Milwaukee Avenue bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: December 16, 1907
Location: Chicago, Illinois (41.850, -87.650)

Metadata

Model: gpt-5-mini
Short Digest: d9ced6ad

Response Measures

None

Description

Article (Dec 16, 1907) reports the Milwaukee Avenue bank as 'defunct' with Receiver Fetzer paying claimants and holding a balance. Describes embezzlement by president Paul O. Stensland and his conviction. No run or reopening mentioned; bank is in receivership/closed.

Events (1)

1. December 16, 1907 Receivership

Newspaper Excerpt: Receiver Fetzer of the defunct Milwaukee Avenue bank of this city reported to the court today that he had paid $4,356,866 to the claimants of the bank, and that he held a balance of $173,935 on hand in excess of assets over liabilities.
Source: newspapers

Newspaper Articles (1)

1. December 17, 1907 Tonopah Daily Bonanza Tonopah, NV

Article from Tonopah Daily Bonanza, December 17, 1907

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Article Text

THIS CERTAINLY IS A SURPRISE CHICAGO, Dec. 16. - Receiver Fetzer of the defunct Milwaukee Avenue bank of this city reported to the court today that he had paid $4,356,866 to the claimants of the bank, and that he held a balance of $173,935 on hand in excess of assets over liabilities. This is the bank of which Paul O. Stensland was president. After diverting the depositors' money to his own investments, he fled to Morocco, where he was captured and returned to Chicago. He is serving a term in the State penitentiary for his crime. He has always maintained that the enterprises into which he put the money he took from the bank would pay all creditors in full, and the receiver's report justifies the claim.