The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-04-25

The news that Mr.. Bigelow was a de.
faulter was received with nothing short
OF astonishment by bankers here. Tho
local correspondents Of the MilwaukeS
bank are the Chemical. National Park,
American Exchange and Merchants Ma
tional hanks. The Milwaukee bank was
rated as one Of the largest in the Northwest
and its local business was very large. Its
custom was to make its checks payable
for one week at one hank and the next week
at another. Al the Chemical, the National
Park and the Merchants banks Il was stated
that the Milwaukee bank had always kept
large balances here. amply sufficient to
cover its accounts.
The hank at tho close Of business yester.
day was debtor to the American Exchange
bank about 5000. It has over 100000 in
securities 10 cover this.
The last Bank Reporter gives the capital
Of the bank at $500, 600 It's loans as Sl2 1862 =
$40; deposits, Sl9,OiS, $50, and surplus and
undivided prcfits till5.OOO. It's officers
were Frank G. Bigelow, President, William
Bigelow. his brother. vice-president, and
Frank j. Kipp, cashier,
Mr.. Bigelow, the President, has always
taken a great interest in the American
Bankers Association and at the association
convention in New Orleans in the fall Of
1903 was unanimously elected President
Of the association, serving until last Sep
TENDER As ex-president he il a member
Of the council OF the association.
Mr. Bigelow,- said Charles d. Branch,
secretary Of the association, was one OF
ha Of
country. He was regarded as an excellent
financier and a model man. He is the last
man in the world who would have been
suspected Of involving his bank in any
transactions Of his own. This affair has
astounded everyone who knew him. There
was absolutely no intimation here that he
was engaged in any such thing
Robert D. Covington, the local repre-
sentative Of the Stock Exchange house
OF Tracy Co., said yesterday that Gordon
Bigelow, son OF President Bgelow, had
withdrawn from the firm. The firm would
continue, he said, with William W. Tracy,
the representative on the local exchange;
Arthur y. MoGeoch. the Milwaukee mem
Der; James G. james and himself Mr..
Tracy was in Chicago yesterday and tele-
phoned, according TO Mr.. Covington, that
the Arm was in no way affected by Presi-
dent Bigelow's dedication.
Mr. Covington said that he knew moth
ing about young Bgelow's speculations,
but presumed that he had got out becaule
Of his fathers defalcatlon. Tracy 4 Co.
have had a large Milwaukee business,
some OF the large capitalists Of that city
being among their customers. Mr.. Cow
ington said that he did not believe that
the firm was caught in the wheat specula-
ton.
Weakness in the stock market IN the last
hour OF trading following an earlier rally
was largely ascribed TO the Bigelow defal-
cation.
CHICAGO. April 7I.-Gordon Bigelow,
son OF Frank G. Bigelow, was until this
morning a member Of the firm OF Tracy
4 Co.. bankers and brokers. When the
head Of the firm learned that Bigelow's
father was involved. he called a meeting Of
his partners and it was decided that young
Bgelow should cease his connection With
the finn
While members OF Tracy 4 Co. declare
they had no knowledge Of speculations by
the elder BigeloW the story leaked out that
the Bigelows had lost almost the entire
amount Of the defalcation in the Gates wheat
deal