Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1905-04-27
MILWAUKEE, BANK
DEFALCAT|ON
President Frank G. Bigelow of First
National 81 ,45o,ooo Short.
DlSSlPATED BY SPECULATION
The Directors Act Promptly in Re-
pairing the Deficit and Are Now
Breasting the Inevitable
Run-BiPeIOw Arrested.

Milwaukee, April 25.-Frank G.
Bigelow, until Monday president Of the
First national bank Of Milwaukee, was
arrested Monday evening, charged with
the enlightenment of owe $1,000 OF
the banks funds. The arrest of Mr..
Bigelow followed his confession to the
board of directors of the bank that he
was a defaulter to the extent of ST.
$50, 900. Following Mr.. Bigelow's con
f~ession, he was removed from the pres
idency of the bank, and the facts in
the case were laid before the federal
authorities.
The complaint was sworn to by
United States District Attorney H. K.
Butterfeld. 1t charges that Bigelow,
as president of the First national
bank, embezzled a sum exceeding
100000. A complaint and warrant
identical with those in Bigelow's case
were made out against Henry G. Coll,
assistant cashier Of the bank, but Coll
could not be found.
President Bigelow was taken before
United States Court Commissioner
| Bloodgood. He waived a hearing and
was held to the federal grand jury un-
der S25, 900 bonds. DR.. Horace M.
Brown and Arthur M. Geoch certified
as s~ureties and Mr.. Bigelow was re-
leased. The next federal grand jury
expected it will meet some time next
month.
President Bigelow's confession was
made at a special meeting of the board
of directors, held Saturday evening,
and continued Sunday and all of Sum
day night. In addressing his fellow
directors, President Bigelow said he
had q painful statement to make-a
confession that he had misdirected the
funds OF the bank and that an ex-
animation Of his books, and a COM
parison of figures would show that
he was indebted to the bank to the
amount of over s. ,450,000. This
money, he said, had been lost in spec
ulation in wheat and stocks. Not a
dollar of it could be recovered, and
the only sum he could offer toward
recompensating the bank was personal
securities valued at approximately
$500, 900.
The confession of President Bigelow
astounded the directors of the bank
Mr.. Bigelow had been recognized as
one of the foremost financiers of the
northwest. He had been associated
with the First national bank in vari-
Gus capacities for more than fifteer
years, and his business connections
trust companies, manufacturing firms
real estate dealers and other similar
ventures-number scores. He was hon
ored a year ago by election to the
presidency of the American Bankers
association, and by its members was
looked upon as a leader in %inancia
matters.
In making his statement to the di
rectors of the bank, Mr.. Bigelow sait
he had become involved in speculation
several months ago. This was or
Wall street. More recently he hat
been a persistent bull in the whea
market, and his recent loss there hat
added to his heavy losses on Wa
street. From small manipulations O
the banks funds he had extended thu
de~faIcations until his shortage ha(
reached the present stage. He saw M
opportunity or possibility of making VI
the amount and therefore con
fessed. 1t is stated that thu
meeting of the board of director
which was almost continuous for 8
hours, was stormy at times. Severa
plans were suggested for protecting tn
interests of the bank. One was to ac
cept the resignation of the president
permit him to go to Europe and tn
directors to make good the amount 0
his shortage. This would effectuall.
protect the bank. The proposal me
with determined opposition from di
rectors, who demanded that the de
faulter be punished. The. plan t,
proved.
, make up the shortage was then ap
Bigelow was removed from the presi
idency of the bank and the case wa
referred to the federal authorities.
When the federal marshal called a
the Bigelow residence to serve tn
warrant, the former bank presiden
uas in tho library with his wife. Mrs
! Bigelow refused to withdraw. and tn
warrant was read in her presence.
"Ill be ready to go with you a
once" said the banker.
Then he kissed his wife an affection
ate farewell and left with the officers
the two walking to the federal build
ing, where a court commissioner wa
In waiting. None of Mr.. BigeloW'