Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-08-16
To TAKE A HAND
IN BANK AFFAIRS
Clearing House Association
Will Get Busy.
IN PROBE OF CHICAGO LOOT
Examiner Ordered to Make Thorough
Investigation. \
RESULT OF MEETING YESTERDAY
The Latest Development in the Big
Defalcation-Presid Stensland's
Whereabouts Are Still Unknown.
Examiner Ordered to Make Thorough
Investigation. \
RESULT OF MEETING YESTERDAY

CHICAGO. August 16.-The Clearing House
Association of Chicago has decided to take
hand in the tangled affairs Of the wrecked
Milwaukee Avenue State Bank. Clearing
House Bank Examiner McDougall has been
ordered to make a thorough investigation OF
the conditions existing in the looted insti-
tuition and report his findings to the asso-
citation.
This move was decided upon yesterday at
the meeting of the central committee, Iep.
resenting the various depositors, with James
b. Forgan. president Of the National Bank
and a committee Of the Clearing House AS
sociation.
Attempt to Set Aside Jugdment.
An attempt was made today by Attorney
Archibald Cattell to have Judge Patten of
the circuit court set aside the Eide judg-
ment, on which the receivership proceedings
before Judge Gibbons against the Milwau-
kee Avenue State Bank were based. In pre-
sentlng his motion the attorney declared
that Johann Wage was not authorized to
enter the appearance Of the bank, and for
that reason the judgment was improper
Judge Patten declined to hear the motion,
stating that he was busy with other mat
ters. Attorney Cattell then verbally notified
Jacob Newman and S. o. Levinson attor-
neys for Eide, that the motion would be
presented again late in the day before some
other Judge
Suit for $4,000 damages has been filed in
the superior court against the Milwaukee
Avenue State Bank by the Polish National
Alliance. The suit is for recovery of the
amount deposited to the credit of the order
in the bank.
John c. Fetzer, receiver for the bank an
nounced today that the actual work of pay
ing depositors 20 per cent of their accounts
had begun. Receiver Fetzer In discussing
the duplicate receivership and the probable
request of the attorney general Of Illinois
for third receiver declared himself deter
mined to continue his duties as receiver un-
til the court that appointed him relieved
him of the trust.
Dawes Receiver for Store.
Judge Bethea, in the United States dis
trict court today appointed Charles G..
Dawes, president of the Central Trust Com
pany, receiver of the Milwaukee Avenue
Cooperative Store, the majority of the
stock of which is owned by President
Stensland Of the Milwaukee Avenue State
Bank The bond Of the receiver was fixed
at $780, 600.
The Milwaukee Avenue Cooperative Store
is alleged to owe the Milwaukee Avenue
state Bank $S1,OOU " OtueT CTeulloTS loI
merchandise there is outstanding against
the store $4,000. The stock and fixtures
are estimated to be worth $4,000, and the
business is said to exceed $1,000 a week.
After dsposing of the cooperative store
matter Judge Bethea named w. F. Ziabel
receiver for the Steel Ball Company, which
is another concern in which Paul o. STEMS
land is large stockholder. The Steel Ball
Company Is said to owe the Milwaukee
Avenue State Bank $253,OOO Other cred
itors have claims aggregating 5000. The
assets of the Steel Ball Company, it is
claimed, do not exceed $4,000.