The midland journal. (Rising Sun, Md.) 1885-1947, 1905-04-28

Ffssk O. Bigslov. Former Freshest Of Ameri'
cen Bankers Association. Admits He fsisi-
fied the Accounts 10 Cover Up the bsfsl-
estIon-Ths Loss Made Up By the Wealthy
DirecforG

Milwaukee, Wis, (Speciai) Frank G.
Bigelow. president OF the First National
Bank Of Milwaukee. was arrested here
charged with the embezzlement of over
100000 Of the banks funds. The ar
rest of Mr.. Bigelow followed his con-
fession TO the board of directors OF the
bank that he was a defaulter to the ex-
tent of SI,4so,ooo. Following Mr., Bige-
lows confession he was removed from
the presidency OF the bank and the facts
in the case were laid before the federal
authorities.
The complaint was sworn to by United
States District Attorney H. X. Butter
field. 1t charged that Bigelow, as presi-
dent of the First National Bank, en-
bezzled sum exceeding 100000. A
complaint and a 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.
President Bigelow was taken before Uni-
ted States Commissioner Bloodgood, bail
was fixed at $4,000 and Bigelow was
released to appear befor the next federal
grand jury.
President Bigelow's confession was
made at a special meeting of the board
of directors Saturday evening. In adj
dressing his fellow-directors President
Bigelow said he had painful statement
to Mako confession that he had mis-
directed the funds of the bank, and that
an examination of his books and COM
parison of figures would show that he
was indebted to the bank for more than
$I,45o,ooo. This money, he said, had
been lost in speculation in wheat and
stocks.
Not a dollar of it could be recovered,
and the only sum he could offer toward
compensating the bank was personal Sc
surities valued at 5000,
Mr.. Bigelow had been recognized as
among the foremost financiers of the
Northwest. He had been associated with
the First National Bank in various ca
pacities for more than IS years, and his
business connections with trust COM
panies, manufacturing concerns, real es-
tate deals and other similar ventures
numbered scores. He was honored
year ago by. election to the presidency of
the American Bankers Association.
In making his statement to the d.
rectors of the bank Mr.. Bigelow said he
had become involved in speculation in
Wall street several months ago. More
recently he had been a persistent bull i'll
the wheat market and recent losses in
grain had been added to heavy reverses
in Wall street. From small manpula-
tons of the banks funds he had ex-
tended the defalcations until his shortage
had passed the million-dollar mark He
saw no possibility of returning the
money, and therefore confessed his
actions.
Funds were at once provided by the
directors of the bank to protect de-
positors against loss and to save the bank
from stampede. More than million
dollars was guaranteed to the bank by
various stockholders an no serious run
was made on the bank 1t is not thought
than any complications with creditors
of the bank will follow.
/ During the meeting of directors, which
was almost continuous for 90 hours,
several plans were suggested for protect
ing the interests of the bank, One, it is
said, was to accept the resignation of the
president and to permit him to go to
Europe, while the directors make good
the amount of his shortage. This would
effectually protect the bank. This al
legged proposal never came to conclu-
sion, because several directors demanded
that the defaulter be punished A plan
to make up the shortage for the protec-
ton of depositors was then approved.
Bigelow was removed from the presi-
dency of the bank and the case was re-
ferred to federal officers.
When the federal marshal called at the
Bigelow House to serve the warrant,
the former bank president was in the
library with his wife. Mrs. Bigelow re-
fused to withdraw, and the warrant was
read in her presence.
"Ill be ready to go with you at once"
said the banker Then he kissed his wife
an affectionate farewell and left with
the officer, the two walking to the fed
eral building, where United States
commissioner was in waiting. None of
Mr. Bigelow's friends were in the court
room during the brief proceedings.