The Richmond palladium. (Richmond, Ind.) 1906-1907, 1906-08-07
POLICEMEN CAUSE
Run ON THE BANK
Milwaukee Institution Closes
Its Doors, and the Cash.
Ter Is Missing.
RIOT NARROWLY AVERTED
TOTAL $3,ooo,o oo-PATRoNs ARE
MOSTLY POLISH WORKING PEG
PIE.


Chicago Aug. 1.-THE Milwaukee
Avenue State bank, one of the largest
outside of the downtown district and
having deposits of more than $1,000
600, closed it's doors following a run
on th~T2Liltitution. The first intima-
ton o,fh Ha-ble was the appearance at
the ba. , 20 policemen who had
been Idish Feed to prevent anticipat-
ed ldisordelohtthe police department
having been Notified officially that
she Of the cltscers Of that bank had
fabsconded. !.
The suspicici of dopositors was
aroused by the sight of the policemen
stationed in front Of the bank and in
a short time large numbers of those
who had money in the bank appeared
and demanded their deposits. At one
time the run assumed the proportions
of a riot, but the turbulence of the
crowd was finally quelled by the po-
lice. The news Of the suspension
spread rapidly and soon several of the
SMALLER banks in the vicinity were be
<sieged by depositOrs.
Henry W. Herring. cashier of the
bank, is missing and a warrant Charg-
ing him with embeZzlement has been
sworn out. At the same time the
state bank examiner, c. G. Jones, is
sued a statement to the effect that
the whereabouts OF three officers of
the bank is unknown to him, and that
the bank Is without an official head.
y During the absence Of President
Stensland in Minnesota his brother,
Theodore Stensland, has been in
charge. Last Saturday he discovered
thai the bank was in serious cOndi-
tien and gave notice to Cashier Her
ing and other officials that he would
make further examination Monday
morning. A notice was posted by Elk
aminer Jones stating the bank had
closed for the purpose of examination
and that the institution was now in
the hands of the auditor OF state.
The Milwaukee Avenue State bank
was organized in 1890 by Paul o.
Stensland. who is president. The cap
ital stock of the bank is $210.O00, and
the surplus is given at $2500 geo of the
deposits, stated to be in the neighbour
hood of S3,000000, a large part, it is
said, Is tho earnings of working peO-
pie.
The patrons Of the bank are mostly
Polish working people, who abound
in that ncighborhood,
Since the closing Of the Chicago
National bank some time ago, the
Milwaukee Avenue bank has cleared
through the American Trust and Saw
ings bank. The statement of the bank
issued under date Of June 10. 1906,
Igave liabilities at $4,697 ,474. OF this
amount $3,175,195 was composed OF
saving deposits and $869,S91 was de-
posted subject to check and cOmpris-
ed mostly accounts of business men.
Reports were general that the alleg-
ed defalcation would reach $4,000 or
more. Police Inspector Shippy re
ceived information from a subordin-
ate sent to the bank that one of the
officials of the institution had been
gambling on horse races
Theodore Stensland made state
ment explaining the condition Of af-
fairs, in the bank. He said: The
bank has now cash on hand of 81 051,-
900. 1t carries deposits OF $4,200,000.
There are $4,000 depositors. | do not
believe that Mr. HerinG5 accounts
are wrong It is not unusual for him
to go away for two or three days at a
time +"