The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1906-08-10
CASHIER. IN 0.J|.A|l|.L|a;'.'..
denies CHARGES.
Pieces Responsib ilityo 81 Chicago
Bank Crash Entirely Upon
the Fugitive President.
COUNTRY IS BEING B s $ o I. / e
Subordinate Not
Satisfactory to Officials De
positors to Get Money.

~, 4 o,ia IA ,,re. ~ !,

CHICAGO August p.--Henry WI. Herring
cashier 81 the Milwaukee Avenue stats
U,ank, which closed It's doors three days
ago, was arrested In Chicago to-day. IioS
wilt DO refused ball Until his 3conne e, 10
With the disappenrnnce Of nearly y Co.,
900 OF the banlt's funds Is cleared up
Paul q. sternslnnd, president Of the de-
funct& institution, Is still a fugitive, and!
although nearly 100 detectives are search
Ing for the missing president, his where
nbotits Ii n mystery. j85y II IA 81 5s
Herring was arrested this afternoon two
hours later than the time no had an
nounced for. giving himself up !.
He was taken at once to the ofhc cool
Chiefs OF Police Collins, and put through
d thorough examination as to his ltnowl-
edge Of President Stensaland's alleged
Bmisn,anngei1,et,t OF the institution. Her
Ing declared he did not know where ! Pres
ident Stenslnnd was, III ana said that no
HAD had mo communication with stems
land for more than week. 38t " IL ~
Explanation Not Satisfactory.
NJ Horlng strenuously denied any RESPONSE
billty for8the failure OF the bank Iio
maintained that IL he was guilty OF break
ling the banking laws OF Illinois, President
stensland was responsible Herring de-!
8cared he never u, be1isAted q single doll
lar BY President stenslands system of
banking. ~ $s3g
& state Bank Exa1piner Jones and As
8sistnnt Attorney Olsen were present dur e
ing the examination OF Herring Neither,
they nor the police were satisfied with
the explanation given BY Herring OF his
connection with the collapse OF the bank;
and It was decided to refuse ball y to,
Herring until the lure had been further
$i KY hs,3 ll 55 ~ a58s
Receiver Fctzer reported to tho sllperio.
r Court to-day that a dividend OF Mt least
II Is per cent would probably be declared
to depositors In the bank within the
8nextgtwo weeks. This, II is said, will pc
followed by n second ividand, although
THO receiver tonight was MT j n a posi-
ton to shy how much Of their! Il savings
the $4,000 deposltors would recover from
the institution. s$
May Pay. in Full.
At meeting o. the Board OF Directors
I Of the bank this afternoon a resolution
was adopted appointing a committee to
4 devise ways and means to NJ npprchend.
president stensland8 and to straightcn out
I the affairs OF tho bank. The directors de-
clare that there will be found q sufficient
revenue from the assets to pay all de-
I postors In full, III 8
I'D "side" Ledger.
!55GIhe chicago Iltle ana IrustSconPhHy
at 4 o'clock tonight was appointed re- *
scever OF the personal estate Of Presi-.t
dent Stcnsland, The estate Ia valued mt
100000. The nppointrne was ma de by
Bank Referee Eastman on} the petltloD of
three creditors. It. was feared that. gbe-
cause az Stenslnnd' & n ight from Chicng 90, Il
hc would transfer his estate and defeat
his creditors. siiS .5is .si$W
representative OF the State, assisted by
Cashier Hering, showed many instances
OF violation of the L State banking laws;
especially as to loans. The bank had lent!
Company sl.soo,ooo. ,.'Ts b s5s
The most startling dlscoveryto OF fraud,l-
lent work was n Side ledger, which
Cashier Herring took from #& n hidden
drawer. This. he Is said to havo admitted
to the invest igators. was kept from tho
state bank examinerson his annual visits
In 1t was found entries OF oans almost
without security, aggregating $191 900,