The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1906-08-08
BANK president
DECLARED THEE \. |:
Warrant listed for Sten1 :s'l;stl' y,
Who Is Said to Have Fled .55I
to Canada. ys9.. IF
DEPOSIT . : J. i BOX 1. WERE RlFL l.IE: J
Depositors May Get Larger. 81
Portion Of Their Money Back.
Vice-P President Arrested.
DEPos lT'5S 80 xEs WERE R u |. e }.
8{Bys Associated Press.)

In the day the institution was placed in
the hands OF a receiver, and Paul o.
stensland, president Of the bank. and
father Of the Vice president, together
with Cashier, Herring, we're officially de- de-
5cared fugitives8 from Justice, and their
personal descriptions placed in the hands
OF the police throughout the country. Ss;SE
N; This otionSwas taken by the authori.
ties after developments to-day had showed
that the finances OF the failed institution
were in d deplorable condition, and had
been so for number Of years Besides
ltho discovery Of many irregularities IN the
management Of L the bank, 1t was also
found that even the safety deposit boxes
owned and rented BY the bank had been
tempered with and rlhed. S.{
Knew Of Conditions. '98
The specific charge on which Theo-
!dore Stensland was arrested was that OF
having accepted deposits at the bank
when he knew the Institution to be In
solvent. The /. arrest was made IN the I
office Of Chlef@of Police Cotins, where
stensland had gone to confer with 4 the
head Of the police department 53i ia
The warrant for the arrest OF the vice.
president was sworn out by, ]. F. etraub,S
liquor dealer, who declared that last
Saturday he deposited $3.50 in the bank,
and that Theodore 6tensland, as one sott,
the officers Of the Institution, had Sknowl-sa
edge then that the bank was &insolven
iStraub contends that the vice. president
should have notified the acting, officers
of the bank not to receive any deposits,
but that this had not been done. and
his money was taken in violation OF the
banking laws. Later In the day y acob
j. Kern, a former Sta te's attorney, signed I
bonds for S., 600 for the release OF Theo-4
dore stensand. Il II x
The promises held out yesterday that
the elder stensland would appear In
Chicago to-day; were not fulfilled and IL
Is the belief of the police. based ton sdisSs
patches from several Northern clties;Sthat
he has fled Into Canada. Cashier Herring
sought on a similar warrant. Is thought
to have reached the Dominion by another
route. 4 n IaaE3 X a s
Ray Of Hope. i
The days Developments were a produce
tive Of the I first ray Of hope for the
depositors, who yesterday believed their
savings OF years were swept away IN the
wreck. David r. Forgan,i vice-preadent
to who n the st3ata Eof-the defuuc t- BANKS.
AFFAIRS has BE- lid bare, declared sthat
Sproba blyf seventy cents on the dollar,
would be paid in the final adjustment.
3$g The affairs Of the bank are said to DO
in an almost hopeless tangle, and new
irregularities are being disclosed as the.
examiners 60 further into the books.
Y Y president stensland loaned money ito
himself, IT. is alleged by the subterfuge,
Of having employees sign the notes. s ?,
cfic Instances came to- light during the,
day OF looting Of safety deposit boxes.
One In particular to which. the attention
of the police was called that &3ofE
Mrs. Lydia Herman, who eclared that
$50 OF her funds had been taken.
The Clearing House Committee Is,
tsparng no effort to bring the missing
president to justice. Handwriting experts.
1t lis said, will be put to work at once
upon the case to establish the evidence
of forgery. LII a 5SsS s55$$ us ~.
May Be in Canada.
Belief that stensland has made his es-
cape into Canada is supported y by q re-
port from Superior Wis, to the effect
that Sergeant OF Police Darwin scoon, ofS
that city, saw the missing "a banker on
a Duluth and Superior car, en- route to
Superior. Another dispatch from 'su-33
srerior from Chief Of Police Nc KEENAN,
tended to show that stensland made his
way 10 sNuIlhut OAtA
Cashier Herlng Is thought to have reach
ed the line by way OF Detroit
Feared Riot. 8
Assistant Chief Of Police schuettler to-
day took personal charge OF the police
guarding the bank. He soon sent q
requlsition to Chief Collins for more pos
llcemen. A large number Of additional
men were promptly ordered to the VIZ
cinity. sS 55 Vi
The call for additional police was
caused by fear that depositors and their
friends would storm the bank and pre-
tcpitate riot when rumors spread that
the contents of some OF the safety de-
post vaults had been tempered Wlth.g
Persons with money In the vaults were
said to have found their savings gone
These rumors originated In the butcher
n shop OF Otto B.e&Blauri who said his
sister had 5000 In the vaults. .s He said
that when she went to get It the money,
was gone
Other stories OF alleged tanpering with
the contents of boxes were passed
through tho crowd and helped to excite
the bank patrons. n,
Tho police department to-day sent
broadcast throughout the United states
a message giving description OF Presl-
dent Stensland and asking for his arrest.
The message was sent mt :26 P. Nj and
was as follows:
Look out for and arrest for violation
OF the Illinois State banking law Paul
o. stensland. about flfty-tlYe years old,
I'VE feet nine or ten inches In height
blue eyes, about two hundred pounds N
weight. Understand he has shaYen his
benrd and has n smooth face, He is
stout built and wore when last seen
light suit and straw hat, He Is light
complexioned, tending to sandy, lie WAS
last heard from at Duluth. Send all ms
formation to Chief Of Police Collins.
(Signed) GEORGE M SF11PPY. h