Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1911-03-22
REPORT ON DEFUNCT
MINERAL POINT BANK.
Outlook for Depositors Not as Gloomy
as Might Be-Creditors Are
Now More Hopeful.

The creditors of the defunct First
National Bank Of Mineral Point will
be interested in the following sum-
mary of facts CLEANED from the annual
report of the Comptroller Of the Cur
rency which is the first report made
since the failure of the bank:
From an examination of this re-
port it appears that the total collect
ions made by the receiver from Oct.
10, 1900. when the bank was closed, to
Oct. 81. 1910. amount to $473, $40 in
which is included the $3.50, 900 Ken
nedy mine money and which has to be
kept separated by order of the court,
leaving 1928, $40 net cash for dividends
and other purposes. From this amount
payments have been made as follows
Dividends of 40 per cent amounting
to 1928. 678; loans paid and other dis
bursements amounting to 1913. $50, legal
expenses. including all attorney fees,
court costs and other such items
amounting to 81. $40; all other ex-
penses, including rents, clerk hire and
the different receivers salaries
amounting to So, 1896 These four
items total $3.50, 704, which deducted
from 1923. $40 leaves d balance on hand
with the government of $63, 1856. Out
of this last amount $40 900 had to be
held for payment of 40 per cent divi-
dends on miscellaneous claims amount
ing to about 500, 900, which claims
have been presented but not yet ad-
jusEed Thus there is left on hand as
available cash the SUN of $23, 1856. In
the item loans paid and unpaid and
other disbursements of 1923. O6O'' is in
cluded moneys which the banks owed
in bills payable and otherwise, also
moneys for which the bank became
liable through the manipulation of
Allen.
At the time the last dividend of
per cent was paid, which was figured
as of August 9TH, 1910, it used up all
the money then available except about
$500. and the difference between this
$500 and the $23, 236 as available
October 81. 1910. represents the amount
collected by the receiver between those
dates. Now as suon as the receiver is
successful in realizing on some more
of the assets, creditors NAV, in the
near future, receive another small
dividend.
Unfortunately the assets of the
bank are in such condition that they
have greatly deprecated, while the
liabilities have increased. This is
owing to the fact that many of the
assets were not real. others had to be
surrendered and given up to other
parties and for other causes and that
the assets now remaining are not
voluntarily paid There is every
reason to believe, however, that the
creditors will yet receive d consider
able amount in addition TO that they
the receiver has had to institute and
defend, we're a necessity. otherwise
collection of same could not be made
1t is hoped considerable amount
will yet be obtained from the Allen
estate in bankruptcy, but as to this
the amount is indefinite, owing to the
many CLAIMS filed against the estate
and the worthless assets that make up
same.
Another source from which divi-
dends will be paid is through the
directors suit, which was recently
started by the receiver and of which
mention has heretofore been made,
but this, like all other matters. takes
time, though in the end will result
benefciaIly to the creditors.