The Roswell daily record. [volume] (Roswell, N.M.) 1903-current, 1905-04-25
DEPosIToRs FRIGHTENED.
Million Dollar Defalcation of Milwau-
kee Bank President Causes
Temporary Local Panic.

1
kee Bank President Causes
Temporary Local Panic.
Milwaukee, Wis, April 25.-Des pite
the assurance that the Milwaukee
TrustCompany was in no way involv
| ed by the financial trouble of Frank
G. Bigelow, former president of the
First National Bank of Milwaukee
| and confessed defaulter for more than
a million dollars, crowds of people
were today in line long before the
opening ofsthe Trust Company's bank
waiting to withdraw their deposits.
The deposiIors gathered at the
First National Bank were compare
lively few at first, but the number
continued to increase. Bigelow had
been a director of the Milwaukee
Trust Company, but when the defal-
cation became known he was remov-
ed as such by the board of directors.
Notices posted on the bank window.
which the depositors. mostly working
people, 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 notice posted on the windows
of the First National Bank and sign
ed by the directors stating that the
corporation was solid seemed to reas-
sure the depositors somewhat. No
depositors gathered at any other
IN
dence at the First National and at
the Trust Company Bank.
The members of the clearing house
association today examined the af-
fairs of the bank, and the officers of
other institutions in the city express
ed their confidence in the strongest
terms in the ability of the First Ma
tional Bank to meet any emergency
that might arise. Henry G. Coll. as
sistant cashier of the First National
Bank of Milwaukee, who is charged
in the U. S. District Attorneys com
plaint of embezzling a sum exceeding
500, 900 of the banks funds, has not
yet been arrested. U. S. Marshal T.
B. Reed said. however that he ex-
pected to take Coll into custody to-
day.
John /. Beggs, director of the First
National Bank. and one of the men
who gave 100000 TO make up the
defalcation of Bigelow, said that the
bank had borrowed $2,0000O0 from
outside and local banks with which
they can meet any demands. He as
serted 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 and the Milwau-
kee Trust Co. became larger and ex-
tended for half a square on Wiscon-
sin and on East Water streets. De
tails of police were present to main
tain order. The report that Bigelow
held a large amount of Northern Pa
cific stock was emphatically denied
here today. Inquiry among brokers
and friends of the former bank presi-
dent developed that there was very
little of that stock held by local cap
italists.
The First National Bank and the
Milwaukee Trust Company today de
cided to take advantage of the clause
requiring that notice of thirty days
be given before sums under 800 can
be withdrawn and notice of ninety
days on sums exceeding 500. The
pass-books were so stamped when pre-
sented at the bank windows. The
same rule applies TO certificates of
deposit.
LATER (BuIletin) The run on the
bank and the trust company ceased
entirely in the afternoon, and the bu-
siness of the institutions was resum-
ed under normal conditions