The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-02-12
ARE CHECKS LEGAL?
DEPosIToRs In DETROIT CITY saw
INGS BANK WANT TO
KNOW
ANDREWS CoUNsELs PATIENCE
Says Bank Will Pay Everybody If
Creditors Will Give Him
Chance to Recover
Himself.

DETROIT, Mich, Feb. 1.-THE most
vital question to the depositors of the
wrecked City Savings bank is whether
the checks which Cashier H. r. Andrews
certified for f. G. Andrews, when he had
no funds in the bank, amounting to $685.
000 and which the latter deposited among
four other local banks and trust COM
pany, are legal. If they are held to be
Illegal, because of Cashier Andrews hav-
ing certified to them without the knowl-
edge of the directors it is said that the
assets of the City Savings bank, with
what has been turned over to it by r.
G. Andrews will be sufficient to pay de-
positors in full. On the contrary, if they
are held to be legal it will take just that
amount from the depositors President Y.
c.. ePingree said to-day that he believed the
checks would be decided Illegal, and that
the depoSitors would receive at least 75c on
the dollar. In the statement prepared yes
terday Of the banks condition these cerh-
fed checks were ignored. F. c. Andrews
has not turned over to the city bank any
of the securities he took out of the other
banks with the over certified checks and
their whereabouts is not known.
At special meeting to-day Of the board
of Education which has on deposit in the
City Savings bank $467, O00 1t was decided
to elect a new treasurer tomorrow night,
to succeed Henry R. Andrews, who was
cashier of the City Bank. The directors
of the wrecked bank We're on Treasurer
Andrews bond and the board will pro
coed as soon as possible to collect the
banks Indebtedness to it from the bonds
men. Arrangements were made to secure
funds from the city treasury for current
expenses.
Andrews Is interviewed.
E. G. Andrews was interviewed this
afternoon for the first time since the City
Bank closed its doors.
I have not a penny, for l am ruined
he said. But I don't worry about nv
self. All that is on my mind now, is to
save others involved in this crash. There
have been any amount of lies and mis-
statements made about this matter They
say I don't know where the collateraIs
went to- If they would only be less
frenzied and resume their ordinary calm
ness, l could explain to them the whole
system in less than two minutes. I did
not take the certified checks all in one
day, but successfully. l went to the
banks and exchanged them for collateraIs,
but in most instances they had been sold,
either through Cameron, Currie & Co.,
brokers, or the State Savings bank
What money I got was used to pay
drafts, and obligations at other banks
There are memorandum Of every trans
acuOn and all the coHateralS can be sat-
isfactorily explained If they will only
take the trouble to listen to me-
AS far as Cashier Andrews is concern
ed there is nothing especially wrong
about it. He can take a mans note for
5000, if he supposes the maker to be
good, can't he? And if the maker turns
out worthless, he has only piece Of
paper to show for it, hasn't he? I had
plenty of collaterals at the time It's on
ly case of over-loans. That is all It
amounts to. If they would only give me
chance, and let me pull out, everybody
would get his money. l have got lots of
equities, that I have not turned over to
them yet, but I will do SO if they will
listen to me. have made all the, money
for the bank, now why don't they let
me get out of the hole?
My troubles began with the drop in
the Amalgamated, and accumulated as
the market went down. These criminal
proceedings are all right, but if the fell
lows think they can get their money by
putting me behind the bars for a year.
where I can get a rest, I am satisfied
Have I any outside debts? 1 do not own
a penny in Kansas City, Chicago, New
York or any other place, except some
money on stock in Utah mines.
The people need not worry about the
public funds which were in the bank.
They will be all restored, although it will
perhaps break the directors, who win
have to make good the deficiency