The San Francisco call., 1905-04-28
0 YVES EXPOSURE
TO HIS BROTHER

MILWAUKEE,, April 27.-The latest
step in the career OF Frank G.. Bige-
low, the former bank president who
defaulted in the sum of million and a
half dollars, is the fling of a petition
in voluntary bankruptcy. The revised
schedules show a total liability on the
part of BigSow of So, 277. 900, of which
s1,s75,000 is wholly or in part secured
OF the remainder $1.110,0O0 is a second
ary liability on notes and bills dis
counted, in which Bigelow figures as
indorser. These items are notes of the
National Electric Company, the Grand
Rapids Edison Company and S. w.
Watkins, and are evidently connected
with the financing of the National
Electric Company. The balance,
1892, 900, represents unsecured loans, the
largest one being an Indebtedness Of
100000 to the Brodhead estate, of
which Bigelow was executor.
The assets of the bank are estimated
at 1,849, 800, against which a home
stead exemption of $4,000 is placed.
The rest of the assets consist chiefly
Of stocks in various industrial and
other enterprises and 1900 acres
Of coal land in Huerfano County, Colo
rado, valued at 100000
The filing of the schedule revealed
the fact that Bigelow, who has been
locked upon as a model of business sa-
gacity, pursued startlingly loose meth
DDS in the transaction of his private
business. He was not positive of the
names Of several of his creditors, and
had no memoranda with which to re-
fresh his memory.
Under the bankruptcy laws the
turning over by Bigelow Of $500 900
worth of property as a restitutionary
measure to the bank is null and void,
the transfer having been made within
four months of the filing of the petit
tion in bankruptcy. This, however,
will not affect the bank, the directors
having more than made up the entire
deficiency caused by the defalcations
CT the president
Late to-day Judge Lands appointed
the Wisconsin Trust and Security
Company receiver of the bankrupt es-
tate of Frank G. Bigelow.
CHICAGO, April 27.-William Big
Glow, cashier of the First National
Bank and brother of Frank G. Bige-
low. defaulter, accidentally exposed his
brother to the directors is the story
that is accepted in banking circles as
the true version as to how the crime
became known Saturday night 1t
seems that Frank G. Bigelow was
called out of town Saturday and that
the affairs of the bank were left In
the hands Of his brother. Saturday
morning telegram came addressed to
Bigelow from a New York bank, stat
ing that IT was willing to take care of
a draft for $4,000, even though the
bank was already indebted to the New
York house for 100000.
William Bigelow could not under
stand the matter and was more puz-
zled when he discovered that the New
York bank was charged in the books
with being indebted to the First Ma
tional for 100000. He asked the
bank to explain and found that the
telegram was correct. An examina-
ton of the books followed, and he
found so many queer things that he
decided not to wait for his brother
to return. but to consult with Mr..
Pfister. They Immediately suspected
one of the cashiers of defaulting and
called special meeting Of the di-
rectors.
Frank G. Bigelow returned, but did
not see his brother until he reached
the bank in the evening to attend the
meeting. When the directors had
assembled William Bigelow told what
he had discovered and stated he had
no idea of the amount taken or who
the criminal was. Thereupon his
brother arose and made the STARTLING 2
disclosure that he was defaulter for
more than 1000, 900.