The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1905-04-25
A BIG EMBEzzLEMENT
Milwaukee Banker Owns %
Defaleation OF si.45o.oOo.
LOST IT N WHEAT SPECULATION,
Ff@at q, nifsis~ L. Arrested AnsF
hsiaH pspe.sa 80 rFssiasst-ni-
FssfeFs Meet aaa ossFssh-
srFihs fhs fissfs shaFtass.

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MILWAUKEE VIE. April "a
| Prank a, hErlaH. punasrHi nf ihs
iirsi National hank af MilWankee. Was
arfrslri fharsssi with iie rmlsrrsie
mful uf nfrI finnuuu NJ iie bank q
funds uir ann,si ~ AZ iiisrioN fol.
lowed Die oonfrssinn % ilie hoani 10 al,
rrfiurs of ihr bank ihai he Was o. de-,
I ffuiirT in ihr extent uf fi.iiHtsn Fol
lowing 49, ii.sr.uns rnufrss'nn he
Was rmutni from fhr presidency Of
az bank, and ihr facts be- ihe ease
nrrr lail hrfune fhr federal anihori
I de-
The complaint was sWnrn in hf Unit
ti siairs District Attorney a. a. Hut
terrified. q rhars,e that hlsr'ow as
pr.sIifli uf ihr First National hauk
fmlirsfiei sum rAon,si.ns fipopn
a rumn.i.nf and a Wauuui Mruiirai
uiih ihosr In iiIgrlnNs rasr wrrr
ma,ir oui in iirnfy a. Coll assistant
cashier ~ iAr ians. hui uuli could not
-. found
Pre- drni nlrluw wns taken before
fuIiri States Commissioner ninsi.
Flai. Hnd mii was nkri ai s.insl
and De- was na'ras.d ie Hig.rar before
.hr neat federal grand lnri
President ii.srioN's rnufrssinn Was
aiadr si.er.ai mcrilns of ihr l,nari ~
iIrnfnr SATURDAY evening ilr met
with ihr directors sunday nlsht in
addressing h's follow directors rusi
irui n.gr'nw said be- bad BE- painful
statement in make. a confession that
sr had miai.n4frsi ihe flnds ~ tho
bank Hud ihaf 90 examination If his
books and O. comparison of figures
noud show chat De- was indebted 90
ihe bank for more fhan sif'NOpo.
Ibis MONEY. De- said. Bad he.n io.i in
speculation In wheat and siorts. Nof
e dollar uf if could o. recovered. aud
ihs uuly sum be- could onsr toward
enmprnsai.us the hHnk wn. personal
securities valued no Siu00
AR nEclow bad bccn rccngnized me-
among the foremost nnanciers ~ the
northwest ~. has becn associated
with fhe First National bank in yari.
Gus capacities for more than fifteen
year. and bis business connections
with trust companies. manufacturing
concerns. real estate deals aud other
similar ventures numbered scores. He
Was honorcd a year ago by election 20
DE presidency of the American Bank.
err association
In making his statement o. the III.
rectors Of the hank Mr. Rlgclow said
b. had become involved IN speculation
In Wall street several months ago
More recently be- had been n persistent
bull 10 the wheat market. and recent
losses In grain hnd been added 10
heavy rcvcrscs In Wall street From
small manipulaiions of the banks
funds be- had extended the Declarations
until his shortage had passed the ST.
JuO.Wu mark lie saw mo- possibility
of returning the money and therefore
confessed his actions.
Funds We're no once provided by the
directors OF the bank 90 protect depos.
tors against loss and 90 save the bank
from stampede More than SiOmOO
was guaranteed 10 the bank hy various
stockholders. and no serious run was
made on the bank. II Is not thought
that any complications with creditors
Or the hank will follow.
During the meeting of directors.
which was almost continuous FOR thir-
ty-six hours. several plans were sug.
gested FOR protecting the interests Of
the bank one. 10 is said. was 10 accept
the resignation of the president and 20
permit him 10 20 10 Europe while the
directors make good the amount Of his
shortage. This would effcctually pro
tect the bank. This alleged proposal
never came TO q conclusion because
several OF the directors demanded that
the defaulter be punished 4 plan 10
make mp 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 10 federal officers
When the federal marshal called at
the BigelOw house TO serve the war
rant the former bank president was in
The library with his wife. Mrs. Bige-
low refused to withdraw, and the war
rant was read in her presence
'I'll be ready to go with you at once"
said the bankrupt Then he kissed his
wife an affectionate farewell and left
with the officers, the two walking to
the Federal building. where a United |
States commissioner was I'm waiting
None Of Mr. Bigelow's friends were in |
the courtroom during the brief proceed |
lngs.
When the resolution was adopted re-
moving Mr.. Bigelow from the presi- |
1ency of the bank Henry Coll, assist |
ant cashier was also removed. The /
removal Of the assistant cashier was /
due to the statement of President Bige-
low that he was aided by Coll in con
ceaing the shortage in the banks ac-
counts
The method adopted was an old one.
Collection accounts were manipulated
DO or even 80 per cent TO make it APP
pear that the reserve fund was intact.
and the amount of the increased col