Milwaukee Trust Company (Milwaukee, WI)

Episode Information

Episode UID
732765691264
Episode Type
Run Only
Bank Type
trust
Bank ID
73276569 hash
Start Date
April 25, 1905
Location
Milwaukee, Wisconsin (43.039, -87.906)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
5657a88584ed96d5

Response Measures

None

Events (1)

1. April 25, 1905 Run
Cause
Bank Specific Adverse Info
Cause Details
Embezzlement/defalcation by Frank G. Bigelow (president of First National), confessed shortfall over $1,000,000 that spurred depositors to withdraw from Milwaukee Trust Company
Measures
Milwaukee Clearing House committee examined assets and issued reassuring report; banks invoked time-deposit notice rules (30/90 days) and supporters/subscriptions and Chicago funds provided to shore up confidence
Newspaper Excerpt
the run on the First National bank and the Milwaukee Trust company, which was caused by the defalcation of Frank G. Bigelow
Source
newspapers

Newspaper Articles (15)

Article from Evening Journal, April 25, 1905

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Article Text

JUDGE GRAY UNDECIDED ABOUT THE EQUITABLE RUN ON MILWAUKEE BANK First He Knew of Proof President Bigelow Defalcation posal to Tender Him Causes Trouble to Other Concerns. Milwaukee, Wis., April 25.-Despite the Presidency Was assurances that the Milwaukee Trust Company was in no manner involved When He Read an Artiby the financial troubles of Frank G. Bigelow, former president of the First cle to This Effect Today National Bank of MMwaukee and confessed defaulter of more than a million dollars, crowds of people today waited in the Absence of Any long before the opening of the trust company's bank to withdraw their deposits. Definite Information on The depositors gathered at the national bank were comparatively few at first, but the number continued to inthe Subject He Refused crease.


Article from The Denison Review, April 26, 1905

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CONFIDENCE IS RESTORED MILWAUKEE BANKING AFFAIRS RESUME NORMAL CONDITION. RUN BY DEOSITORS IS ENDED Are Finally Convinced That First National and Trust Company Are Sound-Notice on Time Deposits. Assistant Cashier a Fugitive. Milwaukee, April 26.-Confidence has again been restored in the banking institutions of Milwaukee and the run on the First National and the Milwaukee Trust company, which was caused by the defalcation of Frank G. Bigelow, president of the bank, of over $1,000,000, is a thing of the past, and banking affairs in Milwaukee have resumed their normal condition. While the two banks affected are entirely separate institutions, the fact that they occupy adjoining buildings and that some of the First National's officers direct the affairs of the Milwaukee Trust company, caused many of the depositors to believe that one was a 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 collΓ teral of the First National, issued a reassuring report. On top of this came word from the board of directors of the Milwaukee chamber of commerce announcing its decision not to withdraw its current expense fund from the First National. All of these statements had a reassuring 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 on amounts less than $100 and ninety days where the amount exceeded that sum. No trace has been found of Henry G. Goll, the deposed assistant cashier of the First National bank.


Article from Arizona Republican, April 26, 1905

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Article Text

CONFIDENCE GAME BACK The Effect of Milwaukee Bank Defalcation Has Passed Away. Milwaukee, Wis., April 25.-Confidence has again been restored in the banking institutions of Milwaukee, and the run on the First National bank and the Milwaukee Trust company, which was caused by defalcation of Frank G. Bigelow, until Monday the president of the bank, of over $1,000,000 is a thing of the past and banking affairs in Milwaukee have resumed their normal condition.


Article from The Times Dispatch, April 26, 1905

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Article Text

BANK IS SOLVENT; EXCITEMENT OVER Confidence Restored in Milwaukee and Concern Over Situation Disappears. MAYOR DEPOSITS GREAT SUM Walked Down Street in Full View of Crowd With $500,000 in Currency and Gold. (By Associated Press.) MILWAUKEE, April 25.-Confidence has been restored In the banking institutions of Milwaukee and the run on the First National Bank and the Milwaukee Trust Company, which was caused by the confession of a defalcation by Frank G. Bigelow, until Monday president of the First National Bank, and a director of the Trust Company, of over $1,000,000 is a thing of the past, and banking affairs in Milwaukee have resumed their normal condition. Before the hour for opening the ban <8 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 a reassuring report declaring the bank perfectly solvent. Following this was a statement issued by the board of directors of the First Na'-


Article from The Salt Lake Herald, April 26, 1905

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Article Text

SCARE IS OVER IN MILWAUKEE First National Bank Proves Solid as a Rock. BUSINESS AGAIN NORMAL NO TRACE OF THE ASSISTANT CASHIER. ILWAUKEE, Wis., April 25.-Confidence has again been restored in M the banking institutions of Milwaukee, and 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 bank, of over $1,000,000. is a thing of the past, and banking affairs in Milwaukee have resumed their normal condition. While the two banks affected are entirely separate institutions, the fact that they occupy adjoining buildings and that some of the First National's officers direct the affairs of the Milwaukee Trust company caused many of the depositors to believe that one was a 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 a reassuring report.


Article from Gainesville Daily Sun, April 27, 1905

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Article Text

DEPOSITORS CAUSE RUN ON THE BANKS Excitement Intense In Milwaukee Over Defalcation. SHORTAGE IS OVER A MILLION Confidence Seems Hard to Restore in Wisconsin City-People Line Up Be fore Paying Teller's Windows and Demand Their Money. Milwaukee, April 26. Despite assurances that the Milwaukee Trust company was in no manner involved by the financial trouble of Frank B. Bige low, former president of the First Na tional bank of Milwaukee, and confessed defaulter of more than a milnon dollars, crowds of people today were in line long before the opening of the Trust company bankwaiting to withdraw their deposits.


Article from Abilene Weekly Reflector, April 27, 1905

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Article Text

Confidence Restored. Milwaukee, April 26.-Confidence has again been restored in the banking institutions of Milwaukee and the run on the First National bank and the Milwaukee Trust company which was caused by the defalcation of Frank G. Bigelow, until Monday president of the bank, to the extent of over $1,000,000, is a thing of the past and banking affairs in Milwaukee have resumed their normal condition.


Article from Troy Weekly News, April 28, 1905

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Article Text

Milwaukee, Wis, April 26.-Confidence has again been retsored in banking institutions of Millwaukee, and the run on the First National bank and the Milwankee Trust company, which was caused by the defalcation of Frank G. Bigelow, until Monday president of the bank, of over $1,000,000, is a thing of the past and banking affairs in Millwaukee have resumed. their normal condition.


Article from Windham County Reformer, April 28, 1905

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Article Text

The financial troubles of Frank G. Bigelow, former president of the First National bank of Milwaukee, and a confessed defaulter of more than a million dollars, resulted in a run on the bank of the Milwaukee Trust company and also on the National bank Tuesday, April 25. The crowd was assured that the trust company was not involved in Bigelow's trouble and that the National bank was well able to meet any emergency. Bigelow was arrested Monday charged with the embezzlement of over $100,000 of the bank's funds. The arrest of Mr. Bigelow followed his confession to the board of directors of the bank that he was a defaulter to the extent of $1,450,000. Henry G. Goll, assistant cashier, will also be arrested, charged with embezzling of T more than $100,000 of the bank's funds. S


Article from The Kendrick Gazette, April 28, 1905

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Article Text

Milwaukee, Wis, April 26.-Confidence has again been retsored in banking institutions of Millwaukee, and the run on the First National bank and the Milwaukee Trust company, which was caused by the defalcation of Frank G. Bigelow, until Monday president of the bank, of over $1,000,000, is a thing of the past and banking affairs in Millwaukee have resumed their normal condition.


Article from The Coeur D'alene Press, April 29, 1905

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Run an the Banks Stopped. Milwaukee, Wis, April 26.-Confidence has again been retsored in banking institutions of Millwaukee, and the run on the First National bank and the Milwaukee Trust company, which was caused by the defalcation of Frank G. Bigelow, until Monday president of the bank, of over $1,000,000, is a thing of the past and banking affairs in Millwaukee have resumed their normal condition.


Article from Pullman Herald, April 29, 1905

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Milwaukee, Wis, April 26.-Confidence has again been retsored in banking institutions of Millwaukee, and the run on the First National bank and the Milwaukee Trust company, which was caused by the defalcation of Frank G. Bigelow, until Monday president of the bank, of over $1,000,000, is a thing of the past and banking affairs in Millwaukee have resumed their normal condition.


Article from Pullman Herald, April 29, 1905

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Article Text

Milwaukee, Wis, April 26.-Confidence has again been retsored in banking institutions of Millwaukee, and the run on the First National bank and the Milwaukee Trust company, which was caused by the defalcation of Frank G. Bigelow, until Monday president of the bank, of over $1,000,000, is a thing of the past and banking affairs in Millwaukee have resumed their normal condition.


Article from New Ulm Review, May 3, 1905

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as directors ascertained the full extent of the peculations, steps were taken to protect the depositors and other creditors. Charles F. Pfister subscribed $600,000 to a fund to make good the surplus; John I. Beggs, president of the Milwaukee Electric Railway & Light company, gave $300,000; William Bigelow, a brother of the president, added $100,000 to the amount. Other directors subscribed lesser sums until the amount raised reached $1,635,000. Officers of three of the leading financial institutions of Chicago came to Milwaukee on an early train and went into conference with the directors of the First National. As a result of this meeting $1,000,000 was sent to Milwaukee by Chicago banks. Caused a Run. When the bank closed its doors in the afternoon more than 2,000 depositors were clamoring for their money. Nearly $1,000,000 had been paid out in the course of two hours and but a small percentage of the customers demanding the closing of their accounts had been served. Confidence Restored. Milwaukee, April 26.-Confidence has again been restored in the banking institutions of Milwaukee, and 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 $1,000,000, is a thing of the past, and banking affairs in Milwaukee have resumed their normal condition. While the two banks affected are entirely separate institutions, the fact that they occupy adjoining buildings and that some of the First national bank's officers direct the affairs of the Milwaukee Trust company, caused many of the depositors to believe that one was a part of the other. The banks affected were well able to


Article from Evening Star, April 9, 1906

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WALL STREET WHISPERS. Special Dispatch to The Star. NEW YORK, April 9.-In his report President L. A. Cole of the National Lead Company says: "Ample provision has now been made for the large working capital required to conduct our business. Our directors now hope and expect that beginning with July 1 next dividends will be earned and regularly paid on our common stock.' * * * It is reported from Fairmont, W. Va., that Alexander Brown & Sons of Baltimore are financing a consolidation of electric light and railway franchises in Fairmont and Mannington, W. Va. The Pennsylvania raflroad has notified the Trunk Line Association that it will withdraw from the party rate agreements coverlabor, theatrical and military traffic. The reason given is that party rates are 11legal. * The quantity of coal moved from the Pittsburg pools in March was the greatest for that month ever known. Over 2,000,000 bushels moved, or an equivalent of 800 boats. This is 500,000 bushels more than during March, 1905. * * The Lehigh Valley railroad has ordered a cessation of all improvement work which can safely be postponed and has cut down other expenses as much as possible. The retrenchment is to last until normal operating conditions are resumed in the coal fields. * According to a dispatch from Denver, the Milwaukee Trust Company has filed suit in the United States circuit court for the appointment of a receiver for the Ophir Consolidated Mines Company of Telluride. It is alleged the Ophir Company did not set aside 15 per cent of its earnings each year as a sinking fund for the redemption of $250,000 bonds in accordance with the agreement made with the trust company, and also that the property of the company has been allowed to deteriorate in value. Persons who have excellent sources of information believe confidently that there will be a larger inflow of gold from Europe within the next few weeks. They understand that in addition to $3,000,000 due to arrive next Monday. negotiations are well advanced for $5,000,000 more. They believe also that these amounts will be materially supplemented in the near future. They look for the stock market to be somewhat irregular and perhaps fractionally lower, but they are still very confident that as soon as money is made to appear easier stocks will advance sharply throughout the list. * From Cincinnati it is learned that Thomas W. Paxtor, attorney for the Central Trust Company of New York, has filed suit in the United State circuit court for foreclosure on a mortgage for $50,000,000, covering all the properties held by the Cincinnati, Hamilton and Dayton Railway Company. The suit is brought by the trust company in the interest of the bondholders. The Cincinnati, Hamilton and Dayton Railway Company in January, 1905, authorized an issue of $50,000,000 bonds, of which $17,500,000 were sold. The interest was defaulted in July and January, and the Central Trust Company, as trustee, asks for the sale of the road. The now trust company, in its action, also asks for the appointment of a receiver to represent the bondholders. * A Montreal dispatch says that in spite of all that has been said to the contrary, there is a strong effort being made by Montreal capitalists to sell the control Dominion Steel of and the Toronto Company and to it can the United States Steel Corporation, be added that confirmatory details may be forthcoming in a few days. It is said that a meeting of the interested parties has been held in New York within the past week, and that James J. Hill of the Great Northern is not by any means a stranger to the negotiations that have been going on for some weeks past. The statement is made that the promoters of the sale control already something like 100,000 shares of the Dominion Steel common. and that the acquisition of twenty or twenty-five thousand additional shares would make the merger or the control quite possible, This quantity the promoters of the new move will be able to secure on the open market as sobn as their New York principals tell them to go ahead