The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1905-04-25
VAST SUM L LOST
IN SPECULATION
Oyer Two Thousand Patrons Of
Milwaukee Bank Apply for
Deposits Steps Taken to
Protect Them From Loss,
How Ernbezzler Man
ipulated Funds.
35ss;=.
my Associated Presa.l

(Dy Associated Press.)
MILWAUKEE. WIS. April "a Frank
tional Bank OF Milwaukee, was arrested
to-day, charged with the embezzlement
OF over 800. 00o, 900 OF the banks funds.
Tho arrest OF Mr.. Bigelow followed his
confession to the board OF directors OF
the bank that he was "A defaulter to the
extent OF tl,45o 600. Following Mr.. Bige-5
lows confession. he was removed from
the presidency OF the bank and the facts
4 In the case were laid before the Federal
authorities.
The complaint was sworn to, by United
States District Attorney H K, Butter.
field. 1t charges that Mr.. BigeloW. as
president OF the First National Bank. en-
ibezzled a sum exceeding $1,000. 600. a
complaint and q warrant, Identical with
those IN Bgelow's case. were made out
to Henry G. Coll, assistant cashier OF the
bank. but Coll could not be found. Pres
iident Bigelow was taken before United
states Commissioners Bloodgood and fur
Snishing ball the sum OF S25 600, was
released to appear before the next Fede-.
raj grand Jury. ssi. + u
Well Known Financier.
President Bigelow's confession was
made at special meeting Of the board
OF directors Saturday evening. He met
with the directors yesterday and all last
night. Addressing his fellow directors
President Bigelow said he had painful
statement to make. confession that no
had misdirectcd the funds OF the bank
and that an examination OF his books and
a. comparison OF figures would show that
4 he was indebted to the bank for more
than 81, 100000. This money. he said, had
been lost In speculation In wheat and
stocks. Not a dollar OF q It could be re-
covered and the only sum he could OF .
fer toward cnmpensating the bsnk was
personal securities valued at $500 900. #
ny Bfr. Blgelow had been recognized as
among the foremost financicrs Of the
Northwest. He has been associa ted With
the First National Bank In various ca
Spacities for more than ff teen years and
his business connections with trust COM
panies,s manufacturing concerns. real es-
tate dealers, and other similar ventures
numbered scores. He was honored a year
ago by election to the presidency Of the
American Bankers Association
Involved in Speculation.
lsIn ma king his statement to the direc-
tors OF the bank, mr.. Bigelows said he
had become involved in speculation In
Wall Street several months a go. He had
also been persistent bull In the wheat
market and recent losses In grain had
been added to heavy losses in Wall Street.
From manipulation OF the bank 8 funds
he had extended the defalcations until his
shortage had passed the million dollar
mark. He saw no possibility OF returning
the money and, therefore, confessed his
action. 3}
Funds were at once provided by the
directors OF the bank to, protect deposi-
tors against loss to save the bank from
a1stampede. a More than a million dollars
was guaranteed to the bank by various
stock lders. and no serious run was
made on the bank to-day. It Is not
thought that any complications with
creditors Of the bank will follow;
Wife Hears Of Charge.
When the Federal marshal called at the
Blgelow House to serve the warrant, the.
former bank president was In the library
withdraw, and the warrant was read
In her presence.
"I'll be ready to go with You Mt once.
said the banker. Then he kissed his wife
hn affectionate farewell and left with
the officers, the two walking to the Fed
eral building where a United States
commissioner was in waiting. 4 None of
Mr.. Bigelow 8 friends were in the court
during the brief proceedings.
When the resolution was adopted re-
moving Mr.. Blgelow from the presi-
ant cashier, was also removed, The re:
moval OF the assistant cashier was due
to the statement OF President Bigelow
that he was aided by Coll In concealing
the shortage In the banks accounts.
How He Manipulated Funds.
The method adopted was an old one,
Collection accounts were manipulated
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