19727. Milwaukee National Bank of Wisconsin (Milwaukee, WI)

Bank Information

Episode Type
Run Only
Bank Type
national
Bank ID
1017
Charter Number
1017
Start Date
May 1, 1905*
Location
Milwaukee, Wisconsin (43.039, -87.906)

Metadata

Model
gpt-5-mini
Short Digest
df9487b02d7bfb9a

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Capital injected

Description

Article 1 (1905-05-08) clearly describes a furious run tied to large embezzlement/defalcation by the president and cashier; directors and Chicago banks provided funds to stop the panic. No explicit statement in the provided text that the bank suspended payments or was closed/placed in receivership, so I classify as run_only. Article 2 (1932) seems to concern a receivership action mentioning 'Federal Milwaukee' and other litigation decades later; it is likely about a different institution or a separate episode and is not used to infer suspension/closure for the Milwaukee National Bank of Wisconsin.

Events (3)

1. April 17, 1865 Chartered
Source
historical_nic
2. May 1, 1905* Run
Cause
Bank Specific Adverse Info
Cause Details
Large defalcation/embezzlement by the bank's president (Bigelow) and complicity by cashier; growing losses prompted heavy withdrawals.
Measures
Directors contributed funds (~$1,635,000) and Chicago banks supplied liquidity to stop the run.
Newspaper Excerpt
there was a furious run for a day or so. Chicago banks came to the rescue with funds to stop the hysteria.
Source
newspapers
3. August 29, 1912 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (2)

Article from Evening Times-Republican, May 8, 1905

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Article Text

# A BUDDING NEGRO POET. [Centerville Citizen.] Miss Carrie Treon, teacher of the Fourth grade at the Lincoln school, thinks she has discovered a second Paui Lawrence Dunbar, in a little 9-year-old pupil of hers, Clifford Terrell, who is one of her brightest boys. Clifford is certainly under the influence of the muse of poetry as is evidenced by the following effusion on spring which he recently handed in during a recitation on language. It is guaranteed to be original. SPRING. I love sweet spring. Because the birdies come and sing. The air is filled with perfume from the flowers That are sheltered in the garden by the bowers. The birdies build their homes in the trees, They hide them where a passer never sees. They sing and chirp and fly all day, While the children run about and play. I love the cool breeze, And I hear the bumble bees; This is the month and the second day of May, And every little bird is gay. # BURRELL WOULD SHOOT THEM. [Washington, Iowa, Press.] President Bigelow of the Milwaukee National defaulted with $1,500,000 of the funds. Wheat did it. He turned over $300,000 and the directors made up $1,635,000 to meet demands, but there was a furious run for a day or so. Chicago banks came to the rescue with funds to stop the hysteria. The defalcation kept getting worse, and worse. The cashier who helped him falsely and doctor the books has sloped. It seems that the criminal has done nearly $4,000,000 of devilment; he got in, and floundered, and settled deeper and deeper in the bottonless hole of speculation, with the bank's money, and it seems he also wrecked a million dollar estate he was to settle. It is a wonder that the robbed depositors did not lay for him and shoot him on sight. That is just what the public should do with these gilt-edged thieves โ€” kill them in their tracks, and not let them go into court with influence behind them and escape with ridiculously short sentences, like the Wapello bank thief. A few dead shots in the streets would do more to cure this habit of speculating with a bank's funds than any other mode. Anarchy, chaos, do you say? It is no such thing; it is "wild justice" of a very sure and effective kind. A banken has no business or right to speculate, and it should be made one of the major crimes for him to do so. For if a banker takes the bit in his teeth and indulges a flyer on the board of trade, he will not once in a thousand times resist the strong temptation to "borrow" for a day or so the funds in his charge, to recoup himself, hoping to replace what he took. He will become a thief almost inevitably. Make the law declare it a felony for a banker to speculate, even to the extent of betting on the races, and the evil may be checked; but if he then breaks over and robs the depositors and fleeces the stockholders, shoot him down like a dog and cheat the courts and lawyers of a chance to condone his offense. Every defaulter of public funds ought to be killed before sun-up.


Article from Green Bay Press-Gazette, March 26, 1932

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Article Text

RECEIVER Seek to Recover On Notes Given In Oneida Truck Deal. Papers civil suits aggregating Federal Milwaukee being served United States deputy marshal Wagner Jessen and Kress except Green Bay. named from in while the first four are one sued second by The the National notes with the failure the Oneida Motor here Milwaukee, attorney for receiver. Mr. went to De Pere today to testimony Tayler then president the bank tion with the transactions that among the first to called when Federal Milwaukee next month assistant trict stated that the crimimisappliprobably will not for weeks cases take precedence. there dozen criminal actions ahead of Tayler's.