The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1905-04-28
Institutions Affected Take Ad-
vantage of the Law.
Make Their Depositors Give No.
tice of Withdrawal.
Crowd Was Orderly and Police
Had No Trouble.

Milwaukee. April 26.-Couidence
has again been restored in the bank
ing 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 presi
dent of the First National bank, of
over $l,000.000, is thing of the past
and banking affairs in Milwaukee
have resumed their normal conditions.
While the two banks affected are
entirely separate institutions, the fact
that they occupy adjoining buildings
and that some of the First National
bank officials direct the affairs of the
Milwaukee Trust company, caused
many OF the depositorS to believe that
one was part of the other Before
the hour for opening the banks had
arrived meeting of the Milwaukee
Clearing House association was held
and committee of that institution
after examining the assets and col
lateral of the First National bank is
sued reassuring report.
This report was printed in large
type on placards and pasted on the
windows of the First National bank
and also displayed in store windows
on Wisconsin and East Water streets.
Following this was a statement is
sued by the board of directors of the
First National bank, announcing with
absolute positiveness that the bank
was perfectly solvent.
Decided Not to Withdraw Funds.
And on top of this came word from
the board of directors of the Mil
waukee Chamber of Commerce an
nouncing its decision not to withdraw
its current funds from the First Ma
tional bank.
All these statements had a reaSSur-
ing effect on the depositors as to the
stability of the banks
The banks affected were ably pre-
pared to cope with large run, but it
was decided by all the banks in tho
city to take advantage of the law on
time deposits requiring a notice of
thirty days of withdrawal on amounts
less than 800 and ninety days when
the amounts exceeded that sum- AS
rapidly as the depositors appeared at
the wickets of the savings depart
ments of the affected institutions their
pass books were stamped asknowl-
edging the notice of withdrawal and
the depositors took their departure.
1t only required about two hours to
dispose of the lineup of depositors,
which early In the day gathered in
front of the two big banking institu.
lions and awaited the opening of the
street doors at 10 o'clock. The crowd
was orderly and the police had no
trouble.
One of the most spectacular hap
penings of the day was the action of
Mayor Rose in walking down Wiscon-
sin street to the bank in full view of
the crowd with $4,000 in currency
and gold in canvas bags This money
was part of the shipment from Chica-
go banks and some from other Mil.
waukee banks.
Bank Took In Much Money.
Cashier Frank j. Kipp is authority
than S2,000,0C0 was received during
the day by the bank. At noon the
street resumed its normal appearance
and the run was completely over The
First National bank is depository for
government departments in Milwau-
kee No funds will be withdrawn
State funds amounting to nearly
$500 600 will not he Withdrawn from
the First National bank. This conclu.
sion was reached after a conference
between state officials and local bank.
ers.
National Bank Examiner C. H. Bos-
worth Of Chicago, who was sent here
by Comptroller of the Currency
RidgeIey, is at work on the books of
the First National and will report his
findings to his superiors in Washing.
ton as soon as possible.
Frank G. Bigelow, the deposed de.
faulting president of the First Nation
al bank, spent most of the day in Sc
clusion at his home He declined to
discuss the affair and his son was
equally reticent.
According TO the federal procedure
prisoner cannot plead guilty or not
guilty until he has been indicted by
the grand jury. Frank G.. Bigelow
will therefore not appear In court IN