Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1905-04-27


Bigelow claims to the directors
that he became involved in the recent
corner in wheat, used some funds that
did not belong to him. and 70 protect
these used others until the amount of
his Indebtedness to the bank was the
sum of $l,400,000. Up 10 Thursday,
Mr., Bigelow said, he had hoped to
weather the storm and make good the
amount Of his shortage.
Thursday came the crash in May
wheat. The Gates and Wall street
corner Bigelow had supported to the
extent Of Sl,40o,00o with his banks
funds and possibly to $4,000 600 or
more with personal funds. Wheat
prices fell lower and lower, At the
close OF trading that day there had
been decline of approximately s
cents, And with every drop of point
in the price Of wheat Frank Bigelow
lost 100000, II is also known that
Mr.. Biselow had been heavily in the
stock market.
Good Friday was a black Friday for
the president Of the First national
bank Ii was a holiday in the wheat
pits, and the indications were for a
further decline in prices when trading
was resumed Saturday morning. II
The fall in prices continued he was
ruined. His defalcation would be
cell. But if the market reacted-if
prices returned to the former mark
l.21-he was safe. He could realize
on his holdings, make good his
shortage. and conceal for all time his
fraudulent operations,
Therefore Friday was one of har-
aSsiug anxiety for the banker, He
spent the morning at home, Later
he went to the bank. Later he was
at the club And everywhere his
friends noticed the evidences of an
overwhelming anxiety. He was so
nervous that when he went to his
home he could neither sit still nor re-
main in the house He spent hours in
walking up and down the lawn of his
home on Astor street-walking at a
rage lHdJ WAS ALMOST II run
Saturday the market fcll still lower,
His millions were gone, And then
came the summons that told him his
irregularities had been discovered,
Called before the board of directors
and confronted with the charge that he
had improperly used the funds of the
bank. he confessed. He said he had
begun in a small way and stated ap.
proximately the amount of his short
age.
He was removed from the presi-
dency of the bank, application for a
warrant was made, and his arrest fol.
lowed
He viii, be tried before his init
mate personal friend, Judge J. v.
Quarlos, probably next month
How It Was Done.
\ ring of four men carried on the
operations that robbed the First Ma
tional of 81 100000 This ring was
composed OF Frank G. BiEclow, prcsi-
dent of the bank; Henry Coll. assist
ant cashier. and two hoolikeepers
whose names have not been male
public
Mr.. Bigelow was not permitted to
negotiate personal loans from the
bank. Every loan was closely scu-
tinizcd and he was shut out of Sc
curing funds in this manner. There,
fore he was required to invent another
plan. But another plan could not be
successfully worked without the as
sistancc of other bank employees.
Therefore Henry Con, The assistant
cashier. whose help was imperative,
was used. While nothing definite Is
known. it is said Coll received a per
centage of the profits of the irregu-
larities Bigolow and Coll conducted
the deals and the bookkeepers doc
tored the accounts.
The plan adopted was as bold as it
was successful for the time being, as
it was certain of ultimate discovery.
When amounts were withdrawn for
deposit with Chicago and New York
banks as reserve funds, they were
pOChtltu DA blBtlO" ana CldI = w
against the banks. Another method
was to double on the books the amount
Of bills for collection and double the
amount of payments thereon, Biseiow
retaining the amount in excess Of the
real sum paid ont, and fixing the
books to correspond with the fictitious
sums so secured. BY this means Bige-
low and his associates We're able to
secure from the bank the large
amounts on all collections.
Still another method was adopted.
When Bigelow desired to draw out
a sum of money, a draft or check
would be drawn payable to a Chicago
bank When the account Of the Chi
cago bank would come back 1t would
be 20. X d" by Cashier Coll, ami the
bookkeepers who were in the trans
action would see that the proper en-.
.ries wer made upon the books 70
hide the transaction
complete explanation was made
as to the methods used I'm c0nccaling