The Montgomery tribune., 1902-02-14
NOT OPEN FOR BUSINESS.
The Doors Of the City Savings Bank
Of Detroit. Michigan, Are
Closed.
IN HANDS OF THE BANK COMMISSIONER.
The Cause of the Suspension said 70
he the Advancing of the HANKS
Funds, without the Knowledge
of the Directors, by Cashier Hen
~ n. Andrews Of the Bnnk.

Detroit, Mich, Feb. 1.-THE City
savings bank did not open for bust
ness this morning. AZ nine O'Clock
the following notice was posted on
the door:
This hank Is in the hands ~
George l.. Maltz, banking commis-
sioner."
Asked the reason for the suspen-
sion Of the City savings bank. state
/ Banking Commissioner Maltz said;
Prank G. Andrews, yicc-president of
| the bank and commissioner OF police
| is the reason. The bank had total
deposits of something over $1,000
900. and Andrews had more than a
| third OF this money out on certified
checks and oycrdrnfts. There are
sG62 900 out In certified checks and
1914. 900 In overdrnfts. Henry II. An-
drews. cashier Of the bank. nd-
,anccd this money 60 Frank {. An-
drcws without the knowledge of tho
directors. They nrc entirely blame
less In this matter. When ! learned
Of the banks condition closed II. l
do not know" he said. In answer to
another question. whether any steps
will be taken by the directors toward
legal proceedings against the Messrr.
| Andrews
The officers of the bank. which was
organized In 1850. nrc; President.
Frank c. Pingrcc; ,icc.prcsidcnt.
Frank &. Andrews; cashier, II. II. .\n-
drcws. assistant cashier, Jos n
[ Schultz.
according to the statement of the
banks condition. printed December
II. the bank had total deposits Of So
I O62, ,iOj.3O.
Bank Commissioner Malts said IL
did not look as though +. G. An-
/ drews had much to cover the amount
he has drawn from the bank,
/ The county auditors have IN the
| City savings bank one fund Of $685.
| 0i3 and sinking fund balance ~
[ Si2.7il.
| County Clerk McGrcgor has $1,000
in the bank ms register IN chanccry.
| The entire fund of the board of
education money Is In the City say-
ings. bank, Cashier II. H. Andrews, of
/ the bank. being treasurer of the
board. IL IL estimated that this IL
about $4,000. The public library
fund also IL In the City savings bank,
and amounts 20 $4,000.
Frank &. Andrews has filed quit
claim deed To the City savings baHk
On several pieces OF valuable prop
erty.
The directors of the City savings
bank have issued the following state
mcnt: "In justice To ourselves. our
dcpositors and stockholders. the I'M
! dcrsigncd directors of the City saw
ings bank make the following state
ment: Early ON Saturday morning
We learned. for the first time. that
Henry X. Andrews. cashier of the
bank, had allowed Frank {. Andrews
10 ovcrdraw his account In the sum
of 100000, and had. without consid-
GRAFTON certified said Frank G. An
checks are outstanding. The bnnkwas
drews' check for over S1OO.OOU all a
Immediately put 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 10 pay our depositors in fuli.
"rhc banking commissioner Las
deemed II the wisest policy to close
the bank for the present for the best
interest Of all dcpositors. Outside of
the Frank c. Andrews Indebtedness
and checks the bank was never In n
better condition.
lSigncdl ~. c. pTNGREE.
"WARD L. ANDRIS.
"IIOMER MGRAW.
Jos. SCHULTZ.
"F. S. OSBORNE.
"W ~ MGpAkN"