Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1905-04-27
DEBTS
ARE Astounding
Startling Revelations Made To
day In the Case Of the Mil
waukee Defaulter
PRIVATE ESTATES LooTE

Shows Bigelow's Debts Will Amount
to Between Two and Three Million
DoIIars-Creditors All Over Amer
ica.
Milwaukee, April 27.-FranlS G. Bige-
low, the defaulting bank president, has
confessed indebtedness to the banks,
commercial institutions and estates of
which he had charge, which will ag-
gregate between two and three millions
and based on his confession, a volun-
filed in the United States district court
which contains the names of as many
of Bigelow's creditors as he can re-
member, together with list OF assets,
on which Bigelow's valuation is ST.
419 0O0 BY his own admission, his
creditors extend all over the United
States. One estate has been looted.
his Indebtedness to the Broadhead es-
tate being 100000. The debt Is un-
secured. 1t is also believed other
trusts held by the ex-banker have suf-
fered. Those familiar with the Sit
uatio md with what information they
can g.. IL from the former banker, fear
his liabilities will run up to consid-
erably more than his present estimate,
as they believe subsequent revelations
will reveal transactions Of even mora
startling nature. The fact that the
largest creditors, which are banks. are
placed in the list Of secured creditors,
had a tendency to quiet people who
have deposits in the city banks.
The revelations as to the system
Of Bigelow in conducting large affairs
are such as to stagger the belief OF
bankers. to whom the method in such
transactions is as second nature. Fill
ing Of the petition in bankruptcy Will.
necessttate the withdrawal of the Sc
curities which were turned over by
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 Of
creditors and the amount, which -
estimated at about 100000, will be
equally divided among all the creditors
Of Bigelow. This will in no way af-
feet the bank, however, as the guar,
antees of the directors and stockhold-
ers more than cover the defalcatton.
Following is list of secured credi-
tors:
First National Bank, Milwaukee;
Wisconsin National Bank, Second Ward
Savings Bank, German American Bank,
Maine National Bank, National City
Bank. New York; National Bank of
Commerce, New York; First National
Bank. Chicago; National Park Bank.
New York; National Bank Of Com !.
merce, st. Louis. Total indebtedness
to secured creditors, s1,975,o0o, with
total value of security, s1,275,000. Un-
secured creditors: John II. Brod-
head. Caroline B. Watkins, e. b. Will
Jams. Mrs. Caroline e. James. Total
Indebtedness to unsecured creditors,
s192, 900. Total liabilities on notes, Or
bills discounted, $1,110,000. Excluding
the face value Of life insurance poll
cies. the estimated value of the assets,
according to Bigelow's figures, is about
s1.419,OO0, but Attorney Charles Spoon
er, who filed the petition, said undoubt-
edly these figures will be subject TO
considerable change as soon as the ex-
act value of the assets is determined.
Milwaukee. April 27.-Frank Bige-
low. the defaulting bank president,
when interviewed by the Assoclated
Press representative, made the IolloW-
ing statement:
81 owed John C. Brodhead, one OF the
heirs of the estate of E. H. Brodhead'
100000. / expect to make satlsfac-
tory arrangements with Mr.. Brodhead
regarding the matter.
81 have resigned as executor OF the
estate of Henry c. Payne, and Will
probably resign as executor OF the
Rrodhead estate. These are the only
estates with which have had any con-
nection.
81 have resigned as director of the
Wisconsin Telephone Company, ana
severed my connection with the North
western Mutual Life Insurance Com
pany and the Milwaukee Electric
Railroad & Light Company.
1t is known that Mr.. Bigelow's hold
ings in large Milwaukee electrical
concern were turned over to the bank
some time ago as collateral for loans.
George P. Miller. also an executor of
the Payne estate. stated last evening
that he had closely scrutinized all the
securities of that estate and found
them intact In fact Mr.. Miller stat
ed. it would have been impossible for
Mr. Bigelow to have committed any
breach of trust in this connection with
out his knowledge.
1t can be stated positively that Mr..
Bigelow will be prosecuted to the full
extent Of the law. This statement was