Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1905-04-24
Frank G.. Bigelow, President Of
First National of Milwaukee,
Defaults Enormous Sum
HE HAS ADMITTED HIS GUILT
Says He Lost s1,5oo,ooo in speculation
and FaIsified Bank Books to Cover
Up His crime-Directors Make Good
the Banks Losses-7iseIow Formers
Iy President American Associations.

Milwaukee, April 24.-Frank G. Bige-
low, president OF the First National
bank of this city, and former president
of the American Bankers Association,
has defaulted the banks funds to the
extent of a million and half dollars,
The directors of the bank have deposits
ed in the bank a sum sufficient to make
the institution perfectly solid. Bige.
low has not yet been arrested.
The capital of the bank is a million
and a half and the surplus million
and a quarter. Bigelow has signed
over property to the bank amounting
to 100000, making the net defalcation
million two hundred thousand doll
lars. Aside from the surplus the sum
of $1,635, 900, has been subscribed by
the directors to meet any demands
which may be made on the bank. The
comptroller Of the currency has beer
notified and asked to make an immed-
late examination Of the bank. Bige-
lows defalcation became known to the
directors OF the bank on Saturday
night. He admitted today the amount
had been lost in speculation and that
he falsified the books to cover up tha
defalcation.
Several prominent bankers Of Chica-
go were called to Milwaukee in con-
ference with the directors Of the First
Natio1el bank and promised to lend
any assistance which might be needed.
"A million and a half dollars were re-
ceived from Chicago at o'clock. AZ
that hour. news Of the defalcation had
spread to such extent as to cause 3
run on the institution. The crowd
which gathered numbered about 200.
Those who sought to withdraw funds
were small depositors and they are
being paid off rapidly. There has been
no great demonstration depositors
acting calmly. There has been NO ex-
citement at any other banks. Init
mate friends OF Bigelows said this
afternoon that wheat speculation was
the cause of the downfall Of Presi-
dent Bigelow and son Gordon, both OF
whom were caught heavily In the Ar
mour-Gates battle in May wheat.
q. Coll, assistant cashier OF the
bank. has been removed, charged with
having been party to the Justification
OF the books Notice has been issued
by the directors announcing sum has
been subscribed sufficient to protect
the depositors. Bigelow was in his
Office at the bank as usual up to noon,
looking over the books and papers.
His manner was greatly agitated. Ar
rangements are being made for the ar
rest Of Bigelow and probably Coll this
afternoon. Bigelow long occupied the
foremost place in the financial transac-
tions OF Milwaukee. Only last year
he was president Of the American
Bankers Association. He was also
prominent in Milwaukee's social set.
While the news Of the defalcation il
likely to Greater CONSERVATION among
depositors. ample provision has been
made to more than meet any emer-
gency.
Chicago, April 24.-The Chicago
brokerage firm Of Macy & Co., Of which
Gordon Bigelow, son OF the president
of the First National Bank, Milwau-
kee, is the company, dissolved part
nership today.