The Montgomery advertiser., 1906-08-10
HIRING SHOWS
 yP IN CHICAGO z asliier in Hands of Police. TIP FROM THE TRIBUNE Had Interviewed Looked For
 Official Night Previous. Declares That He Had AbsoiuteIy Noth- ing To Do With specuiattons
 But Rather Expected Crash of Bank.

Chicago, Aug 9-Henry W. Hering, cashier of the Milwaukee Avenue state Bank, which closed its doors Nthree days ago, was arrested today and will be denied bail until his connection with the disappearance of nearly sf.o0e,0oo of the banks funds is cleared ur
 Paul 0. Stensland, president of the de- funct institution, is still fugitivs. and although nearly 100 detectives ars still mystery.
 Herring was arrested this afternoon. two hours af.er hu had announced that he would give himself up He was ta- ken to the office of Chief of Police Col iins and put through thorough exam ination as to hts Knowledge of Presi- dent stenslan6's mismanagement of the institution. Herring declared he did not know where President Stensland was and had no communication with him for over week. The easier stren- uously denied the charge that het hin,- self) was partly responsible for the failure of the bank.
 Bank Examiner Jones. and Assistant States Attorney Olson. were present during the examination ot Herring, Nef- taer they nor the police were satisfied with the explanation given hy Herring of his Connection with thc collapse of .A0G UfHh flfiN II vas SSNuAAtttSh1 0cCtu- cd to refuse bal: tos Herring until the matter had been investigated.
 Twenty-Five Per Cent.
 Receiver Fetzer reported to tho Su- rerior Court today that q dividend of at least twenty-five per cent probably would be declared to depositors in the bank within the next two weeks. This, it is said, will be followed by a second dividend. although the receiver tonight 4,. Sr ia fa hrxs xnt1 of their savings the 22,000 depositors would recover from the defunct insti- tuition.
 At a meeting of the Board of Di- rectors of the bank today, a resolution was adopted appointing a committee to devise ways and means for appre- hending President stensland and strengthening out the affairs of the bank The directors declare that there win be found sufficient revenue from the property. assets. etc, to pay all the depositors in full.
 The Tribune today says:
 Henry W. Herring, cashier of the Milwaukee Avenue State Bank. footed by Paul Stensland of over $1,000,O ,O00 is in Chicago. He has not been out of Chicago since Monday morning. The police department can call in It's cir- culars, take its detectives off the trail ana TGSI2 dSHuFcQ tAS TOCAlGA LAdt dt i o'clock today MT. Herring will be in the custody of Inspector Shippy.
 Herring intends to give himself up and is absolutely confident that in e short space of time he can show to the satisfaction of every one concerned that he had no part in the robbing of the 22,000 depositors of the wrecked institution.
 From o'clock till ii o'clock last ,I.l. a bench In one of the cfty's parks. In these two hours Mir. Herring told the story of his connection with the bank from the time of his employment sew enteen years ago, until he closed his safe last Saturday.
 Cashier Not a Fugitive.
 The cashier does not think he can be correctly described as fugitive from justice. It has been said he ran away from town last Saturday and various surmises as to his whereabouts have been put forward by the police.
 As a matter of fact. when Herring left the city on Saturday, he simply went up the lake for a days rest. He reached Chicago Monday morning. got on car. and rode straight to the bank When tho car stopped on the corner he jumped off. carrying hts heavy ! grip. Just as he reached the edge of | the sidewalk he saw q man posting the notice of the closing of the bank 1 Instead of ascending the steps. he back tracked and headed down town.
 The posting of the notice on the win dow proved the culmination Of sus- picions aroused in his mind six oI eight weeks ago that things in the bank were not right
 This suspicion was intensified by th' unexplained prolonEation of the ter days absence that President Stems. land said he was going to take wher he left three weeks ago last Sunday | and suspicion became certainty wher he saw the mob of frenzied depositor. around the banks doors.
 1 Herring thought he would like a feN hours to think affairs over before h. jumped into the financial wreck, anC he went to the home of a friend.
 Herring Didn't speSalate.
 Nj. Herring Is insistent In his state ,neu that he had absolutely nothing whatever to do with any speculation of the banks funds. He swears he hal not profted one penny by the lrregu llarities brought to light. He declares that stensland's instructions were sucl that there was no way on their face O determining that any crooked business | was going on: 1t was only the culmina tion of a number of suspicious incl dents and the piling of note upon not to carry Stens1ands's real estate opera liens that finally made him morally certain that thievery was rampant Il the institution.
 While defending himself with the ut most vigor, he made no wild acusa tions against Paul O. Stensland; h only told what he said was plain unvarnished statement of the rise O stensland and his downfall, brough about by a mania for real estate in vestments.
 MT Herring swears he has no knowl edge of just how and when the note said to be forgeries were signed b Stensland.
 AS a matter of fact" said he, "a 1 this moment I do not know they ar forgeries. The signatures were goo enough to deceive me.
 How StensIand Worked. Whenever Stensland needed money { bolster up his operations he worked a | follows:
 MT. Stensland would come to m desk said MT. Herring. and say t me: Mir. Herring. please make out