First National Bank - Wausau, WI

Bank Information

Episode Type: Run Only
Bank Type: national
Bank ID: 2820
Charter Number: 2820
Start Date: May 2, 1905
Location: Wausau, Wisconsin (44.959, -89.630)

Metadata

Model: gpt-5-mini
Short Digest: b94f0ffc

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Public signal of financial health, Capital injected

Description

Newspaper (Wausau Pilot, 1905-05-02) reports a heavy withdrawal from First National Bank after discovery of theft by an insider (assistant cashier fugitive). No mention of a suspension or closure; directors were aided by Chicago bankers who brought cash to shore up liquidity.

Events (1)

1. May 2, 1905 Run

Cause: Bank Specific Adverse Info
Cause Details: Discovery of theft/embezzlement by an employee; assistant cashier fled and was a fugitive, prompting depositors to withdraw funds.
Measures: Three Chicago bankers brought $1,100,000 in cash to assist the bank; local bankers and citizens attempted to stem withdrawals and some depositors returned funds.
Newspaper Excerpt: during the run Monday afternoon, when thousands fought in Wisconsin street to get at the paying windows in the First National, $1,300,000 was withdrawn.
Source: newspapers

Newspaper Articles (1)

1. May 2, 1905 Wausau Pilot Wausau, WI

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Article Text

who started as messenger boy in the institution which he has placed in peril by his theft. Assistant Cashier Goll a Fugitive. Arrested Monday afternoon for voilation of national banking laws he was able to secure $25,000 bond and was allowed to return to his home a broken and distracted man. His aider and abettor in crime, Assistant Cashier Goll, is a fugitive from justice. Mayor Rose, the bankers, and citizens are doing everything in their power to avert what may become a financial catastrophe. They profess to be in a position to weather the storm. Several bankers said Monday evening that while depositors drew out their entire accounts early in the day Monday many of them returned the money later. This they believe is an indication that the confidence is being restored. Depositors Draw $1,300,000. Nevertheless, during the run Monday afternoon, when thousands fought in Wisconsin street to get at the paying windows in the First National, $1,300,000 was withdrawn. The greater part of this sum passed through the wickets in three hours. In the president's office, a few feet away, through a broken window, born of the emergency, friends of the bank were vainly attempting to stem the tide by their deposits, but the money they passed in was but a drop in the bucket. The chief measure of confidence came from the presence of three Chicago bankers, who came to the rescue of the First National directors, giving them their advice and assistance, and bringing with them $1,100,000 in cash. They are James B. Forgan, president of the First National Bank of Chicago; E. A. Hamill, president of the Corn Exchange Bank; and Orson Smith, president of the Merchants' Loan and Trust Company.