Milford chronicle., 1905-04-28
BANK PRESIDENT
SHORT S1,45O,OOO
Head OfFirst National, OfMilwaukee,
Ruined by Speculation.
THE DIRECTORS MAKE IT UP

Milwaukee, Wis, April 25.-Frank
G. Bigelow, president of the First Ma
tional Bank of Milwaukee. was arrest
ed, charged with the embezzlement or
| over 100000 of the banks funds. The
arrest of Mr.. Bigelow followed his con-
/ fession to the board of directors of
the bank that he was a defaulter to
the extent of 81 ,450 900. Following Mr..
Bigelow's confession, he was removed
from the presidency of the bank and
the facts in the case were laid before
the federal authorities. The complaint
was sworn to by United States Dis
trict Attorney H. X. Butterfield. It
charges that Bigelow. as president of
the First National Bank, embezzled a
sum exceeding 100000 A complaint
and a warrant identical with those in
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 United
States Commissioner Bloodgood and
bail was fixed at $4,000, and he was
released to appear before the next
federal grand jury.
President Bigelow's confession was
made at a special meeting of the board /
of directors. In addressing his fellow (
directors, President Bigelow said he 1
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 compari-
son of figures would show that he was
indebted to the bank for more than
s1.45O,0OO This money, he said, had
been lost in speculation in wheat and
stocks. Not a dollar of it could be re-
covered, and the only sum he could
offer toward compensating the bank
was personal securities valued at
$3OO,O0O.
When the defalcation became known
a run on the bank started, and in a
short time nearly $1,OOO,OOO was paid
out. over $1,00O,OOO was sent to Mil
waukee by Chicago banks and the Off
cials are prepared to pay all deposit
tors, although a serious run is not ex-
pected.
In making his statement to the di-
rectoTs of the bank, Mr.. Bigelow said
he had become involved in speculation
n Wall street several months ago.
More recently he had been a persist
snt bull in the wheat market, and re-
cent losses in grain had been added
o heavy reverses in Wall street.
from small manipulations of the
,ank's funds he had extended the de-
until his shortage had
,assed the million dollar mark. He
aw no possibility Of returning the
money and therefore confessed his
.ctions.
AS soon as the directors ascertained
he full extent of the peculations, steps
5ere taken to protect the depositors (
nd other creditors. Charles F. Pfister
ubscribed 5000, 900 to a fund to make
God the surplus. John l. Beggs, presi- b
ent of the Milwaukee Electric Rail- b
-ay and Light company, gave $780, Il
DO William Bigelow, a brother Of the I
added 100000 to the sum. Il
ther directors subscribed lesser c.
ms until the amount raised reached "
!, ,6S5,OOO. v
While President Bigelow's defalca- b
on amounts to about $1,45O, 900, he r.
lstored $SOO,OOO and the directors 81
described $1,6S5,O thus leaving the al
INK better of by about $400, 900 than bi
was before the funds were depleted II
: the peculations Of the president. d'