The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1906-08-06
OFFICERS GONE.
Milwaukee Avenue Bank Of
Chicago Closes Its Doors
Owing It's DepOsitors over
Three Million Dollars.
CLAMOR FOR MONEY.
The Banks Creditors Start
Blot in the Street.
The President Of the Institution
Is in st. Paul.
Bank Is Said to Have Been
Looted of 100000.
CLAMOR FOR MONEY.

chicago Aug. 6-The Milwaukee
Avenue state bank. one OF the largeSs
outside of the down town district ana
having deposits Of over s3.000,00Os to-
dav closed its doors following run on
the institution. The first intimation OF
trouble was the appearance at the
bank Of 20 policemen who mad been
dispatched to prevent anticipated as
orders. the police department having
been notified officially that one OF the
officers of the bank had absconded-
The suspicion Of depositors was
aroused. by the sight of the policemen
stationed in front of the bank and In
short time large numbers Of those VINO
had money in the bank appeared and
demanded their deposits. At one time
the run assumed the proportions OF
riot. but the turbulence of the crowd
was finally uuelled by the police.
The news of the suspension spread
rapidly and soon several OF the sInai-
er banks in the vicinity were besieged
The Milwaukee Avenue State bank
was organized in 1890 by Paul o.
gtensland, who is president Of the in
stitutfon. The capital stock is $3.50
coo and the surplus $3.50, 1000 OF the
100000 deposits. large part, it is
1r--ll - liz No'- -----+e7N-
President stensland is at present in
S. Paul. Mimi. where he went for
vacation.
Henry W. Herring cashier of the
bank is missing and a warrant charg-
ing enlbezzIement has been sworn out.
At the same time. State Bank Exam
iner c. c. Jones issued statement to
the effect that the whereabout Of three
officers of the bank is unknown to him
and that the bank is without an official
head
During the absence Of President
Stensland in Minnesota his sons
have been in charge. Last Sat
urday Theodore StensIand discover
ed that the bank was in a serious con-
dition and gave notice TO Cashier Her
ring 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 for the purpose of eX-
animation and that the institution is
now in the hands of the auditor Of state.
The patrons Of the bank are mostly
Polish working people who abound IN
that neighborhood. Since the closing
of the Chicago National bank some
time ago, the Milwaukee Avenue bank
has cleared through the American
Trust and Savings bank.
The statement of the bank issued
under date Of June 19, 1906, gave la
Dii1fIeE at "a. .bSf,d Z &. OF TINS amount
S3.145.195 was com posed Of aVing de-
posits and sS69.891 was deposited sub
ject to check and comprised mostly
accounts OF business men. Oother la
bilides were:
Demand certificates. 81 200.
Time certificates. S30.822
Certified checks, S8,651
Cashiers checks, s43.9e7
Onsetting the liabilities the bank
statement shows that loans and dis
counts amounted to S3.223,172
SO far as now known all Of this pa
per is good Ine bank carried on hand
casn amounting to Sz65,l62 and had
creQlts win Olher Danks OF 1858 42 4.
reports We're genera that the al
1eseo uelaICatiol Woutd feach S2U.Up0
OF more. Follce inspector Shlppey re-
celVeu iil OF inatloh from subordinate
sent % the bank that one Of the Off
clais OF tne INSTITUTION had been gam
nnhg on morse races. ~ Is said that
Itle lls1 y Ieposil OTIS AZ the pank IN
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