Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1906-08-08
Safety Deposit Boxes in De-
funct Milwaukee Avenue In
Stitution in Chicago Found
Looted of Contents.
OFFICERS FUGITIVES;
THOUGHT TO BE IN CANADA
Son of President Left to Face
Music Under Arrest-De-
poSitorS May Get 70 Cents
on the Dollar.

Chicago, Aug. 7.-TheOdore Stems
land, vice president of the Milwau-
kee Avenue State bank, was arrested
late this afternoon on a charge OF
violating the banking laws of the
state. Earlier in the day the institu-
tion was placed in the hands of a re-
ceiver and Paul o. Stensland, presi-
dent of the bank and father of the
vice president, together with Cashier
Herring, were officially declared fu-
gitives from justive and their descrip-
tions placed in the hands of the police
throughout the country. This action
was taken by the authorities after de-
velopments today had shown that the
finances of the bank were in deplo-
rable condition and had been for a
number of years. Besides by the dis
covery OF many Irregularities in the
management of the bank it was also
found that even the safety deposit
boxes and rented by the bank had
been tampered with and rifled.
The specific charges on which The
odore Stensland was arrested was that
of having accepted deposits at the
bank when he knew the institution to
be insolvent. The arrest was made
in the office of Chief of Police Col
lins, where Stensland had gone to
confer with the head of the police de-
partment.
Later in the day Jacob ]. Kern,
former states attorney, signed bonds
for $4,000. for the release of Theo-
dore Stensland.
The promises held out yesterday
that the elder Stensland would appear
in Chicago today were unfulfilled, and
it is the belief of the police, based up
on dispatches from several northern
cities, that he has fed to Canada
Cashier Herring is thought to have
reached the dominion by another
route.
The days developments were pro-
ductive of the first ray of hope for
the depositors, who yesterday believ-
ed their savings of years had been
swept away in the wreck. David r..
Fofgan, vice president of the First
National bank and one of those to
whom the status of the defunct banks
affairs had been laid bare, declared
that probably 20 cents on the dol
lar would be paid in the final adjust
ment. The affairs of the bank are
said to be in almost a hopeless tangle
and new Irregularities are being dis
closed as the examiners go deeper
into the books. President Stensland
loaned money to himself, it is alleged,
by the subterfuge of having employees
sign the notes. Specific instances came
to light during the day of the loot
ing of safety deposit boxes.
The whereabouts of Vice President
Theodore Stensland, son of the miss
ing banker, was a mystery to the au-
thorities until late in the afternoon
when Chief of Police Collins got in
to communication with him by tele-
phone and secured his promise to
meet him in conference later.
The clearing house committee is
sparing no effort to bring the missing
president to justice. Handwriting ex-
perts, it is said, will be put to work
at once upon the case to establish the
seeming evidences of forgery.
Belief that Stensland has made his
escape into Canada is supported by
a report from Superior Wis, that
Sergeant of Police Darwin Icoon, OF
that city, saw the missing banker on
Duluth-Superior car en- route to Su-
perlor. Another dispatch from Su-
perior from Chief of Police Keenan,
tended to show that Stensland made
his way to Canada by boat from Du.
luth. Cashier Herring is thought tC
have reached the line by way of De.
troit.