New-York tribune., 1905-04-26
RUN ON BIG BANK OVER.
ALL QUIET IN MILWAUKEE
More Than $2,OOO,OOO Deposited
BigelO5o Stays at Home.

Milwaukee. April 25.--Confdence has again
been restored in the banking institutions of
Milwaukee. The run on the First National
Bank and the Milwaukee Trust Company which
was caused by the confession Of Frank G.
Bigelow Is a thing Of the rast. and banking
affairs in Milwaukee have resumed their nor
NAL condition While the two banks affected
are entirely separate institutions the fact that
they occupy adjoining buildings and that some
Of the First National Banks officers direct the
affairs OF the Milwaukee Trust Company caused
many OF the depositors 10 believe that one was
g part OF the other.
Before the hour for opening the banks had
arrived a meeting Of the Milwaukee Clearing
House Association was held, and a committee
Of that institution. after examining the assets
and collateral Of the First National Bank,
issued reassuring report, as follows:
The Milwaukee Clearing House Association,
after examining carefully all the assets and COL
lateral of the First National of Milwaukee re-
port as result from such examination that
they are satisfied that the bank is perfectly
solvent and able TO pay its debts
This report was printed in large type on
placards and posted on the windows Of the
First National Bank. and also displayed in
store windows in Wisconsin and East Water
SITS. Following this a statement issued by
the board of directors of the First National
Bank announcing with absolute positveness
that the bank was perfectly solvent.
On top Of this came word from the board of
directors of the Milwaukee Chamber of Com
rnerce announcing its decision not to withdraw
its current expense fund from the First National
Bank All Of these statements had a reassur-
ing effect on depositors as to the stability Of the
bank
The banks affected were well able to cope with
a long run, but It was decided by all the banks
in the city TO take advantage of the law on time
deposits requiring a notice of thirty days Of
withdrawal amounts less than S10O and
ninety days where the amounts exceeded that
sum. AS rapidly the depositors appeared at
the wicl1ets of the savings departments of the
affected institutions their passbooks were
stamped acknowledging the notice OF withdrawal
and the depositors took their departure. 1t re
CURED only about two hours to dispose Of the
lineup Of depositors.
Early In the day crowds Of men and women in
ell 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 open
ing of the doors at 10 o'clock. The line extended
about half square in East Water and Wiscon-
sin SITS. from the main entrance of each in
stitution
One Of the most spectacular happenings Of the
day was the action OF Mayor Rose In walking
down Wisconsin-st in fun view of the crowd
bags. He was surrounded by policemen and
detectives and walked into the bank with the
treasure. This money part az the shipment
from Chicago banks and some from other Mil
waukee banks. Frank J. Kipp cashier. is au-
thority for the statement that much more than
S20000O0 was received to-day by the bank At
noon the street assumed its normal appearance
and the run was completely over
The First National Bank is depository for gov
ernment departments in Milwaukee. the funds
there including those Of the Internal Revenue
office, and Of the offices in the Department of
Justice. None viii be withdrawn. =. II. Bos-
worth. Of Chicago. National Bank Examiner.
who was sent here by the Controller Of the Cur
rency. is at work the books Of the First Ma
tional and viii report his findings TO his su-
periors in Washington soon possible
Frank 9. Bigeow. the depused president of the
First National Bank, walked downtown to-day.
hut did not enter the bank building He soon
turned 10 his home where he spent most Of the
day I'm seclusion. According to the federal pro-
cedure, a prisoner cannot plead guilty not
guilty until he has been indicted by the grand
Jury Frank q. Bigelow viii not therefore. ap-
pear in court until the grand jury has consid
cred mis- case
Henry G. COL. the deposed assistant cashier Of
the First National Bank,
When asked concerning the report that q large
part Of his shortage To the bank on account
Of having To make good the losses sustained ey
his son in wheat deals, Mr.. Bigelow said:
I have nothing 10 say upon the matter AT this
time. In fact I have nothing 10 say beyond
what appeared in the papers yesterday, that my
FAMILY has at all times been in ignorance of any
transac ctions in which may have been involved.
That covered all ] wished 10 have appear as
coming from me.