The citizen-Republican. (Scotland, Bon Homme County, S.D.) 1???-19??, 1905-04-27
4 SENSATION
IN MIL VAUKE[
President Of the First National
Of That City Got Away With
Sl,5oo,ooo.
DIRECTORS MAXI il GOOD
Immediately Deposit Funds to
Secure the Bank in Per-
feet Solvency.
NO ARIES MADE AS YET
NO MADE AS YET
Frank c. Riselow, Former President 81
the American Bankers Associa-
ton, Is the D~cfaultins Of
fetal of institution.

Milwaukee, April 26.-Frank G.
Bigelow, president of the First Ma
iional bank of this city, and former
president of the American Bankers
association, has defaulted With the
banks funds to the extent of $500, 900.
n directors of the bank have depos-
tied In the bank a sum sufficient to
make the institution perfectly solid.
Bigelow has not vet been arrested.
Bank Is Very Rich.
The capital OF the bank was ST, 100000;
surplus 81, 25O.O 900. Bigelow has signed
over property to the bank amounting
20 $500, 900, making the net defalcation
$1,000, 900. Aside from the surplus, the
sum OF S1,635, 900 has been subscribed
by the directors to meet any demands
which may be made on the bank. The
comptroller of the currency has been
notified and asked to make an INNER
date examination.
Bigelow's ~defalcation became known
to the directors of the bank on Satur-
day night. He admitted today that the
amount had been lost in speculation,
and that he had falsified the books to
cover up the defalCatiOn.
Another in the Affair.
Henry G. Coll, assistant cashier of
the bank, has been removed, charged
with having been a party to the falsifi-
cation of the books.
Notice has been issued by the direc-
tors announcing hat a sum has been
subscribed sufficient to protect the de-
posters. BigeloW vas in his Office at
the bank as usua up to noon looking
over books II papers,. His manner
Was greatly agitated.
Arrangements are being made for the
this afternoon. Bigelow has long oc-
cupied a foremost place in financial
transactions in Milwaukee. Only last
year he was president OF the American
Bankers association.
He was also prominent in Milwau-
KEGS Social set. While the news of the
defalcation is likely to create conster-
nation among depositors, ample provis-
ion has been made to more than meet
any emergency.
Chicago Was Called On.
Several prominent bankers Of Chicago
were called to Milwaukee in conference
with the directors of the First National
bank. n promised to lend any as
sistance which might be needed. A
million and u half dollars was received
from Chicago at o'clock. At that hour
the news of the defalcation had spread
to such. an extent as to cause a run on
the institution. The crowd which gath
cred numbered about 200.
Wheat Corner Did It.
Those who sought to withdraw their
n We're small depositors, and they
are being Maid off rapidly. There has
been no great demonstration. and the
depositors are acting calmly. There has
been no excitement at any other bank.
An intimate friend of BigeloW's said
this afternoon that wheat speculation
the aus of the downfall of Pres
ident BiSelow and his son Gordon. both
OF whom were caught heavily in the
A1mour-Gates battle in May wheat.
Chicago, April 24.-The brokerage
firm of Macy & Co, of which Gordon
Biselow, son of the president of the
First National bank of Milwaukee, was
a member, was dissolved today.