Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1906-08-07
President of Failed Chi
cago Bank is Being
Sought.
HE MUST HAVE KNOWN
Depositors Losing Hope of Ever
Recovering Sums Aggre-
eating S4,200,000.

Chicago, Aug. president Paul o.
Stensland of the Milwaukee Avenue
State bank will probably be arrested
as soon as he enters Chicago or can
be found. Bank Examiner Jones said
today that Stensland surely had guilty
knowledge of the Iooting of the bank
Twenty-Five thousand depositors in the
bank are gradually losing hope of re-
covering S4,20O,O0O they entrusted to
Stensland's care.
Gone to Canada.
Detectives are now seeking the cash
ier, Henry w. Herring, alleged embez-
zler, and assert they have information
to the effect that Herring left for De-
trOit Saturday night with Canada as
the ultimate destination.
There was a crowd of several hum
dred working people around the bank
this morning. Their evident misery
was accentuated by a drizzling rain.
Ask Aid in Search.
The following message has been sent
broadcast over the country by the po-
lice:
Arrest for embezzlement Henry w.
Herring, cashier of the Milwaukee Ave
nue. State bank; 40 to As years old, .
feet inches tall, 275 pounds, stout
build, dark complexion, chestnut hair
dark brown mustache, light suit. He
is a good dresser.
Describe Stensland.
The police department today sent
broadcast throughout the United |
States a message giving a description
of President Stensland and asking for
his arrest The message follows:
Look out for and arrest for violating |
the Illinois state banking law, Paul o. |
StensIand, about SO years old, feet
or 10 inches in height, blue eyes, and
about 200 in weight 1t is understood |
he has shaven his beard and has q !
smooth face He is stout built and !
wore when last seen a light suit and
straw hat Light complexioned, tend !
ing to sandy. Last heard from at Du- !
luth.'
Warrant Out.
Justice Severson has issued a war
rant for the arrest of President Stem |
sland on the charge of receiving de-
posits after knowing the bank was in
solvent.
Son Also Gone.
The superior court today appointed |
John c. Fetzer receiver for the closed
bank. The bill of complaint alleges
mismanagement by the officials. The !
rumor that Theodore Stensland, son of
the president of the bank, had also dis
appeared grew today out of his failure
to keep an appointment with officials |
nf dora RI
for him was instituted.
Scandal Uncovered.
Chicago, Aug. IA financial scandal
of tragic magnitude to $4,000 families
of toilers in the foreign quarters of the
northwest side was disclosed late yes
terday afternoon by the state bank ex-
aminer in his investigation of the con-
dition of the Milwaukee Avenue State
bank, which he had closed peremptori-
~ earlier in the day.
With its principal executive officers
mysteriously absent from the city, and
with the cashier sought for embeZzle-
ment, and the president for guilty
knowledge of unlawful financial prac-
tices, the bank-holding more than s4.-
100000 of the savings, chiefly of poor
peoples said to be beyond all hope
of saving.
Days to Obtain Figures.
While the curernt report is that the
shortage of the institution is between
$4,000 and s1,O0O,OOO, Bank Exam
iner c. G. Jones, who is in charge, de-
clared in the evening that this was only
guess. 1t will require several days
to arrive at the value of the real as
sets and the amount of which the bank
has been looted
Results in Two Deaths.
Chicago, Aug. 1.-Two deaths yester-
day followed close upon the crash of
the Milwaukee Avenue State bank.
One depositor dropped dead, probably
from heart disease, when he heard of
the failure. and another killed himself
with a revolver because his savings
were lost
Henry Koepke, grocer, who lived
with his wife and two children at 1878
North KedZie avenue, had 500 depos-
tied in the bank. He returned last
month with his family from visit to
Germany and Immediately opened a
grocery at 1873 North Kedzie avenue
The trip to Germany and the pur-
chase of stock for his store had ex-' +,