Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1906-08-06
Milwaukee Avenue State Bank
Has Closed Its
Doors.
THE CASHIER is MISSING.
Depositors Were Mostly Working Peo-
ple-Iau>ed Run on Several
Institutions.

outside VI the downtown districts and
having deposits 90 over three million
dollars today closed 's doors following
a run Oh the Institution The first in
timauon Of trouble was the appearance
az the bank Of 20 policemen who had
been dispatched to prevent anticipated
disorders, the police department hay-
Ing been notified officially that one Of
the officers OF The bank had absconGfd.
The suspicion of depositors was
aroused by the sight o. the policemen
stationed IN front OF the bank and ln
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 not but the turbulence OF the
crowd was finally Quelled by the police.
The news Of the suspension spread
rapidly and soon several % the smaller
banks in the vicinity we're besciged by
depodtors.
The Milwaukee Avenue state bank
was organized In 1890 by Paul q. stems
land. who Is president OF the institu-
tiou. The capital stock is ;2J0.000 and a
surplus $3.50 600 OF the 5000 900 de-
poSiis, large part, Il H. said, Is the
earnings " working people.
Henry W Herring, cashier Of the
bank, IS missing and warrant charg-
Ing embezzement has been sworn out.
At the same time state Bank Exam.
liner e.. e.. Jones issued a statement
90 the effect that The whereabouts OF
three officials OF the bank Is unknown
10 him and that the bank is without
an official head.
During the absence Of President
Stersland IN Europe his son, TheO-
dorc Stenslaud has been IN charge.
last Saturday Theodore Stensland dis
covered that the bank was IN a serious
condition and gave notice 20 Cashier
Herring and other officials that there
would be a further examination this
morning. Today a notice was posted
by Bank Examiner Jones stating that
the bank had been closed Tor the pun
pose OF examination ana that the in-
stituiiou is now IN the hands OF the
auditor " state.
Tne patrons NJ the bank are most
N Polish working people who abound
n the neighbolhood. Since the clos.
INK u the Cnicago National bank
some time sgo. the Milwaukee Ave
nue. bank has cleared through tho
American Trust ana savings bank
fhc statement OF ine bank issued
under date Of June rs. 1906, gave lia-
bilitics al Si46i4ii OF TINS amount
{3,l5lSj was composed Of savings de-
posts ana ises6gl was deposited.
subject 10 cheek and comprised most
ly accounts ot business men. other
liabilities were.
Demand certificates $500.
Time certificates. t3o.s22.
Certified checks. ts65l.
Cashiers checks -Sf3ssl.
pfseti.ng the liabilities me hank
statement shows that loans and dis
counts amounted 20 s2!23.l19.
So lar A. now known. Hli this paper
Is COCO. The bank carried ON hand ~
that time cash amounting 90 t265.lsg
and mad credits With otner banks of
i66q43l
Reports were general that the al
legged detalcatiou would reach $4,000
or more. Police Inspector Shippey re-
Ceiycd Information from q subordinate
sent 10 the bank that one OF the on
cials ~ the institution had been gam.
bling on horse races II is said that
the list Of depositors al the bank in-
cludes nearly $4,000 persons
President Sttnsland il A. present
al 81 Paul Mimi where he went for
a vacation
This afternoon Theodore Slensland
made statement explaining the con-
dition NJ affairs In the bank. H. said
The bank has now cash on hand nf
) l.05l 900 7, carries deposits ~ N.-
2o0.00O There are % 0o0 dep1sitorS
do not believe that MI Heuings ac- [
counts are wrong. IL Is not unusual I
Tor him 10 60 away for two or tire, I
days az time. he never takes q regu- /
Jar vacation. but has heretofore seized /
an opportunity Tor few DAYS rest /
when business is comparatively dull /
That is an, ! believe that has hap /
Deued This time
i sVore out the warrant for the ar I
rest OF Herring no the request u Bank /
Examiner Jones Justice Caverlv is /
sued the warrant The amount named |
n the warrant is $500 / regard the
matter az only matter Of form 10 a..
'ommodate Mr. Jones and enable him
10 hold or question Herring when he /
.c-appers. as ] am convinced that he
'ill Il was the absence OF three 81
he executive officials that led tho
'ank examiner 10 take this action aud
be- has done % merely as precaution.
iot because OF any known discrepau.
les
lie win make a return and exhaust.
We probe into the affairs Of the bank.
I Nill probably take n week and a the
mi OF that time ] am sure The hank
'ill again open for business"
CAN'T FIND STENsLANp.
81 Paul. Aug. e-.lDoulry al an the
.otels Co. 81 Paul ana other ploces
.here he would likely be known fsled
% locate Paul o. Stensland. president
Z the Milwaukee Avenue hank. searob
Of him II being continued.
Though Bank Examiner Jones rc.
used n explain What three of the
ank officials he referred 10. n Is sun.
osed he meant The following
Paul q. Sienslaud. president. now ga
t. Paul, from whom a telegram has
zen received, saying he h on his
ay home
"A " Herring cashier. said bv the
olice 90 have disappeared. warrant
worn out FOR his arrest. shortages he.
eyed 20 have been found in M ac-
cunts said by member Of his house
old Go have been in Chicago TODAY
nd 90 have left Tor the bank about
O0n.
Ulrich Daniels assistant cashier.
no has been absent IN Europe for
no months
Miss Lille Herring. daughter 81
asa.4 Ncgriug. said Today that her
ithcr told her Saturday that d. was
INK 90 be away over SUNDAY She
lso said that she had q telephone
lcsage today. which she thinks was
ON her father in which he said that
? had been delayed. and thar he
ould not be home but would 20 a..
~ 20 the bank She said hef father
nd complained on saturday Of suffer.