Missouri Valley times. [volume] (Missouri Valley, Iowa) 1874-1931, 1905-04-27
A SENSATION
IN MIL WAUKEE
President of the First National
of That City Got Away With
1900, 900.
DIRECTORS MAKE 1T GOOD
DIRECTORS MAKE 1T GOOD
Immediately Deposit Funds to
Secure the Bank in Per-
feet Soivency.
NO ARREST MADE AS YET
Frank c. BiseIow. Former President of
the American Bankers Associa-
tion, Is the Defaulting Of
fetal of Institution.

Milwaukee,, April 26-Franl G.
Bigelow, president of the First Ma
tional bank of this city, and former
president of the American Bankers
association, has defauted with the
banks funds to the extent of 81 100000.
The directors of the bank have depos-
tied in the bank Il sum sufficient to
make the institution perfectly solid.
Bigelow has not yet been arrested.
Bank Is Very Rich.
The capital of the bank was $1,500,000
surplus S125O,OoO. Bigelow has signed
over property to the bank amounting
to 100000, making the net defalcation
S1200O0O. Aside from the surplus, the
sum of Sl.6S50CO has been subscribed
by the directors to meet amy demands
which may be made on the bank. The
comptroller of the currency has been
diate examination.
Bigelows defalcation became known
to the directors of the bank on Satur-
day night He admitted today that the
amount had been lost in speculation
and that he had falsified the books to
cover up the defalcation.
Another in the Affair.
Henry G. Coll, assistant cashier of
the bank, has been removed, charged
with having been party to the falsiti-
cation of the books.
Notice has been issued by the direc-
tors announcing that a sum has been
subscribed sufficient to protect the de-
positors. Bigelow was in his office at
the bank as usual up TO noon looking
over books and papers. His manner
was greatly agitated.
Arrangements are being made for the
arrest of Bigelow and probably Coll.
this afternoon Bigelow has long oe-
cupied a foremost place in financial
transactions i'm Milwaukee. Only last
year he was president of the American
Bankers association.
He was also prominent in Milwau-
KEGS social set. While the news of the
tiefalcation is likely To create conster-
nation among depostors, ample provis-
ION has been made to more than meet
any emergency.
Chicago Was Called On.
Several prominent bankers of Chicago
We're called to Milwaukee in conference
.SNith the directors of the First National
bank, and promised to lend amy as
sistance which might he needed. A
million and half dollars was received
the news of the defalcation had spread
to such AN extent as to cause Il run on
the institution. The crowd which gath
cred numbered about 300.
Wheat Corner Did II.
Those who sought to Withdraw their
funds We're small depositors, and they
are being ~aid off rapidly. There has
been no great demonstration, and the
depositors are acting calmly. There has
n n
An intimate friend of Bigelow's said
this afternoon that wheat speculation
was the cause of the downfall of Pres
ident Biselow and his son Gordon, both
of whom We're caught heavily in the
Armour-Gates battle in May wheat.
Chicago. April 24.-The brokerage
firm of Macy & Co, of which Gordon
Bigelow, son of the president of the
First National bank of Milwaukee, was
I member, was dissolved today.