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WOUJ SNOU VALHO BIGELOW AFFAIR Crowds of Depositors at First National and Milwaukee Trust Company Banks. BIGELOW ARRESTED AND RELEASED UNDER BOND Speculation and Bad Investments, Not High Living, the Cause of the Trouble. Milwaukee, April 25.-The run on the Milwaukee Trust Company bank and the First National bank of Milwaukee, in both of which Frank G. Bigelow was a director, continued this morning, but ceased in the afternoon, and business in these institutions was resumed under normal conditions. The two banks today decided to take advantage of the law requiring that a notice of thirty days be given before sums under $100 can be withdrawn and a notice of ninety days on sums exceeding $100. The passbooks were so stamped when presented at the bank windows. The same rule applies to certificates of deposits. The general display in the windows of the banks and prominent business houses of placards containing reassuring statements of the boards of directors of the First National bank and the Milwaukee clearinghouse committee also fidence. had an effect of restoring conCrowds at the Bank. When the doors of the two banks were thrown open, the crowd that had lined up two and four abreast for half a block from the main entrance of each, filed in as rapidly as the police would permit. More than a dozen sought admission at once and there was a lively scramble. Women and men, an old man on crutches among them, were jostled rudely. Those who sought to withdraw their funds were mostly small depositors, who applied at the savings departments. There were some depositors, chiefly lined up at the window of the First National bank. The directors of the Milwaukee Chamber of Commerce today voted unanimously not to withdraw the current fund from the First National bank. The opinion was generally expressed solvent. that the bank was perfectly Statement from Bank. The following statement was issued shortly before noon by the directors of the First National bank: The board of directors of the First National bank announce with absolute positiveness that the bank is perfectly solvent and able to pay every dollar of its indebtedness. The report of the clearinghouse committee confirms this statement. We have money on hand with which to withstand any run that may be made. Only small depositors are withdrawing. All banks in the city are taking advantage of the law on time deposits. The First National is safe. Bigelow Arrested. Bigelow was arrested late yesterday and was held to the federal jury under $25,000 bonds, which was furnished by Dr. Geesch, Horace M. Brown and Arthur McBigelow confession was made at a special meeting of the board of directors Saturday evening and continued Sundayand Sunday night. Bigelow said he had a painful statement to make-a confession that he had misdirected the funds of the bank u and that an examination of his books and a comparison of figures would 0 show that he was indebted to the bank to the amount of over $1,450,000. This money, he said, had been lost in speculation in wheat and stocks. lb Not a dollar of it could be recovered, and the only sum he could offer toward recompensing the bank was personal e 000. property valued at approximately $300,S Confession Is Last Resort. Mr. Bigelow said he had become involved in speculation several months 0 ago. This was on Wall street. More S recently he had been a persistent bull 0 in the wheat market with disastrous a result. From small manipulations of p the bank's funds he had extended the 4 defalcations until his shortage had reached the present stage. He saw no opportunity or possibility of making up 4 the amount and therefore confessed. The meeting of the directors, which was almost continuous for thirty-six 4 hours, was stormy at times. Several Π§ plans were suggested for protecting the interests of the bank. One was to accept the resignation of the president, E permit him to go to Europe, and the 7 directors make good his shortage. E The proposal met with determined op9 position from the directors who de8: manded that the defaulter be punished. The plan to make up the shortage was S then approved. Bigelow was removed from the presidency of the bank, and X the case was referred to the federal authorities. a 41 Wife Is Steadfast. e is. When the federal marshal called at the Bigelow residence to serve the warrant, the former bank president was in
