Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1905-04-25
How the Milwaukee Banker
Managed to Hide Theft of
Enormous Sum OF Money
ASSISTANT CASHIER AIDED
Balances at the New York Bank Made
to Appear Much Larger Than They
4 Really Were - Part of the Money
i Spent in Aiding His Sons Board of
1 Trade Deals.

Milwaukee, April 25.--Mayor Rose,
the bankers and citizens are doing eV-
erything in their power to avert what
may become financial catastrophe
growing out Of the Bigelow defalcation.
They profess to be in position to
weather the storm. Several bankers
said last night that while depositors
drew out their entire accounts early
In the day, many of them returned the
money later. This they believe is an
Indication that the confidence is being
restored.
pepositors Draw s1,3Oo,0oo.
Nevertheless, during the run Monday
afternoon, when thousands fought in
wisconsin street to get at the paying
windows in the First National, ST.
100000 was withdrawn. The greater
part of this sum passed thru the wick
cts in three hours.
VI In the presidents office, few feet
away, thru a broken window. born of
the emergency, friends of the bank
were vainly attempting to stem the
tide by their deposits, but the money
they passed in was but drop in the
bucket.
Chicago Banks to the Rescue.
The chief measure of confidence
came from the presence of three Chi
cago bankers, who have been with the
First National directors every hour,
giving them their advice and assist
snce, and bringing with them $1,100,000
In cash. They are James B. Forgan.
president of the First National bank of
Chicago; E. A. Hamill, president of the
Corn Exchange bank; and Orson
Smith, president of the Merchants
LosLn and Trust Company.
"Goes Broke" On May Wheat.
The May wheat deal engineered by
JOHN w. Gates, which resulted so dis
s.strously for its godfather on Satur-
clay, was the last straw that broke
Mr.. Bigelow's speculative back.
Just exactly how much of the banks
money was shoveled into this attempt
ed corner is not known. Neither is it
known whether Mr.. Bigelow chose the
pas time of bulling the market Of his own
volttion, whether his son Gordon lured
him into the game, or whether, discov-
erilg that the young man was in the
deal up to his ears, he stepped into
the breach and tried to save the boy.
Sacrifice for His Son?
Bigelow will not say, but intimates
thass an effort to preserve his sons fl
narcial integrity is at the bottom of his
troubles.
The youth, who was a member of
the brokerage firm of Tracy & Co, of
Chicago, and was kicked out by the
other members Of the firm as soon as
his fathers theft became known, has
been wild and persistent plunger on
the board of trade. He has conducted
his operations in Chicago, but today
no firm is willing to acknowledge doing
business for him.
Three Years Of Speculation.
Mr.. Bigelow, according to those who
possess the closest information regard
Ing his business operations, was
s;pe culator in other enterprises Of more
legitimate character, but equally I'M
fortunate extending over 9. period of
the last three years These are refer
rec! to vaguely as manufacturing en-
terprises."
lie is known also to have been heav-
lily interested in the North American
Company, a syndicate operating street
cars in this city, st. Louis, and Detroit,
the Allis- Chalmers company, and the
National Electric Company.
Assets Are Small.
The present extent of his holdings in
those trustworthy concerns may be
gathered from the fact that in his eff
forts to cover his defalcations, he was
able to turn over to the directors Of
~. Mo-
3884,O0O on the most liberal estimate,
ands the directors after going over it
scaled it down to $110,000. This includ-
ed his life insurance with a face value
OF 100000 (and his greatest asset
and his homestead, worth in the neigh
borhood of $4,000.
Assistant Cashier Disappears.
According to the investigation by the
directors, Bigelow's defalcations be-
gan last December They never would
have been possible had it not been for
the connivance of Henry Coll. the as
sistant cashier and executive head of
tho bank.
Cashier Coll is a fugitive from the
United States officers who caused
Biiyelow's arrest Two 0oookkeepers
are also implicated in the embezzle
ment, but the directors are shielding
them in consideration of their having
furnished information which made the
detection of Bigelow possible. How
much Coll got away with is a ques
ton.
An attempt to arrest Coll was made
by Deputy United States Marshal Wal
ter n. Durbin, who went out to Coils
residence, 3015 Cedar street. late in the
afternoon, but could find no trace of
tira. The maid who answered the call
at the door refused to give any infor
ma ton concerning Mr. Coils where
abouts, merely stating that he was not
at home.
How Cashier Disappeared.
Mr.. Coll was seen at 1880 o'clock at
the corner of Wisconsin and Cass
streets by well known acquaintance,
including a newspaper man and his
wife At the time Mr.. Coll was walk
tns back and forth restlessly on Cass
street near Wisconsin, and when he
saw the newspaper man he walked
hastily north on Cass street to the cor
ner of Mason.
The newspaper man, suspecting that
Cell was preparing to take a train,
walked east to the Juneau block and
waited to see if Coll would return and
go to the Northwestern depot, about a
block away.
May Have Come to Chicago.
In a few minutes Coll came back to