First National Bank - Milwaukee, WI

Bank Information

Episode Type: Run Only
Bank Type: national
Bank ID: 64
Charter Number: 2715
Start Date: October 23, 1907
Location: Milwaukee, Wisconsin (43.039, -87.906)

Metadata

Model: gpt-5-mini
Short Digest: 3ebe910a

Response Measures

Accommodated withdrawals

Description

Article (New-York Tribune, 1907-10-24) describes crowds and heavy withdrawals at the First National Bank of Milwaukee tied to the New York financial disturbances. The bank paid out substantial sums during the day but remained open; officials emphasize large reserves and soundness. Date of the run inferred as 1907-10-23 from article context.

Events (1)

1. October 23, 1907 Run

Cause: Macro News
Cause Details: Withdrawals were triggered by the Wall Street/New York financial troubles and related national panic news.
Measures: Restricted number allowed inside (10–15 at a time), paying tellers continued paying out, police/guards maintained order.
Newspaper Excerpt: At about 2:45 o'clock in the afternoon almost twenty-five persons... Later in the afternoon the officials of the bank said that between $80,000 and $100,000 had been paid out during the day.
Source: newspapers

Newspaper Articles (1)

1. October 24, 1907 New-York Tribune New York, NY

Article from New-York Tribune, October 24, 1907

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Article Text

1907. NEW-YORK DAILY TRIBUNE, THURSDAY, OCTOBER 24, whose combined capital is $15,050,000, while soon as the crowd began to gather early in the waukee are entirely sound is the general opinion their combined surplus and undivided profit acmorning, police reserves were summoned. These of the leading bankers here. Trust company inand a number of Bronx detectives drove the deposcount exceed $14,000,000. stitutions are merely of a fiduciary character, itors into line with frequent use of their sticks, and and are not affected by the money situation. SAN FRANCISCO UNDISTURBED. maintained order throughout the day. Fred Vogel, jr., president of the First National Only ten or fifteen persons were allowed inside San Francisco, Oct. 23.-The financial Bank, said: the bank at a time. At about 2:45 o'clock in the troubles in Wall Street have caused no dis"The Milwaukee banks carry a very large reafternoon almost twenty-five persons, mostly turbances in local banking circles. Irving B. women, were admitted. and the doors were closed serve at the present time, and are in a position Moulton, cashier of the Bank of California. for the day, while the paying tellers continued until to meet almost any emergency which may constated that there was absolutely no fear feit almost 3:30 o'clock paying off those who had been cern them. I look for a big improvement in all admitted. Later in the afternoon the officials of the by his bank. He said his bank was taking no banks in the course of thirty days, when all bank said that between $80,000 and $100,000 had been new business, and that the bankers of this city crops will have moved, and Milwaukes will then paid out during the day. were "standing pat" pending the outcome in be in a position to lend money to New York Many touching pleas were made by women durthe Eastern states. banks, if they need it. The West is really not ing the day for special admittance. One Italian Wellington Gregg, of the Crocker National mother said her little baby had died, and that the at all affected by the New York situation." Bank, said: "The New York flurry will in noundertaker would not bury it unless he was paid NO APPREHENSION IN INDIANAPOLIS wise impair our financial soundness, though of in advance. She said she had $75 deposited in the course we feel the effect of the stringency Indianapolis, Oct. 23.-V. T. Malott, president bank. A clerk whom the woman got hold of told throughout the country." President Haffen of her plight, and the money was of the Indiana National Bank, expressed the ordered paid at once. Another woman seemingly J. Dalzell Brown, of the California Safe Defeeling in local financial circles to-day when he stupefied with fear was admitted by a side door posit Company, said: "Conditions are sound said: just before the paying ceased. It was said she had out here, and the wise conservatism of local "There has been a general stringency in the been standing on the street with her baby in her arms since 6 o'clock in the morning. bankers has made their integrity unquestioned." money market and rates of interest have consePresident Haffen said last night he expected the J. K. Lynch, vice-president of the First Narun would be continued this morning, but that the quently advanced, but there has been no apprebank had no fears of its result. tional Bank, stated that the banking situation hension felt as to any serious trouble to the The bank's statement, issued July 1. shows dein this city is entirely satisfactory. I. W. Hellposits of $5,883,679 due to 30,562 depositors, with a general and legitimate business of the country. surplus of $123,363 54. The assets. according to this man, jr., of the Wells-Fargo Nevada National "The financial condition in our locality is statement, consist of $3,737,300 first mortgages on Bank and Union Trust Bank Company, said: real estate, $591,050 New York City bonds and varihealthy. Banks are able to supply the legitious other smaller amounts in the bonds of five "The New York slump and suspensions will not mate wants of their customers and have not cities and nine railroads. affect local banking institutions." taken advantage of the high rates for money that have prevailed in the large money centres, OWES CITY $250,000. LARGE RESERVES IN SALT LAKE CITY except in the way of purchasing paper sold Salt Lake City, Oct. 23.-Local banks to-day through brokerage firms in those cities." reiterated what they said yesterday as to the Knickerbocker Debt-Trust Comfinancial situation-namely, that all the banks KANSAS CITY CONDITIONS UNCHANGED. were on a solid basis and that they should not pany of America Makes Good. Kansas City, Mo., Oct. 23.-E. F. Swinney, have the slightest apprehension. Charles S. president of the First National Bank, said this The Knickerbocker Trust Company is debtor to Burton, president of the Clearing House Assoafternoon: the city of New York in the sum of $250,000. The clation, said that each bank in the city for the sum was $600,000 until a week or two ago, but the "Kansas City is in no way interested in New last six months had been carrying from 20 to city drew out $350,000, leaving the balance as York. There is no alarm here over the New 50 per cent larger reserves than they had ever aforesaid. York situation." before carried. One day last week the City Chamberlain tried to IN Downing president of the New Eng-