The San Juan islander. [volume] (Friday Harbor, Wash.) 1898-1914, 1905-04-29
SPECULA7ED, LOST
,.f,,nFy1 OF MILWAUKEE, ma.
1loNAL IN TROUBLE.
operated !" Wall Street and 0" the
chicago Board OF 'rsde-bor-
sowed Banks no"ev to the rx-
con, OF Observation-Disclosures
,.;,e 10 Board OF Directors.

,,,vaukee, Wis, April 25.-Frank
p;oelow, president Of the First
.. .: no bank Of Milwaukee, was ar.
Ns ."S Yesterday. charged with the
fes. Element of over $1,000 900 Of
enO sark,s funds. The arrest Of Mr..
sae .1ou followed the confession to the
D's .a If directors of the bank that be
Da defsulter to the extent Of $l,-
s 'ea ooo Following Mr.. Bigelow'a
vtsosion be was removed from the
'Ou a;aency of the bank. and the facts
p ~a laid before the federal authori-
"' T,o complaint was sworn to by Uni
- States District Attorney H.-G. But
s..sed 1t charges that Bigelow, az
'e. of the First National bank,
patazzled sum exceeding 500, 600.
, complaint and warrant identical
nth those in Bigelow's case were
made out for Henry e. Coll, assistant
aasbier of the bank, but Coll has not
vet been found.
President Bigelow was taken before
rn,,sd States Commissioner Bloodgood
Loot night He waived hearing and
res held to the federal grand jury in
tba sum of $4,000. A bond for that
onopnt was executed by DR.. Horace
n BROWN and Arthur McGooch, and
Mr. Bigelow was released. The next
federal grand jury has not yet been
summoned, but it Is expected it will
meet some time this month.
Confessed Saturday Night.
President Bigelow's confession was
made at special meeting of the board
If directors held Saturday evening and
continued Sunday and all Sunday
night. After stating the amount Of
bis shortage he said the money had
been lost in speculation in wheat and
stccks. Not dollar of it could be re-
covered, and the only sum he could
offer toward recompensing the bank
was composed of personal securities
valued at approximately $500, 900.
The confession of President Bigelow
astounded the directors of the bank.
Mr.. Bigelow has been recognized as
one Of the foremost financiers for many
years. He had been associated with
the First National bank in various Ca
pacities for more than fifteen years,
and his business connections-trust
companies, manufacturing concerns,
real estate deals and similar ventures
number scores. He was honored q
year ago by election to the presidency
to the American Bankers Association,
and by its members was looked upon
as 3 leader in financial matters.
Specialized in Stocks.
In making his statement to the di-
rectors of the bank, Mr.. Bigelow said
he had been involved in speculation
Tor several months. At first he was
involved in Wall street. Later he had
been a persistent bull in the wheat
market and recent losses had added to
the heavy reverses on Wall street.
from small manipulations of the bank
ne had extended the defalcations until
MS shortage had reached the present
Stage. de saw no opportunity or pos
s,olilty Of making up the amount, and
therefore confessed It is stated that
the meeting of the directors, which
was almost continuous for SO hours,
was stormy at times. Several plans
we're we're suggested for protecting the bank.
One was to accept the resignation Of
sne president, permit him to go to
suiope' and the directors make good
quo amount of his shortage. This
w ruuiu enectually protect the bank.
~ proposal met determined opposi-
aoh from directors who demanded that
.ne aelaulter be punished. The plan
~ maSe up the shortage was then ap.
plo'ed. Bigelow was removed from
sue presidency of the bank and the case
""s referred to the federal authorities.
-, as soon as the directors ascertained
w. uo luli extent of the populations steps
AZ ,e taken to protect the depositort
D1 o'ner creditors. Charles F. P6ste1
subscribed $500, 900 to a fund to rake
sSvu 'ne surplus; John I. Biggs, pres
,1on' OF the Milwaukee Electric Rail.
i,n " company, gave $500, 900; Will.
~ 49, oigelow, a brother of the presi.
O ra'' added 100000 to the amount
nv: me- directors subscribed lesser suml
$4,000 0 '0'ono1 -