Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1902-02-13
FORCED TO CLOSE DOORS.
Thu City Savings Bank of Detroit in tn
Hnnls of tho HnnIIlnr Commissioners.

Tho City Savings Bank of Detroit in the
Hands of the Banking Commissioner.
Detroit, Mich, Feb. 10. The City
Savings Bank did not open for business
this morning. At o'clock the follow
ing notice was posted on the door
"This bank is in the hands of George
L. Maltz, banking commissioner. 4"
The officers of the bank, which was
organized in 1889, are: President,
Frank G. Pingree; Vice President,
Frank G. Andrews; Cashier, II. r.
Andrews Assistant Cashier, Joseph A.
Schultz. The capital stock of the bank
is $50, 600. According to the state
ment of the banks condition printed
December 18th, the bank had total
deposits of 50, O62, 405. 30.
Asked the reason for the suspension
of the hank, State Banking Commits
sioner Maltz said to The Associated
Press: Frank G. Andrews, vice presi =
dent Of the bank and commissioner of
police, is the reason. The bank had
total deposits of something over SO, 600, :
600, and Andrews had more than a
third of this money out on certified
checks and overdrafts. There are 1862, :
600 out in certified checks, and 1914, :
900 in overdrafts. Henry n. Andrews,
cashier Of the bank, advanced this
money to Frank C. Andrews without
the knowledge of the directors. They
are entirely blameless in this matter
When | learned of the banks con
dition, | closed it. do not know
whether any steps will be taken by the
directors toward legal proceedings
against the Messrs. Andrews | will
issue this afternoon statement on the
banks condition. y
The clearinghouse committee is now
in session, discussing the suspension.
The county auditors have in the City
Savings Bank one fund of sos, 0l3, and
sinking fund balance of S42. ia.
County Clerk McGregor has S22. 600 in
| the bank as register in chancery. The
| entire fund of the Board of Education
is in the bank, Cashier II. r. Andrews
OF the bank being treasurer of the
board. 1t is estimated that this is
about 5000 900. The public library fund
is also in the bank.
Frank G Andrews has fled u qui
| claim deed to the bank on several
pieces of valuable property.
Banking Commissioner Maltz says il
| does not look as though F. G. Andrews
has much to cover the amount he has
drawn from the bank.
The directors of the bank have issued
the following statement: EARLY Sat
urday we learned for the first time that
Henry h. Andrews, cashier of the bank,
had allowed Fr.nk G. Andrews to
overdraw his account in the sum OF
over 5000, 600, for all of which checks
were outstanding. The bank was i'm
mediately put into the hands of the
banking commissioner, and we SET
about to get all the security we could.
Frank G. Andrews has turned over tc
the bank large amount of securities,
from which we hope to pay our deposi.
tors in full, The banking commissioner
has deemed it the wisest policy to clost
the bank for the present, for the best
interests of all depositors. Outside Of
the Frank G. Andrews Indebtedness
and checks the bank was never in o
better condition. "
Detroit, Mich, Feb. 12.-Judge Donovan
today appointed the Union Trust Co. Of
this city receiver for the wrecked City Saw
ings Bank.