Arizona republican., 1905-04-25

elow said he had a painful statement to make, confessing that he had mis- directed the funds of the bank and that an examination of his books and comparison of figures would show that he was indebted to the bank over $l,45O,O00. The money was lost in speculation in wheat stocks. Not a dol lar could be recovered and that the only sum that he could offer toward recompensing the bank were personal securities valued at approximately $500, 900.
 The confession of Bigelow astounde- ed the directors. Bigelow had been recognized as one of the foremost fin anciers for many years. He had | served the First National Bank in var icus canacities for more than fifteen years and his business connections with trust companies, manufacturing concerns, real estate deals and other similar ventures number scores. He 1 was honored a year ago by election to i the presidency of the American Bank ! CTS Association and by members was i looked upon as 2 leader in financial | matters.
 | In making his statement to the direc- ! tors Bigelow said he had become in volved in speculations several months ago. This was in Wall street. Later l he had been a persistent bull in the wheat market end his recent losses there .0ero added to heavy reverses on ] Wall street From small manipulations ol the banks funds he extended his de- | falcations until his shortage reached
 the present stage. He saw no Oppor-
 tunity nor possibility of making up the l amount therefore he confessed. It is
 stated that the meeting of the direct 1 ors which was almost continuous for
 thirty-six hours, was stormy at times. Several plans were suggested for pro- 1 tecting the interests of the bank. One
 was to accept the resignation of the president and permit him to go to | Europe and the directors make good the amount of shortage.
 This would efectually protect the bank. The proposal met determined opposition of the directors who de-
 manded that the defaulter be punish
 ed. plan to make up the shortage
 was then approved. Bigelow was re-
 moved from the presidency of the bank
 and the case was referred to the fed
 eral authorities
 When the United States marsha called on Bizelow at his residence tC
 serve the warrant the former banl president was in his library with hi:
 wife. She refused to withdraw and th'
 warrant was read in her presence.
 q will he ready to go with you a once" said the banker. Then he kissed his wife farewell, and left with the of ncer. the two walking to the fedora
 building where the court cOmmissione
 was waiting. None of Bigelow's friends
 were in the court room during the brie . proceedings. When the resolution wa adopted removing Bigelow from tn presidency of the bank, Henry Coll. tn
 assistant cashier. was also removed
 The removal of the assistant cashie
 was due to a statement by Bigelov
 that he had been aided by Coll in con
 Cealing a shortage in his accounts. The bank refused today to state tn amount withdrawn. The state of Wis
 consin had several hundred thousan' dollars deposited in the bank and it i : thought that will be also withdraw with the opening of business tomorrow
 Throngs on east Water street are be sieging the Wisconsin Trust company
 a department of the First National an here the crowd assumed the greates l proportions. When the doors of tn bank closed fully 1000 anxious me and women surrounded the doors O N the bank and trust company clamorin