First National Bank (Milwaukee, WI)

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Episode Information

Episode UID
6401264
Episode Type
Run Only
Bank Type
national
Bank ID
640 national
Charter Number
64
Start Date
April 24, 1905
Location
Milwaukee, Wisconsin (43.039, -87.906)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
f10296a4bb5f73a2

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Clearinghouse loan, Fed/other loan, Public signal of financial health, Capital injected, Partial suspension, Books examined

Other: The bank hired an extra force of clerks and requested 20 extra policemen to manage the crowds. They also cut a hole in the plate glass window to facilitate receiving deposits in full view of the public to restore confidence.

Clearinghouse involved: Yes (loan, examination, or other measures)

Description

The bank invoked the 30-day notice rule for savings deposits to manage the run but remained open and solvent throughout.

Events (5)
1. August 15, 1863 Chartered
Source
historical_nic
2. June 1, 1882 Chartered
Source
historical_nic
3. April 24, 1905 Other
Newspaper Excerpt
Frank G. Bigelow... was arrested today charged with embezzlement... following his confession to the board of directors
Source
newspapers
4. April 24, 1905 Run
Cause
Bank Specific Adverse Info
Cause Details
President Frank G. Bigelow confessed to embezzling $1,450,000 for wheat and stock speculation.
Measures
Directors pledged $1,635,000; Chicago banks sent $1,000,000 in cash; the bank invoked the 30-day notice rule for savings withdrawals.
Newspaper Excerpt
When the bank closed its doors this afternoon more than 2,000 depositors were clamoring for their money. Nearly $1,000,000 had been paid out in the course of two hours
Source
newspapers
5. May 15, 1905 Other
Newspaper Excerpt
An assessment of 66 2-3 per cent. has been levied on the stockholders of the First National bank by the comptroller of the currency to make good the capital stock impaired by the Bigelow defalcation.
Source
newspapers

Newspaper Articles (25)
1. April 25, 1905 New-York Tribune New York, NY
Article from New-York Tribune, April 25, 1905

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BIGELOW President of the First National Bank of Milwaukee, confesses embezzlement of $1,450,000. The arrest of Mr. Bigelow followed his confession to the board of directors of the bank that he was a defaulter to the extent of $1,450,000. Following Mr. Bigelow's confession he was removed from the presidency of the bank. and the facts in the case were laid before the federal authorities. The complaint was sworn to by United States District Attorney H. K. Butterfield. It charges that Bigelow, as president of the First National Bank, embezzled a sum exceeding $100,000. A complaint and a warrant, identical with those in Bigelow's case, were made out to Henry G. Goll, assistant cashier of the bank, but Goll could not be found. Mr. Bigelow was taken before United States Commissioner Bloodgood. Bail was fixed at $25,000. and he was released to appear before the next Federal Grand Jury. Mr. Bigelow's confession was made a special meeting of the board of directors Saturday evening. He met with the directors yesterday and all last night. In addressing his fellowdirectors President Bigelow said he had a painful statement to make, a confession that he had misdirected the funds of the bank, and that an examination of his books and a comparison of figures would show that he was indebted to the bank for more than $1,450,000. This money, he said, had been lost in speculation in wheat and stocks. Not a dollar of it could be recovered, and the only sum he could offer toward compensating the bank was personal securities valued at $300,000. MR. BIGELOW WIDELY KNOWN. Mr. Bigelow had been recognized as among the foremost financiers of the Northwest. He has been associated with the First National Bank in various capacities for more than fifteen years, and his business connections with trust companies, manufacturing concerns, real estate deals and other similar ventures numbered scores. He was honored a year ago by election to the presidency of the American Bankers' Association. In making his statement to the directors of the bank Mr. Bigelow said he had become involved in speculation in Wall Street several months ago. More recently he had been a persistent bull in the wheat market, and recent losses in grain had been added to heavy reverses in Wall Street. From small manipulations of the banks funds the defalcations had the million age he had extended passed dollar until mark. and his He short- there- saw no possibility of returning the money, fore confessed his actions. Funds were at once provided by the directors of the bank to protect depositors against loss and to save the bank from a stampede. More than a million dollars was guaranteed to the bank by various stockholders, and no serious run was made on the bank to-day. It is not thought that any complications with creditors of the bank will follow. At the meeting of directors, which was almost continuous for thirty-six hours, several plans suggested for protecting the interests of were the the bank. One, it is said, was to accept resignation of the president and to permit him to go to Europe while the directors make good the amount of his shortage. This would effectually protect the bank. This alleged proposal never came to a conclusion because several directors demanded that the defaulter be punished. A plan to make up the shortage for the protection of depositors was then approved. Bigelow was removed from the presidency of the bank and the case was referred to federal officers. WIFE HEARS WARRANT READ. When the federal marshal called at the Bigelow house to serve the warrant the former bank president was in the library with his wife. Mrs. Bigelow refused to withdraw and the warrant was read in her presence. "I'll be ready to go with you at once," said the banker; then he kissed his wife an affectionate farewell and left the house with the officer, the two walking to the Federal Building, where a United States commissioner was in waiting. None of Mr. Bigelow's friends were in the courtroom. When the resolution was adopted removing Mr. Bigelow from the presidency of the bank, Henry Goll, assistant cashier. was also removed. The removal of the assistant cashier was due to the statement of President Bigelow that he was aided by Goll in concealing the shortage in the bank's accounts. The method adopted was an old one. Collection accounts were manipulated 40 or even 50 Continued on second page.

2. April 25, 1905 The Cairo Bulletin Cairo, IL
Article from The Cairo Bulletin, April 25, 1905

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TOOK $1,450,000 Once a Millionaire, Now Werse Than a Pauper OLD STORY OF STOCKS AND SPECULATORS-FINCT NA. TIONAL BANK OF MILWAUKEE THE SUFFERERHEAVY RUNS. Milwaukee, April 24.-Frank G. Big elow unt today president of the First National bank of Milwaukee, was arrested today charged with embezzlement (f over a hundred thousand dollars of the bank's funds. The arrest of Bigelow followed his confession to the board of directors of the bank that he was a defaulter to the extent of $1 450,000. Following Bigelow's confession he was removed from the presidency of the bank and facts in the ease were laid before the federal authorities. Cashier Also wanted. The complaint was sworn to by United States D strict Attorney ButIt charges that Bigelow, as of the Frst sum exceeding torfield. president embezzled-a National $100,000. bank, A complaint and warrant identical with those in Bigelow's case were made out for Henry G. Goll, a sistan cashier of the bank, but Goll could ant be found 112 to 7 o'clock tonight Bigclow was taken before United States Commissione Bloodgo d anN bail was five at $25,000. B gelow said he lost in speculating in stocks in Wall stree and in wheat Arrested in His Library. When the federal marshal called the Bigelow residence to serve the warrant, the former bank prosiden was in the library with his wife. Mr: Bigelow refused to withdraw and the warrant was read in her presence. "I'll be ready to (go with you a said the banker. Then, h wife an fare k once," ssed his affectionate the well and left with the officer, tw walking to the federal building, wher a court commission was in waiting the None of Bigelow's friends were in court room during the brief proceer ings. How He Covered Up His Tracks. The method of covering up u shortage is thus de cribed: Collect on accounts were manipula ed to the extent of 40 and in some it stances, 50 per cent, to make it appea that the resrve fund was intact, an the amount of the Increased collection fund was diverted to special stock or it erations. The reserve maintained eastern banks was tampered with, the books of the First National being fix ed so that the reserve appeared large by several hundred thousand dollars than it really was. and other is 'a) were pursued by B leged, These methods gelow. it The Cashier Helped. In falsifying records and the ma nipulation of resources Bigelow de clares he was added by As istant Cash ier Goll and two bookkeepers in the bank. These bookkeepers acted un der orders of Bigelow and they have neither been discharged nor suspend ed and they will he called as witness es in criminal pr. ceedings aga nst Big elow. The first intimation of irregularities was Friday evening when a bank em ploye*ca'led at Director Pfister's home and gave him meager informat on. In vestigation was started and Bigelov was accused of irregularities. He said to have admitted his guilt. At a directors meeting following he con fessed. The directors imme:lately ra sed $1,635,000 to make good the sur plus. Chicago banks sent $1 000,000 to Milwaukee and local banks trans ferred several hundred thousand dollars in gold to the First National. Depositors Demand Money. When the bank closed its doors this afternoon more than 2,000 depositors were clamoring for their money. Nearly $1,000,000 had been paid out in the course of two hours and but a small of the customers of their accounts ing per closing centage citters had demand- was been served. One of the first a business man who presented a check for $100,000. the entire amount of his account. He was followed by the city treasurer. who drew out $30,000 of the city funds. The chamber of commerce was one of the concerns that was quick to withdraw its funds. : The state of Wisconsin has several thousand -llars deposited in

3. April 25, 1905 The San Francisco Call San Francisco, CA
Article from The San Francisco Call, April 25, 1905

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DIRECTORS PAY SHORTAGE. The manipulations of accounts has been going on for months, according to the statement of one of the directors, but so cleverly was the work done that neither the directors nor the National Examiners were able to discover that anything was wrong. The first intimation that there were irregularities came to Charles F. Pfister, one of the directors, on Friday evening. An employe of the bank called at Pfister's home and told him he had something to reveal regarding the bank. Although his confession was meager it was sufficient to awaken the suspicions of Pfister and to start an investigation. President Bigelow was taxed with the irregularities and he is said to have admitted his guilt. Then followed the meeting of the directors and the full confession. As soon as the directors ascertained the full extent of the peculations, steps were taken to protect the depositors and other creditors. Charles F. Pfister subscribed $600,000 to a fund to make good the surplus; John I. Biggs, president of the Milwaukee Electric Railway Company, gave $300,000; William Bigelow, a brother of the president, added $100,000 to the amount. Other directors subscribed lesser sums, until the amount raised reached $1,635,000. Then the following statement was prepared and formally issued: 'For value received, we, the undersigned, severally agree to advance and pay to the First National Bank of Milwaukee, Wis., the sums set opposite our respective names as the same may be needed, for the payment on demand of all deposits now in said bank, or which within thirty days from this date may be placed therein. Our claims hereunder for reimbursement shall be subordinate and postponed to the claims of all depositors and other creditors. (Signed) Charles F. Pfister, $600,000; Fred Vogel Jr., $300,000; John I. Peggs, $300,000; E. Mariner, $100,000; Fred F. Goll, $50,000; George P. Miller, $50,000; J. H. Van Dyke Jr., $50,000; J. K. Kipp. $50,000; Albert G. Trostel, $25,000; August H. Vogel, $10,000; William Bigelow, $100,000; total, $1,635,000." BIG RUN ON THE BANK. Prior to this the directors had been in conference with leading bankers of Chicago and New York. Three Chicago bankers, President Forgan of the First National Bank; Orson Smith, of Loan and Ernest A. the pany Merchants' and Hamill Trust of Com- the Corn Exchange National Bank, came to Milwaukee on an early train and went into conference with the directors of the First National. As a result of this meeting $1,000,000 was sent to Milwaukee by Chicago banks to reach the city before the news of the defalcation was made public. Several hundred thousand dollars in gold was transferred to the First National that was run that was for Bank, the so institution expected. prepared Every precaution was taken to keep the fact of the shortage from the public until the affairs of the bank could be put in condition to meet any emergency that might arise. When the bank closed its doors this afternoon more than 2000 depositors were clamoring for their money. Nearly $1,000,000 had been paid out in the course of two hours and but a small percentage of the customers demanding the closing of their accounts had been served. One of the first callers was a business man, who presented a check for $100,000, the entire amount of his account. He was followed by the City Treasurer, who drew out $300,000 of the city's funds. Withdrawals in sums ranging from $1000 to in the a peo$10,000 o'clock quickly afternoon followed the bank line and east of by 2 ple extended from on Wisconsin street to Broadway, and in

4. April 25, 1905 The Daily Morning Journal and Courier New Haven, CT
Article from The Daily Morning Journal and Courier, April 25, 1905

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HEAVY DEFALCATION. (Continued from First Page.) make it appear that the amount reserve of to intact, and the difund increased was collection fund was The the to special stock operations. banks verted maintained in eastern of the reserve with, the books that the was tampered being fixed so First to be larger reserve dollars than it thousand National appeared really pursued by was. several and other methods were from the These in securing money records by the falsifying of of reserves, bank. the Bigelow manipulation In Assistant Bigelow and he was aided by in declares Goll and two bookkeepers acted on Cashier bank. These bookkeepers have the orders of Bigelow and suspended, they the been discharged nor witnesses in neither will be called as the and criminal they proceedings against manipulathe bank president. The on accounts has been according to the former tion of going statement cleverly for of months, the directors, but so the one of work done that neither examwas the the national bank with anything wrong of the bank: The funds there were iners the directors discovered nor irregularities first intimation that Charles F. Pfister, a director, of came to evening, when an employe information Friday bank gave Mr. Pfister Then the start an investigation. and sufficient followed a to meeting of the directors the confession. as the directors ascertained steps As soon extent of the peculations depositors the full taken to protect the F. Pfiswere other creditors. Charles fund to and $600,000 to a ter the surplus. John of the Milwaukee president make subscribed good I. Electric Beggs, gave and Light company brother of $300,000; Railway William Bigelow, $100,000 a to the president, added amount. sums until the amount lesser the Other directors subscribed raised reached $1,635,000. this the directors had Chicago been Prior to with bankers in York. As a result and New Milwaukee by in conference sent to the $1,000,000 Chicago defalwas before the news of hunbankers was made public. Several was cation thousand dollars in gold to the First banks so that dred by transferred local institution National bank was prepared the for bank a run. closed this afternoon for When 2,000 depositors were waiting was some Nearly $1,000,000 their money. two hours, and many their cuspaid out demanding in the closing of of tomers, not been served. One accounts, had a business man the first callers a check was for $100,000, He was the who of his account. by the city entire followed presented amount funds. treasurer, Withdraw- who of city to $10,drew $800,000 ranging from $1,000 o'clock als in sums followed, and by 2 extend000 quickly afternoon a line of people Wisconsin in the bank east on other ed from the and in the street to Broadway, corner and north direction around the The Chamber in East Water was street. one of the concerns funds. of Commerce quick to withdraw its several that was of Wisconsin has bank, The state thousand dollars in the hundred not withdrawn to-day. which was in East Water street The besieging depositors the Wisconsin Trust of Co., the were bank department run on and the First assumed the of large savings the savings National department bank, great- the Depositors withdrawest amounts proportions. apparently became ceased well known, als who sought and of the after those customers the facts their savings depositors deposits bank were while many savings funds, But seeking to withdraw their soundwere persons who Ibelieve in the forward other of the bank were coming closed ness deposits, and when the bank counwith a line of depositors withdraw to terbalance there was the line waiting to money. the bank was cleared through at the When of closing, a hole was cut Wisconhour plate glass window in the late hour the street front. and until a there sin this evening depositors were leaving there of the money. bank are preparing for Officers possible run to-morrow. of A request twenty any made for a detail extra force of to handle policemen, has be been employed and an the New business clerks York will is on the way from bank, to Money strengthen the resources of the

5. April 25, 1905 Rock Island Argus Rock Island, IL
Article from Rock Island Argus, April 25, 1905

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000,000. Had Many Interests. In addition to his banking interests Bigelow was at the head of several large manufacturing concerns. Recently he, with others began suit for the recovery of $5,000,000 paid for a patent air brake device, which it was alleged in the complaint was worth less. He also promoted an enormous electrical company, that has extensive works in this city and is interested in several other concerns of similar kind He declined to say yesterday whether these had impaired his capital, and declines to discuss his defalcation or conditions that led to it. Late in the day Bigelow gave the required $25,000 bond and was released. Require 30 Days' Notice. Both institutions decided to take advantage of the printed clause in the pass books of all savings deposits requiring that notice of 30 days be given before sums under $100 can be withdrawn. Declared Solvent. The Milwaukee clearing house association today issued a statement saying after examining carefully all assets and collateral of the First National bank they were satisfied the bank was perfectly solvent.

6. April 25, 1905 The Times Dispatch Richmond, VA
Article from The Times Dispatch, April 25, 1905

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CONFESSED THEFT OF OVER A MILLION (Continued from First Page.) forty or even fifty per cent. to make It appear that the reserve fund was Intact, and the amount of the increased collection fund was diverted to special stock operations. The reserve maintained in Eastern banks was tampered with, the books of the First National being fixed so that the reserve appeared to be larger by several hundred thousand dollars than It really was. These and other methods were pursued by Bigelow in securing money from the bank. In falsifying. the records and the manipulation of reserves, Bigelow declares he was aided by Assistant Cashier Goll and two bookkeepers in the bank. These bookkeepers noted on orders of Bigelow, and they have neither been discharged nor. suspended." and they will be called as witnesses in the criminal proceedings against the former bank president. The manipulation of accounts has been going on for months, according to the statement of one of the directors, but so cleverly was the work done that neither the directors nor the national bank examiners discovered that anything was wrong with the funds of the bank. Depositors Protected. The first intimation that there were irregularities came to Charles F. Pfister, a director, Friday evening. when an employe of the bank gave Mr. Pfister information sufficient to start an investigation. Then followed a meeting of the directors and the confession. As soon as the directors ascertained the full extent of the speculations, steps were taken to protect the depositors and other creditors. Charles F. Pfister subscribed $600,000 to a fund to make good the surplus. John I. Beggs, president of the Milwaukee Electric Railway and Light Company, gave $300,000. William Bigelow, a brother of President Bigelow, added $100,000 to the amount. Other directors subscribed lesser sums until the amount raised reached $1,635,000. Run on Bank. When the bank closed this afternoon, some two thousand depositors were waiting for their money. Nearly $1,000,000 was paid out in two hoyrs, and many customers, demanding the closing of their accounts, had not been served. One of the first callers was a business man, who presented a check for $100,000, the entire amount of his account. He was foilowed by the city treasurer, who drew out $300,000 of city funds. Withdrawais in sums ranging from $1,000 to $10,000 quickly followed, and soon a long line of people was waiting to withdraw. The depositors in East Water Street were besinging the Wisconsin Trust Company, the savings department of the First National Bank and the run on the savings department assumed the greatest proportions. Depositors of large amounts apparently ceased withdrawals after the facts became well known, and those who sought their deposits, were customers of the savings bank. But, while many savings depositors were seeking to withdraw their funds, other persons who believe in the soundness of the bank, were coming forward with deposits. Officers of the bank are preparing for any possible run to-morrow. A request has been made for a detail of twenty policemen, the same number that was required to handle the crowds to-day, and an extra force of clerks will be employed to handle the business. Money is on the way from New York to strengthen the resources of the bank, and the directors expect to be able to meet all demands promptly. They assert that the bank has

7. April 26, 1905 The Denison Review Denison, Dow City, IA
Article from The Denison Review, April 26, 1905

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CONFIDENCE IS RESTORED MILWAUKEE BANKING AFFAIRS RESUME NORMAL CONDITION. RUN BY DEOSITORS IS ENDED Are Finally Convinced That First National and Trust Company Are Sound-Notice on Time Deposits. Assistant Cashier a Fugitive. Milwaukee, April 26.-Confidence has again been restored in the banking institutions of Milwaukee and the run on the First National and the Milwaukee Trust company, which was caused by the defalcation of Frank G. Bigelow, president of the bank, of over $1,000,000, is a thing of the past, and banking affairs in Milwaukee have resumed their normal condition. While the two banks affected are entirely separate institutions, the fact that they occupy adjoining buildings and that some of the First National's officers direct the affairs of the Milwaukee Trust company, caused many of the depositors to believe that one was a part of the other. Before the hour for opening the banks had arrived a meeting of the Milwaukee Clearing House association was held and a committee of that institution, after examining the assets and collàteral of the First National, issued a reassuring report. On top of this came word from the board of directors of the Milwaukee chamber of commerce announcing its decision not to withdraw its current expense fund from the First National. All of these statements had a reassuring effect on depositors as to the stability of the bank. The banks affected were well able to cope with a long run, but it was decided by all the banks in the city to take advantage of the law on time deposits requiring a notice of thirty days of withdrawal on amounts less than $100 and ninety days where the amount exceeded that sum. No trace has been found of Henry G. Goll, the deposed assistant cashier of the First National bank.

8. April 26, 1905 Arizona Republican Phoenix, AZ
Article from Arizona Republican, April 26, 1905

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CONFIDENCE GAME BACK The Effect of Milwaukee Bank Defalcation Has Passed Away. Milwaukee, Wis., April 25.-Confidence has again been restored in the banking institutions of Milwaukee, and the run on the First National bank and the Milwaukee Trust company, which was caused by defalcation of Frank G. Bigelow, until Monday the president of the bank, of over $1,000,000 is a thing of the past and banking affairs in Milwaukee have resumed their normal condition.

9. April 26, 1905 The Times Dispatch Richmond, VA
Article from The Times Dispatch, April 26, 1905

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BANK IS SOLVENT; EXCITEMENT OVER Confidence Restored in Milwaukee and Concern Over Situation Disappears. MAYOR DEPOSITS GREAT SUM Walked Down Street in Full View of Crowd With $500,000 in Currency and Gold. (By Associated Press.) MILWAUKEE, April 25.-Confidence has been restored In the banking institutions of Milwaukee and the run on the First National Bank and the Milwaukee Trust Company, which was caused by the confession of a defalcation by Frank G. Bigelow, until Monday president of the First National Bank, and a director of the Trust Company, of over $1,000,000 is a thing of the past, and banking affairs in Milwaukee have resumed their normal condition. Before the hour for opening the ban <8 had arrived a meeting of the Milwaukee Clearing /House Association was held and a committee of that institution after examining the assets and collateral of the First National Bank, issued a reassuring report declaring the bank perfectly solvent. Following this was a statement issued by the board of directors of the First Na'-

10. April 27, 1905 The News & Observer Raleigh, NC
Article from The News & Observer, April 27, 1905

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THE BANK SOLVENT Confidence is Restored in Milwaukee. Board of Directors of the First [National Bank Issue a Statement That Allays Apprehension. A Glimpse of Bigelow. By the Associated Press.) mrlwauke, Wis., April 25.-Confidence has again been restored in the banking institutions of Milwaukee and the run on the First National bank and the Milwaukee Trust Company, which was caused by the confession of a defalcation by Frank G. Bigelow, until Monday president of the First National Bank and a director of the trust company, of over $1,000,000 is a thing of the past and the banking affairs in Milwaukee have resumed their normal condition. Before the hour for opening the banks had arrived a meeting of the Milwaukee Clearing House Association was held and a committee of that institution after examining the assets and collateral of the First National Bank, issued an assuring report declaring the bank perfectly solvent. Following this was a statement issued by the board of directors of the First National Bank announcing with absolute positiveness that the bank was solvent. The banks affected were well able to cope with a long run, but it was decided by all the banks in the city to take advantage of the law on time deposits requiring a notice of thirty days of withdrawal on amounts less than $100 and ninety days where the amounts exceeded that sum. As rapidly as the depositors appeared at the wickets of the savings departments of the affected institutions their pass books were stamped acknowlegging the notice of withdrawal and the depositors took their departure. It only required about two hours to dispose of the line up of depositors. One of the most spectacular happenings of the day was the action of Mayor Rose in walking down Wisconsin street in full view of the crowd with $500,000 in currency and gold in canvass bags. He was surrounded by policemen and detectives and walked into the bank with the treasure. This money was part of the shipment from Chicago banks, and some from other Milwaukee banks. At noon the street assumed its normal appearance and the run was completely over. National Bank Examiner C. H. Bosworth, of Chicago, who was sent here by Comptroller of the Treasury Ridgely, is at work on the books of the First National and will report his findings to his superiors in Washington as soon as possible. Frank G. Bigelow, the deposed president of the First National Bank, walked down town today, but did not enter the bank building. He soon returned to his home, where he spent most of the day in seclusion. Up to a late hour no trace had been found of Henry G. Goll, the deposed assistant cashier of the First National Bank.

11. April 27, 1905 Ottumwa Tri-Weekly Courier Ottumwa, IA
Article from Ottumwa Tri-Weekly Courier, April 27, 1905

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BANKS ARE SOLVENT TWO INSTUTIONS IN WHICH BIGELOW WAS INTERESTED ARE PRONOUNCED SOUND. DIRECTORS NOT ANXIOUS M.Iwaukee Clearing House Officials, After Examination of Affairs of Both Banks, Announce That They are Reliable-Millions of Dollars on Hand Milwaukee, April 25. - The run on the two banks ceased entirely in the afternoon and business in these institutions was resumed under normal conditions. Milwaukee, April 25.-Despite the assurance of the Milwaukee Trust company that it was in no manner involved by the financial troubles of Frank G. Bigelow, former president of the First National bank; crowds of people today assembled long before the opening of the trust company bank to withdraw their deposits. The depositors gathered at the National bank were comparatively few at first but the number continued to increase during the morning. Have Plenty of Funds. Bigelow had been a director of the trust company, but when his defalcation became known he was removed as such by the board of directors. Notices posted in the windows of the First National and Trust company's banks announce that both institutions are abundantly prepared to meet all demands of depositors and creditors. There is no evidence of any trouble at any of the other banks of the city. No Fear of Run. John I Beggs, a director of the First National, said the bank had today received $2,000,000 from outside and local banks with which to meet any demands. Beggs said the run would probably continue throughout today, but that beginning with tomorrow, after having shown the stability of the institutions, the excitement would subside. Many Withdraw Deposits. As the hour approached for the opening of the bank the crowds in front of each bank became larger and ex tended for half a square. A detail of police was present to maintain order. Both institutions decided to take advantage of the printed clause in the pass books regarding all savings deposits requiring that notice of thirty days be given before sums under $100 can be withdrawn. Clearing ouse Examines Books. The officers of the Milwaukee Clearing House association today issu a statement saying that after examining carefully all the assets and collateral of the First National bank they are satisfied that the bank is perfectly solvent Prominent in Milwaukee. Frank G. Bigelow's name as a banker and financier was national, and locally no one was better known socially or in a business way. He was prominently identified with various companies, commercial associations, and clubs. In private life he created about himself an ideal home and was noted for the extent and frequency of his charitable benefactions. There was no business venture of any size entered into in Milwaukee that he was not consulted about, and his connection with an enterprise was taken as evidence of its intrinsic worth Until last year he was president of the Bankers' National association, and at its annual meeting in New York last summer received marked attention from the greatest financiers in the country. He is still at the head of its executive committee. He is a trustee of the Northwestern a Mutual Life Insurance company, member of its executive committee and of its finance committee. He had been associated with the National Electric company since its inception and was one of its heaviest stockholders. Other corporations in which he had considerable stock were the Milwaukee Trust company and the North American company, controlling the street car lines in St. Louis, Milwaukee, and other cities. He was formerly vice president of the Wisconsin Telephone company, and is still a stockholder of that organization. His name appears on the membership rolls of the Milwaukee chamber of commerce and the Merchants' and Manufacturers' association, while at the same time he was connected with a number of lesser organizations. Largely Interested in Mining. He had immense holdings in a large number of mining companies and was engaged in a number of other outside business enterprises. He was always ready to interest himself in new enterprises and the number of investments was such that his money was scattered among a large number of companies

12. April 28, 1905 The Penn's Grove Record Penns Grove, NJ
Article from The Penn's Grove Record, April 28, 1905

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# Speculated in Wheat. It appears that Mr. Bigelow has been speculating in wheat for weeks. He had made some investments that had swept away his private fortune, and had turned to the bank's funds in the hope of recuperating his losses by deals in wheat. His son, Gordon Bigelow, was a member of Tracy & Co., brokers on the Chicago Board, and it is said that his father's investments were largely made through him. When the bank's funds were to be used Mr. Bigelow, according to the directors, effected a combination with some bookkeepers and the assistant cashier, Henry G. Goil. He took the bank's surplus and charged up the money taken to Chicago correspondent banks, but the other night, while working on the books, a bookkepeer not in the deal, discovered an incorrect entry. He notified Charles F. Pfister, of the Pfiister & Vogel Company, one of the directors of the bank, and a meeting of the directors was called, when steps were taken to prevent a collapse. Bigelow was asked to explain, and made a full confession. Chicago banks were notified, and the bank officials provided means for meeting the run which was certain. Before the public knew of the shortage $1,000,000 reached here; then, when the run was in full swing, heavily guarded automobiles brought from the railway stations another million sent by Chicago to prevent a panic. It looked as though the alarm would spread to other banks, but so carefully had the First National prepared for the event, that the fears were largely allayed. There was something of a jam at the doors, but the police kept the crowd orderly. Glass cutters chipped a hole in a big plate glass front window of the bank, and deposits were received in full view of the crowd on the streets. The full amount appropriated by Mr. Bigelow was $1,500,000, but he has made restitution in the shape of real estate and securities sufficient to reduce the amount to $1,300,000. The Board of Directors decided to meet the issue in a straightforward manner, and formulated a pledge, which was immediately signed by members of the board, whose aggregate wealth will probably approximate $25,000,000, to more than make good the shortage. The capital stock of the bank is $1,-500,000, and the undivided surplus amounts to $1,200,000. The personal guarantee of the directors more than covers the defalcation, and with the surplus and undivided profits which the bank carries over and above its capital, it is announced that the institution is more solid that it was before the defalcation became known. Charles F. Pfister heads the guarantee list with $600,000.

13. April 28, 1905 Gainesville Daily Sun Gainesville, FL
Article from Gainesville Daily Sun, April 28, 1905

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When the First National Bank at Milwaukee, Wis., had been robbed of its entire capital, $1,500,000, by Frank Biglow, the president, there commenced a run on that institution. To restore confidence Mayor Rose was escorted to the bank by two policemen and deposited $500,000 in currency and gold. Business assumed its normal condition and the bank was saved.

14. April 29, 1905 Evening Star Washington, DC
Article from Evening Star, April 29, 1905

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( state, declared that all the charges gainst him of official misconduct while el was American minister to Venezuela ere unqualified falsehoods; the question f whether Minister Herbert W. Bowen hould be recalled from Caracas to answer ese charges was submitted to the Presient by Secretary Taft. Negotiations for n immigration treaty between the United tates and China were abandoned. the repsentatives of the two countries being unble to reach an agreement. Attorney Genral Moody. in an opinion, sustained the ecretary of the Interior in his rebate greement with certain railroads. The nited States Supreme Court issued its andate for the removal of George W. eavers to Washington for trial on postal aud charges. A. gift of $10,000,000 was ade by Andrew Carnegie to provide anulties for college professors who: are not le to continue in active service. The conferce for southern education met in Columbia, C. The teamsters' strike in Chicago asimed serious proportions, daily scenes of lolence being reported: the Employers' eaming Association asked for an injuneon in the United States circuit court, hich was granted. restraining all deendarts from interfering with the busiess of the country, the government thus eing made a party to the strike. Frank . Bigelow. president of the First National ank of Milwaukee. Wis., confessed to a hortage of $1,450,000. and subsequent anouncement was made that he had filed a etition in bankruptcy with liabilities agregating over $2,000,000 and assets near e million and a half mark. Sixteen men ere killed and one will die as the reilt of an explosion in a mine near Big un, Pa. Among those who died were seph Jefferson, the famous actor, at his ome, the Reefs, Palm Beach, Fla., and rig. Gen. Charles Smart, assistant surgeon eneral of the United States army, at St. ugustine, Fla. Foreign Affairs. Pursuant to representations made by the apanese government to France, Admiral ojestvensky's fleet was forced to leave amranh bay; a dispatch from Tokyo anounced that the fleet had been sighted eventy miles north of that point; both the apanese and Russian plans for an engageent were closely guarded; it was officially anounced at Tokyo that the Russian cavry in Manchuria had attacked Kingscheng nd had been repulsed; a Russian reconaissance pushed as far south as Kai-Yuan at was forced back with a loss of 200 men; 000 troops entraining for the far east at orisoff mutined and smashed Red Cross irs and pillaged shops; rioting and insubdination occurred at St. Petersburg on e departure of the Omsk regiment; genal advices from Russia represented the tuation in that country as more menacing, oting having occurred in Vladikavkaz and ars being expressed for an uprising over 1 Poland on May day; an imperial maniAnd 01 Jorcing penssi SEM $10 r damages caused by peasants; all the ck hands on the Volga struck and an imense quantity of freight was blocked. ermany gave notice that the treaty entling the United States to the most-favorI-nation privileges will cease to be effecve after March 1, 1906. Paris newspapers used renewed anxiety at the French capi1 over the Moroccan situation. King Edard and Queen Alexandra arrived at Marille, the former leaving that point for aris. Advices from Aden told of the crushg defeat of the sultan's troops and the read of the revolt; the belief was exressed in London that the rising is likely imperil the entire Turkish empire. San$, the capital of Yemen, was taken by the surgents and Manakha, an important wn was besieged. An official estimate the loss of life in the recent earthquake India placed the number at not over .000. President Castro in a speech Calabazo, Venezuela, stated that the alor of patriots will support him to sustain ason, right and justice. In the District. The Commissioners filed a petition for a rit of certiorari to the Court of Appeals the District in the Supreme Court of the nited States in the case of the alleged olation of the regulation requiring the reoval of snow and ice from sidewalks by hn W. Lee; the Commissioners approved e new names for streets in the section of e District west of Rock creek and outside e limits of the city proper. Commissioner est announced the personnel of the comittee in charge of the scheme for the erecon of an auditorium building. Secretary up uo place 01 decided MRI inks about $3,000,000 of the taxes annually llected in the District. The police census dicated a total population for the District 322,445, as against a total of 277,782 in 07 The of 441

15. April 29, 1905 Grant County Herald Lancaster, WI
Article from Grant County Herald, April 29, 1905

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Fortunately the First National bank of Milwaukee is so strong and its directors have shown themselves to be men of such prompt initiative and generosity, that there is to be no suspension of business. The bank is to go on, stronger today with the $1,635,000 guarantee of Milwaukee millionaries than it was a few days ago after the defalcation had been made but not discovered. As to Mr. Bigelow himself, he has committed a crime against the laws of the]United States for which he should be punished with all severity.

16. April 29, 1905 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, April 29, 1905

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BIGELOW'S HOME TAKEN FROM HIM Defaulting Banker Obliged to Leave His Palatial Residence and Take Refuge With His Son-Goll Has Not Been Located. county court will take steps within a ILWAUKEE, Wis., April 28.-Bitshort time to remove Bigelow from the terness was added to his already M various trusts which he holds by virtue overflowing cup today when of testamentary appointment. Mr. Frank G. Bigelow, the defaulting bankBigelow acknowlędged today that he er, was obliged to leave his palatial owed the Brodhead estate an amount not to exceed $50,000, in addition to the home on Astor street, it having been $100,000 in the list of unsecured credtaken possession of by the Wisconsin itors. Trust & Security company as receiver The resignation of Mr. Bigelow as for the Bigelow estate. Mr. Bigelow chairman of the Milwaukee Clearing with his family, taking little save their House association has been received personal effects, went to the home of and accepted. his son, Gordon Bigelow, 490 Marshall The balance against the First Nationstreet, where they will make their home al bank in the Milwaukee clearing for the time being. house today was reduced to almost an The supplementary schedule of liabileven thing, thus showing that the bank has recovered its normal condition. ities and assets to Mr. Bigelow's petition in bankruptcy will probably not be The whereabouts of Henry G. Goll, filed before a week or ten days. the missing assistant, cashier of the It is said that Judge Carpenter in the bank, are still unknown.

17. May 1, 1905 Vilas County News Eagle River, WI
Article from Vilas County News, May 1, 1905

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Total $19,567,271.44 Thousands Clamor for Deposits. When the bank closed its doors yesterday® afternoon, more than 2,000 depositors were clamoring for their money. Nearly $1,000,000 had been paid out in the course of two hours and but a small percentage of the customers demanding the closing of their accounts had been served. One of the first callers was a business man who presented a check for $100,000, the entire amount of his account. He was followed by the city treasurer, who drew out $300,000 of city funds. The Chamber of Commerce was one of the concerns that was quick to withdraw its funds. The state of Wisconsin has several hundred thousand dollars deposited in the bank and it is said that this will also be withdrawn at the opening of business today. Great Throngs in Line. Throngs on East Water street were besieging the Wisconsin Trust company, the savings bank department of the First National bank, and here the run assumed the greatest proportions. When the doors were closed fully 2,000 anxious men and women surrounded the doors of the bank and trust company, clamoring for their money. But while many depositors were seeking to withdraw their funds, other people who believed in the soundness of the bank were coming forward with deposits. Friends Also Persistent. So persistent were the friends of the bank in offering money for deposit that when the bank closed there was a line of depositors in waiting in opposition to the line awaiting to withdraw money. While the bank could not honor checks it could receive deposits and to facilitate the business of the depositors, the bank was cleared at the hour for closing and a hole cut through the plate glass window on the Wisconsin street front. Receiving tellers were stationed here and until a late hour last evening depositors were there leaving their money. Millions on the Way. The officials of the bank expect the resumption of the run today. Money is on the way from New York to strengthen the resources of the bank and the directors expect to meet all demands promptly. They claim that the actual condition of the bank has not yet been impaired by Bigelow's defalcation. Restored Part of Loss. Bigelow's defalcation amounts to about $1,450,000 but he restored $300,000. The directors have subscribed $1,635,000 more, thus leaving the bank better off by about $400,000 than it was before the funds were depleted by the peculations of the president. Left a Poor Man. Bigelow himself is left a poor man. At one time he was personally rated a millionaire. This fortune has been lost, as well as the sum taken from the bank. His total losses in speculation in two years are estimated at over $3,000,000. In addition to his banking interests,

18. May 2, 1905 New-York Tribune New York, NY
Article from New-York Tribune, May 2, 1905

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REW ARD FOR H. G. GOLL. Milwaukee Police Anxious to Locate Bigelow's Assistant. Milwaukee, May 1.-A reward of $1,000 has been offered for the arrest of Henry G. Goll, former assistant cashier of the First National Bank of Milwaukee. Goll disappeared on the day the defalcation of Frank G. Bigelow became known, and up to this time has succeeded in eluding arrest. That Bigelow's son Gordon was responsible for his father's downfall is not only denied by some of the banker's friends, but it is reported that the elder Bigelow was aided in his transactions by money which Gordon Bigelow had made in wheat speculation. The extent to which the son is said to have aided his father is estimated at $400,000. The Wisconsin Trust and Security Company, reeeiver of the Frank G. Bigelow estate, was authorized to-day by Judge Landis to make emergency sales of bonds and other securities and to take other action in the interests of the creditors without special court orders. The receiver reported that many of the Bigelow securities are of substantial market value, and are in some cases in excess of liabilities for which they were pledged.

19. May 4, 1905 River Falls Journal River Falls, WI
Article from River Falls Journal, May 4, 1905

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tive. Frank G. Bígelow, defaulting bank president of Milwaukee, filed a petition in bankruptcy, scheduling liabilities of $3,277,000 and assets of $1,489,800. It can be stated positively that Frank G. Bigelow, the defaulting ex-president of the First National bank, of Milwaukee, will be prosecuted to the full extent of the law. The receiver ousted Frank G. Bigelow, defaulting Milwaukee banker, from his palatial home. Jules Valentine, a negro, was hanged at Donaldsonville, La. In attempting to rob the home of W. C. Hazlip, Valentine aroused Mrs. Hazlip and knocked her left eyeball from its socket, forcing its subsequent removal. Attorneys for Nan Patterson decided to submit no defense on the contention that the state had failed to make out any case against the defendant. A motion to dismiss the indictment was denied. H. C. Frick, chairman of the directors committee investigating the Equitable Life Assurance society, has written a letter to the policy holders assuring them that the interest of every policy holder is absolutely safe. George Mahen, living in St. Paul, Minn., shot his wife, Hattie, three times through the heart, killing her instantly, and then shot himself fatally. By an explosion in a mine near Dubois, Pa., 12 men were killed and one had both legs and arms broken. Contest proceedings have been prepared by Judge John A. Talty, defeated republican candidate for mayor of St. Louis, against Mayor Rolla Wells. Four more bears have been killed by the president's party. All the members participated in the hunt. Dr. Lambert killed the biggest of the four and the president killed two of the animals. A buggy containing Wendell Whittaker and a negro named Lapham was struck by a switch engine in Cairo, III. Both were killed. Gen. H. H. Wright, adjutant general of Iowa under Gov. F. M. Drake, died at his home in Centerville, Ia. Germany regards notice as having been given America of the end of the tariff agreement. Secretary Taft has recommended to Roosevelt that Minister Bowen be recalled from Venezuela to explain the Loomis affair. Gen. Fitzhugh Lee died in Washington from apoplexy. He was stricken while on board a train. Weekly trade reviews report some interference with retail business by strikes but favorable conditions aside from this feature. Dr. Brown Ayres was formally inaugurated as president of the University of Tennessee, at Knoxville, Tenn. United States Senator James B. Frazier presided. Two boys, aged about ten years, were drowned while floating in the St. Joseph river at South Bend, Ind. The government crop report shows that the cool weather has given farmers a setback. Secretary Taft has written a letter showing that government ownership of the Panama railroad may be utilized to destroy the monopoly now enjoyed by the Pacific Mail Steamship company. Nan Patterson lost a point in her trial when Coroner's Physician O'Hanlor. testified that he has changed his opinion that Young committed suicide. Norway refuses to negotiate her troubles with Sweden until she is granted separate consular system and assured of independence in other ways. Life insurance companies, aroused by the Hyde charges, have raised the price of nonparticipating insurance. The draft of the new constitution of the Transvaal is made public. Restric-

20. May 6, 1905 The L'anse Sentinel L'anse, MI
Article from The L'anse Sentinel, May 6, 1905

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MISCELLANEOUS. Frank G. Bigelow, president of the First National bank of Milwaukee, confessed to embezzlement of $1,450,000. He was arrested and is out on bonds. Chicago banks saved disaster by sending $1,000,000. The depositors are being paid in full. The assistant cashier is a fugitive. Frank G. Bigelow. defaulting bank president of Milwaukee, filed a petition in bankruptcy, scheduling liabilities of $3,277,000 and assets of $1,489,800. It can be stated positively that Frank G. Bigelow, the defaulting ex-president of the First National bank, of Milwaukee, will be prosecuted to the full extent of the law. The receiver ousted Frank G. Bigelow, defaulting Milwaukee banker, from his palatial home. Jules Valentine, a negro, was hanged at Donaldsonville, La. In attempting to rob the home of W. C. Hazlip, Valentine aroused Mrs. Hazlip and knocked her left eyeball from its socket, forcing its subsequent removal. Attorneys for Nan Patterson decided to submit no defense on the contention that the state had failed to make out any case against the defendant. A motion to dismiss the indictment was denied. H. C. Frick, chairman of the directors committee investigating the Equitable Life Assurance society, has written a letter to the policy holders assuring them that the interest of every policy holder is absolutely safe. George Mahen, living in St. Paul, Minn., shot his wife, Hattie, three times through the heart, killing her instantly, and then shot himself fatally. By an explosion in a mine near Dubois, Pa., 12 men were killed and one had both legs and arms broken. Contest proceedings have been prepared by Judge John A. Talty, defeated republican candidate for mayor of St. Louis, against Mayor Rolla Wells. Four more bears have been killed by the president's party. All the members participated in the hunt. Dr. Lambert killed the biggest of the four and the president killed two of the animals. A buggy containing Wendell Whittaker and a negro named Lapham was struck by a switch engine in Cairo, III. Both were killed. Gen. H. H. Wright, adjutant general of Iowa under Gov. F. M. Drake, died at his home in Centerville, Ia. Germany regards notice as having been given America of the end of the tariff agreement. Secretary Taft has recommended to Roosevelt that Minister Bowen be recalled from Venezuela to explain the Loomis affair. Gen. Fitzhugh Lee died in Washington from apoplexy. He was stricken while on board a train. Weekly trade reviews report some interference with retail business by strikes but favorable conditions aside from this feature. Dr. Brown Ayres was formally inaugurated as president of the University of Tennessee, at Knoxville, Tenn. United States Senator James B. Frazier presided. Two boys, aged about ten years, were drowned while floating in the St. Joseph river at South Bend, Ind. The government crop report shows that the cool weather has given farmers a setback. Secretary Taft has written a letter showing that government ownership of the Panama railroad may be utilized to destroy the monopoly now enjoyed by the Pacific Mail Steamship company.

21. May 10, 1905 Willmar Tribune Willmar, MN
Article from Willmar Tribune, May 10, 1905

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MISCELLANEOUS. The receiver ousted Frank G. Bigelow, defaulting Milwaukee banker, from his palatial home. Fred Vogel, Jr., has been made president of Milwaukee's First National bank, to succeed defaulter Bigelow. Henry G. Goll, the former assistant cashier of the First National bank, of Milwaukee, Wis., charged with embezzlement, was arrested in Chicago and taken back to Milwaukee. The Krupps' immense contracts, partly for the rearmament of the German artillery and partly for Russian, Japanese and Turkish orders, have required the company to increase the number of workmen from about 24,000 to more than 30,000. Mamie Van Ranst, a daughter of the late C. W. Van Ranst, a publisher of New York, was found dead in her apartments. A shoe string was tied tightly about her neck. She had committed suicide. Three persons were killed and six injured, none fatally, by the collapse of a three-story building during a firce gale at Omaha. Neb. President Alexander of the Equitable society resigned as trustee of the stock left to James H. Hyde. The grand jury in Chicago indicted twelve labor officials on charge of conspiracy in connection with the strike. Thirteen miners were entombed and probably killed by an explosion in the Missouri, Kansas & Texas Coal company's mine No. 19, four miles west of Wilburton, Okla. A double header fast freight train on the Santa Fe railroad struck 7 washout near Gilman siding, 125 milesnorth of Beamont, TeK., overturning both engines and piling live stock in the ditch. Two men were killed. Four men committed suicide in Chicago after quarrels with their wives. Fire destroyed an entire block of buildings at Ettabena, Miss, the loss aggregating $75,000. Mae Woods sued President Roosevelt's private secretary and others for conspiracy to prevent her from publishing Senator T. C. Platt's love etters. Contest proceedings have been prepared by Judge John A. Talty, defeated republican candidate for mayor of St. Louis, against Mayor Rolla Wells. Richard Canfield and other gamblers driven from New York are said to have formed a syndicate to establish a $3,000,000 Monte Carlo in Cuba,

22. May 10, 1905 Willmar Tribune Willmar, MN
Article from Willmar Tribune, May 10, 1905

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MISCELLANEOUS. The receiver ousted Frank G. Bigeiow, defaulting Milwaukee banker, from his palatial home. Fred Vogel, Jr.. has been made president of Milwaukee's First National bank, to succeed defaulter Bigelow. Henry G. Goll, the former assistant cashier of the First National bank, of Milwaukee, Wis., charged with embezzlement, was arrested in Chicago and taken back to Milwaukee. The Krupps' immense contracts, partly for the rearmament of the German artillery and partly for Russian, Japanese and Turkish orders, have required the company to increase the number of workmen from about 24,000 to more than 30,000. Mamie Van Ranst, a daughter of the late C. W. Van Ranst, a publisher of New York, was found dead in her apartments. A shoe string ,was tied tightly about her neck. She had committed suicide. Three persons were killed and six injured, none fatally, by the collapse of a three-story building during a firce gale at Omaha. Neb. President Alexander of the Equitable society resigned as trustee of the stock left to James H. Hyde. The grand jury in Chicago indicted twelve labor officials on charge of conspiracy in connection with the strike. Thirteen miners were entombed and probably killed by an explosion in the Missouri, Kansas & Texas Coal company's mine No. 19, four miles west of Wilburton, Okla. A double header fast freight train on the Santa Fe railroad struck a washout near Gilman siding, 125 miles north of Beamont, Tex., overturning both engines and piling live stock in the ditch. Two men were killed. Four men committed suicide in Chicago after quarrels with their wives. Fire destroyed an entire block of buildings at Ettabena, Miss, the loss aggregating $75,000. Mae Woods sued President Roosevelt's private secretary and others for conspiracy to prevent her from publishing Senator T. C. Platt's love etters. Contest proceedings have been prepared by Judge John A. Talty, defeated republican candidate for mayor of St. Louis, against Mayor Rolla Wells. Richard Canfield and other gamblers driven from New York are said to have formed a syndicate to establish a $3,000,000 Monte Carlo in Cuba.

23. May 13, 1905 The L'anse Sentinel L'anse, MI
Article from The L'anse Sentinel, May 13, 1905

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ORSON SMITH J.A. FORGAN. E.A. HAMILL CHICAGO BANKERS WHO WENT TO RESCUE OF FIRST NATIONAL BANK stood excitedly confronting Bigelow at his desk. "Bigelow, You Are a Defaulter." "Bigelow, you are a defaulter!" Pfister shouted, excitedly. "Oh, my God," he cried. "I am ruined, ruined, ruined!" Bigelow seemed about to faint. Neither man spoke for several moments. "I have fallen with the grain market." said Bigelow, finally. "How much?" asked Pfister. "Tell me all?" "One million two hundred thousand, as well as I know," said Bigelow. Pfister rushed from the bank to his hotel and issued hasty messages summoning every one of the bank directors to a meeting in his hotel that night at eight o'clock. His face twitching with emotion, Pfister faced the men and announced: "Gentlemen, a defalcation of over $1,000,000 has been discovered at our bank." "Who is guilty?" was finally asked. "Frank G. Bigelow," responded Pfister, impressively. The directors were literally struck speechless for a moment. Then several expressed disbelief, and asked what proof existed. "Mr. Bigelow has confessed to me himself," declared Pfister. "He says his shortage is $1,200,000." A meeting of the directors, with President Bigelow present, was hastily arranged. The defaulter seemed relieved by the discovery, and appeared before the directors and calmly spoke his confession. Another story has it that William Bigelow, vice president of the looted bank, and brother of the defaulter, exposed the shortage, although at the time he suspected other officials of the bank instead of his brother. Bankers Save the Day. When the extent of the defalcation became known, naturally a run was started on the bank and to meet the emergency and restore confidence, more than $10,000,000 in actual money was raised within two days to stop the run of frightened depositors and save the greatest bank of Milwaukee from being swept from existence. The panic was stopped by the formidable array of money, but to accomplish this there was the most remarkable rapid assembling of cash in decades. Chicago bankers contributed $1,000,000 of the total, the metropolitan financiers being first to go to the rescue of their imperiled brothers of Milwaukee. Another million was furnished by the Milwaukee clearing house. In addition the other banks of Milwaukee called in $2,000,000 of their reserve funds for emergency purposes. The 11 directors of the robbed bank contributed a total of $1,635,000 by personal pledges from their private fortunes, which aggregated more than $20,000,000. Only last September in addressing the American Bankers' association in the Waldorf-Astoria, New York city, Banker Bigelow, who at that time was looked upon as one of the lights and come to the before the wet-eyed w ored friends ajar of a p Yet in h writes of h "He was broadest ty young busin the middle He loved c heard of a ness troubl him. "His glom gleam of w humblest on with the s needed. It started a th ness and t failed." Has Then this "The law make no e judge this side; reme sands of us for the mar has stood by remember In the fa psychologists Ler last to Bibelow, da falsification made an as two bookk of these plundered $1,500,000 fessed says "I have I have done of the cond Charac The frien Gordon Big "As a you oats and h plentiful, b wild they rust on the but it never Mayhap, as softened a often as the would start He had don he do less became a m behind him, still the lea dips into th "He inve terprises, an and won. in Milwaukee Bigelow as "Through helped him The boy wa on his own his successe foresight, b edge of the this boy wh and he was

24. May 17, 1905 Grant County Herald Lancaster, WI
Article from Grant County Herald, May 17, 1905

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To Make Up Loss by Bigelow. Milwaukee, May 15.-An assessment of 66 2-3 per cent. has been levied on the stockholders of the First National bank by the comptroller of the currency to make good the capital stock impaired by the Bigelow defalcation. The assessment will agregate $1,000,000. The personal effects of Bigelow, except stocks and bonds, will be sold at public auction by the receiver May 25.

25. January 6, 1906 The New Age Portland, OR
Article from The New Age, January 6, 1906

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4-Earthquakes in India devastate wide range of country and destroy hundreds of lives. 6 -Chicago teamsters strike in sympathy with garment workers. 8-Collapse of water reservoir at Madrid kills or injures 400 persons. Battleship Minnesota launched. 1R Hard frost damages early fruit and garden truck in Central and Southern States. 17-Four boys killed in panic in Indianapolis Masonic Temple. 20-Thirteen lives lost in burning of convent In St. Genevieve, Quebec. 23-Death of Joseph Jefferson. 24-Frank G. Bigelow, president of Mnwaukee First National Bank, acknowledges himself a defaulter for $1,500,000 of bank's funds. Teamsters' strike in Chicago supposed to be ended Earthquakes near Bombay, India, kill fifty persons. 25-Chicago teamsters' strike on again. Rlot28-Death of Gen. Fitzhugh Lee Tornado at Laredo, Tex., ing in Chicago kills sixteen persons. 80-Thirteen miners killed by explosion near Wilburton, Ok.