The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1905-04-28
MILWAUKEE BANK
DEFALCATION
President Frank G. Bigelow Of First
National SI,45o, 900 Short.
DISSlPATED BY SPECULATION
III" Directors Act Promptly in Re
p"iring the D"hcit aud Are Now
Bren~tiLg the Inevitable
Run-nigrIoM Arrested.

hI'h~tthk the FNttn ble
Run-Iiig Glow Arrested.
Milwaukee, April % Frank &
Bigelow. until Monday president Of the
First national bank Of Milwaukee, was
arrested Monday evening. charged with
the ENLIGHTENMENT OF over 100000 Of
The banks funds The arrest of Mir
Bilelow followed his confession 10 the
board Of directors of the bank that he
was dcfaulter TO The extent OF ST.
$50 1000 Following Mr. Bgelow : con-
fcssion, h. was removed from the pres
idency Of fhe bank. and the facts in
the case were laid before The federal
authorities.
Tho complaint was sworn 10 by
United States District Attorney "a X.
Butterneld II charges That Bgelow.
a. pre dent OF the First national
hank. embezzied sum exceeding
500 600. a complaint and warrant
identical with those in Bigeiow case
were made ont against Henry 6 Coll.
assistant cashier of the bank. bur Coll
could not be found.
President Bigelow was aiken before
United STATES Court Commissioner
Bloc3eood. He waived a hearing and
was held 20 The federal grand jury un-
der So 5000 bonds Or Horace VI
Brown and Arthur N Geoch certified
as suretles and Mr. Beelow was re-
leased The next federal grand jury
has not yet been summoned. bur 10 is
expected IL Will meet some time next
month
President Biselow's confession was
made ar a special meeting Of the board
OF directors. held Saturday evening
and continued sunday and AN Of sun
day night Ia addressing his fellow
directors. President Bigelow said he
had a painful statement 90 make-a
confession that hc had INSTRUCTED the
funds of the bank and that an ex-
animation OF his books and COM
rarison of figures would show that
De was indebted 10 The hank 70 the
amount ar over Slf5nOu@ This
money. he said mad been lost jpn spec
ulaticn in wheat and stocks NOT a
dollar Of IL could Zee recovered and
the only sum he could offer toward
accomplishing The bank was personal
securities valued al approximately
$500 oo0
The confession az President Bigelow
astoundod the directors o. The bank
MT Bigelow had been recognized as
one of the foremost fnanciers Of the
northwest He had been associated
with the First national bank in vari-
ous capacities for more than fifteen
years. and his business connections
trust companies. manufacturing firms.
real estate dealers and other similar
ventures number scores. lie was hon
ored a year ago by election TO the
presidency Of the American Bankers
association. and by its members was
locked upon as a leader in financial
matters
In making his statement 10 the di-
rectors OF the bank. Mr. Bgelow said
he had become involved in speculation
several months ago. This was on
Wall street More recently he had
been persistent bull in the wheat
market. and his recent loss there had
added to his heavy losses on Wall
street From small manipulations Of
the banks funds he had extended the
defalcations until his shortage had
reached the present stage He saw no
opportunity or possibility Of making up
the amount, and therefore con-
fessed. Ii is stated that the
meeting Of the board Of directors
which was almost continuous for 2s
hours. was stormy az times Several
plans were suggested for protecting the
interests of the bank One was 20 ac-
cept the resignation Of the president.
permit him TO 80 To- Europe and the
directors TO make good the amount Of
his shortage This would erectually
protect the bank The proposal met
with determined opposition from d.
rcctors who demanded that the de-
faulter Ne punished The plan To
make up the shortage was then APP
proved.
Piuelow was removed from the presi-
ldency OF the bank and the case was
referred 10 the federal authorities
When the federal marshal called at
the Rigelow residence 10 serve the
warrant the former bank president
was in the library with his wife Mrs.
Bigelow refused 20 withdraw. and the
warrant was read in her presence
"Ill be ready to SO with you az
once" said the banker.
Then he kissed his wife an affection
ate farewell and left with the officers.
The two walking TO the federal build
ing. where court commissioner was
in waiting None Of Mr. Bigelow 5