The Montgomery advertiser., 1906-08-07
A DEFICIT OF
 ONE MILLION. Chicago Bank Closes Its Doors. CASHIER HAS RESPONDED IA Depositor Fell Dead During
 Intense Excitement. Most of Those Hurt by the Faiiure Were Foreigners Who Fought for
 Entrance Into Institu-
ASHER HAS ABscoNDED

Chicago Aug. e.--Wfth deficit in It's accounts estimated to reach close to million dollars, and with the where abouts of two of its highest officials un- known to the authorities. the Milwau- waukee Avenue State Bank, one of the largest outlying banks in the city, was closed today by State Bank Examiner c. c. Jones'
 The failure was responsible for the death of one of the depositors and led to the suicide of another man, who. month ago, had placed his earnings of lifetime fin the institution for safe- Keeping. Tn the excitement following the announcement of the failure, J. G. visser, an official of the Royal League. who had on deposit In the bank funds of that organization, fell dead of heart failure Henry Koepixe. a small grocer, on hearing that the bank had sus- pended payment, went to the rear of his store and shot himself. He died few minutes later while being removed to hospital
 In the excitement following, J. 0. visser, an official of the Royal League who had on deposit in the bank the funds of that organization, fell dead of heart failure.
 Rfotous scenes attended the an- nouncement of the failure and large force of police struggled all day to
 
 nearly all of them foreigners and many of them women, from rushing the doors of the institution
 The fact that the bank was on the verge of failure was first revealed by President Paul 0. Stensland, one of the absent officIa1s. A letter to his son Theodore. who is yice-Presfdent, writ ten from St. Paul and received here last Saturday. started the investigation hfn fnt. .ee4f a ahn2ff the nalnn. Another sensational feature of the affair was the disappearance of the cashier, Henry ". Herring, and the Is suing of a warrant for his arrest on a charge of emhaxslement. A message. ordering his apprehension was sent to every police station in the city Notice By State ExRmfnex. The frst public tntimation that the bank was in trouble was the posting of notice at the beginning of banking hours. by Bank Examiner C. c. Jones, that the business had been suspended for the purpose of making an examina- tion of the banks affairs and that the institution was In the hands of the State Auditor.
 Soon a c1amorous crowd gathered be fore the doors and demanded admis- sion. Anticipating trouble, q score of police was sent to the scene. The peo- ple were permitted to file past the door bearing the posted notice but were compelled to keep moving. only those having keys to safety deposit vaults were allowed to enter Many burst into tears when they found that their savings were endangered or lost. Vfsser to whom the shock proved fa- tai. was several blocks from the bank. Hearing the rumor he stepped into the drug store seeking particulars. He fell dead when assured that the bank had failed.
 Am examination of the banks affairs were begun quietly Saturday after the receipt of the letter from, President Stensland Acting upon Instructions contained therein. vice president Theo- dore Stenslamd opened a deposit box and discovered proofs that the banks funds were in bad shape.
 President Potter of the American Trust and Savings Bank, which acted as clearing agent for the defunct in stitution was called into consultation. The state auditor was notified and Immediately sent Bank Examiner Jones to make a full Investigation. The shortage Is estimated to be between S75O. 000 and S1,000,000. Disastrous snacuIation in real estate and in the securities market is said to be respon- sible. Members of the clearing house committee were told that most of this amount was wholly unprotected by adeouate collateral.
 Was . Family Bank. The institution was known as family bank. The Stansland family, for years well known residents of the Nirth Side, owned much of the stock and members of the family operated inc bank It was organized in 1891 and succeeded the banking firm of Paul I O. Stensland and Co.
 Ii was launched with paid up cap oka aks.t11 1aN.t Ala kxK l vice president Stensland today showed l S1 05i. 900 in cash on hand He said 1 That inc bank carried deposits of $4, 200 900 and had 22.000 depositors. The Stensland bank was not member of l the clearing house, but cleared through | the American Trust and Savings Bank | The concerns New York correspondents are the Mercantile ana the Shase Ma | tional Banks.
 The last report of the Milwaukee avenue bank was made on June 19. It
 Is as follows:
 Resources. 1 Loans and discounts, $S22S,172; over
 drafts. $1,S25.72; stocks and bonds, | S35O.9iS33; real estate and safe deposit
 vaults. $s75, ,66S.S3; current expensces | 211 47734 Exchanges for clearing house $z1.202SS Checks and other | cash items, $3,S15.40. Cash on hand. | 265,16216. Due from banks, $669.425.- 22: collections in transit $25's12.2s.
 Total. $4,697474.s0.
 Liabilities.
 Capital stock paid in. $250.0Oo; sur
 plus fund $250.000; undivided profits,
 s61, 1,S66.s5: dividends unpaid $150. Saw | ings deposits subject to notice, $S,175,- 19521. Individual deposits subject to check, $S69, ,59:s3 Demand certificates | of deposit, $7S00. Time certificates | of deposit S30,S22.02. Certified checks. $S,65175. Cashiers checks outstand- ing, $43,99T.15; total, s4,697,474.S0. Cashiers checks outstanding, $44S,- | 9s715.
 Taken Under Advisement.