Morgan County democrat. (Versailles, Mo.) 1900-1906, 1905-04-28
President Frank G. Bigelow of First
National $1,4so,ooo Short.
DISSIPATED BY SPECULATION
The Directors Act Promptly In He.
pairing the Deficit and Are Now
BreastinG the Inevitable
Run-DiuclOw Arrested.

Bigelow, until Monday president OF the
First national bank of Milwaukee, was
arrested Monday evening, charged with
the embezzlement Of over 500, 900 Of
the banks funds. The arrest of Mr..
Bigelow followed his confession to the
board Of directors of the bank that he
was a defaulter to the extent of ST.
450, 900. Following Mr.. Bigelow's con-
f~ession, he was removed from the pres
idency of the bank, and the facts in
the case were laid before the federal
authorities.
The complaint vas sworn to by
United States District Attorney II. K.
Butterfeld. 1t charges that Bigelow,
as president of the First national
bank, cmbezzled a sum exceeding
500, 900. A complaint and warrcnt
identical with those in Bigelow's case
were made out against Henry G. Coll,
assistant cashier of the bank, but Coll
could not be found.
President Bigelow was taken before
United States Court Commissioner
BloOdgood. He waived a hearing and
was held to the federal grand jury I'M
der $25 ,0O0 bonds. DR.. Horace M.
Brown and Arthur NJ. Geoch certified
as sureties and Mr.. Bigelow was re-
leased. The next federal grand Jury
has not yet been summoned, but 1t Is
expected it will meet some time next
month.
President Bigelow's confession was
made at a special meeting of the board
of directors, held Saturday evening,
and continued Sunday and all of Sun
day night. In addressing his fellow
directors, President Bigelow said he
had "A painful statement to make-a
confession that he had misdirected the
funds of the bank and that an ex-
animation of his books, and a COM
parison of figures would show that
he was indebted to the bank to the
amount of over $l,i50,000. This
money, he said, had becn lost in spec
ulation in wheat and stocks. Not a
dollar of it could be recovered, and
the only sum he could offer toward
reCompensating the bank was personal
securities valued at approximately
$500, 900.
The confession of President Bigelow
astoundcd the directors of the bank.
Mr.. Rigelow had been recognized as
II of the foremost financiers of the
northwest. He had been associated
with the First national bank in vari-
Gus capacities for more than fifteen
years, and his business connections
trust companies, manufacturing firms,
real estate dealers and other similar
ycntureS-number scores. He 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 to the di-
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 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, 1t Is stated that the
meeting Of the board of directors
which was almost continuous for &c
hours, was stormy AT times. Several
plans were suggested for protecting the
interests of the bank. One was to ac-
Cept the resignation of the president.
permit him to go TO Europe and the
directors to make good the amount of
his shortage. This would effectually
protect the bank. The proposal met
with determined opposition from di.
r%ectors, who demanded that the de-
faulter be punished. The plan to
make up the shortage was then ap-
proved.
Bigelow was removed from the presi-
idency Of the bank and the case was
referred to the federal authorities.
When the federal marshal called at
the Bigelow residence to serve the
warrant, the former bank president
was in the library with his wife. Mrs.
Bigelow refused to withdraw, and the
warrant was read in her presence.
"Ill be ready to go with you at
once" said the banker.
Then he kissed his wife an affection
ate farewell and left with the officers,
the W walking to the federal build