Santa Fe new Mexican. [volume] (Santa Fe, N.M.) 1898-1951, 1905-04-25
MILWAUKEE
DEFAULTER
President of First National Bank
Confesses to Big Shortage
Of the Funds.
OVER MILLION DOLLARS
Trust Company Experiences q 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 In
volved by the financial trouble Of F.
G. Bigelow, former president OF the
First National sank Of Milwaukee and
a confessed defaulter of more than a
million dollars. crowds of people were
today in line long beN ,re the opening
of the Trust Company Bank, waiting
to withdraw their deposits. Depositors
gathered at the National Bank COM
paratively few at first but the number
continued to increase. Bigelow had
been a director of the Milwaukee
Trust Company but when his defalca-
tions became known he was removed
as such By the board of directors. No
tices which were posted on the bank
window where the depositors, mostly
working people, eagerly scanned them.
announced this fact and that the Trust
Company was amply able and prepared
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 stat
ing that the company was solvent.
seemed to reassure the depOsitors
somewhat. No depositors gathered at
any other banks at the time they were
in evidence at the institutions men
toned. Members of the clearing
house association examined Al
fairs of the bank and the 4cers OF
other institutions in the G, expressed
their confidence in strongest terms In
the ability of the First National Bank
to meet any emergency that might
arise. Henry G. Coll. assistant cashier
of the First National Bank. who Is
charged in the United States attor'
ney's complaint with embezzling $780,.
600 of the banks funds has not yet
been arrested but U. s. Marshal Thom-
as B. Reed said that he expected to
take Coll into custody today.
John l. Biggs, director of the First
National Bank and one Of the men
who gave $500, 900 to make up the de-
falcation of Bigelow, said that the
bank had borrowed $2,O00,OoO from
outside and local banks which would
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 Bank and the Milwaukee
Trust Company became larger and ex-
tended for half square on Wisconsin
and East Water Streets. A detail OF
police was present to maintain order.
The report that Mr.. Bigelow held 2
large amount of Northern Pacific STOCK
is emphatically denied here today. An
inquiry among bank brokers and per-
sonal friends of the former bank pres
ident developed that there was very
little of that stock held by the local
capitalists.
Taking Advantage Of Banking Law.
Milwaukee, April 25.-The First ma
tional Bank of Milwaukee and the
Milwaukee Trust Company today de-
cided to take advantage of the clause
recurring that a notice of thirty days
be given before sums under 800 can
be withdrawn and notice OF ninety
days on sums exceeding 500.
! Pass books were SO stamped when
presented at the bank windows. the
same rule applies to certificates OF de-
pOsits