The San Francisco call., 1905-04-26
Financial FURRY Following
Gigantic Defalcation of
Banker BigeloW Comes to
an End on the Second Day
CONFIDENCE ONCE
AGAIN RESTORED
Henry G. Coll, the Assistant
Cashier Who Is Said to
Have Been a Party to the
Shortage, Not Yet Found

Shortage, Not Yet Found
MILWAUKEE,, Wis, April 25.-Con-
fidence has again been restored in
| banking institutions of Milwaukee, and
the run on the First National Bank
and the Milwaukee Trust Company,
which was caused by the 81 ,450, 900 de-
falcation by Frank G.. Bigelow, until
Monday president of the bank, is a
thing of the past and banking affairs
in Milwaukee have resumed their nor
NAL condition. While the two banks
affected are entirely separate institu-
tions. the fact that they occupy ad-
Joining buildings and that some of the
First Nationals Officers direct the af-
fairs of the Milwaukee Trust Company,
caused many of the depositors to be-
lleve that one was part of the other.
Before the hour for opening the
banks had arrived to-day a meeting
OF the Milwaukee Clearing House AS
sociation was held and a committee of
that institution. after examining the
assets and collateral of the First Ma
| tional Bank, issued reassuring report
as follows:
The Milwaukee Clearing House As
sociation, after examining carefully all
the assets and collateral of the First
National Bank of Milwaukee, reports
as result from such examination that
they are satisfied that the said bank
is perfectly solvent and able to pay it's
debts"
BANKS REQUIRE TIME.
This report was printed in large type
on placardS and pasted on the win
dows of the First National Bank and
also displayed in store windows on
Wisconsin and East water streets.
Following this was statement issued
by the board of directors of the First
National Bank, announcing with abso-
lutte positiveness that the bank was per-
fectly solvent. On top of this came
word from the board of directors of the
Milwaukee Chamber of Commerce, an
nouncing its decision not to withdraw
its current expense fund from the First
National All of these statements had
a reassurlng effect on depositors as to
the stability of the banks.
The banks affected were well able to
cope with long run, but 1t was de-
cided by all of 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 500 and ninety days where the
amounts exceed that sum. AS rapidly
as the depositors appeared at the
wickets of the savings departments of
the affected institutions their pass
books were stamped, acknowledging
the notice of withdrawal, and the de-
positors took their departure. 1t re-
quired only about two hours to dis
pose of the line of depositors
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 strong doors at 10
o'clock. The line extended about half
square on East Water and Wisconsin
streets from the main entrance of each
institution. The crowd was orderly
and gave no trouble to the police
One of the most spectacular happen
ings of the day was the action of
Mayor Rose in walking down Wiscon-
sin street in full view of the crowd
with 100000 in currency and gold in
canvas 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
81, 900. 900 was received during the day
by the bank. At noon the street as
sumed its normal appearance and the
run was over The First National
Bank is depository for Government
departments in Milwaukee, the funds
including those of the Internal Revenue
office and of the offices in the Depart
ment of Justice. None will be with
drawn
BIGELOW REMAINS AT HOME.
According to the Federal provision,
a prisoner cannot plead guilty until
he be indicted by the Grand Jury.
Bigelow therefore will not appear in
court until the Grand Jury has con-
sidered his case. Assistant United
States District Attorney Hennings
says that in all probability only one in
dictment can be returned, but that
there may be number of counts in
separate instances. The Grand Jury
is called by the United States District
Judge. While the date has not been
set, 1t Is understood that 1t will be
about the middle of May
Bigelow spent the day at his home
and declined to be interviewed. Up
to late hour no trace had been found
of Henry G. Coll, the deposed assist
ant cashier Of the First National
Bank.
State funds amounting to nearly
100000 will not be withdrawn from
the First National Bank. This con-
clusion was reached after confer
ence between State officials and local
bankers to-day. The State officials, it
is said, were given a complete state
ment regarding the finances Of the
bank.
/ C. H. Bosworth. the national bank
examiner at Chicago, who was ordered
by the United States Comptroller of the
Currency to make an investigation of
the affairs of the First National Bank
took up the work to-day.
SANDY HILL. N. Y, April 25.-
Frank G.. Bigelow is well known here
He was born in the town of Hartford,
near this village, 6S years ago. His
father was a physician well known
through this section of the State
CHICAGO, April 25.-W. w. Tracy,
head of the firm of Tracy & Co., Of
which young Gordon Bigelow was a
member, declared to-day that the firm
was not hit to any extent by the wheat
deals of the young man.
Whatever wheat deals he was in
terested in," said Tracy, "he conduct
ed himself and the drm knows moth
Ing about them,