The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1906-08-07

CHICAGO FAILURE SERIOUS
-FOUR AND A QUARTER MILLION
IN DEPOSITS SEEM TO HAVE
GONE eLlMMERINe - THERE
WERE $4,000 DEPoslToRs, THE
MAJORITY BEING WoRKINeMEN

Chicago, Aug, Pres. Paul o..
Stensland of the Milwaukee Avenue
State bank win probably be arrested
as soon as he enters Chicago or can.
be found. Bank Examiner Jones, who
closed the bank yesterday, said today
that Stensland surely had guilty
knowledge Of the looting of the bank.
The $4,000 depositors in the bank are
gradually losing hope of recovering $4,-
100000 they entrusted to Stensland's
care. Detectives are now seeking
Cashier Henry w. Herring, the alleged
embezzler. Detective Cannon, who has
a warrant for Herings arrest, charg-i
ing embezzlement, has information to,
the effect that the missing cashier was
in Detroit, ssTich. The police in De-
troit will be communicated with and
today detectives will take up the
search for Herring in earnest. There
was crowd of several hundred
working people around the bank this
morning Notwithstanding the doors
We're closed and there was no prospect
of recovering the funds.
Assistant Chief of Police SchuettIer
with Inspector Shippey and Bank Ex-
aminer Jones went to Justice Severson
and asked him to issue a warrant for
the arrest of President Stensland. The
charge in the complaint asking for the
issuance of the warrant is fraud. JUS
tice Severson was not inclined to is
sue a warrant and the three returned
to the bank empty handed. 1t was
expected however a warrant would be
issued later in the day by Justice Sew
erson or some other justice.
A call for additional police was sent
in, caused by the fear that the deposit
tors and their friends would storm the
bank and cause riot when the ru-
mors spread that the contents of some
of the safety deposit vaults had been
tampered with. Persons with money!
in the vaults were said to have found
their savings gone.
The appointment of receiver was
obtained by two women who hold
claims aggregating less than 5000.
The petitions set up that the two
women are depositors and that Aug.
the bank was closed and has not
opened since, that it may never resume
business, that the officials of the bank
are not in their places and have left
the city. The court was told that there
are more than 10000 persons who have
money deposited in the alleged defunct
institution and that most of these
creditors are persons of little means
and who know little or nothing about
business methods.
After further consultation with AS
sistant Chief of Police Schuettler and
Inspector Schippey, Justice SeversonI
decided to issue warrant for the ar.
rest of President Stensland.
The complaint was signed by Bank
Examiner Jones and charged stems
land with receiving deposits after the
insolvency of the bank was known
A warrant was given to q detective
to serve on President Stensland when
found.
The court fixed the bond of Receiver
Fetzer at $1,OO0,O0O.
The largest stockholders of the bank
met today and decided that if an as
sessment was necessary it would be
paid. 1t is expected in that event
about $25O,OO0 would be Immediately
available. Mrs. Mary Grabolski drew
from the safety deposit department of
the bank 1886 for safe keeping. She
had the money in her possession but
few moments on the street car, when
she was robbed of her purse. When
she discovered her loss she set up
such an outcry that the car was stop
ped and the passengers made an eff
fort in the search but the robbers es-
capped.