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Funds Belonging to Milwaukee
Bank Lost in May Wheat Speculation Frank G. Bigelow. President of the City's Oldest Financia Institution. Confesses That He Embezzled Fortune anc Lost It on Chicago Board of Trade. Sp.-::llaion ant ventures on the equally utncirtain sea of industrial ex poitation have brought to ruin and d;sgrace a lortuer president of the American Bankers' Association, the courted adviser of the Secretary of the Treasury of the United States, the so cal and lu,: inites associate of men high in the political and financial cir cdes of tht nation, and a man, in short, v,rose name until now stood as a synonym fcr ability, sagacity and pro bity in the banking world. The city of 3lilwau!hee is aghast at the exposure. The people scarcely can realize the truth of it, and it is safe to say that financial America is stupefied, for the name of Frank G. Eigelow had even a wider fame among hankers than the institution of which hIe was the head, with its capi ta' of $1,:00,tý,e'O, its surplus and undi ciced profits of $1,100,000 and its de 1:osits of $16F.00.,(00. A rep;ort that J. Pierpont Morgan Lad defaulted would be no more of a ;tock in the financial center of the country than the story that followed a r.:eeting of the directors of the First // V K IIII ý ý7 (I\ \ >7 1 J GGY2[L BI~l.LO` j il ,2z /' //421 ~3~z~i~i~G HENit aZO'Y Natlonal Bank was to the people of Milwau1ee. In carrying on his mammoth thefts ýf the bank's funds President Bigelow ?ad accomplices among the employes :t the institution. One of these was fenry G. Goll, an assistant cashier. Gordon Bigelow, the son of the bank E.esident, a young man-somewhere around 30 years of age-has been known as a plunger in the stock and grain markets for a long time, and ru nior said that a large part of the money embezzled by the banker went *.: meet the losses entailed by his son. The son has been knovn as a high roller, and several months ago gossip v as busy about some of his big win n'.ngs, one successful coup having net ted him, according to report, some $00,000. But of late there are said to have been losses. A week or ten days ago L. D. Kneeland, a Chicago broker, vent to Milwaukee, and coincident nv!th his visit there were stories of some heavy squeezes that young Bige low had mffered. It is said that K~Ieelanti came to have some matters straightened out, and that he departed vi:th any claims he might have had fully satisfied. Stories of May wheat also have teent rife. Tle persons who hereto fore have hc-itated to make any crit tcism of the financier remembered Fnd voiced their rec:'llection that Frank G. Bigclow himself has always been a plunger. One caterprise in which he engaged that has been em Lt oiled with costly litigation is the National Electric Company, and it was ~sid that several other perfectly le g timate enterprises in which the banker ha(d engaged have proved to he too heavy loads for him to shoulder. As Mr. Bigelow said himself, as he walked from his home to be arraigned I elore United States Court Commis stoner Blloodgood: "I got in beyond my del)th; I thought things would come out all r.ght, but they did not." That was all the defaulting banker vould say. What his close friends may know more in detail, if anything, has. not been divulged. It is doubtful, however, if any of his most intimate loomestead in Milwaukee and a large ft lends had an inkling of the situation t:til the crash came. Even his broth er, the vice-president of the First Na t:onal Bank, was in ignorance of any thing wrong, to the slightest extent, r:ntil the investigation that followed the confession. Only the hank president and the O'upes or worse that assisted him in the manipulation of the bank's books knew anything, to all appearances, and the criminal acts had been going on for months, it not for years. False entries in the bank's books concealed the defalcations that m:ounted beyond the million mark. President Bigelow took the cash and with the connivance of employes cred ited the amounts abstracted to credit* crs who never had the money. WHAT BIGELOW TURNED OVER. Directors Believe Worth of His Assets About $250,000. All that Mr. Bigelow has been able t, turn over to the First NationalBank to make good his defalcation consists or his life insurance, amounting to $500,000, the largest amount in the Northwestern Mutual Life, and his fine amrount of stocks and bonds. Presi . -- -ý_ -- - -7 41 ....1... ..4C\ BIG BANK DEFALCATIONS IN LAST TWENTY YEARS. .1884-Ferdinand Ward, head of Grant & Ward, bankers.....$6,000,000 1884-John C. Eno, president Second National, New York.... 3,000,000 1890-P. J. Claaseen, president, and G. H. Pell, Sixth National, Lenox Hill and Equitable......... ........... 1,000,000 1891-Gideon W. Marsh, president Keystone National, Philadel phia .. .. ... .......... 1,000,000 1891-John T. Hill, president Ninth National, New York...... 400,000 1894-Samuel C. Seeley, bookkeeper, Middlesex County Bank, Perth Amboy, N. J..................... .... .. 354,000 1900-William Schreiber, trusted clerk, Elizabethport Banking Company, ElizabethportN. J. ...... ............. 100,000 1900-C. L. Alvord, note teller. First National, New York...... 700,000 1900-Frank M. Brown, assistant cashier, German National, Newport, Ky ..... ........ ........ ........ 200,000 1901-Henry J. Fleischman, cashier, Farmers' and Merchants' Bank, Los Angeles, Cal ......................... 150,000 1902-Frank C. Andrews, vice president City Savings Bank, De \ troit, Mich. .................... ............ 1,500,000 I I n this pr!,perty at $3Su,O00. But the c:rectors think that it will not foot up Sver $2u0,000 or $250,uu0. A singular cilincidence is that the difference be t i.een Bigelow's first statement of his si,ortage and what it was actually tfund to be later is about what his lersonal assets turned over amount to. CRASH AFTER FORTY YEARS. Eigelow Wipes Out in a Few Months the Success of a Lifetime. One of the curious questions on the s;reets of Milwaukee when the news of the crash became known was: "What's the use of working hard forty years and ending as Frank Bige low has ended?" Bigelow entered the empl y of the Lank that now bears the na e of the First National forty years ago as a lank messenger. He was born in Hartford, N. Y., in 1847, and came to fMilwaukee with his parents in 1861, his father being one of the well-known plysicians of the city in the early days when Grand avenue was a coasting nll to the river for the children. The son received a public school education here, but in 1864 entered the employ of the bank and remained there, advancing step by step, through all the years, until his downfall. He Sas known as one of the hardest working men in the city. His devotion to his bank duties was marked, and when each day he was free from them he was known as a home man. So far as the books of the bank have been examined it does not appear that during his forty years of connec tion with the institution a single pen tly went wrong through him until De cember, 1904. That is, he wiped out forty years of konorable record in a trifle more than fc.ur months. Death Dealing Tornado Swoops Down on Laredo Laredo, Texas, via Messenger to Bernmuda, Texas, May 1.--This city was Friday night visited by the worst tornado in its history. The loss of life is estimated at bet wen t\wenty and twenty-five( petrsons, and the danmag,, to property is large. Shortly after 7 o'clock after an exceedingly sultry day a dark, lowering cloud made its ap plearance ill the Southwest. Soon af ter and with i practically no warning rain began falling in torrents, ac companied by heavy hail. The wind began blowing at a hurricane velocity and signs, roofs and doors began to fly through the air. The wind wrought havoc with houses, telegraph poles, shade trees, and, in fact, every thing that came within its path. The huts occupied by the i)oorer classes of the city were first leveled to the Sground and as the wind increased in velocity the more tulbstlantially con structetd t buildings were unroofed and in nlany cases detlolishe(d. The storm lasted about an hour, and subsided al most as quickly as it had made its ap appearance. Every telelphone and tele graph wire between San Antonio and points in Mexico was prostrated. Five persons are reported to have 1 been killed in New Laredo, opposite this city on the Mexican boundary. The r ofs of the lamnilton and Ross 1 Hotelsfof this city were removed by s the wind. At the Hotel Ross the rooms were flooded to a dl pth of from four to six inches and the guests abanuoil ed their quarters for the night. The tower of the city hall was par tially blown from its foundation and is careening toward the streets in danger of falling any moment. The streets are practically imtpas sible, being covered with dtlbris of all kinds. The local telephone exchange was unroofed, the switch board demolish ed and every telephone is out of ser ch~hvvvvv~vc~^Nv~v~hlvv vie. It \will rctquire some time to Y. complete repairs, as the lines will C( have to t ) e li'irly ".built and a new , exchange installed. w I The spans of the Int&ternational foot a bridge across the Rio (;ranltt river , were bllow\n doaw\n ol the Mexican side '; of the river and conilunicattion ex- a: - cept by Ilmeans of sliff and Ihe railroad o I- ridige is cut off. t The ci: of New Laredo suffered se c - verily. Among tlhe buildings entirely s ldestroayed is the new ('oncordia hall, a a which was used as an opera house. Later details indicate that first re- t, ti ip orts were, by irno mIltans exaggerated eithller as to the numbell r of humllllan - lives saeriFicdl or the filnancial dam age 'resulting. - f Scores of people aire attended by the various physicians. They are suffering , Sfronl all sorts of broken bones and - bruises. 1 It will be iimpiossible to state the Itnumber of the injurid, but it ishel thought many dealthis will result fromn t - now on. g The nlumnber killed is sixt len in this i: 1 city. So far as can he learned their names are: Juan (tGuerrero, aged 46; i B Julia Guerrero, aged 1S; Paneila Gur. a e rero, aged '2; ---- Guerrero, missing. H Unknown negro man, servant at Ia a I redo Seminary, aged -15; Palilio Nun. y cio, aged 56; .Juanita Jaramilla, aged 6 : 1:; unknown man, employed in the I r Biruni House; S. Munoz, aged 50; one - woman and two young boys, aged 8 a and 9, respectively, named larrera; - Miss Gayetan, aged 17 years. d The first four mlentioned in the list n were members of one family, and were employed on the ranch of George - oodman. They were all crushed tc 1 11 death by the falling in of the heavy V walls of the adobe house which they r I occupied. The othars mentioned in i - the list met their death in a like man I nor. 'I THE CZAR PROCLAIMS RELIGIOUS FREEDOI St. Petersburg, May 1.-Real relig ious freedom conferred upon his sub jects by Emperor Nicholas as an Eas ter gift is a historic event of the high est significance in comparison with which the remission of millions of dol lars of taxes to the peasantry, a long list of decorations and six pages of promotions of bureaucratic officials, are hardly worth comment. Liberty of conscience has been re peatedly proclaimed and Procurator Pobedonostzeff in his famous reply to the evangelical petition of 1SS8 con tended that it existed in the empire. The fact is that as a trysting place all religions have been tolerated in Rus sia, but none has been allowed to trespass upon the orthodox faith enun ciated from the mosque that faces the church of the Nevsky Prospect in St. Petersburg. People were free to re main true to the religion of their fath ers, but were forbidden to make prose lytes. Everybody might enter, but none might leave the orthodox church without forgering all civil rights, including the right to inherit crown property and in the train of that policy persecutions of every con ceivable character was directed against the "Raskolniki" or dissident sects, especially the old believers. The emperor's act will also affect about 40,000,000 belonging to alien faiths, such as Jews, Catholics and Lutherans, of Poland and the Baltic provinces, the Protestants of Finland and the Furs of Islam and Budda In the Urals, the Crimea, the Caucasus, Turkestan and Central Asia. These figures are only approximate as prob. ably millions who are nominally ortho. dox secretly profess other religions. Whole villages of .Mussulmans baptiz. ed into the orthodox communion by a ruse, petition in vain to be permitted to return to Mohammedanism. Logically, the emperor's action in. "'olves a complete reversal of the Rus" sian policy of seeking National unity in conquered provinces in religious unity. He has accepted the axiom of the mertopoltan Antonius: "You can not hold strange children in the church against their will.'' and recognizes in religious variety good for the nation, as well as for the Church itself, a principle which if acknowledged poli tically, would mean a federated Rus. si. Unequal Taxes Scare Captial. Cleburne: W. A. McDonald, secre. tary of the Dallas, Cleburne & South. western Railroad, has returned from a directors' met ting in Fort Scott, Kan. and states that there is a disposition on the part of the directors to etxend the road if finances can be raised, but that the 1 per cent tax on gross earn" ings imposed by the legislature will make it harder than ever to obtain Eastern money for railroad building in Texas. Two Are Killed. Hearne: As local freight In charge of Engineer Harry Canterbury Thad Shell, was coming coming into Hearne Saturday night the train was badly wrecked at a result of a washout, and the sixteen ears and the engine were ditched. Engineer Canterbury and Head Brakeman Lee Gordon were in. stantly killed. Firem:an Joe Selsher saved his life by jumping and his in. juries are only burns. Fourteen Men buried Alive. Wilburton, I. T.: Degnan & McCon nell's mine No 19, two and one-half miles west of Wilburton, blew up at 1 o'clock Sunday morning, fourteen miners positively known to be buried, and there is a strong pcssibility that there are more men entombed. There is no hope of rescuing any alive, and very little that the bodies will be re covered for several days, as the shoft is 13S0 feet deep, and the whole lower part has caved in. The Methodist Catechism. Louisville, Ky.: New junior stand ard catechisms, compiled by a joint committee for the Me:thodist Episcopal Church, both North and South, have been presented to the board of bishops of the M. E. Church. The junior cate chism is for children and the stand ard is for persons older than 12 years. They differ in matters of form from the old books, but the doctrines are identical and it is believed they will be adopted. Lookout's Big Tunnel. Chattanooga, Tenn.: Work on the construction of the big tunnel through I.ookout Mountain was started Mon day morning. W. J. Oliver & Co., the contractors who secured the work, have a large outfit on the ground and are ready to complete the work within eighteen months. The tunnel will be 3,500 feet long and will be constructed according to the most modern meth ods known in the engineering world. Cotton Mill for Marble Falls. Austin: According to information received here the great cotton mill which it was proposed to locate in West Texas at some point on the line of the Southern Pacific, will be es tablished at Marble Falls. The old woolen mill building at that place will be utilized for the purpose. The at tractive feature of the Marble Falls proposition is the spendid water pow er that is afforded there. Machinery has been purchased for the new gin at Paradise. Navigation Jubilee. Denison: Many thousand people vis ited the Annie P. Thursday. The great celebration was a prefect suc cess. Congressman Randall was en thusiastically endorsed for a third term, to carry the Red River project to success. The Frisco carried sev eral thousand excursionists without a single mishap. Theownership of the steamboat will pass to the Denison Red River Tr.asportation company. LOUISIANA NEWS. ~, Cotton Acreage Reduced. Baton Rouge, La: Walter A. Clark, of Clarlstlale, Miss., presdhent of the Milssississippi division of the South'ern 'Cotton Association, and M. A. Filher, ecrtetary of the Mississippi division, with headqluarters at ,Jacisn, were among the visitors to the ctiy last week attending the Southern Ilnterstata .;cod Roads Association. Mr. Clark and Mr. Fish.,r have both hb(en engag ed for the last thr'^e months in th. camn)aign to secure a r`tlutitioni in the cotton acreage In .Mississippi. Mi:isis ssippi k perhaps better organtzed than any other Southern state in this cam paign. Mr. Fish'.r has his headquar ters at the capital, where he, with two stenographers and an assistant, is busy keeping upl with the correspoadence. receiving the repo)rts from the differ ent county organizationlls, etc. In dis c(ussing tile campaign in Mississippi, M1r. Fisher said: "We are now thoroughly organized throughout the state, and have a work ing branch organization in every coun ty, from which complet, reports in re gard to the planting that is being done is received. 1 atm convinced from these ruports that in a majority of the coun ties of the state the reduction of the acreage planted in cotton this year will be at least 20 per cent below the acreage last year. In sonime of the counties, especially in the Deita, the re duction will not ter quite so heavy, but there will be a reduction. In the Delta because of the lateness of the season and the scarcity of labor, it will be im possible for the planters in that sec tion to get a full crop under ground. Jennings Field Pipe Line. Crowley, La.: The Bass & Bencken stein pipe line from the J.lcnnings oil field to Butte la Rose on the Atchafa laya river, has been completed to within a little over a mile of its desti nation, and the next ten days will wit ness the competition of the line to the river. It is extý'cteJ that the line will be in operation about the 10th of May, The line has a capacity of 10,000 bar rels of oil a day. It has four relay pumping stations along the route, which is about sixty miles. Alongside the line is an independent telephone line belonging to tne company. There are two steel storage tanks at Butte a la Rose, with an aggregate storage ca pacity of 110,000) gallons. The line will be a common carrier, although the company has a large amount of oil in storage at the field and is producing 14,000 barrels a day more than the ca pacity of the line. Ten Thousand Sacks of Rice. Crowley, La.: Ten thousand sacks of rough rice wei- sold in this city on Tuesday by Brooks & Clark by the hi.t ding system, which has grown popular in Texas during the last year. Sealed t bids on a list of lots running from 100 bags to 1,100 btgns were submitted by Carver Bros., representing the National Ric-. Milling Company of New Orleans and Frank Rickert of New Orleans. Each of the bidders secured about half of the rice. Most of the rice was low grade, and brought from about $1.30 to about $1.80. The present quotations on the same grades have for the last five months been about a quarter of a cent below the figures named. East Feliciana Fair. Clinton, La:: At a meeting of the stockholders of the East Feliciana Fair Association, the following were elect ed directors for the ensuing year: D. W. Pipes, Isaac D. Wall, H. S. Perkins E. E. Wall, Isaac D. Wall, H. L. Mayer, I W. A. Moody, D. M. Pipes, O. L. Ben nett, W. A. West, G. L. Gayden, and A. T. Norwood. Th-e directors elected the following officers: W. A. West, pres!. dent; G. L. Gayden, first vich presi. dlent; H. L. Mayer, second vice presi dent; I. L. Meyman, secretary; Isidor Mlayer, treasurer. This association was organized fifteen years ago, and is I in a flourishing comndition. Tre Craighead Lynching. Homer, La.: There have by.;n no de velopments recently In the Craighead matter. It Is not expected that any arrests will be made for some time, as the sheriff hopes to get some evidence to confirm that furnished by Cralg'head Sand the other prisoner as to the identi ty of the four men who entered the jail. The judge has not called a spe cial session of the grand jury to inves tigate the lynching, probably awailtng the result of the investigation by Sher iff Kirkpatrick. Oil Pipe Line. Rayne. La1: Work on the Carnes, Bass and Benckenstein oil pipe line from the Jennings frl.l to the Aacha. falaya river is progressing rapitlly. A Ilarge crew is at wark here,. and the line will be completed to Lafayette in a few days and really for testing. A Il-ay station is being iput in at this place, and Manager Tucker expects to :start the pump at once, throwing oil into the two big tanks here. Auction Sale of Annex Lots. Thibodaux, La.: Fifty-five lots, each 120x.0 feet, were dispos.,l of he:-e in the Nichols & Henderson annex. The highest price secured was $150 and the lowest $x0. One lot was given away, Anatole securing the property. Lake Charles, La.: The Lake Charles Realty Company has been incorporate Swith $50,000 capital stock. to buy, sell and improve real estate. The directors Sare: J. A. Landry, Thomp:on Bird, P. O. Moss, D. J. Lar/lry and L. A. Swann. rhe four first named are also officers; I in the Lake Charles Ice, Light and Wa. Ster Works Company and the Lake - Charles Street Railway ,ompany. Jonesville, La.: The published stlate ment to the effect that the Jonesviile 1 Herald had suspenled is incorrect !. The Herald has not suspended and wll be published as usual.