The Yakima herald. [volume] (North Yakima, W.T. [Wash.]) 1889-1914, 1905-04-26
.sPECULA7ED, LOST
PRESIDENT OF MILWAUKEE, Ma.
TI0NAL IN TROUBLE.

: TI0NAL IN TROUBLE.
Operated In wsil Street snd on the
Chicsso Bosrd Of rrsde-0or.
rowed Banks rionev to the ex.
tent OF Observation-Disclosures
Crime to Board OF Directors.
Milwaukee, Wis, April 25.-Frank
q. Bigelow, president Of the First
National bauk of Milwaukee, was ar
rested yesterday. charged with the
embezzlement of over 81, 100000 Of
the banks funds. The arrest of Mr..
Bigelow followed the confession to the
board Of directors of the bank that he
was defsulter to the extent Of 3d..
400. 900. Following Mr.. BiRelow's
confession he was removed from the
presidency Of the bank, and the facts
were laid before the federal authori.
ties.
The complaint was sworn to by UNI
ted States District Attorney H. q. But.
terfield. 1t charges that Bigelow, as
president of the First National bank,
embezzled q sum exceeding 500, 900.
A complaint and warrant identical
with those in Bigelow's case were
made out for Henry Il. Coll, assistant
cashier Of the bank, but Coll has not
yet been found.
President Bigelow was taken before
United States Commissioner Bloodgood
last night. He waived hearing and
was held to the federal grand jury in
the sum Of $4,000. A bond for that
amount was executed by DR.. Horace
M. Brown and Arthur McGooch, and
Mr.. Bigelow was released. The next
federal grand jury has not yet been
summoned. but 1t 10 expected it will
meet some time this month.
Confessed Saturday Night.
President Bigelow's confession was
made at q special meeting of the board
Of directors held Saturday evening and
continued Sunday and all Sunday
night. After stating the amount of
his shortage be said the money had
been lost in speculation in wheat and
stocks. Not dollar Of it could be re-.
covered, and the only sum he could
offer toward accompanying 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 a.
one Of the foremost financiers for many
year,. 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 ito members was looked upon
90 leader In financial matters.
Speculsted In Stocks.
In making his statement to the di.
rectors Of the bank. Mr.. Bigelow said
he had been involved in speculation
for several months. At first he was
involved in Wall street. Later be had
been persistent bull in the wheat
market and recent losses had added to
the heavy reverses on Wall street.
From small manipulations Of the bank
he had extended tho defalcations until
bis shortage had reached the present
stage. He saw no opportunity or pos.
sibility Of making up the amount, and
therefore confessed It 10 stated that
the meeting Of the directors. which
was almost continuous for SO hours,
was stormy at times. Several plans
were suggested for protecting the bank.
Ono was to accept the resignation Of
the president, permit him to 60 to
Europe, and the directors make good
tho amount Of his shortage. This
would etfectually protect the bank.
The proposal met determined opposi.
ton from directors who demanded that
the defaulter DO punished. The plan
to make mp the shortage was then ap.
proved. Bigelow was removed from
the presidency OF the bank and the case
was referred to the federal authorities.
As soon a. the directors ascertained
the full extent Of the populations steps
were taken to protect the depositors
and other creditors. Charles #. Pfster
subscribed $500, 900 to fund to make
good the surplus; John I. Biggs, pres
ident Of the Milwaukee Electric Rail.
way Company, gave $500, 900; Will
lam Bigolow, a brother of the presi.
dent, added 500, 900 to the amount.
Other directors subscribed lesser SUMS
until the amount raised reached g..
835, 900.
Chinook Salmon In frazer.
Vancouver, B. c., April 2f.-Spring
salmon of variety never before seen
in the Frazer river are now running in
large numbers. They are pronounced
to be Columbia river chinook, which
have missed the Columbia river on
their northward journey and have
come ON north TO the Frazer. They