Americus times-recorder. [volume] (Americus, Ga.) 1891-current, 1905-04-28
MIL WAUKEE BANKER
GOES IN BANKRUPTY
His Attorneys File Petition In
United States Court.
ARE THREE MILLION
Amount of Money Owed to Banks and
Estates Is Enoromous-5anker Are
Staggered at the Way This Milwau-
kee Banker Handled Funds.

Milwaukee, Wis, April 27.-Frank G
Bigelow, National bank president, has
confessed an indebtedness to banks
and other institutions and estates oil
which he had charge will aggregate
between $4,000, 900 and 100000 and
based on his confession a voluntary
petition in bankruptcy has been filed
in the United States district court
which contains the names of as many
of Mr.. Bigelow's creditors as he can
remeber, together with list of assets
on which Mr.. Bigelows valuation is
$1,419,000
By his own admission, his creditors
extend all over the United States. His
Indebtedness to the Broadhead estate
is 100000, and the debt is unsecured
1t is also believed that other trusts
held by the former banker have suf
fered. Those familiar with the situa.
ton fear Mr. Bigelow's liabilities will
exceed his present estimate
Attorney Charles P. Spooner, who
filled the voluntary petition in behalf
of Mr.. Bigelow, was compelled to
make up the petition in such a short
time that it is far from complete and
will necessarily have to be amended
So far as could be ascertained Mr.. Big
Glow had no system OF keeping a rec
ord of his financial transactions and
the schedule of liabilities and assets
had to be made up from a list made
in pencil on half a sheet Of note pa
per in Mr. Bigelow's handwriting.
The system Of Mr. BigelOw in con
ducting large affairs are such as tc
stagger the belief of bankers The
filing of the petition in BANKRUPTCY
will necessitate the withdrawal of the
securities which were turned over by
Mr.. Bigelow to the First National bank
as being made within four months OF
the filing of the petition in bankruptcy
it constitutes an act of preference ot
creditors and the amount which was
estimated at about 100000 will be
equally divided among all the credi
tors.
This, however, will in no way affect
the bank
The petition was formulated in
such haste said Mr. Sponer, that the
schedule and lists of assets, as wei
as one of the systems of companies are
inaccurate
1T was compiled from the recoIIec
tions of Mr.. Bigelow, as he had nc
books or memoranda at his house, ap
parently, from which definite figures
could be obtained. However, | am
convinced that Mr. Bigelow gave me
the best information he had at hand
Among the assets listed in the sched
ule are some which were turned over
to the First National bank, whic
will now be distributed among all the
creditors according to the decision o1
the referee in bankruptcy. The ac
tion is in no way unfriendly to the
First national bank. The news o1
Mr.. Bigelow's obligations to the banks
In the United States and that trust
funds have been used fairly took the
breath away of some of theofficials ot
the First National bank, who had hith
erto been loathe to believe the ru
mors that the former president hat
been obtaining money from outside
sources. Although they were aware
of the fact that the petition in bank
saptcy was to be filed they did mo-
know of the items which is contained.