The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-08-31

sometimes ak 10 have checks for s1ooo'
laid over for twenty-four hours or KEN
out Of the Clearing House for thst day
but his kiting propersiries excited NJ
distr7lst Besides. the banks CHARGE
him handsomely for these concessions
and believed with him il his destiny.
II was his practice IN getting loans
to allow the bank 70 make its own terms
as TO security His usual method was to
rush into the cashiers Office with q bun
die OF securities, throw them on the desk
ask for $4,000 or s1Oe.eoo sign a bank
note. tell the cashier 10 fish out what
securities he wanted for collateral and
figure up the discount
Then he would disappear like whirl-
wind to return in an hour. gather up
the remaining securities, take q check
for the loan. and dash down the street
ike stampeded steer
II was asserted az his trial that he
never made out deposit slips or kept any
track OF his bank account He took up
securities cut OF one bank into another
and was q never-failing source OF div
/ idends TO al the institutions he patro-
nized.
In the late fall Andrews began TO
plunge in Amslgamated. eli knew moth
ing about the state OF the copper mar
ket commercially. but he took il for
granted that any stocks on which he
/ plunged must necessarily advance in
value for the very reason that he was
/ buying them. There were no natural
/ laws Of trade that he concerned himself
about, and ne was ignorant OF the fact
/ that certain citizens Of New York. who
/ controlled the destinies Of Amalgamated
were weary Of acting as caryatides for
/ the copper market and getting ready TO
/ quiz. with the inevitable results.
He thought ne saw in Amalgamated
an opportunity TO clear up a million or
80, and he wanted the money. although
ne was wealthy
Andrews proceeded 70 load up on Anal
gamated from % 70 10 and when the
slump came he found himself in quick
sand. He thought the market would
recover and that he should recoup his
losses.
In q short time ne had formed an
endless chain between Boston and De-
troit. His business was divided among
brokers and nobody suspected the extent
OF MS speculatious.
IN the last month OF his skyrocket
fight his transactions aggregated more
than s. 90. 90 the greater part Of il in
Amalgamated He had overdrawn his
account AT the City Savings Bank little
matter of 1900 600. The directors knew
nothing OF this. Andrews had tossed
all mis- own money and nearly a million
OF the banks into the game and still it
vas running against him. Amalgamated
did not recover and finally he called out
his Old Guard for the last charge.
With certified checks 10 the face value
Of ss62. 600 from the City Savings Bank,
IN which he had already overdrawn TO
the amount OF 10000 Andrews rushed
down Griswold street and gathered IN
nearly a million dollars worth OF securi- /
ties held by other banks Just what be-
came OF all these securities nobody seems |
TO know. Andrews himself. has never /
been able TO tell coherent story about /
the final hours Of his fight. but the banks I
still hold the checks as securities OF his /
last visit
On the moning Of Saturday. Feb. 8. /
the directors OF the City Savings Bank /
were informed that Andrews had been /
allowed TO overdraw his account in the 4
sum of $4,000 and that certified checks
had been issued BY him without consid-
Grafton for about s70o.eoo more Direc-
tors OF the banks were taken into conf
dence, and a desperate effort was made
10 save the City Bank II vas thought
the other banks might be able to carry
i: along a few months until It could be
absorbed. but when the full extent Of
Andrews operations was understood. II
was evident that the load was too great
The bank opened for business Mon
day morning, but the state Conmis-
sioner Of banking took possession and
closed its doors.
For thirry-six hours Andrews had been
endeavoring 10 explain 10 a committee
OF the Clearing House and 10 certain
personal directors how the crash had
come. He seemed 70 regard it only as
a temporary check in his operations
He seemed not TO see there was anything
criminal in loOting 4 savings bank he
eft his Woodward avenue mansion 20 ]
occupy d room at the Cadillac. where he Z
fAA4A --A4-N- -t-E --4LAE ttiL4f currently Wiz
his creditors but was unable 70 under :
stand why 50 much fuss should be made
about his transactions.
AZ the notion OF arrest he was para
) zed with establishment. OF course. he {
lsd wrecked the bank. but he would Z
'traighteH everything up IN Few weeks. {
1 was ike allowing a note 10 so 70 pro
but not serious. =
IN the evening he was compelled 10 {
esign his Office as Commissioner Of
Police That same evening he was az =
ested BY two detectives. who had 4 high c
.ersonal admiration or him and nearly {
'roke down during the pertorma nee ot
hat most diss Ereeable duty
Nearly al Of MS influential friends that Z
ad exalted him il the hours n his .
Prosperity disappeared ike mist Il was {
Tas with difficulty that Re could procure G
igaors Of his ban bond y s-apa About )
he only men thai remained his friends q
4 adversely were the men that had been 2
Is friends in the struggling days zhsn
e vas clerk il a rcal estate otice- q
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