19724. Milwaukee Bank (Milwaukee, WI)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
August 1, 1906*
Location
Milwaukee, Wisconsin (43.039, -87.906)

Metadata

Model
gpt-5-mini
Short Digest
3f170aece917ce30

Response Measures

None

Description

Articles (Aug 1906) report the Milwaukee Bank suspended and a receiver appointed (Chicago Title & Trust named receiver). Reports describe missing president, alleged conspiracy/embezzlement, depositors protesting and removal of funds to another bank. There is evidence of large withdrawals ($300,000 moved) but the coverage centers on suspension and receivership/closure rather than a distinct prior run. Dates approximated from newspaper dates.

Events (3)
1. August 1, 1906* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Missing president (Paul O. Stensland), alleged conspiracy and violations of banking laws; bank described as wrecked/failed leading to suspension.
Newspaper Excerpt
the suspended Milwaukee Bank
Source
newspapers
2. August 9, 1906 Other
Newspaper Excerpt
$300,000 was removed from the vaults of the failed institution to that of the National Bank of the Republic, where it will be held for safe keeping until next Tuesday, when it is said distribution to the depositors will be begun. (Aug. 9, 1906).
Source
newspapers
3. August 13, 1906 Receivership
Newspaper Excerpt
Receiver named ... appointed this afternoon by ... appointed John Fetzer receiver of the bank early ... Receiver is the Chicago Title company. The appointment ... the petition of T. D. Eid ... has secured a judgment against the bank. The appointment of the Chicago Title and Trust company was made on the ground ... receiver of the bank was appointed this afternoon by ... who appointed John Fetzer receiver of the bank early ... Receiver Named. Receiver is the Chicago Title company. The appointment ... marking the beginning ... against the jurisdiction ... who appointed John Fetzer receiver of the bank early ... Receiver Named. Receiver is the Chicago Title company. The appointment the petition of T. D. Eid. 10 has secured a judgment against the bank. The appointment of the Chicago Title and Trust company was made on the ground ... under the general of 1872, when it should have made under the special act State banks passed in ... expected that an effort will ... removed from office. (Aug. 13-14, 1906).
Source
newspapers

Newspaper Articles (2)
1. August 9, 1906 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, August 9, 1906

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Article Text

TO THE RESCUE. Young Stensland Will Turn Over Everything in Favor of Depositors. Chicago, Ill., Aug. S.-Theodore Stensland, vice president of the suspended Milwaukee Bank and son of the missing president of that institution, has come to the rescue of the 22,111 depositions, and tonight it is the general belief of those who are endeavoring to straighten out the efforts of the bank men. there is an excellent chance for all to receive almost dollar for dollar when a final settlement is made. Vice President Stensland tonight announced that he would give fill authority and turn over to Receiver Fetzer tomorrow all the real estate and personal property of Paul O. Stensland, his father. The son places a valuation of $600.000 on this collateral. While 1000 depositors shouted their protests this afternoon, $300,000 was removed from the vaults of the failed institution to that of the National Bank of the Republic, where it will be held for safe keeping until next Tuesday. when it is said, distribution to the depositors will be begun. Theodore Stensland, who was arrested yesterday on a warrant charging him with violation of the banking laws of Illinois, appeared in court this afternoon. By agreement, the hearing was postponed until August 18.

2. August 14, 1906 The Salt Lake Tribune Salt Lake City, UT
Article from The Salt Lake Tribune, August 14, 1906

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Article Text

ent Theo. Stensland examination; Placed Bonds of $10,000. HIS FATHER COMMITTED SUICIDE eceiver for Wrecked amed; Hot Contest Vill Be Made. Aug. 13.-When investiaffairs of the Milwaukee bank was resumed today ted that Theodore Stensthe missing president of mld surrender on the warspiracy in which he with d Cashier Hering was inwithing Stensland, who was of the bank, is accused deposits after he knew the nsolvent. He was located vn hotel last night. Later e appeared in Judge Kerlent Stensland waived exthe suggestion of his counds on charge of conspiracy $10,000 and were furH. Matson and Attorney asked about his father, be Stensland said: "I af at where my father is, but it that he is dead. I know nent and I don't believe this. I believe he has eceiver for the wrecked pointed this afternoon by suns, marking the beginning against the jurisdiction of mano, who appointed John ceiver of the bank early ⑉ Receiver Named. ceiver is the Chicako Title impany. The appointment the petition of T. T). Eid. 10 has secured a judgment ainst the bank. The apthe Chicago Title and y was made on the ground ner appointment by Judge made under the general of 1872, when it should ade under the special act State banks passed in xpected that an effort will the present petitioners to removed from office. Shippy and two detectives house of President Stensg Park today to seek furagainst the missing bank In the house they found lieved to be a secret room. Which has a hidden entrance 18g den, was discovered after hearly one hour. The room mough to admit a man. The oncealed by a panel in the pens with a spring. Nothand which would indicate m had been recently oc-