The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1905-04-26
REASSURANCES FILL
THE MILWAUKEE AIR
Bank Runs Are Disposed of
and First National Is Pro.
nounced Safe

i y
the run on the First National bank
and the Milwaukee Trust company.
which was caused by the defalcation
by Frank G. Bigelow, until Monday
president of the First National bank,
of over S1,000.000, is a thing of the
past and banking affairs in Milwaukee
have resumed their normal conditions.
While the two banks affected are en-
tlrely separate institutions, the fact
that they occupy adjoining buildings
and that some of the First National
bank officials direct the affairs of the
trust company caused many of the de-
posftors to believe that one was a part
of the other. Before the hour for open
ing the banks had arrived meeting
OF the Milwaukee clearing house as
ISOLATION was held and a committee of
that institution issued a reassuring re-
port as follows:
The Milwaukee Clearing House as
ISOLATION, 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 its
debts.
Next to Reading Matter
This report was printed in large type
on placards and pasted on the WIN
dows of the First National bank and
Wisconsin and East Water streets.
Following this was a statement issued
by the board of directors of the First
National, announcing with absolute
positiveness that the bank was per-
fectly solvent. The statement reads:
THE board of directors of the First
National bank announces with abso-
lutte positiveness that the bank is per-
fectly solvent and able TO pay every
dollar of its Indebtedness. The report
of the clearing house committee con-
firms this statement. We have money
on hand with which TO Withstand any
run that may be made. Only small
depositors are withdrawing. All banks
in the city are taking advantage of the
law on time deposits. The First Ma
tional is safe"
And on top of this came word from
the board of directors of the Milwau-
kee chamber of commerce announcing
its decision not to withdraw its current
funds from the First National. All of
these statements had a reassuring eff
feet on the depositors.
Require Notice of Withdrawal
The banks affected were ably pre-
pared TO cope with large 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 80
days of withdrawal on amounts less
than 500 and 80 days when the
amounts exceeded that sum. AS rap
idly 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 deposit
ors took their departure. 1t required
only about two hours to dispose of the
lineup 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 bank
ing institutions and awaited the OPEN
ing of the street doors at 10 o'clock.
The line extended about half a square
on East Water and Wisconsin streets
from the main entrance Of each insti-
tuition.
Two score of patrolmen, under the
personal direction of Chief Jansen,
kept the line in order while eight de-
tectives In plain clothes were in read
mess for possible trouble. but their
work was light, for the crowd was a
most orderly one and besides keeping
it in line and keeping outsiders on the
move there was little to do.
Mayor lugs Treasure
One of the most spectacular happen
ings of the day was the action of Mayor
Rose in walking down Wisconsin street
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 ]. Kipp is authority
for the statement that much more than
$2.000,000 was received during the day
by the bank. At noon the street as
sumed its normal appearance and the
run was completely over. The First
National bank is depository for gov
eminent departments in Milwaukee, the
funds there including those of the in
ternal revenue Office and of the offices
in the department of justice. None will
be withdrawn.
National Bank Examiner c. II. Bos-
worth of Chicago, who was sent here
by Comptroller of the Currency Ridge
ley. is at work on the books of the First
National and will report his findings
as soon as possible.
Cause of 1t All
Frank G. Bigelow, the deposed de-
faulting president of the First National,
enter the bank building. He soon re-
turned to his home, where he spent
most of the day in seclusion.
According 10 the federal procedure a
prisoner cannot plead guilty or not
guilty until he has been indicted. Big
Glow will therefore not appear in court
until the grand jury has considered his
case.
Assistant District Attorney E.. ].
Hennings says that in all probability
only one indictment can be returned,
but that there may be a number of
counts in separate instances. The
grand jury will probably be called
about the middle of May. Up to a late
hour, no trace had been found of Hen
~ G. Coll, the deposed assistant cash
Ter of the First National
State funds amounting to nearly
100000 will not be withdrawn from the
First National bank. This conclusion
was reached after a conference be-
tween state officials and local bankers
today The state officials, it is said,
were given complete statement re-
garding the finances of the bank. The
state bank examiner il is understood.
also conferred with National Bank Ex-
aminer Bosworth.
Bieelow Guards His Tongue
Frank G. Bigelow spent today at his
home Beyond the fact that there were
deep rings about his eyes and his face
was slightly flushed, there was moth
ing in the bankers manner to indicate
that anything unusual had happened.
Mr. Bigelow sat down in the draw
ing room, whose paintings and book
Sh11NaS filled with Iiuoifad hoOlrS h0ra