The Barre daily times. (Barre, Vt.) 1897-1959, 1905-04-25
Defalcation by F. G. Bigelow
of Milwaukee
LOST ALL IN SPECULATION
Bigelow President of First National
Bank of Milwaukee and Former
Head of American Bankers
Association.

Milwaukee, WIS, April 25.-lt IS
charged that Frank G. Bigelow, presi-
dent of the First National Bank Of this
city and former president of the Ameri-
can Bankers Association, has defaulted
the banks funds to the extent Of ST.
100000. The directors of the bank have
deposited in the bank sum sufficient
to make the institution perfectly solid
Mr.. Bigelow has not yet been arrested.
The capital Of the First National
Bank is 81 100000, and the surplus is
81, 700 900. Mr.. Bigelow has signed over
property to the bank amounting to $780,
900, making his net defalcation about
81 100000 Aside from the surplus,
which will meet the amount of the de-
falcation, $1,635000 has been subscribed
by directors to meet any demands which
may be made on the bank, whose aggre-
gate wealth is over S20,000,000. The
comptroller Of the currency has been
asked to make an immediate examina.
ton of the bank. Mr. Bigelow admitted
yesterday that the amount had been
lost in speculation, and that he had
falsifed the books TO cover up the de-
falcation, Henry G.. Coll, assistant
cashier Of the bank, has been removed,
charged with having been party to
the Justification Of the figures in the
banks books A notice has been issued
by the directors announcing that sum
has been subscribed sufficient 10 protect
the depositors
Mr. Bigelow was in his Office at the
bank as usual up 10 noon yesterday,
looking over books and papers. He
seemed greatly agitated. Arrangements
are being made for the arrest Of Mr..
Bigelow and probably Mr.. Coll. Mr..
Bigelow has long occupied a foremost
place in financial and social affairs in
Milwaukee Up to noon the defalca
tion was known only to few, as it
was realized that the news was likely
to create CONSERVATION among the de-
positors when it became generally
known; ample provision was made 70
meet any emergency.
An intimate friend Of President Bige
low said;
wheat speculation has cost the Bige.
lows their name and the bank large
sum of money. 1t is q family tragedy
MS well as a tremendous shock to the
financial circles of the city. The father,
Frank g. Bigelow, had Chicago speeula-
tive conditions with the firm OF Tracy
Il CO., in which his son, Gordon Bige-
low, was a member In the sharp lue-
tuations Of the wheat market which
have come during the last few DAYS The
Bigelow, Sr., and the Bgelow, Jr, were
caught and caught for all that the bank
directors now report
Several prominent Chicago bankers
were called 20 Milwaukee in conference
with the directors Of the First National
Bank and promised to lend any assist.
ance which might be needed Among
the visiting bankers iii conference were
+. II. Hamil Of the Corn Exchange
National Bank; James d. Forgan, OF
the First National Bank; and 0rson
Smith of the Merchants Loan & Trust
company's bank, all of Chicago. al
million and half dollars was received
from Chicago at one o'clock in the af.
ternoon. AT that hour the news of the
defalcation had spread TO such an extent
as to cause q run on the bank. The
crowd which gathered numbered about
300 and blockaded the sidewalk in front
Of the bank. Those who seek 10 with
draw their funds, however, are the small
depositors, and they are being paid off
as rapidly as they make the demands.
There has been no great demonstration
50 far, the depositors acting calmly.
Several policemen have been detailed
to maintain order. There has been
no excitement at any Of tile other
banks.