The citizen. [volume] (Berea, Ky.) 1899-1958, 1906-08-09
Warrant OUT FOR
missing BANKER
SHORTAGE or OVER s25o,ooo DIS.
COVERED IN CLOSED CHI.
cAoo INSTITUTION
RECEIVER APPOINTED
BY JUDGE BRENTANO
Startling Revelations Of Queer Meth.
DDS Employed BY Officials Are
Brought 20 Light - REGULATIONS
Date Back 10 1901.


Chicago. Aug. s.--More amazing rev.
Citations IN the Milwaukee Avenue
State bank crash came % light Tues.
day. simultaneously with preparations
tor the arrest % Paal o. Stonsland. the
president II was learned that crook
ed banking methods and pecuiations
date back prior 10 1901, az which time
Il now develops there was n short
age OF more than $3.50. 900. From that
time on defalcatons grew In size and
number until the amount Of money
now said TO have been stolen will
reach more than Sl.000.0O0.
John c. Fetzer was appointed re-
eelver OF the defunct bank Afr. Fetz.
ers bond as receiver was fixed az
81. 100000 This action was taken by
Judge Brentano on the initiative Of
two women depositors holding claims
against the institution aggregating
less than 5000 They petitioned the
court 10 safeguard their claims and
those OF other depositors.
Warrant issued for Stensland.
Assistant Chief of Police Schuettler.
Inspector Shippy and Bank Examiner
Jones secured a warrant for the ar
rest Of Paul o. Stensland from JUS
tice Seyerson az IL a. m. The justice
at FIRST refused 70 sign the warran, far
the reason that he was a depositor IN
the hank Later he agreed 10 sign
Il on the condition that the case
should not be tried by him The charge
10 violation OF state banking lava
The special charge IL. receiving de
posits although knowing that the bank
was insolvent. This under the state
banking act constitutes embezzlement.
The warrant SAYS: Paul o. Stensland,
being the president OF the Milwaukee
Avenue State bank. said bank being a
regularly Incorporated state bank and
doing business under the laws OF the
state OF Illinois. wlllfully, knowingly,
fraudulently and with malice afore.
thought received certain deposits after
the bank was insolvent of which fact
he had knowledge"
While crowds again besleged the
bank doors Tuesday. only to End them
still closed, Bank Examiner Jones re-
pumed tho investigation OF the rec.
ords OF the bank to uncover the details
of years OF alleged Irregularities that
have startled the banking world OF
Chicago. Directors OF the bank, de-
claring themselves deceived, are de-
handing that President Stensland
show himself. With tho statement
from the bank examiner that Presi.
don't Stensland had guilty knowledge
OF his hanks looting has come their
first glimpse OF his duplicity.
Evidence OF Great Irregularities,
II is known there have been many
irregularities. the disclosure OF which
win tell the history OF the plundering
Of the savings depository Ct the poor
on the northwest aide There have
been entertainments Money has been
loaned on worthless security. Bun,
dies OF worthless commercial paper In
eumher tho low. dark vaults OF the
bank. Evidence conflrmatory Of the
fact that 100000 in forged notes have
been uncovered, is coming TO light.
Thousands of dollars have been Dor
rowed" by the banks officers.
Details Of how President Stensland
himself brought the expose OF the
ruin Of his bank are becoming pub
to. In letter to his son Theodore.
Yice president Of tho bank. sent frQna