9686. Mapleton State Bank (Mapleton, MN)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
October 19, 1903
Location
Mapleton, Minnesota (43.929, -93.956)

Metadata

Model
gpt-5-mini
Short Digest
5d1e8d18

Response Measures

None

Description

Assistant cashier Alfred A. Buck's defalcation discovered; bank closed in Oct 1903 for investigation (closure likely Oct 19, 1903). Stockholders assessed, capital increased and bank arranged to reopen in early November 1903. Articles mention preparations to meet a run but do not describe an actual depositor run.

Events (4)

1. October 19, 1903 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Discovery of a large shortage/defalcation by assistant cashier Alfred A. Buck who disappeared; bank closed pending investigation of books and recovery efforts.
Newspaper Excerpt
The bank was closed Oct. 19, 1903, upon the discovery of a defalcation by Buck.
Source
newspapers
2. October 23, 1903 Other
Newspaper Excerpt
Every preparation debe made to meet a run, and every will be paid in full if he desires. bank is not affected by the shortage, the stockholders are determined that depositors shall not lose a dollar. ... it would probably be reopened two or three days.
Source
newspapers
3. October 28, 1903 Other
Newspaper Excerpt
The Mapleton, Minn., State bank is closed. pending an investigation of the books of the assistant cashier, Alfred A. Buck, who has disappeared.
Source
newspapers
4. November 6, 1903 Reopening
Newspaper Excerpt
The meeting of the stockholders of the Mapleton State bank, held at that place last night voted to increase the capital stock of the bank to $15,000. It was decided to open the bank for business Tuesday morning, but it has been receiving deposits for several days past. Some of the heaviest of the depositors, representing about $15,000, have signed an agreement to leave their money in the bank for six months at three per cent interest.
Source
newspapers

Newspaper Articles (5)

Article from The Mankato Free Press, October 23, 1903

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Article Text

the insurance company will probably put upon the track of the fugitive, no though the stockholders took procure his return. When Judge Buck learned from con- his aughter Saturday morning of the train of affairs he took the first of Mapleton, to inform the directors the matter and take steps to save of the positors from loss. A meetings rectors was held in this city yester- Naat which President Hoerr of the WillCitizens' bank and Cashier of the First National bank over. were resent, and the matter was gone to Hoerr and Willard arranged MaIvance to the stockholders of the up State bank $10,000, to make added amount of the shortage, which, which the surplus of nearly $6,000 bank had, will nearly fill the gap. and bank has $65,000 of good notes, depositors will not lose anything. afteris the statement made this to The Free Press by Mr. Willard. Depositors Will Be Protected. Judge Buck and Mr. Hoerr went re- to apleton this morning, expecting to on the noon train, but were unable order return on that train. Possibly in avert a run on the bank, the instituwas closed, but information from ef apleton this afternoon was to the that it would probably be reopened two or three days. Every preparation debe made to meet a run, and every will be paid in full if he desires. bank is not affected by the shortage, the stockholders are determined that depositors shall not lose a dollar. and capital of the bank is $10,700, the stockholders are liable for of their stock. Judge Buck owns of the stock, and this is the sum his he hastily raised to make good ability, Mankato banks advancing him deamount, as stated above. The of the bank, all told, amount to $52,000. The county has $1,427.72 the bank, but it is secured by a bond, such a security is needed, which it is case. The in this way that Mr. Buck was able to his father's private funds without His latter's knowing it was simple. gave him many thousands of dol- the to loan out, and he loaned taking notes for the various nounts. As payments were made on notes, he would keep some of the instead of reporting the payments his father. In this way the is said have secured from $7,000 to 8,000. loss, together with the assessment the $5,000 on his bank stock and of the bank, will run his individual up to $21,500.. Heavy Blow to Judge Buck., This is a heavy blow for one who has ached the years that Judge Buch has, the who should retire and enjoy of his industry. While it does that wipe out all of the property a Buck owns, it will take away share of that portion that was rerrning an income, the balance being that unproductive real estate, metime will be valuable, but which at time is not property which brings Judge returns. Buck may alter his plans and go to California for the winter as had expected. He had planned to realtogether from the practice of law, law had disposed of a portion of his take ,but it is said that he will the law practice again. He will have sympathy of his many friends the severe blow that has fallen upon not merely on account of the finan- of loss, but on account of the acts son. Claims He Was Blackmailed. The cause given by A. A. Buck for the money intrusted to his care making use of it is that he His has the victim of a blackmailer. count, as told to his wife, is that when neteen years of age and alone in Chihe was singled out by a designing and for some cause made to pay sums of money at intervals during time intervening. His mother's alth and then his father's caused him refrain from consulting with them or anding the trouble that he imagined ould follow his refusing to make pay. Having made the first payment, inking that that would end the mathe feared that this fact would tend show an admission, and he made payents as they were called for, until $30,in all has been turned over to the alblackmailers. He has at last rea receipt in full, and is free from said spell of these people, who are constitute a whole family. To support this story of blackmail, and in


Article from The Denison Review, October 28, 1903

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SPARKS FROM THE wires. The Mapleton, Minn., State bank is closed. pending an investigation of the books of the assistant cashier, Alfred A. Buck, who has disappeared. Edward Craigin of New York and W. J. Cook of Oregon have been appointed agents of the Nicaraguan government to represent it in canal matters. After three months of idleness operations were resumed at the Stafford cotton mills at Fall River. The company operates three mills and employs nearly 1,000 hands. The private bank of, J. E. Brown & Co. at Chatsworth, Ill., assigned and will be closed pending a settlement for the benefit of creditors. The liabilities are estimated at $35,000. According to one of his friends, Nick Volsah, who is in jail in Newport, Ind., awaiting trial for house breaking, is worth $40,000, and also heir to a large estate in Germany. By dressing a 1,200-pound steer in three minutes and thirty-eight seconds, Jacob Baer, employed in a DenS ver plant, has reduced the world's record by twenty seconds, and incidentally won the western championship. An Elgin, Joliet and Eastern passenger train running between Joliet and Aurora, went into the ditch near Plainfield. The coaches were turned upside down. Several passengers were injured, but the only person y fatally hurt is Patrick Malloy, a brake man.


Article from The Princeton Union, November 5, 1903

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ST. PAUL, Minn., Nov. 4, 1903. Minnesota has the best weather, the best cows and the best football team on earth. Hurrah! Charley Staples wouldn't refuse to run for governor if it was put up to him. Senator Sam Lord is being mentioned prominently as a possible candidate for attorney general. But Mr. Lord is ineligible. Come to think of it it is best not to refer to the Mapleton bank failure in the presence of Samuel T. Johnson. There are over half a million volumes in the school libraries of Minnesota. It is rather unkind for the papers to ask Mr. Eddy where his present platform was when he was in congress. These people who are blindly attacking the State board of control are making a mistake. However much they may dislike the board of control idea they should give it a fair chance to prove its worth. It is going to prove a great success for this State and it is here to stay. These unreasoning attacks will only serve to make the board stronger with the people when the facts are known. The great football game is over and Minnesota covered itself with glory by outplaying Michigan. Thirty thousand people saw the game. Minnesota greatness is recognized abroad. Congressmen Bede and McCleary and Senator Clapp were called to Ohio to help the Republicans on the stump. Even the street railway company realizes that it is sometimes a mistake to have a governor who is too friendly. The supreme court has allowed a man $800 for having his whiskers pulled out by a saloon-keeper. The rights of the heirs must be respected. It's mighty little gospel the church-goers in the city hear. The preachers talk about football, graft, domestic science and novels mostly. The appraisers have allowed the owners of property to be condemned for the new State capitol grounds $78,444 for their land. Minnesota teachers are averaging $4.50 a month more in salaries this year than last. They deserve twice what they are getting now. Governor Van Sant was at the football game, and for once he wasn't the most prominent man present. Sig Harris looked ten times as big. The State is to be congratulated on having so efficient an engineer on its drainage work as George Ralph. He saves his salary to the State many times over each year. The dairy and food department has renewed the monthly butter contest. The first one will be held November 12. One day the game and fish commission dubbed the Glenwood hatchery site "very bum" and the next they declared it "second to none in the country." MINNIE.


Article from The Mankato Free Press, November 6, 1903

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CAPITAL INCREASED. Half of Assessment on Mapleton Bank Stockholders Paid in. From Friday's Daily. The meeting of the stockholders of the Mapleton State bank, held at that place last night voted to increase the capital stock of the bank to $15,000. It was decided to open the bank for business Tuesday morning, but it has been receiving deposits for several days past. Another meeting will be held next Monday night. Some of the heaviest of the depositors, representing about $15,000, have signed an agreement to leave their money in the bank for six months at threę per cent interest. All of the stockholders have paid their assessment of one hundred per cent except two, and one of these two is said to be Judge Buck. His stock is on deposit, to be assigned to whoever will pay the assessment, but as yet no assignments have been made. About $5,000 of additional stock has been subscribed for, and it may be that some of these subscribers will take Judge Buck's stock. Judge Buck, when seen this afternoon, said that he had transferred his stock just previous to the meeting last night, and had resigned as director and president and did not attend the meeting. He did not know what action was taken. He would take steps to be released from liability. One of the directors of the bank, who was at the meeting, stated this afternoon to The Free Press that no resignation was reported to the meeting and no action was taken on it. He had not learned of the resignation having been tendered, and thought that the officers must still TO have it in their pockets.


Article from The Minneapolis Journal, July 19, 1905

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Alfred A. Buck was assistant cashier of the Mapleton State bank when he disappeared, about the middle of October, 1903. The bank was closed Oct. 19, 1903, upon the discovery of a defalcation by Buck. A week before that time he left for Walker, Minn., and then departed ostensibly for Duluth. A letter found in his desk explained that Buck owed the bank $18,700, and his father, Judge Daniel Buck, formerly of the state supreme bench, between $7,000 and $8,000 in trust funds. His father was president and half owner of the bank. Buck remained out of sight until word was received March 1, 1905, that he was running a hotel in the Isle of Pines. The discovery came thru the announcement that his wife had died there Feb. 20, 1905. Judge Buck died May 21, 1905. Buck's explanation of the shortage was that he had been blackmailed by a Chicago family and that he had paid a total of $10,000 to keep the matter quiet.