Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1905-04-28
RUNS MADE on TWO
milwaukee Banks
ANXIOUS DEPosIToRs WITH
DRAW FUNDS FROM TRUST
co. AND FIRST NATIONAL.
BIG CROWD AWAITS
4 OPENING OF DOC IS
officers Take Advantage of aw and
Demand Notice Of Withdrawal
Which Finally Ends Run-State-
ment of Directors.


Demand Notice of Withdrawal
Which Finally Ends Run-state-
ment Of Directors.
Milwaukee, April &c. = Despite as
surances that the Milwaukee Trust
company was in no manner involved by
the financial troubles of Frank G. Bige-
low, former president of the First ma
tional bank of Milwaukee and confessed
defaulter of more than a million dol
lars, crowds of people Tuesday waited
long before the opening of the trust
company bank to withdraw their depos-
Its. The depositors gathered at the
national bank were comparatively few
at first, but the number continued to in
crease. Bigelow has been director Of
the Milwaukee Trust company, but
when his defalcation became known he
was removed as such by the board OF
directors. The notices posted on the
bank windows which the depositors
mostly working people, eagerly
scanned, announced the fact that the
trust company was abundantly able and
prepared to meet the demands of all de-
positors and creditors.
Scramble to Withdraw Money.
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 dis
lance of half block about the main
entrance Of each institution, filed in
as rapidly as the police would permit.
More than dozen sought admission at
once and there was lively scramble
to enter. Women and men, an old
man on crutches among them, were
jostled in their efforts to get into the
banks and the police were constantly
compelled to push them back. Those
who sought to withdraw their funds
were mostly small depositors who ap-
Piled at the savings department of the
First national bank or the Milwaukee
Trust company.
! There were some depositors, while a
number were waiting to withdraw their
funds. There were quite few persons
who deposited sums, these being chiefly
lined up at the window of the First ma
tional bank, where hole was cut in
the plate glass through which the de-
posts were received.
4 Other Banks Quiet.
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.
The board Of directors of the Milwau-
kee chamber of commerce met during
the day and voted unanimously not to
withdraw the current fund from the
First national bank. The opinion was
generally expressed that the bank was
perfectly solvent.
c. H. Bosworth, the national bank ex-
Aminer at Chicago, who was ordered by
Comptroller Of the Currency Ridgely to
make an investigation of affairs of the
First national bank, took up the work
Tuesday.
Banks Demand Notice.
a Soon after the opening of business
hours the First national bank of Mil
Faukee and the Milwaukee Trust COM
pany decided to take advantage of the
printed clause in the pass books of all
saving deposits requiring that notice
Of 80 days on sums exceeding $500.
800 can be withdrawn and a notice
Of 909 days on sums exceeding 500.
The pass books were SO stamped wnen
presented at the bank windows. The
same rule applies to certificates of de-
posits.
Runs Finally Cease.
The run on the Milwaukee Trust com
pany bank and the First national bank
Of Milwaukee ceased entirely in the
afternoon and business in these institu-
tons was resumed under normal condi-
tions. The advantage taken by the two
banks affected of the law pertaining to
Zine deposits having in great measure
assisted in allaying excitement among
the depositors, who hours before the
opening of the institutions had gathered
in the vicinity of the banks. The gen
eral display in the window of the banks
and prominent business houses of pla-
cards containing reassuring statements
Of the board of directors of the First
national bank and the Milwaukee clear
ing house committee also had an effect
Of restoring confidence in the sound
pess OF the two banks.
Statement of Directors.
The following statement was issued
shortly before noon by the board of
directors OF the First national bank
1.-THE board of directors of the First
national bank announce with absolute
hot q,
~ solvent and able to pay every dol
lar of it's Indebtedness. The report of
the clearing house committee confirms
this statement. We have money on
hand with which to withstand any run
that may be made. Only small de-
positors are withdrawing. Ali banks
81 the city are taking advantage of the
F law on time deposits. The First ma
tionai is safe"
Lost in Speculation.
President Bigelow's confession was
maze at special meeting of the board
Of directors held Saturday evening aid
continued Sunday and all of Sunday
night In addressing his fellow direc-
tors. President Bigelow said he had a
R--t-'ist !'setNNi-iSAe ~ itisiiA' q Soh+Ss
s;o.. that he had INSTRUCTED the funds
the bank and that an examination
OF his books and comparison of fig,
ures would show that he was indebted
30 the bank TO the amount of over
S1,450.000. 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