The Montgomery advertiser., 1905-04-25

done that neither the directors, nor the
 national bank examiners were able to
 discover the fact tha. anything was
 wrong with the funds of the bank. The first intimation that there were irreg- ularities came to Charles Pfister, one
 of the directors. Friday evening. An employe of the bank called at MT.
 Phsters home and told him he had
 something to reveal regarding the bank. While his information was meagre 1t
 was sufficient to awaken the suspicious
 of MT. Pfster, and he started an 'n- vestigation. President Bigelow was
 taxed with the irregularities and he IS
 said to have admitted his guilt. Then followed the meeting of the directors and full confession. As soon as the directors ascertained the full extent of the speculations. steps were taken to protect the depositors and other cred
 itors. Charles r. Pfster subscribed S600,000 to a fund to make. good the surplus: John l. Beggs. President of the
 Milwaukee Electric Railway and Light Company. gave $300,00e; William Big elow, a brother of the President, added $100,000 to the amount Other direc- | tors subscribed lesser sums until the amount reached $1,635.000. Then the following statement was prepared and formally issued:
 Directory Statement. For value received, we the under signed, severally agree to advance and pay to the First National Bank of Milwaukee, Wis, the sums set opposite our respective names, as the same may | be needed for the payment on demand of all deposits now in said bank, or which within thirty days from this date may be placed therein. Our claims hereunder for reimbursement | shall be subordinate and postponed to l the claims of all depositors and other creditors.
 Signed: Charles F. Fster, se00. 900; Fred Vogel, Jr, $300,000; John I. Beggs, $3O0,o0o; E. Mariner, $J00,oo0; Fred F. Coll. s50.000; George P. Miller, s50,000;
 J. P. Vandyke, Jr., s50.000; F. J. Ktpp. s50,000; Albert G. Trostel, $25,0O0; Au-
 gust H. Vogel, $1o.O00; William Bige- | low, $100,0000; total, $1.635,000. Dated Milwaukee, Wis, April "A, 1s05."
 l. Prior to this the directors had been in conference with leading bankers of Chicago and New York. Three Chica- | go bankers came to Milwaukee on an
 early train and went into conference l with the directors of the First Ma | tional As a result of this meeting 1 $1,00G,000 was sent to Milwaukee by ! Chicago banks to reach the city be- 1 fore the news of the dedication was
 made public. Several hundred thou | 1 to the First National by local banks,
 so that institution was prepared for the 1 run that was expected. Every pre- | caution had been taken to keep the 1 fact of the shortage from the public until the affairs of the bank could be put in condition against any emer- gencies that might arise.
 DepOsitOrs After Money. When the bank closed its doors this
 evening more than 2,000 depositors
 were clamoring for their money. Near l ly $I,000,000 had been paid out in the 1 course of two hours and but a small l percentage of the customers demand l ing the closing of their accounts had l been served.
 One of the first callers was a busi- l ness man who presented check for 1 $1O0,000, the entire amount of his ac- l count. He was followed by the city | treasurer, who drew out $500, 900 of the | city funds. Withdrawals in sums | ranging from $1,000 to $10.o0o quickly followed and by o'clock in the after | noon line of people extended from
 the bank east on Wisconsin Street to 1 Broadway and in the other direction | around the corner and north on East i Water Street. The Chamber of Com 1 merce was one of the concerns that l was quick to withdraw it's funds. The l State of Wisconsin has several hundred 1 thousand OOlldFS uepOSlltu III lIlG | and it Is said that also will be with 1 drawn at the opening of business to-
 morrow.
 The throngs in East Water Street ] were besieging the Wisconsin Trust | Company, the savings bank department | of the First National Bank and the run l assumed the great street proportions. | When the doors of the bank closed | fully 1000 anxious man and women | surrounded the doors of the bank and | the trust company, clamoring for their
 money, but while many depositors were l seeking to withdraw their funds, other | people, who believed in the soundness l of the bank. were coming forward with | deposits and so persistent were the | friends of the bank in offering money | for deposit that when the bank closed there was line of depositors in wait l ing in opposition to the line waiting i to witfd draw money.
 | The officials of the bank are looking | for a resumption of the run tomorrow l morning.
 i The statement of the condition of | the bank March 1, and which is the
 last financial statement formally is- | sued, is a strong one. It is as fol- i lows:
 | The Banks Condition. RESOURCES.
 |