The Bamberg herald. [volume] (Bamberg, S.C.) 1891-1972, 1905-04-27
BigeIow Made Way With
81, $4,000 of Bank Funds.
LOST ALL IN SPECULATION
President Of First National OF Mil
waukee Creates Great Sensation
by Confessing to Enormous .
EmbezzIement.

Frank u. BlSelOW, pIeSluent VI Iue
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
has confession to the board of direc.
tors Of the bank that he was a de-
faulted to the extent Of $1,450, 900.
Following Mr.. Bigelow's confession
te was removed from the presidency
o. the bank and the facts in the case
were laid before the federal authori-
ties.
The complaint was sworn to by
United States District Attorney H. 4.
Butterleld. It charges that Bigelo#
as president Of the First National
Rank embezzled a sum exceeding
s1Oo, 900. 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 arraigned
! tefore United States Commissioner
Eloodgcod. He waived a hearing and
vas held to the federal grand jury un-
.:er s25.c0O bond. DR.. H. N. Brown
and A. N. McGeoch certified as sure
ties and Bigelow was released.
The announcement Of the defalca'
ton wss followed by iush 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thousands Of dollars were Withdrawn,
but, on the other hand, large num-
hers of people having confidence IN
the institutions, increased their de-
posits. Arrangements were hastily
! made to meet the run, and the officers
of the banks express full confidence
In their ability to keep them open.
President Bigelow's confession was
made az a special meeting OF the
board Of directors held Saturday even
ing, and continued Sunday and all OF
Sunday night. In addressing his fel-
lew directors, President Bigelow said
be had painful statement to make
a. confession that he had misdirected
the funds of the bank, and that an
! examination Of his books and COM
carlson of figures would show that
re was indebted to the bank to the
amount OF over $1,450,000. This mon
ey, he said, had been lost in specula-
ton in wheat and stocks. Not dol
lar of il could be recovered, and the
only sum he could offer toward rec
cmpensating the bank was personal
security, valued approximately at
$300,00O.
The confession astounded the direc'
tors of the bank. Mr.. Bigelow had
been recognized as one Of the fore
most fnanciers Of the northwest. He
has been associated with the Fflt
National Bank in various capacities
for more 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 to the presidency
Of the American Bankers Assocta-
ton, AMI by it's members looked upon
as q leader in financial matters.
In making his statement to the d.
rectors of the bank, Mr.. Bigelow said
he had 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
added to heavy reverses on Wall
street. From small manipulat1ons OF
the banks funds. he had extended the
defalcations until his shortage had
reached the present. stage. He saw
20 opportunity or possibility of max
Ing up the amount, and therefore
confessed.