Salt Lake Tribune | 1910-01-21 | Page 9 | Convicted Bankers Are Given Freedom

CONVICTED BIKERS iE GIHEDOM Paul 0. Stensland and Henry W. Hcring Released From the Penitentiary. SERVED THREE YEARS OF INDETERMINATE SENTENCE Wrecked Big Bank and Lost Savings of Thousands; Elements Ele-ments of Tragedy. CHICAGO, Jan. 20. Paul O. Stenslond, former president of the Milwaukee Avenue Ave-nue State bank of Chicago, and Henry W. Herlng, formerly Its cashier, who were convicted In connection with the wrecking of the bank and the disappearance of 300,000 of Its funds, were paroled today. Stensland, who was captured after a sensational chase extondlng across the Atlantic ocean Into Europe and to Morocco, Moroc-co, hns served three years, three months and twenty-four days. Allowing for good behavior, his time represents a Bentenco of four years, six months and eight days. Ho was sent to the penitentiary on an Indeterminate 'sentence 'sen-tence of from one to ten years. Herlng was given a similar sentence. Stensland Old Man. Arguments before the pardon board on behalf ofxthe prisoners were that their guilt consisted chiefly in trying to cover up shortages when struggling io get the bank out of difficulty. Stensland Is almost al-most sixty-three years old. The looting of the Milwaukee Avenue State bank Involved the savings of 22.000 depositors and the disappearance of 51,-300,000 51,-300,000 of deposits. Stensland left Chicago July 24, 1906. and it was not until August 7 that the bank was closed by tho state bank examiner. ex-aminer. Stensland's reputed integrity and the confidence reposed In him by small tradesmen and wage-earners led both authorities and victims of tho failure fail-ure to believe for a time that undiscovered undiscov-ered securities and careless bookkeeping would account for the steadily Increasing shortages. ' Tragedies in Connection. The suicide of the bank's paying teller and of three ruined depositors, the death of another from worry and four victims adjudged Insane from the samo cause added an element of tragedy to the affair. af-fair. Tn tho meantime the fugitive bank president had been traced to Tanglcrs, Morocco, where he was arrested September Septem-ber 8. 1906. Cashier Herlng gave himself up. How long it will be before Stensland and Herlng aro liberated from prison will depend on Governor Dcneen. who must approve the board's action before It becomes be-comes final. It. Is expected the matter will be disposed of by the governor in a few days.