Richmond planet. [volume] (Richmond, Va.) 1883-1938, 1905-04-29
BANK PRESIDENT
SHORT Sl,45O,OOO
Head ofFirst National. ofMilwaukee.
Ruined by Speculation.
THE DIRECTORS MAKE IT UP

Milwaukee. Wis. April 25.-Frank
G. Bigelow, president of the First Ma
uonal Bank OF Milwaukee. was arrest
ed, charged with the embezzlement OF
over 100000 OF the banks funds. The
arrest Of Mr. Bigelow followed his con-
fession to the board OF directors OF
the bank that he was a defaulter 70
the extent of Sl.s50. 600. Following MI
Bigelows confession. he was removed
from the presidency OF the bank and
the facts IN the case we're laid before
the federal authorities. The complaint
was sworn TO by United States Dis
trict Attorney II. X. Butterheld. It
charges that Bigelow. as president OF
the First National Bank. embezzled a
sum exceeding 100000. A complaint
and warrant identical with those in
Bigelow's case were made out TO Henry
G. Coll. assistant cashier of the bank
but Coll could not be found. President
Bigelow was taken before United
States Commissioner Bloodgood and
bail was fixed az $4,000 and he was
released TO appear before the next
federal grand jury
President Bigelow's confession was
made at a special meeting OF the board
OF directors. in addressing his fellow
directors. President Bigelow said he
had painful statement 20 make. a
confession that he had misdirected
the funds OF the bank. and that an ex-
animation of his books and p compari-
Eon OF figures would show that he was
Indebted Co the bank for more than
fl.45oe00. This money. ne said had
been lost in speculation in wheat and
stocks Not a dollar OF 10 could be re-
covered. and the only sum ne could
oner toward compromising the bank
was personal securities valued az
$500 COO
When the defalcation became known
n run on the bank started. and in
short time nearly S1.0O0.00O was paid
out. over 100000 was sent 90 NIL
waukee by Chicago banks. and the Off
cials are prepared 20 pay all deposit
tors. although serious run IS not ex-
pected.
In making his statement 90 the di-
rectCrs of the bank. Mt Bigelow said
he had become involved in speculation
IN Wall street several months ago
More recently he had been a persist
cnt bull in the wheat market. and re-
cent losses in grain had been added
20 heavy reverscs in Wall street.
Prom small manipulstions or the
banks funds he had extended the de-
falcations. until his shortage had
passed the million dollar mark. lie
saw no possibility OF returning the
money and therefore confessed his
actions.
As soon as the directors ascertained
the fun extent Of the populations. steps
were taken 10 protect the depositors
and other creditors. Charles F. Pfister
subscribed 5000 600 20 a fund TO make
good the surplus. John l. Beggs. presi-
dent OF the Milwaukee Electric Rail
way and Light company gave $780,
600. William Bigelow, brother or the
president. added 800. 600 20 the sum.
Other directors subscribed lesser
sums until the amount raised reached
sI.e35 900
While President Bigelow's defalca-
tion amounts 10 about Sl.45O.0OO. he
restored $500 600. and the directors
subscribed $l635 900. thus leaving the
bank better on by about S400. 900 than
81 was before the funds were depleted
by the peculations of the president