The weekly true Democrat. (Tallahassee, Fla.) 1905-1912, 1905-04-28
BANK HARD HIT
BY DEFAULTER
President Of Milwaukee Institution
EmbezzleS $I,450,0O0.
RESULT OF SPECULATION
Bgelow Confessed to Directors That
Collapse IN Wheat and Dabbling
In Stocks Caused Downfall.

Frank G. Bigelow, president of the
First National Bank of milwaukee,,
was arrested Monday, charged with
the emlezzlement of over 100000 of
the banks funds.
The arrest of Mr.. Bigelow followed
hlJ confession to the board of direc
tors of the bank that he was a de.
faulted 10 the extent of $I,45O,O00
Following Mr.. Blgelows confession
Lc was removed from the presidency
o. the aank and the facts in the case
were laid before the federal author.
ties
The complaint was sworn to by
United States District Attorney II. X.
Butterleld. 1t charges that Bigelow
as president of the First National
Bank embezzled a sum exceeding
100000. A complaint and warrant,
Identical with those in Bigelow's case,
were made out to Henry G. Coll, as
s.stant cashier Of the bank.
President Bigelow was arraigped
before United States Commissioner
Bloodgood. He waived hearing and
was he'd TO the federal grand jury un-
der S25 600 bond. DR.. H. n. Brown
and A. y. McGeoch certified as sure
ties ana Bigelow was released.
The al nouncement of the defalca-
ton was followed hy a rush of de-
positors to withdraw their money
from the First National and from
the Wisconsin Trust company, the
savings department OF the bank. Many
thousands of dollars were withdrawn,
hut, on the other hand, large num-
ters Of people having confidence IN
the institutions, increased their de-
posits. Arrangements were hastily
made to meet the run, and the officers
az the banks express full confidence
liz their ability TO keep them open.
President Bigelow's confession was
made Il, a special meeting OF the
board rf directors held Saturday even.
ing, andV Ontinued Sunday and all of
Sunday night. In addressing his fell
lew directors, President Blgelow said
Re had painful statement to make
confession that he had misdirected
the funds OF the bank, and that an
examination of his books and a com
carlson OF figures would show that
70 was indebted TO the bank TO the
amount Of over S1,4jO,O0O This mon
cy he 7aid, had been lost In specula-
ton in wheat and stocks. Not a dol.
la OF it could be recovered, and the
only sum he could OFFER toward rec
cmpensatinE the bank was personal
security, valued approx mately at
100000.
The confession astounded the direc
tors OF the bank. Mr.. Bigelow had
been recognized as one OF the fore.
most financiers of the northwest He
has been associated with the FhT
National Bank in various capacities
for moro than fifteen years, and his
business connections-trust companies,
manufacturing concerns, real estate
deals and other similar ventures
rumber scores. He was honored a
year ago by election 10 the presidency
Of the American Bankers Associa.
ton, AMI by its members looked upon
rs a leader in financial matters.
In making his statement to the di.
rectors Of the bank, Mr.. Bigelow said
i've lad become involved in speculation
several months ago. This was on
Wall street. More recently he had +,
been a persistent bull IN the wheat
market. and recent losses there had
edded IN heavy reverses on Wall 4
street. Prom small manipulations Of .
the banks funds. he had extended ele .
defalcatiOns until his shortage had
reached the present stage. He saw
TO opportunity or possibility OF max. !
ihg up the amount, and therefore
confessed.