The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-02-10
0YERDRAFTS
Loose Methods eliminate in
the Suspension of a De-
troit Bank.

Detroit, M4eh., Feb. s-10.-The City Saw
ings bank did not open for business this
morning trhe following notice was pos
ted on the door: '"This bank is in the
hands Of George Il. Maltz, banking COM
missioner Mr.. Maltz explained: ~.
Frank c. Andrews, vice president of the
bank, and commissioner of police, is the
cause. The bank had total deposits Of over
$3,0G0,0 COG and Andrews had more than a
third of this money out on certified checks
and verdrafts. There are $662,000 out in
certified checks and $914,OOOo in over-drafts.
Henry Andrews, cashier of the bank, ad-
vanced this money to Frank c. Andrews
without the knowledge of the directors. They
are entirely blameless in this matter. When
learned of the banks condition, closed it.
l do not know whether any steps will be
taken by the directors toward legal proceed
ings against the Messrs. Andrews.
The officers of the bank, which was or
ganized in 1889, are, president, Frank c..
Pingree; vice president, Frank G. An
drews; cashier, H. R. Andrews; assistant
cashier, Joseph A. Schultz. The capital
stock is $3.50, 900.
Banking Commissioner Maltz said it did
not look as though F. c. Andrews had
! much to cover the amount he has drawn
from the bank.
What the Directors Say.
The directors of the bank have issued
the following statement:
Early Saturday morning we learned for
! the first time that Henry R. Andrews, cashier,
had allowed Frank c. Andrews to overdraw
his account over 5000, 600, and had, also with
| out consideration, certified said Fred c. An
drews' checks for over 100000, all Of which
! checks were outstanding. The bank was i'm
! m nj tho hon O
commissioner and set about to get all security
| we could. Frank c. Andrews has turned ever
! to the bank a large amount Of securities from
| which we hope to pay our depositors in full
| Outside of the Frank c. Andrews Indebtedness
and checks the bank was never in better
condition.
The entire fund Of the board of educa-
| tion money is in the City Savings bank,
Cashier H. R. Andrews of the bank being
! treasurer of the board. This is about
| $467 900. Frank c.. Andrews has filed 8
quit claim deed to the bank on several
pieces Of valuable property.
Walking up and down the hallway out.
| side the Detroit Trust company's Office
Frank P. Andrews said:
young men can point to me as an ex
ample of the result Of speculation ma
MA
None of the other banks in the city i:
affected by the suspension of the Cit,
Savings bank. George H. Russell, chair
man of the clearing house committee ant
! president Of the State Savings bank, said
."The general banking situation here ha
never been better. There will be no fur
Their failures.
Cashier H. R. Andrews, who is not
relative Of F. c. Andrews, is in a serious
condition of collapse at his home. Mrs
Andrews said this afternoon:
He came home Friday night from the banl
so nervous and trembling that he CROPPED hi
way to his bedroom, and he has not stirre,
since then. For the past three months m.
husband has not had one hour of natura
Sleep having been under the influence o
opiates for that time, and the worry at tn
bank has been more than he could stand
Now he is raving the whole day and the onl,
coherent words can hear him say are: .:Oh
1 know they will blame me; they will blam
me, but I am not to blame! am not re
sponsible for this!"