Bryan morning eagle. [volume] (Bryan, Tex.) 1898-1909, 1905-04-26
LARGE SHORTAGE.
Bank President conssssss to psfslcs tiir
Of Over Million poIIsrs

W CNrF tSt&F..
Milwaukee. April ,s.-Frank q. Bige-
low. until Monday president OF the
First National bank OF Milwaukee. was
arrested. charged with the embexzle-
ment OF over 100000 OF the banks
funds The arrest OF Mr.. Blgelow fol-
lowed his confession to the board OF
directors that he was defaulter TO the
extent OF si.<Soooo. Following Mr..
BiEelow's confession he was removed
from the presidency OF The bank. and
the facts OF the case we b. laid befor.
the Federal authorities
The complaint was sworn TO by Unit
ed states District Attirney Butterfleld.
II charges that Biselow.. as president
OF the First National bank. embezzled
a sum exceeding 100000. A complaint
and warrant identical with those I'm
Bigelow's case were made out 10 Henry
q. Coll. assistant cashier OF the bank.
President Bigelow was before United
States Commissioner Bloodlow Monday
night. He waived hearing. ana was
held to the Federal grand Jury under
$4,000 bonds. Dr. II. n. Brown and
a. y. McGeoch certified as securities.
and Bigelow was released.
The announcement OF the defaicatlon
was followed by rush OF deposltors
TO withdraw their money from the Wis
consin Trust company and the First
National bank. the Wisconsin Trust
company being the savings department
Of the bank. Many thousands OF dol
lars were withdrawn, but on the other
hand. a large number OF people having
confidence In the institutiin increased
their deposits. Arrangements were hast
lily made 10 meet the run.
President Bigeiow's confession was
made at a special meeting OF the board
OF directors Saturday evening and con-
tinued Sunday and ali Sunday night.
In addressing his fellow directors Pres
ident Bigelow said he had a painful
statement TO make. a confession that
he had misdirected the funds OF the
bank and an examination OF his books
and comparison OF figures show that
he was Indebted TO the bank TO the
amour. OF over $3.50. 600. This money.
he said. hss been lost In speculatIln in
wheat and stocks Not a dollar OF Il
could be recovered. and the only sum
he could offer toward compensatlng
the bank was his personal securities.
valued at approximately $500. 900.
When the Federal marshal called at
the Bigelow residence 90 serve the war
rant the former bank president was in
the library with his wife. Mrs. Bgelow
refused TO withdraw. and the warrant
was read IN her presence.
"I'll be ready TO 40 with you nj once"
said the banker. Then he kissed his
wife an affectinate farewell and left
with the officer. the two walking to
the Federal building. where cour;
commissioner was In waiting None OF
Mr.. Blgelow's friends were In the ciurt
room during the brief proceedings.
When the resolution was adopted re-
moving Mr.. Bigelow from the preslden-
cy OF the bank Henry Coll. assistant
cashier was also removed The remov-
al Of the assistant cashier was due 10
the statement OF Mr. Bigelow that he
was aided by Coll In concealing the
shortage in the banks accounts
The method adopted was an old one
Collection accounts were manipulated
TO the extent Of 20 and IN some cases
80 per cent 10 make Il appear that the
reserve fund was Intact and the
amount Of the increased collection fund
was diverted 20 special stock opera
lions. The reserve maintained In east
ern banks was tempered with. the !
books 81 the First National being hxed |
30 that the reserve appeared 20 be larg- |
er by several hundreds Of thousands |
NJ dollars than Il really was.
Directors rlised si635.O 900. one Of
them subscribing $500. 900.