Aberdeen herald. [volume] (Aberdeen, Chehalis County, W.T.) 1886-1917, 1905-04-27
SPECULATED, LOST
President OF milwaukee ma.
TIONAL IN TROUBLE.
Operated in Wall Street ana on the
Chicago Board of Crade-BOr.
rOwed Banks Money to the Ex.
tent of I,%5O,OOO-COnfeS sed
Crime to Board of Directors.

". DlSoAOW, pIcSAuouU VI Cuo lT5U
National bank of Milwaukee, was ar
rested yesterday. charged with the
EN- bezzlement of over $1,OOO,OOO of
the banks funds. The arrest of Mr..
Bigelow followed the confession to the
board of directors Of the bank that he
was defaulter to the extent of ST..
$50, 900. Following Mr.. Bigelow's
confession he was removed from the
presidency of the bank, and the facts
were laid before the federal au thori.
ties.
The complaint was sworn to by Uni
ted States District Attorney H. q. But.
terfield. 1t charges that Bigelow, as
president of the First National bank,
mbezzled sum exceeding 800, 900.
A complaint and warrant identical
with those in Bigelow's case were
made out for Henry Il. Coll, assistant
cashier of the bank, but Coll has not
yet been found.
President Bigelow was taken before
United States Commissioner Bloodgood
last night. He waived hearing and
was held to the federal grand jury in
the sum of $4,000. A bond for that
amount was executed by DR.. Horace
M. Brown and Arthur McGooch, and
Mr.. Bigelow was released. The next
federal grand jury has not yet been
summoned, but it Is expected it will
meet some time this month.
Confessed Saturday Night.
President Bigelows confession was
made at a special meeting Of the board
of directors held Saturday evening and
continued Sunday and all Sunday
night. After stating the amount of
his shortage he said the money had
been lost in speculation in wheat and
stocks. Not dollar Of it could be re-
covered, and the only sum he could
offer toward recompensing the bank
was composed Of personal securities
valued at approximately $500, 900.
The confession of President Bigelow
astounded the directors of the bank.
Mr.. Bigelow has been recognized AS
one of the foremost financiers for many
years.. He had been associated with
the First National bank in various Ca
pacities for more than fifteen years,
and his business connections-trust
companies, manufacturing concerns,
real estate deals and similar ventures
number scores. He was honored a
year ago by election to the presidency
to the American Bankers Association,
and by its members was looked upon
as leader in financial matters.
SpeCulated In Stocks.
In making his statement to the di-
rectors of the bank, Mr.. Bigelow said
he had been involved in speculation
for several months. At first he was
involved in Wall street. Later he had
been a persistent bull in the wheat
market and recent losses had added to
the heavy reverses on Wall street.
From small manipulations of the bank
he had extended the defalcations until
his shortage had reached the present
stage. He saw no opportunity or pos.
sibility Of making up the amount, and
the meeting of the directors, which
was almost continuous for SO hours,
was stormy at times. Several plans
were suggested for protecting the bank.
One was to accept the resignation of
the president, permit him to go to
Europe, and the directors make good
the amount of his shortage. This
would etfectually protect the bank.
The proposal met determined opposi-
ton from directors who demanded that
the defaulter be punished. The plan
to make up the shortage was then ap-
proved. Bigelow was removed from
the presidency of the bank and the case
was referred to the federal authorities.
As soon as the directors ascertained
the full extent of the populations steps
we're taken to protect the depositors
and other creditors. Charles F. Pfister
subscribed 5000, 900 to fund to make
good the surplus; John 1. Biggs, pres.
ident Of the Milwaukee Electric Rail
way Company, gave 100000; Will
lam Bigelow, a brother of the presi.
dent, added 100000 to the amount.
Other directors subscribed lesser SUMS
| until the amount raised reached ST.
| 635, 900.
Chinook Salmon In frazer.
Vancouver, B. c.. April 24.-Sprinp