Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1905-04-25
PROMINENT MILWAUKEE, BANK.
ER ACCUSED OF EMBEzzLING
!, s1,5oo,ooo.
HAS ADMITTED GUILT
Says He Lost the Money In specuIa.
tlon - Has Long Been Prominent
as Financial and Social Leader
Signs Property Over to Bank.

Milwaukee, Wis, April 24.-Frank
=. Bigelow, president of the First
National bank Of this city, and former
president of the American Bankers
association is reported to have de-
faulted the banks funds to the extent
OF $l,50O,000. The directors of the
bank have deposited in the bank a
sum sufficient to make the institution
perfectly solid. Bigelow has not yet
been arrested.
Assigns His Property to Bank.
The capital Of the bank is 81, 500 900
and the surplus of 1,25O,00O. Bigelow
has signed over property to the
bank amounting to 100000, making
the net defalcation $1,20O,OO0.
No Danger to DeposItors.
Aside from the surplus the sum Of
$1,635,000 has been subscribed by the
directors to meet any demands which
may be made on the bank. The comp
troller Of currency has been notified
and asked to make an immediate ak.
animation Of the bank.
Money Lost In Speculation.
Bigelow's 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 falsifled the books to
cover up the defalcation.
Assistant Cashier Removed.
Henry G. Coll, assistant cashier of
the bank. has been removed, charged
with having been party to the falsi-
fcation Of the books.
Notice has been issued by the direc-
tors, announcing that 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.
Arrests to be Made.
Arrangements are being made for
the arrest of Bigelow and probably Of
Coll this afternoon.
Bigelow long occupied a foremost
place in financial transactions of Mil.
waukee. Only last year he was presi.
dent Of the American Bankers asso.
citation. He was also prominent in Mil.
waukee's social set.
No Fear of Run.
While news of the defalcation is
likely to create CONSERVATION among
the depositors ample provision has
been made to meet any emergency.
Chlcagoans Lend Aid
Several prominent bankers of Chi
cago were called to Milwaukee In con
ference with the directors of the First
National bank and promised to lend
any assistance which might be needed
| by them. A million and half dollars
were received from Chicago at ]
o'clock. At that hour news Of the de
falcation had spread to such extent
as to cause run on the institution
The crowd which gathered, numbered
about 200. Those who withdrew theil
funds were small depositors and the,
are still being paid off rapidly. There
has been no great demonstration. the
depositors acting calmly. There ha.
been no excitement at any of the othe]
banks.
Result of May Wheat Deal.
An intimate friend of Bigelow sait
this afternoon that wheat speculation
was the cause of the downfall of Pres
ident Bigelow and his son Gordon
both of whom were caught heavily II
the Armour-G Gates battle in Ma,
wheat
BigeIows Sons Affairs Affected.
Chicago, ILL.,, April "a. - The Chi
cago brokerage firm Of Macy & Co,
of which Gordon Bigelow, son of tn,
president Of the First National banl
of Milwaukee was a member, dissolved
partnership today.
FORMER oTTUMWAN DEAD.