Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1906-08-10
BANKER MISSING;
RUN SHUTS DOORS.
Milwaukee Avenue State Bank Of CHI
cago in Difficulties; Deposits
Are $3,6OO,OOO.

CHICAGO, ILL.,, Aug. 6.-The Mil
waukee Avenue State bank, one OF the
largest outside Of the downtown district,
and having deposits of more than 3d.
100000 closed it's doors today following
a run on the institution.
The affairs of the bank are mysterious
" muddled The Daily News says:
'It develops that the Milwaukee Ave
nue. State bank has been looted to the
extent of 100000. This amount Of bogus
notes was found, it is stated, by mem
Der of the clearing house committee, ana
that the trouble was first revealed by the
president of the bank, Paul .. Stems
land.
This afternoon the police secured in
formation which leads them to think
that the amount of the shortage charged
to Herring will aggregate $1SO,OOO.
The first intimation OF trouble was
the appearance at the bank of twenty
policemen who had been dispatched to
prevent anticipated disorders, the police
department having been notified officially
that one of the officers OF the bank had
abscondeo.
Three Officers Missing.
Henry w. Herring, cashier of the bank,
is away and a warrant charging him
with embezzlement has been sworn out.
At the same time State Bank Examiner
G. G. Jones issued a statement that the
whereabouts of three officers of the bank
is unknown to him and that the bank is
without an official head.
During the absence of President Stems
land in st. Paul, his son, Theodore
Stensland, has been in charge. Last
Saturday he discovered that the bank
was in a serious condition and gave no.
tice to Cashier Herring and other officials
that he would make a further examina-
ton.
Inquiry at all the hotels m st. Paul
and other places where he would be like
ly to be known, failed to locate President
Stensland. Search for him is being con-
tinued.
Riot Narrowly Averted.
The suspicion of depositors was
aroused by the sight of the policemen
stationed in front of the bank, and, in a
short time large numbers OF those who
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 police.
The news Of the suspension spread
rapidly and soon several of the smaller
banks in the vicinity were besieged by
depositors.
The Milwaukee Avenue State bank
was organized in 1890 by Paul o. Stems
land, who is president. The capital
stock of the bank is $25O,OOO and the
surplus is given at $250,0OO A large
part of the deposits is said to be the
earnings of wo, king people.
The patrons of the bank are mostly
working people who live in that neigh
borhood. Since the closing of the Chi
cago National bank some time ago, the
Milwaukee Avenue bank has cleared
through the American Trust and Say
ings bank.
Though Bank Examiner Jones refused
to explain what three of the bank Off
Gals he referred to, it is supposed he
meant the following: Paul o. Stems
land, president, now in ST. Paul, from
whom a telegram has been received say
ing he is on his way home; H. w. Her
ing, cashier, said by the police to have
disappeared, warrant sworn out for his
arrest; shortages believed to have been
found in his accounts; said by members
of his household to have been in Chi
cago today and to have left for the
bank about noon; Ulrich Daniels, assist
ant cashier. who has been absent il
Europe for two months.