Catoctin clarion. [volume] (Mechanicstown, Md.) 1871-1940, 1905-04-27
A Big DEFALCATION
Bank President Caught in the Big
Wheat Deal.
Ills SHORTAGE PLACED AT $l,45o, 900.
Frank @. BlgeIow, Former President OF Amerl'
can Bankers Association, Admits lie Falsl.
fled the Accounts to Cover Up the Defal'
catlon-The Loss Made Up by the Wealthy
Directors.

catlon-The Loss Made Up by the Wealthy
Directors.
Milwaukee, Wis, (SpeciaD D.-Frank &
Bigelow, president of the First Natlona
Bank of Milwaukee, was arrested here
charged with the cmbczzlement of ovcl
100000 of the banks funds. The ar
rest of Mr.. Bigclow followed his con
fession to the board of directors of the
bank that he was dcfaulter to the ex-
tent of $1,45o,ooo. Following Mr., Bigc,
lows confession he was removed from
the presidency of the bank and the facts
in the case were laid before the fedora
authorities.
The complaint was sworn to by United
States District Attorney II. x. Butter
field. 1t charged that Bigelow, as presi-
dent of the First National Bank, cm-
bezzled sum exceeding 100000. A
complaint and a warrant, identical with
those III Bigelow's case, were made out
to Henry G.. Coll, assistant cashier OF
the bank, but Coll could not be found
President Bigelow was taken before Uni
ted States Commissioner Bloodgood, bal
was fixed at $4,000 and Bigelow was
released to appear bcfor the next federal
grand jury.
President Bigclow's confession was
made at special meeting OF the board
of directors Saturday evening. In ad-
dressing his fellow directors President
Bigcow said he had painful statement
to make--a confession that he had mis-
directed the funds of the bank and that
an examination OF his books and COM
parison of figures would show that he
was indebted to the bank for more than
$I,45o,ooo This money. he said, had
been lost in speculation in wheat and
stocks.
Not dollar OF it could be recovered
and the only sum he could offer toward
compcnsal!ng the bank was personal Sc
suritcs valued at 100000.
Mr.. Bgclow had been recognized as
among the foremost fnancicrs Of the
Northwest. He had been associated with
the First National Bank in various ca
pacities for more than Is years, and hi,
business connections with trust com
panes. manufacturing concerns. real cs-
tate deals and other similar ventures
numbered scores. He was honored 4
year ago by election to the presidency OF
the American Bankers Association
In making his statement to the di-
rec,ors of the bank Mr.. Bigcow said he
had become involved in speculation in
Wall street several months ago. More
recently he had been persistent bull in
the wheat market and recent losses i'll
grain had been added to heavy rcvcrscs
in Wall street. From small manipula
tions of the banks funds he had cN-
tended the dcfalcatons until his shortage
had passed the million dollar mark lie
saw no possibility OF returning ,hc
money, and therefore confessed his
actions
Funds were at once provided by the
directors OF the bank to protect de
positors against loss and 10 save the bank
from stampede. More than million
dollars was guaranteed to the bank by
various stockholders an no serious run
was made on the bank. 1t is not thought
than any complications with creditors
OF the bank will follow
During the meeting of directors, which
was almost continuous for 80 hours
several plans were suggested for protect
ing the interests OF the bank, One, it is