New-York tribune., 1902-02-12
THE DETROIT BANK WRECK
QUESTION IN REGARD TO CERTIFIED
CHECKS FOR S652, 52,OO0-STATEMENT
BY F. G. ANDREWS

Detroit Feb IA receiver viii be appointed by
Judge Donovan tomorrow morning for the wrecked
CITY Savings Bank. At a hearing this AFTERNOON
in the Chancery Court on the appointment OF a
receiver the county officers and the local board Oh
education opposed the appointment OF the Union
Trust Company, of this city. which was the choee
Of Banking Commissioner Maltz and the ATTORNEY
General The county officers and the board of edu-
cation maintained that some of the officers OF tie
Union Trust Company were Interested in the banks
which hold the 1852 600 worth of overcerthed cecAs
drawn by Frank c. Andrews. former Vlce-presluehI
of the City Savings Bank, and contended that
receiver should be appointed who was ehtiIelS us
interested They advocated the appointment or
John NJ. Nicol. of this city After hearing the ar
guments, Judge Donovan reserved his decision
until tomorrow morning.
DR.. Welllngs tonight reported that the CASHIER
H. r. Andrews. who IS seriously i'll with nervous
prostration and heart trouble, had improved con-
siderably to-day He able to sit up for short
time. and his mind clearer than 1t has been
any time since he broke down.
The vital question TO the depostors of the wrecked
City Savings Bank is whether the checks which
H r. Andrews, the cashier. certified for f. c.
Andrews when he had no funds in the bank.
amounting 20 $4,000 and which the latter depos-
fted among four other local banks and trust com
pany legal II they held be illegal because
Of the cashier having certified TO them without the
knowledge OF the directors it is thought that the
assets Of the City Savings Bank with what has
been turned owe: 10 it by +. c. Andrews will be
sufficient pay depositors in full. On the con-
trary, II they held be legal it will take just
that amount from the depostOrs. President Pin
gree said to-day that he believed that the checks
would be decided illegal and that the depositors
would receive least 75 cents dollar In the
statement prepared yesterday of the banks cond-
uon these certified 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 where
they is known. Nothing could be learned
in regard TO them by the bankers who asked him
yesterday.
F. c. Andrews was interviewed this afternoon for
the first time since the City Bank closed its doors.
Il have not. a penny. I am ruined" said he, add
ing:
But don't worry about myself All that IS on
my mind now is TO save the othersinvolved in this
Thers has been any amount Of lies and misstate-
know where the coIiaterais went to- If they would
only be less frenzied and resume their ordinary
tion IN less than three minutes;
changed them for the collaterals, but in most in
Currie & Co, brokers or the State Savings Bank
ugaiions al other banks There are memoranda Of
every transaction and all the e9IIaterals can be
As far as Harry Andrews is concerned err there is
mans note for 5000 If he suPposes the maker TO
worthless he has only piece of paper to show for
st. hasn't he7 I had plenty Of colIateras at the
amounts If they would only give chance
and let pull out everybody would get his
money. I've got lots of equities and other things
that haven't turned over TO them yet, but will
do they Will listen to me I've made
all the money for the bank Now, why don't they
let me get them out of the hole?
That railroad concession alone is sufficient 10
for every cent the City Savings Bank owes. Ny
troubles began with the drop in Amalgamated. and
accumulated q the market went down. These
criminal proceedings all light. but If the fellows
think they get their money by putting me be-
hind the bars for year. where can get a rest, l
satisfied. Have any outside debts? don't
any other place. except some money on stock in
Utah mines.
The people needn't worry about the public funds
which We're IN the bank They will be all
stored although will perhaps break the directors,
who have TO make good the deficiency,