The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1905-04-25
CONFESSED /: THEFT OF
OVER A million.
Continued from First Page.)

T
forty or even fifty per cent. to make 1t
appear that the reserve fund was intact,
and the amount Of the increased collec-'
ton fund was diverted to special. stock
operations. The. reserve maintained in;
Eastern banks was i,tampered. wi tn. the
books OF the First Nationnl3 being fixed
so that the reserve appeared to be larger
by several hundred thousand dollars than
1t really was. These and other methods /
were pursued by Bigelow in securing
money from The bank. In classifying. the
records and the manipulation of res
serves, Bigelowa declares he. was aided
by Assistant Cashier Coll and two book
keepers in the bank. These bookkeepers
have neither been discharged npr. ssu 81 81
pended and they will be called sas wit
nesses in; thes criminal proceedings against
the former bank president. +!
The manipulation OF accounts has been
going on for months. according to the
statement OF one Of the directors, but
so cleverly was the work done that neith-
aminers discovered that anything was
wrong with the funds of the bank.
s Depositors Protected.
The first intimation that there were
Irregularities came to Charles F. Pfister,
a director, Friday evening" when nm $ern-
ploye OF the bank gave Mr.. Pflsters In
formation sufficient to start an yinpesti-
cation. Then followed a meeting OF the
directors and the confession. AS soon
as the directors ascertained the full
extent OF the speculations, steps we're
taken to protect the depostors and other
creditors. Charles r. Pfister subscribed
100000 to a fund to make good the sur
7 plus John I. Beggs president Of the
Milwaukee Electric Railway and Light
Company, gave s30o,ooo William Bigelow,
a brother OF President Bigelow, added
100000 to the amount. Other directors
subscribed lesser sums until the amount
raised reached s1,6a5,0oo.
Run on Bank.
\ When the bank closed this afternoon,
some two thousand depositors were watt
Ing for their money. Nearly 81 10000
was paid out in two hoyrs and many
customers, demanding the closing OF. their
accounts, had not been served. One of
the first callers was a business man.
who presented check for 500 900. the en-
tire amount Of his account He was fol-
lowed by tho city treasurer, who drew
out $4,000 Of city funds. Withdrawals
In sums ranging from $1,000 to $4,000
quickly followed, and soon q long Inc Inc
OF people was waiting to withdraw.
The depositors in East Water Street
were besicging the Wisconsin Trust Com
pany, tho savings department Of the First
National Bank and the run on the savings
assumed tho greatest proper
lions. Depostors ofblarge amounts APP
parently ceased withdrawals after the
facts became well known, and those who
sought their deposits, were customers of
the savings bank, But, while many saw
ings depos!tors were seeking TO withdraw
their funds, other persons who believe In
the soundness of the bank, we're coming
forward with deposits
! Officers Of the bank are preparing for
any possible run Tomorrow. A request
has been made fora detail of twenty po-
licemcn, tho same number that was re-
quired to handle the crowds to-day, and
an extra force of clerks will be employed
to handle the business. Money Is on the
way from New York to strengthen the
resources Of the bank, and tho directors
expect to DO able to meet all demands
They assert that The bank has
not been Impaired by the Bigelow defal-
cation. The bank has a capital of FL
100000, deposits OF ;l6,ooo,o0O and loans Of
s12oOo,OOo d,
Chicago Firm Affected.