Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1905-05-03
F,C,BICELOW
OUT ON BAIL
DefauIter Arrested
and Released on
Bond Of $4,000
Confessed to Taking
$I,45o,oo Of Big
Bank Money
Lost All in Specula-
ton - Directors
Make Good

the tlfSL NdllOuttA Udnh VI %A4' ~ ''A'A~N''
was arrested yesterday charged with
the embezzlement Of over 100000
dollars of the banks funds.
The arrest of Bigelow followed his
confession to the board of directors
of the bank that he was a defaulter
to the extent of $1.450,0 00. Follow
ing Bigelow's confession. he was re
moved from the presidency and the
facts in the case were laid before the
federal authorities.
Assistant Cashier Missing.
The complaint was sworn to by
United States District Attorney Butter
field. 1t charges that Bigelow, as
president of the FRS National bank,
embezzled a sum exceeding 81, 100000
a complaint and warrant identical
with those in Bigelows case were
made out to Henry G. Coll, assistant
cashier of the bank but Coll could
not be found
Bail Fixed at $4,000.
Bigelow was taken before United
States Court Commissioner BiUodgood
al bail was fixed at $500.
yellow said he lost in peculatin9
II stocks in Wall street and in wheat
When the federal marshal called at
the Bigelow residence TO serve the
warrant, the former bank president
was in the library with his wife. Mrs
Bigelow refused to withdraw and the
warrant was read in her presence.
Kisses Wife Farewell.
Il win be ready TO go with you at
once, said the banker. Then he
kissed his wife an affectionate fare.
we'll and left with the officer. the two
walking to the federal building, where
a court commissioner was in waiting
None Of Bigelow's friends were in the
courtroom during the brief proceed.
ings.
How Theft Was Covered.
The method of covering up the
shortage is thus described:
Collection accounts were manipulat-
ed to the extent Of 40 and in some in
stances 50 per cent. to make it app ear
that the reserve fund was intact. and
the amount Of the increased collection
fund was diverted TO special stock
operations. The reserve maintained
in eastern banks was tempered with.
the books Of the First National being
fixed so that the reserve appeared
larger by several hundred thousand
dollars than it really was Thee
and other methods. il S alleged we're
pursued by Bigelow In the falsify-
ing Of the records ana rhe manipu.a
ton of reserves. Bigelow declares he
was aided by Assistant Cashier Col
and two bookkeepers in the hank
These bookkeepers acted on orders
OF Bigelow and they have neither
been DISCHARGED nor suspended. They
will be called as witnesses ~ tn" Grim
inal proceedings against B. glow.
First Told 70 r ,er.
The first intimation of irreguJaririe.
was Friday evening when a bank en-
ploye "alled "a Director Charles PTS
ter's home and gave him meager In
formation An investigation was
started and Bleelow accused o. srree
ularjties He is said 10 have admitted
his guilt At The directors meeting
following he co-fes sed. The direc
tors Immediately raised 2If21061 70
make good the surplus. Chfcag-
banks sent $1,000. )o0 20 Milwaukee
and local banks transferred 1evara
hundred Thousand dollars in gold TIC
the First National
Loss Is Mad- 1eod.
The beard Of air -rz ,rrsfa3 al
once to meet tho issre I'm a straight
forward manner snd nor 20 decoiv,
the public in any particular. The,
accordingly formulated uledg.
which was Immediately signed p,
members of the % ard. whose agg7e
gate wealth will probably approximate
$4,000 600. TO more than make goot
the shortage mad Iv Mr.. Hirelow',
act The capital stock If the hanl
before Mr. Bigelow's defa'cation be
came known. Charles +. Poster head.
the guaranty lisj with 5000 coo
the bank Is more solid than it wa.
above its capital. it Is announced rha
the surplus and undivided proft
which the bank carries over ans
plus amounts to 100000. The per
sonal guaranty of the directors NOR.
than covers the defalcation. and witt
is 81 100000. and the undivided sur
Following is the guaranty.
For value received. we, the under
signed, do severally agree to advanc,
and pay to the First National bank ~
Milwaukee, Wis, the sums set cDpo
site our respective names. as tht
same RAY be needed. for the paymen
on demand of ali deposits now in saiJ
bank. or which within thirty day.
from this date may be placed therein
Our claims hereunder for reimburse
ment shall be subordinate and post
poned to the claims of all depositors
and other creditors;