The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1905-04-25
(By the Associated Press.)

Milwaukee, Wis, April 24.-Frank
G.. Bigelow, president OF the First Ma
tional Bank, of Milwaukee, was ar
rested today charged with the en-
bezzlement of over 100000 OF the
banks funds. The arrest OF MI.
Bigelow, followed his confession TO
the board of directors of the bank
that he was a defaulter to the extent
of $1.45O,O ,OOO Following Mr. Bige-
lows confession, he was removed
from the presidency of the bank ana
the facts in the case were laid before
the Federal authorities.
The complaint was sworn to by
United States District Attorney ii. Is.
Rutterfield 1t charges that Mr..
Bigelow, as president of the First
National Bank embezzled sum eX-
ceding 100000. A complaint and
warrant, identical with those in
Bigelow's case were made out to
Henry G. Coll, assistant cashier of
the bank, but Coll could not be
found.
President Bigelow was taken before
United States Commissioner Blood
good and bail was fixed at $25,O0O.
Bigelow was then released to appear
before the Federal grand jury.
President Bigelow's confession was
made at a special meeting of the
board of directors Saturday evening.
He met with the directors yesterday
and all last night. Addressing MS
fellow directors President Bigelow
said he had a painful statement to
make, a confession that he had mis-
directed the funds of the bank and
that an examination of his books and
IF 6cr1Ip
that he was indebted to the bank for
more than $1,45O,00O. This money,
he said. had been lost in speculation
in wheat and stocks. Not dollar or
if could be recovered and the only
sum he could offer toward compen-
sating the bank was personal securl-
ties valued at 100000.
a Prominent Financier.
Mr. Bigelow had been recognized
as among the foremost financiers of
the Northwest. He has been asso-
ciated with the First National Bank
in various capacities for more than
fifteen years and his business con-
nections with trust companies, man.
ufacturing concerns. real estate deal
ers and other similar ventures num-
bered scores. He was honored a
year ago by election to the presi-
dency of the American Bankers AS
sociation.
In making his statement to the di-
rectors of the bank Mr.. Bigelow said
he had become involved in specula-
tion in Wall Street several months
ago. He had also been persistent
bull in the wheat market and recent
losses in grain had been added to
.avy losses in Wall Street From
manipulation of the banks funds he
had extended tho dpfoln1 fiOnS 1IItl
his shortage had passed the million
dollar mark lie saw no possibility
of returning the money and therefore
confessed his action.
TO Protect Depositors.
Funds were at once provided by
the directors of the bank to protect
depositors against loss to save the
bank from a stempede. More than
a million dollars was guaranteed to
the bank by various stockholders and
no serious run was made on the bank
today. 1t is not thought that any
complications with creditors of the
bank will follow.
When the Federal Marshal called
at the Bigelow house to serve the war
rant the former bank President was
in the library with his wife. Mrs
Bigelow refused to withdraw and the
warrant was read in her presence.
''I'll be ready to go with you at
once" said he banker. Then he kiss
his wife an affectionate farewell and
left with the officers, the two walk
ing to the Federal building whore a
United States Commissioner was in
waiting. None of Mr.. Bigelows S
friends were in the court room dur
ing the brief proceedings.
When the resolution was adopted
removing Mr.. Bigelow from the pres
dency of the bank, Mr.. Henry Coll,
assistant cashier was also removed.
The removal of the assistant cashier
was due to the statement of President