The Pensacola journal., 1905-04-28
PETITION IN
BANKRUPTCY
Filed by Attorney OF
0efauIter Claims
Assets of ST.
= 10000.
CREDITORS EXTEND ALL OVER
THE UNITED STATEs-THosE
FAMILIAR WITH SITUATION BE-
LlEvE DEFALcATIoN WILL Ex-
cEEo HIGHEST ESTIMATES AL
READY MADE.
BY Associated Press.

Milwaukee, Wis. April 27.-Frank
G. Bigelow, the defaulting bank presi-
dent, has confessed an Indebtedness to
banks, commercial institutions and es-
tates of which he had charge, which
will aggregate between $1,000 600 and
$4,000, 900 and, based on his confess
sion, voluntary petition in bankrupt
cy has been filed in the United States
district court, which contains the
names of as many of Bigelow's credi-
tors as he can remember. together
with a list of assets on which Bige-
lows valuation is $1,419;000.
BY his own admission his creditors
extena' all over the United States. His
inde btedness to the Broadhead estate
is S100, 900, and the debt IS unsecured.
II is also believed other trusts held by
the former banker have suffered.
Those familiar with the situation fear
Bigelow's liabilities viii exceed his
present estimate.
Attorney Charles H SaSoner, who
filed the voluntary petition in behalf
of Bigelow. was compelled TO make up
the petition in such a short time that
it is far from complete and will nec-
essariIy have to be amended. So far
as could be ascertained BigelOw had
no system of keeping record of his
financial transactions and the sched-
ule of liabilities and assets had to be
made up from a list made in pencil on
half a sheet of note paper in BigeleW S
handwriting.
, The revelations as to the system OF
BigeIow in conducting large affairs
are such as to stagger the bel1ef ol
) bankers. The filing of the petition in
! bankruptcy will necessitate the with
drawal of the securities which were
turned over by Bigelow to the First
! National Bank, as being made within
! four months of the filing OF the peti
, tion in bankruptcy, 1t constitutes an
act of preference of creditors and the
amount, which was estimated at about
$500, 900, will be equally divided among
all the creditors
This, however, will in no way al
feet the bank.
Excluding the face value of the life
! insurance policies the estimated value
! of the assets according TO MIR. Blge
4 lows figures, is about S1,419.0OO, bu
! Attorney Spooner said as soon as TIT
| exact value of these assets is deter
! mined il was probable that ther'
would be a considerable change II
these totals. both for the liabilitie
and of the assets.
"The petition was formulated in sucl
haste" sai6 Mr. Spooner, that tn
schedule and list of assets, as well a
some of the names OF companies ar
inaccurate.
1T was compiled from the recolleS
tions of Mr. Bigelow, as he had n
I books or memoranda at his house. al
parently. from which definite figure
could be obtained However, / al
convinced that Mr. Bigelow gave M
the hest information he had at hand
:, The news of Mr.. Bigelow's obllgs
it;ons 70 other banks in the Unite
states and that trust FUNDS Of estate
ihad heen used fairly took the breat
iawav from some of the officials OF Tn
> First National Bank, who had mthert
: heep loath to believe the rumors tina
lthe former president had been Obtain
inc money from outside sources. A
lthough they were aware OF the fat
thai the petition in bankruptcy was [
4 he filed. Il6N uAu hCN HAS' - -
items which it contained.
John F. Broadhead, of Kingston, J
~ one of the beneficiaries In IN
Rroadhead estate will reach heI
Fri0ay night. =.
Mr. Bigelow, in speaking of tn
, proadhead estate before the fling
the petition in bankruptcy. admitte
that he was indebted to the estate
! TT is true that the estate was va
ned at about s1,Oo0,0OO. but all II
] nersonal property was divided SON
time ago" he said Il am indebted
the estate. but nothing like II
: smonnts that have been rumorea-
owe the estate about 100000.
= soon as Mr.. Broadhead comes l sns
! try TO arrange with him to pay bat
4 ltba amount. l will also retire as tru
e tee ast.+a l. .he
q lutely intact according to George
= Miller 1t amounted to 100000, ?
Ineither executor of the estate cou