New-York tribune., 1905-04-25


Pres6cnt OF the First National Bank Of Milwaukee,
confesses embezzlement Of S450,Oo0
The arrest Of Mr.. Bigelow followed his confess
sion to the board of directors of the bank that he
was defaulter to the extent of s1,45OOOO. Fol-
lowing Mr.. Bigelows confession he was removed
from the presidency 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. Butterfield. 1t charges
that Bigelov, as president of the First National
Bank, embezzled a sum exceeding 100000.
complaint and a warrant, identical with those in
BigeIow's case were made out to Henry G. Coll
assistant cashier Of the bank. but Coll could not
be found Mr.. Bigelow was taken before United
States Commissioner Bloodgood- Bail was fixed
at $4,000, and he was released to appear before
the next Federal Grand Jury.
Mr. Bigelow's confession was made a special
meeting of the board of directors Saturday
evening. He met with the directors yesterday
and all last night. In addressing his fellow
directors President Bigelow said he had pain
full statement to make, a confession that he had
misdirected the funds of the bank, and that an
examination of his books and comparison of
figures would show that he was indebted to the
bank for more than 600. This money, he
said had been lost in speculation in wheat and
stocks Not a dollar of ii could be recovered,
and the only sum he could offer toward compen-
sating the bank was personal securities valued
at 100000,
MR.. BIGELOW WIDELY KNOWN
Mr. Bigelow had been recognized as among
the foremost hnanciers of the Northwest. He
has been associated with the First National
Bank in various capacities for more than fifteen
years and his business connections with trust
companies. manufacturing concerns real estate
deals and other similar ventures numbered
acpOh nv lApf
10 the presidency of the American Bankers AS
sociation.
In making his statement to the directors of the
hank MI Bigelow said he had become involved
in speculation in Wall Street several months
ago More recently he had been a persistent bull
in the wheat market, and recent losses in grain
had been added to heavy reverses in Wall Street.
From small manpuatons Of the banks funds
he had extended the defalcatons until his short
age had passed the million dollar mark He saw
no possibility of returning the money and there
fore confessed his actions.
Funds were at once provided by the directors
of the bank 10 protect depostors against loss
and TO save the bank from stampede. More
Than million dollars guaranteed to the
hank bv various stockholders, and no serious run
was made on the bank to-day. 1t is not thought
that any complications with creditors of the
bank will follow.
AT I he meeting of directors, which was almost
continuous for thirty-sX hours, several plans
were suggested fer protecting the interests OF
the hank. one it is said, 10 accept the
resignation of the president and to permit him
10 90 10 Europe while the directors make good
the amount Of his shortage. This would ef-
fectuallv protect the bank. This alleged pro-
1 nosaI never came to a conclusion because sew
oral directors demanded that the defaulter be
p,,risbed A plan to make up the shortage for
| tho nrotection of depostors then approved
| FiqeloU was removed from the presidency of
| ,be hank and the case was referred to federal
officers
WIFE HEARS WARRANT READ.
When the federal marshal called at the Bige-
! LOW house 70 serve the warrant the former bank
president was in the library with his wife Mrs
| l3igelow refused to withdraw and the warrant
! was read in her presence.
..T'u be ready 10 go with you at once said
the banker: then he kissed his wife an anection-
ate farewell and left the house with the officer,
/ tbe tv,a walking to the Federal Building where
! q United States commissioner was in waiting.
/ None Of Mr.. Bigelow's friends were IN the court
room.
When the resolution was adopted removing
Mr. Bieelow from the presidency of the bank,
| Henry Coll. assistant cashier. was also removed
! The removal Of the assistant cashier was due to
| the statement of President Bigelow that he was
| aided nv con in concealing the shortage in the
1 banks accounts.
| The method adopted an old one. Collec-
| to-, accounts were manipulated 40 or even 90
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