The San Juan islander. [volume] (Friday Harbor, Wash.) 1898-1914, 1902-03-20

| to get into the social swim. For about
eight years he led modest, busy Hfe
About 1895 he began to dabble in
stocks He believed the country was
on the eve Of an era Of prosperity, and
| he began to put his theory Of specula
ton to the test. He operated cautious
| ly, contenting himself with small prof
its and making quick returns. The SEN
ior member of the firm frowned on the
practice as soon as he learned Of it, and
the partners gradually drifted apart
They were warm friends, but Andrews
| by degrees got out Of the business.
though he was nominally member of
the firm for several years thereafter
He really believed himself a favOrite
of destiny, a Napoleon Of finance, but
forgot Waterloo. The ms and outs Of his
speculation are known only to himself
and his brokers, but it is believed that
! the copper mines Of Michigan were
source Of great profit to him. Early in
his career he began investing his sur
plus profits in the stock Of banks. He
thus acquired holdings in the City Saw
ings, the Dime Savings and the Preston
| National Banks, Of Detroit, the Park
National Of New York, the First Ma
tional Of Romeo, and the Romeo Saw
ings Bank. He secured $50 Of the 1,500
shares in the City Savings, and it was
understood that the burden Of manage
ment should fall on him and the cash
Ter. In 1899 he branched out in a new
direction by financing the Detroit,
Rochester Romeo and Lake Orion Rail
road, an electric line to run twenty-five
miles out of Detroit. Subsequently he
also undertook to place the bonds of the
Grand Rapids, Holland and Lake Mich
igan and the Lake Orion and Flint Rail
roads. He became treasurer of all
three. He was chosen treasurer Of the
Detroit Reduction Company was a spe-
cial partner in at least three manufac-
turing concerns, and he invested in
number of mines. One of these was the
Quebeadilla, of Mexico, which had
made nearly $5,OOO,OO0 for its Detroit
owners before. Two years ago he
helped to capture and reorganize the
Preston National Bank, for which pur-
pose it was necessary to buy up ma
jority of the 100000 Of stock. Then
followed the organization of the Detroit
Trust Company.
The Sensational Finish.
But the plunger made mistake; he
did not know when he had enough. He
could not break the habit of specula-
/ ton so easily. He thought he saw a
chance to make one more killing" in
Amalgamated Copper stock, and he
plunged as usual. He is said to have
held 10000 to 10000 shares and to have
bought some of it as high as 121. 1t
went off about 60 points, which might
account for loss of 100000 to $780,
600, but he pyramided his losses by
buying on the scale down. His fortune
melted away like snow In July sun.
He became desperate. He tried to re-
coup in other stocks and lost. He Dor
rowed $272,OOO of the. First National
Bank, 100000 of the Preston National
Bank, $4,000 of the Detroit Trust, $50,
600 of the State Savings and 100000
of the Detroit National These loans
aggregated $685., 600. and Andrews is
supposed to have deposited In those
banks stocks and bonds worth about
81 100000.
About Jan. Is President Pingree Of
the City Savings Bank went east, and
during the next twenty days Vice Pres
| ident Andrews overdrew his account
at that bank by $4,000, forbidding
Cashier Andrews to notify the direc-
tors. Then he persuaded the cashier to
certify to worthless checks for $500 900,
with which the plunger is said to have
paid off his Indebtedness at the other
| banks, receiving his securities back.
Birds ia Florida.
CYRUS Carleton of Providence II. l.,