The Montgomery advertiser., 1905-04-28
BIGELOW A
 BANKRUPT The Banker Files His
 Petition. HIS METHODS WERE LOOSE Milwaukee Banker C0nfeSSeS
 His Guilt. Directorate of Bank Surprised That He Kept no Record of Assets and
 Liabilities-BrOadhead Estate Hit.
HIS METHODS WERE LOOSE

Milwaukee, Wis, April 27.-The lat est step in the career of Frank G. Big elow. the former bank president who defaulted in the sum of a million and a half of dollars, is the filing of a pe- tition in voluntary bankruptcy.
 The revised schedules show total liability on the part of MT. Bigelow of $3,277,000, of which $1.795,000 is wholly or in part secured. Of the remainder $1.110.000 Is a secondary liability on notes and bills discounted in which Bigelow figures as endorser. These items are notes of the National Elec- trie Company, the Grand Rapids Edison Company and S. w. Watkins, and are evidently connected with the financing of the National Electric Company. The balance, $192.000. represents unsecured loans, the largest one being an indebt- edness of $100,000 to the Broadhead estate of which Bigelow was executor. The assets of the banker are esti- mated at $1,s49,S00, against which a homestead exemption of $5,000 Is placed. The rest of the enterprises and 1860 acres of coal land in Huerfano County, Col, valued at S100,000. The schedule states that he has no cash on hand.
 Particularly noticeable. upon exami- nation of the schedule of secured cred- itors is that nearly every bank from which Bigelow borrowed money exact eQ ample security DeIOTe the lOdnS were negotiated.
 The filing of the schedules revealed the fact that Bigelow, who has been looked upon as a model of business sagacity, pursued startlingly loose methods in the transaction of his pri- vate business. He was not positive of the names of his creditors and had no memoranda with which to refresh his memory. Evidently he had no system of keeping a record of his financial transactions.
 Under the bankruptcy laws the turn ing over by Bigelow of $300,000 worth of property as a festitutionary meas ure to the bank Is null and void, the transfers having been made within four months of the filing of the petition in bankruptcy. This. however, will not affect the bank. the directors having more than made up the entire defi- ciency caused by the defalcations of the president.
 Late today Judge Landis appointed the Wisconsin Trust and Security Com pany receiver of the bankrupt estate of Frank G. Bigelow.
 It Is reported that Bigelow is heav- fly indebted to several well known Milwaukeeans whose names do not ap- pear in the schedule.
 A trustee will be appointed by the creditors of the estate at a meeting Y about May 8. The step taken by the former financier is looked upon by his frinds as the only logical course he could possibly have pursued under the circumstances.
 While bankruptcy proceedings star tied this community, the news did not cause the slightest excitement in bank ing circles in Milwaukee and business is being conducted as though nothing had ever happened in the line of dls- turbing factor.
 nhp nNylra Jr., directors of the First National Bank were today elected president and vice president respectively of the Ma tional Electric Company. S. W. Wat kins, the former president, resigned and Mir. Bigelow and others were drop ped from the directorate of that com pany.
 Indebtedness Confessed.
 Frank G. Bigelow, the defaulting bank president has confessed an in- debtedness to banks, commercial insti tutions and estates of which he had charge, which will aggregate between S2,0OO,000 and $3,000,000, and based on his confession a voluntary petition in bankruptcy has been filed in the United States District Court which contains the names of as many of MT. Bigelows creditors as he can remember, together with a list of assets on which Mir. Bige- lows valuation Is $1,419,000.
 By his own admission, his creditors extend all over the United States. His indebtedness to the Broadhead estate is $10O, 900 and the debt Is unsecured It is also believed other trusts held by the former banker have suffered. Those familiar with the situation fear Mr. Bigelow's liabilities will exceed his present estimate.
 Attorney Chares P. SpOoner who filled the voluntary petition in behalf Of MT Rd petition in such a short time that 1t Is far from complete and will neces- sarily lave to be amended. So far as could be ascertained MT. Bigelow had no system of keeping record of his financial transactions and the schedule of liabilities and assets had to he made up from list made in pencil on half a sheet of note paper in MT. Bigelow's handwriting.
 The revelations as to the system of MT. Bigelow in conducting large af- fairs are such as to stagger the belief of bankers The filing of the petition in bankruptcy will necessitate the withdrawal of the securities which were turned over by MT. Bgelow to the First National Bank as being made within four months of the filing of the petition in bankruptcy, 1t constitutes an act of preference of creditors and the amount, which was estimated at about $3OO.O00. will be equally divided among all the creditors.
 This. however. win In no way affect the bank.
 Schedule cR Assets
 The schedule of assets and liabilities of Mir Bigelow as filed is as follows:
 Creditors secured to some extent:
 First National Bank of Milwaukee $1.5OO,00O.
 Wisconsin National Bank of Milwau- kee. $5O.000.
 Second Ward Savings Bank of Mil waukee, $75.000
 German American Bank of Milwau- kee, $4O.O00.
 Marine National Bank of Milwaukee, $20.0OO.
 National City Bank of New York, $6.00O
 National Bank of Commerce. New York. $6.O00.
 First National Bank of Chicago. s5O.- OO0
 National Park Bank of New York, s50,000.