The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-02-12
nut Claims To Have N LOT of Foui,i..
ana Other Things" which
May BE Realized On.
RECEIVER TO BE APPOINTED
TO TAKE CHARGE OF THE CITY saw
INGs BANK OF DETROIT.
Creditors Want 10 Know yyha,h.- a..
Bank Is Responsible for All
Andrews's Paper.

DETROIT, Feb. ia receiver will be
appointed by Judge Donovan tomorrow
morning for the wrecked City Savings
Bank At hearing this afternoon in the
Chancery Court on the appointment of a
receiver the county officers and the local
Board Of Education opposed the appoint-
melt Of the Union Trust Company. of this
city. which was the choice of Banking
commissioner Maltz and the attorney GEN
eral- The county officers and the Board of
Education maintained that some of the Of
hcers of the Union Trust Company were
interested in the banks which hold the
So62.eO worth of Overcertified checks drawn
by Frank c. Andrews, former vice presf-
dent of the City Savings Bank. and con-
tended that a receiver should be appointed
who was entirely disinterested. They ad-
Vocated the appointment of John NJ Nicol.
OF this city After hearing the arguments
Judge Donovan reserved his decision until
tomorrow morning.
DR.. WeIIings tonight reported that Cash
Ter II. r. Andrews. who is seriously i'll
with nervous prostrat ton and heart trouble
had improved considerably to-day. He was
able TO sit up for a short time, and his
mind was clearer than it has been at any
The most vital question of the depositors
OF the wrecked bank is whether the checks
which Cashier II. r. Andrews certified for
+. c. Andrews when he had no funds in the
bank. amounting TO 1862 900, and which the
latter deposited among four other local
banks and trust company, are legal. If
they held to be illegal because of
Cashier Andrews having certified to them
without the knowledge of the directors
it is thought the assets of the City Saw
ings Bank with what has been turned over
TO it by r g. Andrews will be sufficient to
pay depositors in full. On the contrary,
If they are held to be legal it will take
just that amount from the depOsitOrs Pres
ldent +. {. Pingree said to-day that he be-
heved the checks would be decided illegal
and that the depOstors would receive at
least 20 cents on the dollar. In the state
ment prepared yesterday of the banks
condition these certified checks were ig-
nored- +. G. Andrews has not turned over
10 the bank any of the securities he took
out of the other banks with the overcerti-
fed checks, and their whereabouts is not
known Nothing could be learned in re-
gard TO them by the bankers who ques-
toned him yesterday.
TALK WITH ANDREWS.
F. c. Andrews was interviewed this after
noon for the first time since the City Bank
closed its doors
Il have not penny. / am ruined" said
he. But l don't worry about myself. All
that is my mind now is to save the
others involved in this crash. There has
been any amount OF lies and misstatements
made about this matter. They say L don't
know where the cOllaterals went to. If
fherr 0trr1r- 1a
sumo their ordinary calmness / could ex-
plain TO them the whole situation In less
than three minutes 1 did not take the
certified checks all in one day but sue
cessiVely. i went TO the banks and eX-
changed them for the cOTaterals but in
most instances they had been sold either
through Cameron. Currie & Co. brokers'
or the State Savings Bank. The money
got was used 10 pay drafts and Obliga-
p tons at other banks. There are memOran-
ia OF every transaction. and all the col
laterals can be satisfactorily explained if
they will only take the trouble TO listen to
me.
"As far as Harry Andrews is concerned
there Is nothing especially wrong about
II. He can take mans note for $500 if
he SuppOSes the maker to be good, can't he
And If the maker turns out worthless he
has only a piece of paper 10 show for il.
hasn't he? / had plenty of cOllaterals at
the time. It's only a case of Overioans.
That is all il amounts TO. II they would
only give me "A chance and let me pull out
everybody would get his money. j have got
lots Of equities and other things that
have not turned over to them yet, but will
do so as soon they will listen to me-
have made all the money for the bank.
now why don't they let me get them out of
the hOle2
THAT railroad concession alone is suffi-
Cient TO pay for every cent the City Saw
ings Bank owes. Ny troubles began with
the drop IN Amalgamated. and accumulated
as the market went down. These criminal
proceedings are all right but if the fellows
think they get their money by putting
me behind the bars for year, where 1 can
get "A rest. | am satisfied. Have | any
outside debts2 / don owe penny in Kan
sas 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 hank
They Will be all restored. although il Will
perhaps break the directors, who viii have
10 make good the deficiency
AT a special meeting to-day OF the Board
OF Education. which has on deposit in the
city Savings Bank $4,000. il decided
10 elect a new treasurer tomorrow night
10 succeed Henry r. Andrews. who was
cashier OF the City Bank The directors of
the wrecked bank were on Treasurer An
drews's bond and the board Will proceed
as soon as possible 10 collect the bank :
Indebtedness TO il from the bOndsmen.
Arrangements were made 10 secure funds
from the city treasurer for current eX-
penses-