The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1906-08-07
Dropped d When I e; ] 4 Told ()'ll]|
n. Tel epho 4 Wreck Y + \.
Had Come.
! MEN AN DIV OMEN Y 8. URs'T R
INTO TEARS AT NEWS
Riotous Scenes L + olloWed, and
Large Force Of Policemen
.s Struggled All SIT: Pa Day to .2
Keep Excited Crowd s,i
Of Deposit from
r Rushing Doors. 3i
~ ". Z T q 4 2 I1I N a 2 q ~ =
fRY Anscciated Pres1.)

II fBy Associated Press.) g;
8 CHICAGO. ILL. August 6-----yVith s y
deficit In It's accounts close to a million
dollars, and with the wherea bouts of two
Of It's chief officers unkn own to the lau-i
lhoritIes.s A the Milwaukee Avenue State
Bank. one OF the largest ou tying banks
In Chicago. WAS closed to- day by State
Bank Examiner G. C., Jones' D. posts
amounted to about 81. CO. CO., and loans
md credits to about that amount. u
5 The failure was II responsible for the
death OF one OF the d depositors and lied
TO the suicide OF ,another q ma who. q bout
month ago, had placed the earnings
n OF a lifetime In the instituti lon. IN the
excitement following the annonncem At
Of the failure, y. c. Wiser, an q flcers Of
the Royal Lea gue,5 who had on deposit
In the bank funds OF that rganlzau ton,
4 fell dead Henry Koepke /, q: Il grocer, on
hearing that the hank had Il Su spended
8 payment went Ito q the rear OF HI Ia store
and shot himself q died a minutes s.
ia ter ii. ssa
Riotous Scenes. IF39ssS
MS ri tolis scenes attend ef the announce
Vi rnent of the failure and a Iarge force sbf
policemen struggled all day to keep n
III excited crowd { 9of deposi tors 81 nearly all
Of whom were Ia borerB, ,a Ind many $of
whom we're women 81 from ru shing the
doors Of the institution.
The fact that the bank was on Stfe
verge OF failure was revealed z by he
4 president. Paul O'stenslAnd. In letter
r. written from ST. Paul to his so = ts55 Th eo-
n dore, who is VI e-president OF the bank.
The letter was re ee!yed la st Sa turda q nd
started the Investigation which brought
about the suspension. Cashier Henry w.
Herring disappeared. "A and q wa IRA nt5 y gas l
Issued for his arrest on n charge Of en-
#bezlemcnt. # III III hi 81 " u :s5
Caused Great e Excitement.
The flrst public y ntimatlon Il that the
bank was In trouble was the pos ting of
notice at the beginning OF banking
4 hours b. Bank Examiner G. =. Jones,
I stating that business had been snspe nded q h
x for the purpose 5of making an exarnlna- 4
tion OF the ank'ssaftairs and that the
institution was In the hands OF the . tate lt
Auditor, Y g IS 3l, !, :,
The news spread rap apidlyS Sthroughoutst the
entire northwest side OF the. city. where
the bank had been for years popular
depositary for funds saved BY WORKING
people. soon a clamorous CROWD gathered
before the doors and demand led u 40 MS
sion. Anticipat tins troub Bile, a score q
policemen we're sent to the bank The
s neople were permitted TO ale past the
doors bearing the posted notlce. q nd sa we're
4 compelled to keep moving Onl those
having keys to safety deposit vaults were 'al
allowed to enter 3i u, !,
4 M Many burst Into tears when they found
thatltheIr savings were endangered. VS.
ser, to whom the shock proved IA tai, wa 9
Y several blocks from the bank. Hearing
4 he3rumor, he stepped into a drng store,
II seeking particulars. He fell dead when
j assured that the bank had allied .fs5s
Due to Speculation.
An examination OF the panK's affairs
was begun quietly last Saturday. after
receipt of the letter from President Stems
land According to instruc tons contained
therein, Vice President Theodore Stems
land opened atdeposlt box ana discovered
i proof that the banks funds were In bad
shape Y \. &, Z, \. !. !, s, Z. Z.
md savings Bank, which acted as clear.
Ing gent for the defunct institution, was
caIled into consultation The State
I auditor was Informed. and he sent Bank
Examiner Jones to make a full i11vestl'
h The al ortage OF between $4,000 and
81 100000 is said to- be due to speculation
# in real estate and In the securities mar
ket, :. /.
~ Members Of the Clearing House Commit,
& tee were told that most OF this amoun'
was not protected by adequate collateral, al1 !
a Tho stensland family owned mush Of ot
the bank stock, and mem Rers . q Z, !, a,,e y,
4 family operated the bank, statsIlieMt .
made BY Vice. Pres ident Stensland sp-agy Y = Z
showed $l,051, 900 In cash on hnnu, T.. ~
said that the bank oa rrled Loepos'ts @ ~ y
$4.20o,oW, and had e. 900 deposiIoTs, tne ! re
concerns new York corresponde denls N.Y. W
the Mercantile and the Chase Na't'oha1
banks
Last Report,
The last report OF the milwaukee, Aye ~
nue. Bank was MADE on June lSt'' lSt'' ~ 90 - ~
.fa RESOURCES. .t
Loans and discounts sss222s'i i5s iI e e
gyslKaFa1's stoeKa "a s55Sbis y
Real estate and safe deposit !, >b.. q. !. /,
Current expenses .,,.s.,,,.,,,, Lin s.
Exchanges for clearing house. 7hslY Y
4 Checks and other casf,,,.,t,., 8, I PIP ~ ~
n Cash on hand Observation-Disclosures, loS, ,tns n ~
iSls1 from banks y. Il, ...,,, 669,gH u
Collections In transit..,,,..,,,. 222,Si2 y
Il Total -, "a, GUT ,t74 ~
Capital stock paid In. B. 25o,0Q0 ~
Continued on Third PaGe.1