Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-08-08
wild CAT" F|NANC|ER
Further Details of Chicago
Bank Failure.
REVELATIONS ASTOUND
Cash of Thrifty Depositors Used in
Loans
ON HOUSES AT A RECKLESS RATE
Search for Missing Bankers is Con-
tinued-Woe-Begone Crowd Of Vic
tins Crowd Around Bank.

CHICAGO. August S.-"Wild Cat" real
estate financiering by Paul o. Stensland in
his Irving Park subdivision will be dis
closed it was predicted today, as soon as
J. E. Fetzer, receiver for the wrecked Mil
waukee State Bank checks up on the mort
cages and notes given by hundreds of IN
yestors who hung on to the bubble" let
loose by the missing bank president. A
slump in value at this time, which is feared
will come, would cause much suffering and
loss to owners.
1t has been learned that loans have been
made on houses in that subdivision up to
within so per cent of their top-notch value.
The cash came from the savings of deposl-
tors of the suspended bank. Scores Oh
houses were constructed in the subdivision
which were declared, when building, to be
too extensive for the character Of the sec
tion. &c
Loan houses were told at the time that II
thew did not care to take the security PAU
o. Stensland stood ready to furnish the
money and at a low rate of interest
Today woe-begone crowd of depoSitors
continued to crowd around the pahk. as
on previous days, the unfortunates' hos.lS
working people, came early and seemed oe-
termined to remain indennltely; roitoe tos
we're on hand to repress any tendency TO-
ward disorder. , tho
According to Charles Sommerkamp, Ihe
caretaker of the Stensland home, Presloent
Stensland was at home In irving 5a1h us
tween midnight last Saturday and am.
Sunday Sommerkamp stated positVSis
that the missing bank president was IN ths
house Saturday night with seVelal men tiiu
that when he left he took with MIN sniaii
steamer trunk and a leather suit case.
Guilty of Criminal Acts.
Conclusive evidence has been uneartneo
hv State Rank Examiner c. c. Jones that
Paul o. Stensland the fugitive president Oh
the Milwaukee Avenue State BANK mas
been guilty of highly criminal acts IN con-
ducting the business of the institution Oh
which he Is the head. This was omclaIIy
announced by Mr.. Jones today. Henry w.
Herring. the missing cashier, VINO was oe
clared to be an embezz.er of large sums OF
money is being in a measure exoneraleu
because of the lack of direct proof against
him. when I swore out the warrant for
Mr. Stensland yesterday" said Mr.. Jones
today, II was perfectly assured of the
criminal nature of the acts or whlch tne
banker has been guilty. Against Mr. Her
ing l have no direct evidence. cannot
say as yet precisely how far the frauds
operated by Stensland have been carried
but ii is to great length-that. is proved
by papers already brought to light
Mr.. Jones confirmed statements that the
frauds amount to more than 81 100000.
Detectives were sent to Michigan today
III Ol f1eHTy W. f1tTlLS, the 1uSl-
tive cashier, who is said to have been seen
there. The police are said to have received
information last night that Herring had
crossed the lake when he left Chicago and
the officers will follow this trail.
Receiver FetZer said today he was begin
ming rigid investigation of the forged
notes in cooperation with Examiner Jones'
1t Will be three or four days, said Mr. Fet-
ger before we can get an adequate idea of
the situation. He said persons who alleged
thelr signatures to have been forged would
be required to furnish absolute proof