Barre evening telegram. (Barre, Vt.) 1898-19??, 1902-02-11
DETROIT BANK CLOSED
state Commissioner In Charge Of tbs
City Savings Institution
oNr MAN CAUSE OF TROUBLE.
49, Than a Third of Bank De.
oo.,t. Had Been Advance
ia Frank c. Andrews
by the Cashier.

r..uoit Mich. Feb. II. - The IT,
q. ,,inys hank did not open for business
Suring the day The following notice
ur,s posted on the door:
"This bank is in the haads Of George
ualtz banking commissioner
.snad the reason for the suspen "a
- the hank. State Banking Comp,-
sioner Maltz said:
"rrank G. Andrews. vice president
- Tho hank and commissioner Of pp
,;ao is tbe reason. The bank had -
taI deposits of something over &'ot'
oOo and Andrews had more than A
third of this money out on certified
checks and overdrafts. There is Sfd2-
nn out in certified checks and UliFo
in overdrafts.
"Hepry r. Andrews, cashier OF th4
hank. advanced this money to fraat
r. Andrews without the knowledge "
the directors. They are entirely blame.
loss in this matter. When l learned u
the hanks condition. closed it.
~ do not know" he said in answer
to another question. whether any
stems will be taken by the Directs
toward legal proceedings against ne
Nessrs Andrews. 1t does not look ~
though f. c. Andrews has much -
cover the amount he has drawn from
the bank.
Frank c. Pingree President,
The officers of the bank, which w'
organized in 1889, are: PresIdrHt
Frank c. pingree; vice presiden'
Frank C. Andrews; cashier. H, r, All
drews; assistant cashier Joseph A,
Schultz. The capital stock Of the bank
! is $150,000.
According to the statement of IT,"
banks condition printed Dec. II. the
| bank had total deposits Of $780,. 405
The county auditors have in the bauG
one fund of S1OS,O43 and sinking
fund balance of $42,114. County CLERK
McGregor has $4,000 in the bank -
register in chancery.
The entire fund of the board of edu-
cation money is in the bank, Cashier
H. r. Andrews of the bank beng
treasurer of the board. 1t is estimated
/ that this is about $467 900. The publ
library fund is also in the bank.
Frank G. Andrews has filed quIt
claim deed to the bank on sever4i
pieces of valuable property.
Statement by Directors.
The directors of the City Savings
bank have issued the following stat
ment;
"ln justice to ourselves. our dpp0'.
itOrs and stockholders the undersignri
directors of the City Savings bank
make the following statement, EarIy
on Saturday morning we learned for
the first time that Henry r. Andrews.
cashier of the bank, had allowed Frank
&. Andrews to overdraw his account i'll
the sum of over 5000, 900 and had also
without consideration certified said
FRANK G. Andrews checks for over
100000. all Of which checks vera out
standing. The bank was immediate
put into the hands Of the banking com
missioner. and we set about to get 4
the security we could Mr.. Frank y.
Andrews has turned over to the bank
large amount of securities, from viii,
we nope to pay our depositors in full
The banking commissioner his
deemed 1t the wisest policy to close thu
pank for the present for the best inter
est Of all depositors. Outside OF tn
FRANK Z. Andrews indebtedness ami
eheeks the bank was never in better
condition.
I. Z. Pingree Ward l.. Andrus
Homer McGraw, Joseph Schultz, +. )
osborne, W. T. McGraw."