls JournalRiver Falls, WI
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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.July 21, 1911Ladysmith News-BudgetLadysmith, WI
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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.
22.September 20, 1911Vernon County CensorViroqua, WI
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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, 1911The Manitowoc PilotManitowoc, WI
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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 21, 1911Wood County ReporterWisconsin Rapids, WI
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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.
25.September 22, 1911Eagle River ReviewEagle River, WI
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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.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
