Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-04-27
B|GELOW'S METHODS
Milwaukee RevelationsS Stag
ger Belief of Bankers.
AN ESTATE LOOTED
HAD NO SYSTEM OF KEEPING
RECORD OF HIS TRANSACTIONS.
Creditors Extend All Over the United
States-Astounding Disclosures in
Search for Information.

sensation today when the startling an
| nouncement was made that Frank G. Bige-
low. the defaulting bank president, had
filed petition in bankruptcy with liabilities
aggregating over s2,OoOGo0 and assets near
the million and half mark
The fact that banks, which are the larg-
est creditors, are placed in the list of Sc
cured creditors, had a tendency to quiet the
! nerves of the people who have deposits in
the city banks.
There has far been no excitement in
the vicinity of any of the banks and none
| is expected Every bank in the city re-
serves its right to take advantage of the
| law with regard to time deposits, and this
| is being done.
Offers of assistance continue to pour in
| from all parts of the country to the First
National Bank, although the time has
passed when any outside aid is necessary.
| A large amount of money which was with
drawn during the excitement of Monday
and Tuesday has been returned to the bank,
and heavy deposits are coming In from big
c. H. Bosworth, the national bank ex-
| aminer, is still conducting his thorough in
vestigation of the First National Bank, and
| does not expect to complete the work for
several days. No trace has yet been found
of Henry G. Coll, the deposed assistant
cashier.
X Nis N~i1 IL ~
Bigeow, the defaulting bank president, has
confessed an Indebtedness to banks, COM
| mercial institutions and estates of which
he had charge which will aggregate between
| 100000 and $1,000 600, and, based on his
confession, a voluntary petition in bank
ruptcy has been filed in the United States
district court which contains the names OF
rs many of Mr.. Bigelow's creditors as he
| can remember, together with a list of as
sets on which Mr.. Bigelow's valuation is
S1.419.OO0.
By his own admission his creditors ex-
tend all over the United States One estate
has been looted, his Indebtedness to the
Broadhead estate being 100000 The debt
Is unsecured. 1t is also believed other
trusts held by the former banker have suf-
Tered Those familiar with the situation
and with what information they can CLEAN
from the former banker fear his liabilities
Will run up to considerably more than his
present estimate, they believe subsequent
revelations will reveal transactions of even
more startling nature
Attorney Charles P. Spooner, who filed
the voluntary petition in behalf of Mr.. Bige-
| low, was compelled to make up the petition
! in such short time that it is far from
complete and will necessarily have to be
amended.
Loose Method of Record.
So far could be ascertained Mr. Riee
low had no system of keeping a record of
his financial transactions and the schedule
of liabilities and assets had to be made I'M
from list made in pencil on half a sheet
of note paper in Mr.. Bigelow's handwriting
Mr. Bigeiow was not positive of the names
OF some of his creditors of the nature of
some of the companies and had nothing at
hand to refresh his memory, so the attorney
was obliged to use his best judgment in fig
| uring out what concerns were meant.
The revelations as to the system of Mr..
Blgelow in conducting large affairs are such
as TO stagger the belief of bankers TO
whom method in such transactions is as n
second nature. The filing of the petition in
bankruptcy will neceSsitate the withdrawal
OF the securities which were turned over by
X.
being made within four months of the filing
OF the petition in bankruptcy. it constitutes
an act of preference of creditors and the
amount, which was estimated at about
S%oo,ooo, Will be equally divided among all
the creditors of Mr.. Bigelow. This will in
70 way affect the bank, however as the
guarantee of the directors and stockholders
more than covers the defalcation.
Assets and Liabilities.
The following is a revised list of secured
creditors. with amounts of indebtedness
name of security and value of security in
each instance in Bigelow bankruptcy:
Secured creditors: First National Bank,
milwaukee,: Indebtedness. $1,5OOOO0; Sc
cured by National Electric Company and
other stocks, $4,000.
Wisconsin National Bank. Milwaukee; in
debtedness. $4,000; name of security blank,
amount $4,000.
Second Ward Savings Bank, Milwaukee;
blank, amount $4,000.
German American Bank of Milwaukee;
Indebtedness, $4,000; name of security
blank, amount $4,000.
Marine National Bank, Milwaukee; in
debtedness, 10000; name of security blank,
amount $4,000.
National City Bank, New York; indebted
ness S60 GOO; secured by 800 shares of stock
First National Bank value $6O,OOO
National Bank of Commerce, New York;
Indebtedness, 100000; secured by 800 shares
VI StoCk II ISt NdliOIdl bdHk, value S6D.VDD.
First National Bank, Chicago; indebted
| ness, 100000; secured by 300 shares of stock
First National Bank, value 100000.
National Park Bank, New York; indebt-
edness $4,000; secured by City Investment
Associa ton investment bonds, value $780,
coo.
National Bank of Commerce. ST. Louis;
Indebtedness, 100000; secured by $500
shares of stock Del Norte Company, value
$15O.OO0.
The total Indebtedness to secured credi-
orts is $1,915.O00. with a total value of Sc
curity of 81 ,2750
Unsecured creditors: John H. Brodhead.
S1o0,0O0; Caroline D. Watkins $24, 900; f.
f. Williams, $1,000; Mrs. Can (name doubt
fuD, $1,000: Caroline E. James, 5000. Total
Indebtedness to unsecured creditors, S192,
000
Liabilities on notes or bills discounted,
which ought to be paid by drawees, max
ers acceptors or indOrsers:
On notes of National Electric Company,
indorsed by Bigelow. $1.000.O00; on notes
of Grand Rapids Edison Company. indorsed
by Bigelow, $4,000; on notes Of S. w. Wat