Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1906-08-15
ABSCONDER'S SON
AIDS DEPOSITORS
TURNS OVER PROPERTY TO DE.
FUNGI BANK.
OFFICIALS STILL AT LARGE
President StensIand and Cashier Her
ing Being Sought All over the
country-lnVestments in Bubbles
Undermined the Supposedly Con-
serVatiYe, Financial institution.

Chicago. Aug 9.-Theodore Stems
land, vice president of the Milwaukee
Avenue State bank, and son OF the fu-
gitive president of that institution.
has come to the rescue of the $4,000
depositors and it is the general belief
of those who are endeavoring to
straighten out the affairs of the bank
that there is an excellent chance that
those who have deposits will receive
almost dollar for dollar when a final
settlement is made. The improved
condition of the banks affairs was
brought about by young Stensland
who last night announced that he
would turn over to Receiver Fetzer
today all the real estate and personal
property of his father. The son
places a valuation of 100000 on this
collateral and he stated that he had
full authority to make the transfer
for the benefit of the depostors. This
transfer will be made today.
President Stensland and Cashier
Herring are still at large and search
All LA4CIl ID bCAIts5 l1dNG an Wv CT LtlC
country Yesterday afternoon it ap,
peared as if there would be serious
trouble with the depostors who
swarmed around the doors of the
failed bank. While fully 1000 depos-
itors shouted their protests over $500.
600 was removed from the vaults Of
the institution to the National Bank
of the Republic where it will be held
for safe keeping until next Tuesday,
when it is said distribution to the
depositors will be made. The re.
mOval of the money put the crowd IN
an angry mood and it took a big Pc.
lice detail to keep the excited ehrons,
from upsetting the patrol wagon
filled with bluecoats as a bodyguard
for the treasure.
Money Lost in Bubbles.
Wildcat" real estate fnancierng
by Paul o. Stensland in his Irving
Park subdivision will be disclosed, it
was predicted, as soon as J. E. Fetzer
receiver for the wrecked bank, checks
up on the mortgages and notes given
by hundreds of investors who hung on
to the bubble" let loose by the miss
ing bank president. A slump in value
at this time, which is feared will
come, would cause much suffering and
loss to owners. 1t has been learned
that loans have been made on houses
in that subdivision up to within 80
per cent. of their top notch value
The cash came from the savings of
depositors of the suspended bank.
Scores of houses were constructed in
the subdivision which were declared
at the time TO be too expensive for
the character Of the section Loan
houses were told at the time that if
they did not care to take the security
Paul o. Stensland stood ready to
furnish the money and at a low rate
of interest.
Highly Criminal Acts.
Conclusive evidence has been IN
earthed by State Bank Examiner c..
C. Jones that Paul o. Stensland, the
fugitive president of the bank, has
been guilty of highest criminal acts
stitution of which he is the head
This was officially announced by Mr..
Jones.
At the same time culpability for
the crimes which have brought the
far reaching disaster on the north
west side is narrowing more and
more to President Stensland. Henry
w. Herring, the missing cashier who
was declared to be ar embezZler of
large sums of money, is being in a
measure exonerated because of the
lack of direct proof against him
when | swore out the warrant for
Mr. Stensla2d," said Mr.. Jones, Il
was perfectly assured of the criminal
nature of the acts of which the banker
has been guilty. Against Mr. Herring
[ have no direct evidence. l cannot
say as yet precisely how far the
frauds operated by Stensland have
been carried out it is to a great
length that is by papers already
brought to light. Mr.. Jones con.
firmed statements that the frauds
amounted to over $1,O000OO.
Some Secret History.
Milwaukee Avenue State bank reveals
the not altogether surprising fact that
wine. women and gaming have slotted
a few more escutcheons. Not a nanu
full of the $4,000 depositors whose
names were written in the books of
Paul o. Stensland's bank knew the de.
tails of Paul o. Stensland's life. Still
fewer knew the way in which mis-
cashier, Henry Herring. lived.
Between Stensland and Herring and
the struggling Norwegians, Swedes,
Danes and Poles of the northwest
side who put their money in Stems.
lands bank there was a deep gulf
fixed Stensland had escaped from
the life that his depositors were forced
to lead. Herring had never lived that
life Each of them had tastes that
never came within the ken of the Cd
scure, Woodworking people whose
mony lay, or was supposed to Law he.