The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1906-08-08
BANK IN
BAD SHAPE
Chicago Failure Follows r.
Irregularities of Years.
SAFETY VAULTS RlFLED
Depositors Say Funds Have Been
Taken From Deposit Boxes
Vice President Arrested

CHICAGO. Aug : Theodore stems
land. vice president Of the Milwaukee
Avenue Suite bank. was arrested on q
charge Of violating the banking laws
of tuc state Earlier m the day the in.
stltutiou was placed In the hands of
receiver AMI Paul %. Stenslund. pres.
dent OF the bank aud father OF the
vice president together with Cashier
Herring. were officially declared fugi.
lives from Justice and their personal
descriptions placed In the hands OF the
police throughout The country This
action was taken hy the authorities
after Developments had shown that the
finances of the failed institution were
zoo doplorahle condition aud had been
for a number OF years. Besides tile
discovery of many irregularities ln the
management of the bank IL was also
found chat even the safety deposit
boxes owned and rented boy the bank
had been tnmnTcd with and r.ned.
The specific chnrge ON which Thee
dorc Stcn~lrud was arrested was that
OF having accepted deposits at the
bank when Dee knew the institution 20
be iusolNcul Tie arrest was made IN
tho Office of Chief of Police Collins.
whore Sicn,land had gone 10 confer
With the head of the police depart
meut
The warrant for the arrest of the
vice president was sworn by !. p
Straub. q liquor dealer. Who declared
that last Saturday he deposited $3.50 IN
the bank and that Theodore Stensland
as one Of the officers ~ the institution
had knowledge then that the bank was
lnsolvent Straub contends that the
vice president should have notified the
acting officers of the bank not 10 re-
celvc any deposits but that this bad
not been done and his money was
taken In violation of the banking laws
Jacob j. Kern, a former state at
torney, signed bonds for 5000 for the
release of Theodore Steusland
The promises that the elder Stems.
land would appear in Chicago were
not fulfilled. and 10 is the belief Of the
police. based upon dispatches from
several northern cities, that he has
ded into Canada. Cashier Herring.
sought on similar warrant is
thought 10 have reached the Dominion
by another route.
The days Developments were pro
ductlve of the first ray of hope for the
depositors. who had believed their say
nss Of years swept away in the
wreck David r. Forgan. vice presi
dent OF the First National bank, and
such OF those to whom the status OF
the defunct banks Affairs has been
laid bare, declared that probably 20
cents on the dollar would be paid in
the final adjustment
The affairs OF the bank are said to
be in an almost hopeless tanglc. and
more Irregularities are being disclosed
as the examiners 20 deeper into the
books President Stensland loaned
money to himself. il is alleged. 10y the
subterfuge of having employees sign
notes Specific instances came to light
during the day of the lootlng Of the
safety deposit boxes. One in particu
lar to which the attention of the police
was called was that of Mrs Lydia
Herman, who declared that $3.50 Of
her funds had been taken.
The clearing house committee is
Sparng no effort to bring the missing |
president to Justice Handwriting ex
perts il is said, will be put to work at
once upon the case to establish the evi |
dence of forgery.