The Saint Paul globe., 1905-04-25
MIL LWAUkEf BANKER
IS Big DtFAULTfR
President BigeIow of the First
National Loses S3,0O0,00O
Specializing

MILWAUKEE,, Wis, April "a. -
dent of the First National bank of
Milwaukee. was arrested today charg-
ed with the embezzlement of 100000
of the banks funds. The arrest of Mr..
,Bigelow followed his confession TO the
board of directors of the bank that he
was a defaulter to the extent of ST.
100000.
Following Mr.. Bigelow's confession
he was removed from the presidency
of the bank and the facts in the case
were laid before the federal authori-
ties
The complaint was sworn TO by
United States District Attorney II. K.
Butterfield. 1t 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 for Henry G. Coll. as
sistant cashier of the bank, but Coll
could not be found.
President Bigelow was taken before
the United States court commissioner
tonight He waived examination and
was held to the federal grand jury un-
der $4,000 bond. DR.. Horace NJ.
Brown and Arthur McGeesch certified
as sureties and Mr.. Bigelow was re-
leased. The next federal grand jury
has net yet been summoned, but il is
expected il will meet some time next
month.
Bigelow's Confession
President Bigelow's confession was
made at special meeting of the board
OF directors which began Saturday
evening and continued yesterday and
all Of last night. In addressing his
fellow directors President Bigelow said
he had a painful statement to make
a confession that he had misdirected
the funds of the bank and that an eX-
animation of his books and a COM
parison of figures would show that he
was indebted to the bank over $1,450,-
600. This money, he said, had been
lost in speculation in wheat and stocks.
Not a dollar of ii could be recovered
and the only sum he could offer to-
ward recompensing the bank was per-
sonal property valued at 100000.
The confession astonished the d.
rectors. Mr.. Bigelow has been recog-
nized as one of the foremost inanciers
of the Northwest. He has been asso-
ciated with the bank in various capaci-
ties for more than fifteen years, and his
business connections-trust companies,
manufacturing concerns, real estate
deals and other similar ventures-num-
ber scores. He was year ago elected
president of the American Bankers
association, and by its members was
looked upon as a leader in financial
matters.
Wall Street Gets Him
In making his statement to the di-
rectors, Mr.. Bigelow said he had be-
come involved in speculation several
months ago. This was on Wall street.
More recently he had been a persistent
bull in the wheat market, and recent
loss there had added to his heavy
losses on Wall street. From small
manipulations of the banks funds he
had extended the defalcations until his
shortage had reached the present stage.
He saw no opportunity or possibility of
making up the amount and therefore
confessed.
1t is stated that the meeting of the
directors was stormy at times. Several
plans were suggested for protecting the
interests of the bank. One was to ac-
cept the resignation of the president,
permit him to go to Europe and the di-
rectors make good the amount of his
shortage. This would effectually pro-
tect the bank. The proposal met with
determined opposition from directors
who demanded that the defaulter be
punished The plan to make up the
shortage was then approved. Bigelow
was removed from the presidency OF
the bank and the case was referred TO
the federal authorities.
When the federal marshal called al