Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1905-05-01
Confessed to Taking
100000 Of Big
Banks Money
Lost All in SpecuIa-
ton - Directors
Make Good

Milwaukee, April 25.-Frank g.
Bigelow, until yesterday president OF
the First National bank Of Milwaukee,
was arrested yesterday charged with
the embezzlement of over 100000
dollars of the banks funds
The arrest of Bigelow followed his
confession to the board of directors
of the bank that he was a defaulter
to the extent of $1,450,000. Follow
ing Bigelow's confession, he was re-
moved from the presidency and the
facts in the case were laid before the
federal authorities.
Assistant Cashier Missing.
The complaint was sworn to by
United States District Attorney Butter
field. It charges that Bigelow, as
president of the First National bank,
embezzled a sum exceeding $1,450,OOO.
complaint and warrant identical
with those in Bigelow's case were
made out to Henry G.. Coll, assistant
cashier of the bank, but Coll could
not be found.
Bail Fixed at $25, 900.
Bigelow was taken before United
States Court Commissioner Bloodgood
and bail was fixed at $4,000.
Bigelow said he lost in specializing
in stocks in Wall street and in wheat.
When the federal marshal called at
the Bigelow residence to serve the
warrant, the former bank president
was in the library with his wife. Mrs.
Bigelow refused to withdraw and the
warrant was read in her presence.
Kisses Wife Farewell.
81 will be ready to go with you at
once" said the banker. Then he
kissed his wife an affectionate fare
well and left with the officer, the two
walking to the federal building, where
court commissioner was in waiting.
None of Bigelow's friends were in the
courtroom during the brief proceed
ings.
How Theft Was Covered.
The method Of covering up the
shortage is thus described:
Collection accounts were manipulate
ed to the extent of 40 and in some in
stances so per cent. to make it appear
that the reserve fund was intact, and
the amount of the increased collection
fund was diverted to special stock
operations. The reserve maintained
in eastern banks was tempered with,
the books of the First National being
fixed so that the reserve appeared
larger by. several hundred thousand
dollars than it really was. These
and other methods it is alleged, were
pursued by Bigelow. In the falsify-
ing of the records and the manipula-
ton of reserves, Bigelow declares he
was aided by Assistant Cashier Coll
and two bookl1eepers in the bank.
These bookkeepers acted on orders
of Bigelow and they have neither
been discharged nor suspended, They
will be called as witnesses in the Grim
inal proceedings against Bigelow.
First Told to Pfister.
The first intimation of irregularities
was Friday evening when bank en-
ploye called at Director Charles PTS
ter's home and gave him meager in
formation. An investigation was
started and Bigelow accused of irreg-
ularities. He is said to have admitted
his guilt At the directors meeting
following he confessed. The direc-
tors Immediately raised $1,635,000 to
make good the surplus. Chicago
banks sent $1,000000 to Milwaukee,
and local banks transferred several
hundred thousand dollars in gold to
the First National.
Loss Is Made Good.
The board of directors decided at
once to meet the issue in a straight
forward manner and not to deceive
the public in any particular. They
accordingly formulated a pledge
which was Immediately signed by
members of the board, whose aggTe-
gate wealth will probably approximate
S25.OOO.O0O. to more than make good
the shortage made by Mr.. Bigelow's
act. The capital stock of the bank
before Mr.. Bigelow's defalcation be
came known. Charles F. Pfister heads
the guaranty list with 100000.
the bank is more solid than it was
above it's capital. it is announced that
the surplus and undivided profits
which the bank carries over and
plus amounts to $1,2OO,6OO. The per
sonal guaranty of the directors more
than covers the defalcation, and with
is $1,500,000, and the undivided sur