Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-04-25
B|GELOW UNDER BOND
Defalcation of the First Ma
tional's President.
A RUN ON TWO BANKS
OFFICIAL STATEMENT PARTIAL
LY RFAssURED DEPOSIToRS.
Remarkable Promptness of Directors to
Make Good Demands-Arrest of As
sistant Cashier Expected.

MILWAUKEE, Wis, April 25-Despite
assurances that the Milwaukee Trust Com
pany in 10 manner involved by the
financial troubles of Frank G. Bigelow. for
mer president of the First National Bank
of Milwaukee and confessed defaulter OF
more than million dollars, crowds of peo-
pie today waited long before the opening
of the trust companys bank to withdraw
their desposits. The depositers gathered at
the First National Bank were comparatively
few at first but the number continued to in
crease. Bgeow had been a director of the
Milwaukee Trust Company but when his
defalca ton became known he was removed
such by the board OF directors.
The notices posted on the bank windows
which the depositors, mostly working peo-
pie, 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 Ma
tional Bank and signed by the directors
that the company is solvent seemed to re-
assure the depositors somewhat.
Chamber of Commerce Funds.
Directors of the chamber of commerce
question of Withdrawing the current ex-
pense fund deposited in the First National
Bank The sum, it is said, is not heavy.
No depositors gathered at any of the
other banks at the time they were in evil
dence at the institutions mentioned.
Members of the clearing house associa-
tion examined 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
to meet any emergency that might arise.
Henry G. Coll, assistant cashier of the
First National Bank of Milwauke who is
charged in the United States district at
torneys complaint of embezzling sum
exceeding 100000 of the banks funds has
not yet been arrested. United States Mar
shal Thomas b. Reed said. however. that
he expected to take Coll into custody today
Run Not to Last Long.
John l, Beggs. a director of the First Ma
tional Bank and one of the men who gave
$500, 600 to make up the defalca ton of Bige-
low, said that the bank had today received
s2,OO0000 from outside and local banks with
which to meet any demands made on the
bank. Mr.. Beggs said that the run would
probably continue throughout today but
beginning with tomorrow, after having
shown the stability of the institution the
excitement would subsde. He asserted
that the bank had ample funds to meet ALI
requirements.
AS the hour approached for the opening
OF the bank the crowds gathered in front
of the First National Bank and the Mil
waukee Trust Company became larger and
extended for half square Wisconsin
and on East Water streets. A detail OF
police was present to maintain order
A report that Mr.. Bigelow held a large
amount of Northern Pacific railroad stock
was emphatically denied here TODAY. In
quiry among brokers and personal friends
o the former bank president developed that
there is very little of that stock held by
local capitalists.
Bigelow Well Known.
SANDY HILL n. Y April 25-Frank G.
Bigelow is well known here. He was born
In the town of Hartford, near this village.
slxty-eight years ago. His father was a
physician we'll known through this section
of the state
Banks to Take ADVANTAGE.
The First National Bank of Milwaukee
ana the milwaukee, Trust Company today
oecioed TO take advantage of the printed
ciause IN the pass books of all saving de-
ppsits requiring that notice of thirty days
De given before sums of under 500 can be
Withdrawn and notice of ninety davs on
sums exceeding 500. The pass books we're
SO stamped when presented at the hank
WINDOWS The same rule applies to certifi-
Gates of deposit.
AT meeting of the Milwaukee Clearing
House Association today the followine
statement was issued:
Inc Milwaukee Clearing House Associa-
uoh' after examining carefully all the as
sets and collateral of the First National
Bank of Milwaukee, reports as a result
from such examination that they are sa It's
fed that the bank is perfectly solvent and
able to pay its debts"
run on the First National Bank and
the Milwaukee Trust Company began when
these banks opened for business today but
the run was limited to these institutions
all other banks doing business as usual
When the doors of the First National
Bank and the Milwaukee Trust Company
We're thrown open today tire crowd, which
had lined up two and four abreast for
distance of half a block from the main en-
trance of each institution fled in as rapid
ly as the police would permit. More than
dozen sought admission at once and there
was a lively scramble to enter. Men and
women, old man on crutches among
them, were jostled in their efforts to get
int the banks, and the police were con-
stantly compelled to push them back
Mostly Small Depositors.
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. There were some who
made deposits while the others were wait
ing to withdraw funds. Those who depos-
tied formed considerable number. Most
of them lined up at the window of the
First National Bank where a hole was cut
in the plate glass and through this the
deposits were received. Up to noon there
had been no run at any Of the other banks
The board of directors of the Milwaukee
Chamber of Commerce met today and
voted unanimously not to withdraw the
current fund from the First National
Bank. The opinion was generally ex-
pressed that the bank perfectly SOL
vent.
Up to noon no action had been taken by
the state treasurer with reference to
withdrawing the states funds, which
amount to half a million dollars.
| The following statement issued
shortly before noon by the board of di-
rectors of the First National Bank:
The board of directors of the First Ma
tional Bank announce with absolute posi-
tiveness that the bank is perfectly solvent
and able to pay every dollar of it's In
debtedness. The report of the clearing
house committee confirms this statement
We have money on hand with which to
Withstand any run which may be made
Only small depositors are withdrawing
All banks in the city are taking advantage