Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1906-08-09

Chicago, Aug 9.-CaShier Herring OF
the Milwaukee Avenue State bank ap-
peared at the West Chicago avenue po-
lice station at noon and was icnmedi-
ately placed under arrest.
Did Not Leave Chicago.
Chicago. Aug. 9.-The Tribune today
says: Henry W. Herring, cashier of
the Milwaukee Avenue State bank, is
in Chicago and hasn't been out of the
city since Monday. Herring was seen
yesterday by reporter. He declared
he intended to give himself up to the
police today and affirmed he had TAX
en- no part in the robbery of the bank.
Went Up Lake.
Herring went up the lake Saturday
for a brief rest, but returned Monday.
He went directly to the bank, only to
find a man posting notice that the in
stitution had closed. The cashier turn
ed about without entering the bank,
and has been at the house of a friend
since
Another Warrant for Son.
Another warrant, charging violation
of the state banking laws, was sworn
out today for the arrest of Theodore
Stensland and vice president of the
suspended bank. He will be arrested
on this warrant today, according to the
police.
May Include Directors.
Chicago, Aug. o. Evidence which |
may lead to the prosecution of the di- |
rectors for responsibility for President
Stensland's 81 ,OO3, 900 theft by forgery |
came TO light yesterday in the contin-
ued inquiry into the affairs of the
mulcted Milwaukee Avenue State bank
1t developed that the directors of the
institution deliberately neglected to
enforce such precautions as would have
made impossible Stensland's opera
tions in fictitious paper directly under
their noses. Stensland never was re-
quired to account for the vast amount /
of money which apparently was being
borrowed by small tTadesmen in the
neighborhOOd, and by small depositors
in the bank.
In view of the distress brought to the
$4,000 poor savings depositors by mis-
management, responsibility of the di-
rectoTs is declared to be nothing short
of criminal, and will be made the sub
ject of an investigation by the grand
jury.
HeaIy to Get Evidence.
1t is expected that the evidence will
be laid before States Attorney Healy
as soon as Receiver Fetzer and Bank
Examiner Jones can complete their re-
port.
The directors facing possible prose
cution are:
Marius Kirkeby, commission mer
chant. 100 South Water street
Elof Johnson, grocer, 141 Huron
street
NJ A. La Buy, attorney and real es-
tate agent, 5S1 Milwaukee avenue.
Joseph Lister, glue manufacturer,
115S Elston avenue.
Frank r. Crane, broker. 122 La Sale
street.
On the basis of a preliminary state
ment of the resources at the disposal
of the receiver, it is estimated that de-
positors will receive between 65 and
20 cents on the dollar.
Threatened Serious Trouble.
Yesterday afternoon it appeared as il
there would be serious trouble with
the depositors who swarmed around
the doors of the failed bank While
fully a thousand depositors shouted
their protests 100000 was removed
from the vaults of the institution to
the. National Bank of the Republic,
where it will be held for safe keeping |
until next Tuesday. when it is said a
distribution to depositors will be made. {
The removal of the money put the
crowd in an angry mood and it took
big police detail to keep the excited
throng from upsetting patrol wagons /:
filled with bluecoats as a bodyguard s