Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1906-08-18
POLES " ANT
A RECEIVER
MEMBERS OF NATIONAL ALLL
ANcE ASK FOR ANOTHER
FOR THE BANK
STEAD is FOR FETzER

Attorney General Withdraws From
Complications Upon Learning That
Instalment of Deposits is About to
be Paid Out.
Chicago, Aug 1.-THE Polish
National Alliance of the United States
of North America has filed bill IN the
superior court asking that another re-
ceiver for the Milwaukee Avenue State
bank be appointed
Chicago, Aug 17.-State Auditor Nc
Cullough will make no plea for re-
Avenue State bank, and John G.
Fetzer and the Chicago Title. and
Trust company, with their cordons OF
attorneys, will fight for the assets that
Paul o. Stensland could not take with
him, up to the supreme court, and
promise to leave in their wake scan
dals and skeletons" unrivaled In the
history of the Cook county courts.
from Springfield last night after being
advised by Attorney General William
H. Stead who came to the city yes
terday morning, that the interests OF
the depositors could be best conserved
if the state were to keep hands off.
Attorney General Stead reached his
decision after day brim full Of action
and excitement calculated to make
the depositors wonder whether or not
there will be anything left for them
when the lawyers get through.
What Stead Discovered.
Shortly after his arrival in the city.
the Cooperative Department store and
the Steel Ball company. In which
Stensland was the principal stockhold-
er were thrown into receiverships, the
tottering institution was sued by the
Polish National alliance for $4,000.
and an architect filed suit for me-
chanic's lien.
He found, too, before he had time to
investigate, that Attorney Charles
!" Hamill, former law partner Of Cover
nor Deneen, and who, by executive
grace, holds one Of the most profitable
Offices in the state service, had been
retained by Receiver Fetzer, and that
i luc ldIIcl udQ UG5uu W pay ulG
first dividend of 20 per cent.
, Another Bank Closed.
Upon the request of three depositors
Judge Bethea yesterday afternoon an,
pointed Henry Hiestand, a lawyer, re-
ceiver of the Garfield Park bank, to
take possession this morning.
: The Garfield Park bank and Safety
Deposit Vaults company is conducted
j. solely by Ellis E. Drake and is not a
= state institution.
J. In statement Drake reported his
8 assets as being $4,000, with the liat
J. bilities at $4,000. The exact amount
g of cash on hand could not be learned.
!. but it Is believed that all the money
g held in trust was paid out during thu
/ runs of Tuesday and Wednesday.
The three creditors claims amount
:, ed to $4,000 in the aggregate, and they
t are thought to have been among the
/ heaviest depositors. The creditors at
II whose instigation the steps toward In
solvency were taken are:
Mrs. Nina L. stearns, 654S Washing
ton boulevard; Patrick Boland, 2004
West Madison street, and Jacob G. En-
d gel, 1885 West Madison street.
Boland said last night that he will
!. stand a loss of $1,000 unless Drake re.
- imburses the treasury of the concern.
- Monday Boland, who runs an under.
:. taking establishment near the defunct
?, institution, claims to have made de.
posit of over $400. He issued checks
he said, to employees and creditors In
8 the number of twenty-seven. Yester.
4 day the checks began to come back un.
Is paid to him along with numerous
t,,4r,
o. the banker had refused payment on
Is them.
Appeal Made to Court.
:. Boland became alarmed and, after an
>. investigation, called in other creditors
known to him, the result being that an
attorney was engaged and legal pro
. ceedings started in the United States
district court.
Contradictory statements were made
last night by persons acquainted wfsh
Drake as to his character and habits
The confidence of many of the deposi
y tors in the banker was notable fea
ture in the affair. A meeting is said
v. to have been held by creditors yester
a day afternoon in which rlr rolutions
t. were passed proffering Drs theil
IN esteem and cooperation.
BIames Stensland Bank.
IL The head of the insolvent concern
s. attributes his present financial embar
rassment to the recent failure of the
ot Milwaukee Avenue State bank.
A number of depositors became
alarmed and upon the spreading Of q
rumor that the Garfield Park bank was
in a similar condition they all came
NJ in at once, forcing me to pay out all
the ready cash had on hand"
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