Milwaukee Trust Company (Milwaukee, WI)

Episode Information

Episode UID
732765691264
Episode Type
Run Only
Bank Type
trust
Bank ID
73276569 hash
Start Date
April 25, 1905
Location
Milwaukee, Wisconsin (43.039, -87.906)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
d3fdcfe8c6023a14

Response Measures

None

Events (1)
1. April 25, 1905 Run
Cause
Bank Specific Adverse Info
Cause Details
Confession of a large defalcation by Frank G. Bigelow (former First National president and director of the Trust Co.) prompted deposit withdrawals.
Measures
Stamped passbooks invoking statutory notice (30/90 days) on time deposits; Clearing House examination and outside banks advanced $2,000,000 to meet demands; public assurances and large deposits restored confidence.
Newspaper Excerpt
crowds of people were today in line long before the opening of the Trust Company Bank, waiting to withdraw their deposits.
Source
newspapers

Newspaper Articles (19)
1. April 25, 1905 Santa Fe New Mexican Santa Fe., Santa Fe, NM
Article from Santa Fe New Mexican, April 25, 1905

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MILWAUKEE DEFAULTER President of First National Bank Confesses to Big Shortage of the Funds. OVER MILLION DOLLARS Trust Company Experiences a Run But States That Failure of Other In. stitution Has Not Hurt It. Milwaukee, Wis., April 25.-Despite the assurance that the Milwaukee Trust Company was in no manner involved by the financial trouble of F. former Bank of G. First Bigelow, National president Milwaukee of and the a confessed defaulter of more than a million dollars, crowds of people were today in line long before the opening of the Trust Company Bank, waiting to withdraw their deposits. Depositors gathered at the National Bank comparatively few at first but the number continued to increase. Bigelow had been a director of the Milwaukee Trust Company but when his defalcations became known he was removed the board as such by of directors. the bank No tices which were posted on the eagerly working window people, where depositors, scanned mostly them, fact and was able announced Company this amply that and the prepared Trust to meet the demand of all depositors. This and the creditors' notices posted on the windows of the First National Bank and signed by the directors stating that the company was solvent, seemed to reassure the depositors somewhat. No depositors gathered at other banks at the were any time they in evidence at the institutions mentioned. Members of the clearing that house association examined fairs of the bank and the cers of other institutions in the c' expressed e their confidence in strongest terms in the ability of the First National Bank to meet any emergency that might arise. Henry G. Goll, assistant cashier of the First National Bank, who is in the United charged States attorney's complaint with embezzling $100, 000 of the Dank's funds has not yet been arrested but U. S. Marshal Thomas B. Reed said that he expected to take Goll into custody today. John I. Biggs, director of the First National Bank and one of the men who gave $300,000 to make up the defalcation of Bigelow, said that the E. bank had borrowed $2,000,000 from 1outside and local banks which would b meet any demands. He asserted that e the bank had ample funds to meet all T. requirements. As the hour approached W for the opening of the bank, the e crowds gathered in front of the First t National Bank and the Milwaukee 7Trust Company became larger and exttended for half a square on Wisconsin f and East Water Streets. A detail of d police was present to maintain order. a The report that Mr. Bigelow held s large amount of Northern Pacific stock n is emphatically denied here today. An f inquiry among bank brokers and personal friends of the former bank president developed that there was very little of that stock held by the local capitalists. Taking Advantage of Banking Law. Milwaukee, April 25.-The First National Bank of Milwaukee and the Milwaukee Trust Company today deh cided to take advantage of the clause e requiring that a notice of thirty days 1. be given before sums under $100 can abe withdrawn and a notice of ninety is days on sums exceeding $100. e Pass books were so stamped when s presented at the bank windows. The e same rule applies to certificates of deposits.

2. April 25, 1905 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, April 25, 1905

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RUN STARTED ON MILWAUKEE TRUST Defalcation of President of First National Starts Run on Another Big Concern IS RESTORED CONFIDENCE Long Line of Depositors in Front of Both Institutinons, but Clearing House Statement and Aid of Other Banks Result in Restoring Normal Conditions. Milwaukee, April 25. - Despite the assurances that the Milwaukee Trust Company 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 compartively few at first, but the number continued to increase. 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 on the windows of the First National and Trust Company's banks announced both institutions were abundantly prepared to meet all demands of depositors and creditors. There was no evidence of any trouble at other banks. John I. Beggs, director of the First National, said the bank had today received two million dollars from outside and local banks with which to meet any demands. Beggs said the run would probably continue thruout today, but that beginning with tomorrow, after having shown stability of the institution, the excitement would subside. As the hour approached for opening the bank the crowds in front of each bank became larger and extended for half a square. A detail of present maintain order. police were to Both institutions decided to take advantage of the printed clause in the pass books of all saving deposits requiring notice of thirty days before sums under a hundred dollars can be withdrawn. When the doors of the First National Bank and Milwaukee Trust Company were thrown open the crowd which had lined up two and four abreast for a distance of half a block from the main entrance of each institution, filed in as rapidly as the police would permit. Women and men were jostled in their into the were to efforts police to get constantly the banks compelled who and push them back. Those sought to withdraw funds were mostly small depositors who applied at the savings There were some while a were to department. tors, number waiting deposiwithdraw their funds. Up to noon there had been no run on any other banks. The board of directors of the Chamber of Commerce today voted unanimously not to withdraw the current fund from the First National Bank. The opinion is generally expressed that the bank is perfectly solvent. Milwaukee, April 25.-The run on the two banks ceased entirely in the afternoon and business in ths institutions was resumed under normal conditions. Bank is Solvent. Milwaukee, April 25. - The Clearing House Association today issued a statement saying after examining carefully all assets and collateral of the First National it is satisfied the bank is perfectly solvent.

3. April 25, 1905 The Roswell Daily Record Roswell, NM
Article from The Roswell Daily Record, April 25, 1905

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DEPOSITORS FRIGHTENED. Million Dollar Defalcation of Milwaukee Bank President Causes a Temporary Local Panic. Milwaukee, Wis., April 25.-Despite the assurance that the Milwaukee TrustCompany was in no way involved by the financial trouble of Frank G. Bigelow, former president of the First National Bank of Milwaukee, and confessed defaulter for more than a million dollars, crowds of people were today in line long before the opening of the Trust Company's bank waiting to withdraw their deposits. The depositors gathered at the First National Bank were comparatively few at first, but the number continued to increase. Bigelow had been a director of the Milwaukee Trust Company, but when the defalcation became known he was removed as such by the board of directors. Notices posted on the bank window, which the depositors, mostly working people, eagerly scanned, announced this fact and that the Trust Company was abundantly able and prepared to meet the demands of all depositors and creditors. The notice posted on the windows of the First National Bank and signed by the directors stating that the corporation was solid seemed to reassure the depositors somewhat. No depositors gathered at any other banks at the time they were in evidence at the First National and at the Trust Company Bank. The members of the clearing house association today examined the af fairs of the bank, and the officers of other institutions in the city expressed their confidence in the strongest terms in the ability of the First National Bank to meet any emergency that might arise. Henry G. Goll, assistant cashier of the First National Bank of Milwaukee, who is charged in the U. S. District Attorney's complaint of embezzling a sum exceeding $100,000 of the bank's funds, has not yet been arrested. U. S. Marshal T. B. Reed said. however, that he expected to take Goll into custody to day. John I. Beggs, director of the First National Bank. and one of the men who gave $300,000 to make up the defalcation of Bigelow, said that the bank had borrowed $2,000,000 from outside and local banks with which they can meet any demands. He asserted that the bank had ample funds to meet all requirements. As the hour approached for the opening of the bank, the crowds gathered in front of the First National and the Milwaukee Trust Co. became larger and extended for half a square on Wisconsin and on East Water streets. De tails of police were present to maintain order. The report that Bigelow held a large amount of Northern Pacific stock was emphatically denied here today. Inquiry among brokers and friends of the former bank president developed that there was very little of that stock held by local capitalists. The First National Bank and the Milwaukee Trust Company today de cided to take advantage of the clause requiring that notice of thirty days be given before sums under $100 can be withdrawn and notice of ninety days on sums exceeding $100. The pass-books were so stamped when pre sented at the bank windows. The same rule applies to certificates of deposit. LATER (Bulletin) The run on the bank and the trust company ceased entirely in the afternoon, and the business of the institutions was resumed under normal conditions.

4. April 25, 1905 The Providence News Providence, RI
Article from The Providence News, April 25, 1905

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BIGELOW'S FALL CAUSES A RUN. (Continued from page One John I. Beggs, a director of the First National bank, and one of the men who gave $300,000 to make up the defalcation of Bigelow, said that the bank had today received $2,000,000 from outside and local banks with which to meet demands. Mr. Beggs said that the run would continue throughout today, but that beginning with tomorrow. after having shown the stability of the institution. the excitement would subside. He asserted that the bank had ample funds to meet all requirements. As the hour approached for the opening of the bank. the crowds gathered in front of the First National bank and the Milwaukee Trust company became larger and extended for half a square on Wisconsin and on East Water streets. A detail of police maintained order.

5. 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.

6. April 26, 1905 The Bemidji Daily Pioneer Bemidji, MN
Article from The Bemidji Daily Pioneer, April 26, 1905

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ON BANKS AT AN END MILWAUKEE INSTITUTIONS AF. FECTED INSIST ON NOTICES OF WITHDRAWAL. Milwaukee, April 26.-Despite assurances that the Milwaukee Trust company was in no manner involved by the financial troubles of Frank G. Bigelow, former president of the First National bank and confessed defaulter of more than $1,000,000, crowds of persons waited long before the opening of the trust company bank to withdraw their deposits. The depositors gathered at the First National bank were comparatively few at first, but the number continued to increase. Bigelow had been a director of the Milwaukee Trust company, but when his defalcations became known he was removed as such by the board of directors. Notices posted on the bank windows, which the depositors, mostly working people, eagerly scanned, announced this fact and that the trust company was abundantly able and prepared to meet the demands of all depositors and creditors. As the hour approached for the opening of the bank the crowds gathered in front of the First National bank and the Milwaukee Trust company became larger and extended for half a square on Wisconsin and on East Water streets. A detail of police was present to maintain order. Demand Notice of Withdrawal, Later it was announced that the First National bank and the Milwaukee Trust company had decided to take advantage of the printed clause in the passbooks of all saving deposits requiring that a notice of thirty days be given before sums under $100 can be withdrawn and a notice of ninety days on sums exceeding $100. The passbooks were SO stamped when presented at the bank windows. The rule applies to certificates of deposit. When the doors of the First National bank and the Milwaukee Trust company were thrown open the crowd, which had lined up two and four abreast for a distance of half a block from the main entrance of each institution, filed in as rapidly as the police would permit. More than a dozen sought admittance at once and there was a lively scramble to enter. Those who sought to withdraw their funds were mostly small depositors who applied at the savings department of the First National bank or the Milwaukee Trust company. Up to noon there had been no run at any of the other banks. Everything at this time was quiet on the South and West Sides of the city, the banks in these sections doing business as usual. Later in the day the crowds of depositors dwindled away and business at both the First National bank and the Milwaukee Trust company resumed normal conditions.

7. April 26, 1905 Americus Times-Recorder Americus, GA
Article from Americus Times-Recorder, April 26, 1905

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DEPOSITORS CAUSE RUN ON THE BANKS Excitement Intense In Milwau. kee Over Defalcation. SHORTAGE IS OVER A MILLION Confidence Seems Hard to Restore in Wisconsin City-People Line Up Before Paying Teller's Windows and Demand Their Money. Milwaukee, April 25.-Despite assurances that the Milwaukee Trust company was in no manner involved by the financial trouble of Frank B. Bigelow, former president of the First Na. tional bank of Milwaukee, and conressed defaulter of more than a million dollars, crowds of people today were in line long before the opening of the Trust company bank waiting to withdraw their deposits. The depositors gathered at the National bank were comparatively few at first but the number continued to increase. Bigelow had been a director of the Milwaukee Trust company, but when his defalcation became known he was removed as such by the board of directors. No. tices posted on the bank windows which the depositors for the most part working people, eagerly scanned, announced this fact and that the Trust company was abundantly able and prepared to meet the demands of all depositors and creditors. The notices posted on the windows of the first National bank and signed by the directors that the company is solvent seemed to reassure the depositors somewhat. No depositors gathered at any oi the other banks at the time they were i nevidence at the institutions mentioned. Members of the clearing house association expected the affairs of the bank and officers of the other institutions in the city expressed their confidence in the strongest terms in the ability of the First National bank to meet any emergency that might arise. Henry B. Goll, cashier of the First National bank, of Milwaukee, who is charged by the United States district attorney's complainants, with embezzling a sum exceeding $100,00€ of the bank's funds, has not yet been arrested. Unted States Marshal Thomas B. Reed, said, however, that he expected to take Goll into custody today. John I. B. Beggs, a director of the First National bank and one of the men who gave $300,000 to make up the defalcation of Bigelow, said that the bank had today received $2,000,000 from outside and local banks with which to meet any demands. He asserted that the bank had ample funds to meet all the requirements. As the hour approached for the opening, the crowds gathered in front of the First National bank and the Mil waukee Trust copany became larger and extended for half a square on Wis. consin and on East Water street. A detail of police was present to maintain order. A report that Mr. Bigelow held a large amount of Northern Pacific railroad stock was emphat ically denied here today. Inquiry among brokers and personal friends of the former bank president develop ed that there is very little of that stock held by local capitalists. The First National bank of Milwau kee, and the Milwaukee Trust company today decided to take advantage of the clause requiring that a notice of 30 days be given before sums under $100 can be withdrawn and a notice of 90 days on sums exceeding $100. The pass books were so stamped when presented at the bank windows. The same rule applies to certificates of deposits.

8. April 26, 1905 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, April 26, 1905

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BANK ON FIRM BASIS. Milwaukee Institution Not Ruined by Defalcation. MILWAUKEE, Wis., April 26.-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 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 a reassuring report that the bank was perfectly solvent. 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 bank. All of these statements had a reassuring effect on depositors as to the stability of the bank. Early in the day crowds of men and women in all walks of life gathered in line two and four abreast and took up positions in front of the two big banking institutions and awaited the opening of the doors at 10 o'clock. The line extended about half a square on East Water and Wisconsin streets from the main entrance of each institution. 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 canvas bags. He was surrounded by policement 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. Cashier Frank J. Kipp is authority for the statement that much more than $2,000,000 was received during the day by the bank. At noon the street assumed its normal appearance and the run was completely over. The First National bank is depository for government departments in Milwaukee, the funds there including those of the internal revenue office and the offices in the department of justice. None will be withdrawn.

9. April 26, 1905 The Madison Daily Leader Madison, SD
Article from The Madison Daily Leader, April 26, 1905

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RUN ON BANKS AT AN END MILWAUKEE INSTITUTIONS AF. FECTED INSIST ON NOTICES OF WITHDRAWAL. Milwaukee, April 26.-Despite assurances that the Milwaukee Trust company was in no manner involved by the financial troubles of Frank G. Bigelow, former president of the First National bank and confessed defaulter of more than $1,000,000, crowds of persona waited long before the opening of the trust company bank to withdraw-their deposits. The depositors gathered at the First National bank were comparatively few at first, but the number continued to increase. Bigelow had been a director of the Milwaukee Trust company, but when his defalcations became known he was removed as such by the board of directors. Notices posted on the bank windows, which the depositors, mostly working people, eagerly scanned, announced this fact and that the trust company was abundantly able and prepared to meet the demands of all depositors and creditors. As the hour approached for the opening of the bank the crowds gathered in front of the First National bank and the Milwaukee Trust company became larger and extended for half a square on Wisconsin and on East Water streets. A detail of police was present to maintain order. Demand Notice of Withdrawal. Later it was announced that the First National bank and the Milwaukee Trust company had decided to take advantage of the printed clause in the passbooks of all saving deposits requiring that a notice of thirty days be given before sums under $100 can be withdrawn and a notice of ninety days on sums exceeding $100. The passbooks were SO stamped when presented at the bank windows. The rule applies to certificates of deposit. When the doors of the First National bank and the Milwaukee Trust company were thrown open the crowd, which had lined up two and four abreast for a distance of half a bloek from the main entrance of each institution, filed in as rapidly as the police would permit. More than a dozen sought admittance at once and there was a lively scramble to enter. Those who sought to withdraw their funds were mostly small depositors who applied at the savings department of the First National bank or the Milwaukee Trust company. Up to noon there had been no run at any of the other. banks. Everything at this time was quiet on the South and West Sides of the city, the banks in these sections doing business as usual. Later in the day the crowds of depositors dwindled away and business at both the First National bank and the Milwaukee Trust company resumed normal conditions.

10. April 26, 1905 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, April 26, 1905

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TELEGRAPHIC BREVITIES. Failure in several business enterprises goading him to despondency, Charles W. Penlock, a well known grain dealer of Reading, Pa., committed suicide at his home this morning, by sending a bullet through his brain. The three masted schooner Harry L. Whiton, of Boston, was sunk eight miles east of the Orleans, Mass., life saving station at midnight, by the four masted schooner Charles Campbell, of Bath, and two seamen, Michael Shiers, of Calais, and John Anderson, of Cape Breton, were drowned in their berths. Capt. Smithell with his wife and baby, the mate, L. L. Mitchell, Steward Sidney P. Strout and Seaman John E. Emory escaped in their own boat and were taken on board the Campbell. Confidence has again been restered in the banking institutions of Milwaukee. The run on the First National Bank and the Milwaukee Trust Company, which was caused by the confession of Frank Q. Bigelow, is a thing of the past, and banking affairs in Milwaukee have resumed their normal condition, The Pennsylvania republican State convention today nominated by acelamation the following candidates: State treasurer, J. Lee Plummer; judges of Supreme Court-President judge, Charles E. Rice; judges, George B. Orlandy and James A. Beaver.

11. 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'-

12. April 26, 1905 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, April 26, 1905

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SCARE IS OVER IN MILWAUKEE First National Bank Proves Solid as a Rock. BUSINESS AGAIN NORMAL NO TRACE OF THE ASSISTANT CASHIER. ILWAUKEE, Wis., April 25.-Confidence has again been restored in M the banking institutions of Milwaukee, and the run on the First National bank and the Milwaukee Trust company, which was caused by the defalcation by Frank G. Bigelow, until Monday 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 collateral of the First National bank, issued a reassuring report.

13. 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.

14. 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

15. April 27, 1905 The Citizen Berea, KY
Article from The Citizen, April 27, 1905

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Run on the First National Bank of Milwankee and Milwaukee Trust Co. Ended. CONFIDENCE AGAIN RESTORED. State Funds Amounting to Nearly $500,000 Will Not Be Withdrawn From the First National. No Trace Has Been Discovered of Harry G. Goll, the Missing Assistant Cashier of the Banking Institution. Milwaukee, Wis., April 26.-Confidence has again been restored in the banking institutions of Milwaukee and the run on the First National bank and the Milwaukee Trust Co., which was caused by the defalcation by Frank G. Bigelow, late president of the First National 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 bank's officers direct the affairs of the Milwaukee Trust Co. 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 collateral of the First National bank, issued a reassuring report. 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 30 days of withdrawal on amounts less than $100 and 90 days where the amounts exceeded that sum. All Depositors Satisfied. As rapidly as the depositors appeared at the wickets of the savings departments of the affected institutions their passbooks were stamped, acknowledging 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. Cashier Frank J. Kipp is authority for the statement that much more than $2,000,000 was received during the day by the bank. The First National bank is depository for government departments in Milwaukee, the funds including those of the internal revenue offices and of the offices in the department of justice. None will be withdrawn, The Defaulting President. Frank G. Bigelow, the defaulting president of the First National bank, walked down town, but did not enter the bank building. He soon returned to his home, where he spent most of the day in seclusion. Assistant United States District Attorney E. J. Hennings says that in all probability only one indictment can be returned against Bigelow, but that there may be a number of counts in separate instances. Up to a late hour no trace had been found of Henry G. Goll, the missing assistant cashier of the First National bank.

16. April 27, 1905 Abilene Weekly Reflector Abilene, KS
Article from Abilene Weekly Reflector, April 27, 1905

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Confidence Restored. Milwaukee, April 26.-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 defalcation of Frank G. Bigelow, until Monday president of the bank, to the extent of over $1,000,000, is a thing of the past and banking affairs in Milwaukee have resumed their normal condition.

17. April 28, 1905 Troy Weekly News Troy, ID
Article from Troy Weekly News, April 28, 1905

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Milwaukee, Wis, April 26.-Confidence has again been retsored in banking institutions of Millwaukee, and the run on the First National bank and the Milwankee Trust company, which was caused by the defalcation of Frank G. Bigelow, until Monday president of the bank, of over $1,000,000, is a thing of the past and banking affairs in Millwaukee have resumed. their normal condition.

18. April 28, 1905 The Kendrick Gazette Kendrick, ID
Article from The Kendrick Gazette, April 28, 1905

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Milwaukee, Wis, April 26.-Confidence has again been retsored in banking institutions of Millwaukee, and the run on the First National bank and the Milwaukee Trust company, which was caused by the defalcation of Frank G. Bigelow, until Monday president of the bank, of over $1,000,000, is a thing of the past and banking affairs in Millwaukee have resumed their normal condition.

19. April 9, 1906 Evening Star Washington, DC
Article from Evening Star, April 9, 1906

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WALL STREET WHISPERS. Special Dispatch to The Star. NEW YORK, April 9.-In his report President L. A. Cole of the National Lead Company says: "Ample provision has now been made for the large working capital required to conduct our business. Our directors now hope and expect that beginning with July 1 next dividends will be earned and regularly paid on our common stock.' * * * It is reported from Fairmont, W. Va., that Alexander Brown & Sons of Baltimore are financing a consolidation of electric light and railway franchises in Fairmont and Mannington, W. Va. The Pennsylvania raflroad has notified the Trunk Line Association that it will withdraw from the party rate agreements coverlabor, theatrical and military traffic. The reason given is that party rates are 11legal. * The quantity of coal moved from the Pittsburg pools in March was the greatest for that month ever known. Over 2,000,000 bushels moved, or an equivalent of 800 boats. This is 500,000 bushels more than during March, 1905. * * The Lehigh Valley railroad has ordered a cessation of all improvement work which can safely be postponed and has cut down other expenses as much as possible. The retrenchment is to last until normal operating conditions are resumed in the coal fields. * According to a dispatch from Denver, the Milwaukee Trust Company has filed suit in the United States circuit court for the appointment of a receiver for the Ophir Consolidated Mines Company of Telluride. It is alleged the Ophir Company did not set aside 15 per cent of its earnings each year as a sinking fund for the redemption of $250,000 bonds in accordance with the agreement made with the trust company, and also that the property of the company has been allowed to deteriorate in value. Persons who have excellent sources of information believe confidently that there will be a larger inflow of gold from Europe within the next few weeks. They understand that in addition to $3,000,000 due to arrive next Monday. negotiations are well advanced for $5,000,000 more. They believe also that these amounts will be materially supplemented in the near future. They look for the stock market to be somewhat irregular and perhaps fractionally lower, but they are still very confident that as soon as money is made to appear easier stocks will advance sharply throughout the list. * From Cincinnati it is learned that Thomas W. Paxtor, attorney for the Central Trust Company of New York, has filed suit in the United State circuit court for foreclosure on a mortgage for $50,000,000, covering all the properties held by the Cincinnati, Hamilton and Dayton Railway Company. The suit is brought by the trust company in the interest of the bondholders. The Cincinnati, Hamilton and Dayton Railway Company in January, 1905, authorized an issue of $50,000,000 bonds, of which $17,500,000 were sold. The interest was defaulted in July and January, and the Central Trust Company, as trustee, asks for the sale of the road. The now trust company, in its action, also asks for the appointment of a receiver to represent the bondholders. * A Montreal dispatch says that in spite of all that has been said to the contrary, there is a strong effort being made by Montreal capitalists to sell the control Dominion Steel of and the Toronto Company and to it can the United States Steel Corporation, be added that confirmatory details may be forthcoming in a few days. It is said that a meeting of the interested parties has been held in New York within the past week, and that James J. Hill of the Great Northern is not by any means a stranger to the negotiations that have been going on for some weeks past. The statement is made that the promoters of the sale control already something like 100,000 shares of the Dominion Steel common. and that the acquisition of twenty or twenty-five thousand additional shares would make the merger or the control quite possible, This quantity the promoters of the new move will be able to secure on the open market as sobn as their New York principals tell them to go ahead