The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1902-02-10
FAILED TO OPEN.
City Savings Bank of Detroit
Has Been Closed
With Its Books Showing $3,-
100000 in Deposits.
OFFICER In CHARGE.
Cashier and His Assistant Said
to Be Responsible.
Organized in 1889 and Frank
Pingree Was President.

Detroit. Feb. 10.-The City Savings
Bank did not open for business this
morning. At o'clock the following no
tice was posted on the door: This bank
is in the hands of George L. Maltz, bank
commissioner
Asked the reason for the suspension of
the City Savings Bank. State Bank
Commissioner Maltz said to the Asso-
ciated Press:
Frank c. Andrews, vice president of
the bank and commissioner of police is
the reason. The bank had total deposits
of something over 100000 and And
rews had more than a third of this mon
ey out on certified checks and over
drafts. There are $662, 600 out on certif-
ed checks and $914,000 in overdrafts.
Henry r. Andrews, cashier of the bank.
advanced this money to Frank c. And
rews without the knowledge of the di-
rectors. They are entirely blameless in
this matter. When ] learned of the
banks condition l closed it. I do not
know he said, in answer to another
question, whether any steps will be ta-
ken by the directors toward legal pro
ceedings against the Messrs. Andrews
1 will issue statement this afternoon
the banks condition..
The clearing house committee is now
in session discussing the suspension.
The officers of the bank which ws or
ganized in 1889 are:
President, Frank c. Pingree; vice
president, Frank c. Andrews: cashier,
H. R. Andrews; assistant cashier. Joseph
A. Shuttle.
According to the statement of the
banks condition printed December 1!
the bank had total deposits OF $3,062,-
405. 80.
Bank Commissioner MaItz said it did
not look as though F. c. Andrews had
much to cover the amount he has
drawn from his bank.
The county auditors have in the City
Savings bank one fund of S10S,04S and
sinking fund balance of $42, ia.
County Clerk McGregor has $4,000 in
the bank as register in chancery- The
entire fund of the board of education
money is in the City Savings bank.
Cashier H r. Andrews of the bank be-
ing treasurer of the board 1t is esti-
mated that this is about $467 600. The
public library fund also is in the City
Savings bank 1t amounts to 1000.
Frank c. Andrews has filed a quit
claim deed to the City Savings bank on
several pieces of valuable property.
DIRECTORS STATEMENT.
The directors of the City Savings
bank have issued the following state
ment:
In justice to ourselves, our deposit
ors and stockholders, the undersigned
directors of the City Savings bank
day morning we learned for the first
time that Henry r. Andrews, cashier of
the bank, had allowed Frank G. An
drews to overdraw his account in the
sum of over 5000, 900, all of which checks
were outstanding. The bank was i'm
mediately pun into the hands of the
banking commissioner and we set about
to get all the security We could. Mr.
Frank c. Andrews has turned over to
the bank large amount of securities,
from which we hope to pay our deposit
ors in full. The banking commissioner
has deemed it the wisest policy to close,
the bank for the present for the best
interests of all depositors. Outside of
the Frank c. Andrews Indebtedness
and checks, the bank was never in a
better condition.
IF. c. PINGREE
WARD L. ANDREWS.
HOMER MAGRAW
JOSEPH SCHULTZ.
IF. s. OSBORNE.