22739. Milwaukee Bank (Milwaukee, WI)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
August 9, 1906
Location
Milwaukee, Wisconsin (43.039, -87.906)

Metadata

Model
gpt-5-mini
Short Digest
f3906bf7

Response Measures

Full suspension

Other: Receiver appointed and assets turned over by son; criminal charges and suicide of president mentioned.

Description

Articles (Aug 9 and Aug 13–14, 1906) describe heavy withdrawals by depositors and removal of cash to another bank, the institution being described as suspended and a receiver subsequently appointed; missing president Paul O. Stensland and allegations of misconduct/insolvency are cited. This indicates a run followed by suspension and receivership (permanent closure).

Events (3)
1. August 9, 1906 Run
Cause
Bank Specific Adverse Info
Cause Details
Missing president (Paul O. Stensland), alleged misconduct/insolvency led to depositor agitation and large withdrawals
Measures
Moved $300,000 from the bank's vaults to the National Bank of the Republic for safekeeping; son of president offered collateral and to turn over assets to receiver
Newspaper Excerpt
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
Source
newspapers
2. August 9, 1906 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank described as suspended/failed amid missing president and accusations of improper handling of deposits; insolvency alleged
Newspaper Excerpt
vice president of the suspended Milwaukee Bank ... the failed institution
Source
newspapers
3. August 13, 1906 Receivership
Newspaper Excerpt
Receiver Named. ... The appointment ... Receiver of the bank ... appointed this afternoon ... marking the beginning against the wrecked ... receiver for the wrecked bank was appointed this afternoon by ... Receiver Fetzer (mentioned in other article).
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-