Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1912-09-26
PERTAINING TO BANK AFFAIRS.
One Stakeholder Loops the Loop with
Cunning and Grace.
Creditors Lose Out in Cash Because
their Guardians Lose Out in
Alertness.

What's the latest pertaining to
affairs of the collapsed bank 4" is still
a daily question, although in less than a
month it will be three years since the
| First National Bank of Mineral Point
was closed.
One answer is, nothing that shows a
gain to the creditors, while there is a
daily loss because of perpetual expense
and the unfairness, the unreasonable
ness of one grasping trust company.
Why the government, posing as guar
dians for the creditors, doesn't get after
that trust company and compel it to
hand,out to the creditors what rightful-
! ly belongs TO them, is a mystery, If
government officials had the power TO
appoint a trust company as receiver Of
certain funds, it most surely must have
the power to force that company to pay
out on the dividend plan, if not in bulk.
The holding of large bulk of money,
something like $50, 600 or 500, 600, be-
longing to the creditors and free from
| encumbrances, simply because of an
ENHANCEMENT over a much smaller and
distinct fuad. Is neither justice nor
equity. Should there be those who diff
fer with this opinion, they have the
privilege. We are from Missouri.
One feature in connection with this
unpleasant and exasperating bank mud
die, which recently has been brought to
the light Of day, is that Of one Of the
largest stockholders of the bank getting
scot free, 1t has the appearance of
cunningness getting the better of the
creditors protectors. If there is no
banking law that can overhaul manipu-
tions of this kind and regain what be-
longs to the creditors, then the term
National associated with a bank is a
delusion and farce, and there's little
need OF examiners, receivers, etc.
The following communications ex-
plain themselves:
Mineral Point, Wis, Aug. 26, 1912.
Mr.. Lawrence o. Murray,
Comptroller of the Currency,
Washington, ID. @. I
Dear Sir; Being one of the lnvesti- !
eating committee appointed at a meet 4
ing held by the creditors of the defunct I
First National Bank of the city of Min
eral Point, Wisconsin, on July 8, 1912, /
/ was present at a meeting held at
Judge Yincent's office in Chicago on
August 18TH at which meeting the
above mentioned committee was invited +
to meet Receiver Williams and Mr..
Cole, attorney for the Comptroller of
the Currency.
At that meeting | asked Mr. Williams
why no moneys were collected from
Mrs Parkinson of Madison, who was a
stakeholder of the First National Bank
of Mineral Point. Mr. Sanborn, attor-
ney for Mr.. Williams, scoifed the idea
Of collecting anything from Mrs Park
inson Since the meeting in Chicago ! |
have ascertained the following facts
Mrs. Parkinson owned stock in the
Citizens National Bank of Darlington
which she disposed Of during recent .
date. She first offered this stock to
the officials of the said Darlington Citi-
zens National Bank. The officers of /
the bank desired to purchase this stock |
and called in consultation their attOr-
ney, Senator H. Martin, who advised |
them not to purchase the stock as they /
knew the condition under which she .
was disposing of her property At a
later date this stock was purchased by /
Mr.. Philo orion, president Of the First |
National Bank Of Darlington, who still |
holds same. Yours truly,
j. M. MULHAIRN. !