Rensselaer Semi-Weekly Republican, Volume 38, Number 94, Rensselaer, Jasper County, 24 August 1906 — CHICAGO BANK CASHIER TAKEN. [ARTICLE+ILLUSTRATION]

CHICAGO BANK CASHIER TAKEN.

• I ■■ e Cashier of Wrecked Bank la Held for Inveatlffation Without Bail. Henry W. Hering, cashier of the Mll- . Waukee Avenue Stare Bank in Chicago, which closed its doors several days ago, was arrested In that city the •Other day. He was refused (ball until his connection with the disappearance of nearly $1,000,000 of the bank’s funds is cleared up, . ’ The delving into the ruins of:?flwr wrecked institution developed the most astounding mass of financial rottenness ever unearthed since the State of Illinois undertook the supervision of the people’s saving depositories. With Cashier Henry W. Hering as special and none too willing a guide to and novel devices of bank looting were shown up, together with certain evidence involving other bank officials and even outsiders in. the spreading plot. Even State Bank Examiner C. C. Jones, who has been checking up failures in the .State for twenty ~ years, gasped over the barefaced frauds which have been perpetrated with imptinity under his nose fit tins institution. The most startling of the revelations was the finding of dozens of checks for various amounts, which the examiners, to their astonishment, found signed, not with names but with numbers.

Thousands of dollars were found to have been paid out, with nothing to indicate who was beholden for payment but a set of numerals. There have also been found papers without number the signatures to which are forgeries and which are absolutely worthless. While further arrests are expected, attempts are being made to cast up the loss to be suffered by the 22,000 persons who deposited $4-200,000 in the Stensland bank. One estimate says the bank w’ill pay 67 f>er cent. This is on the basis that no new frauds will be uncovered in the $1,100,000 of mortgages In the bank vaults. The resources are estimated as follows: Cash on hand $ 750,000' Railroad bonds, easily convertible 95,000 Mortgage 1,100,000 Good notes 400,000 Real estate~vrm~.t~;• -60.000 Stensland's property 300,000 Stockholders’ liability ... 150,000 Total resources .... , A . 52,855,000 Total deposits $4,250,000 Less resources in sight .. 2,855,000 Net shortage of bank $1,395,000

CASHIER HENBY W. HERING.