The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1902-02-14
NOT OPEN FOR BUSINESS.
The Doors Of the City Savings Bank
of Detroit. Michigan, Arc
Closed.
IN HANDS OF the BANK COMMISSIONER.
The Cause Of the Suspension said 20
he the Advancing of the Banks
Funds. without the knowledge
Of the Directors, by Cashier Hem
ry II. Andrews Of the bank.


Of the Directors, by Cashier Hem
ry Il. Andrews of the hank.
Detroit. Mich. Feb 1.-THE City
savings bank did not open for bust
ness this morning. At nine o'clock
the following notice was posted ON
the door:
"This hank is in the hands Of
George l.. Maltz, banking compis-
sioner."
Asked the reason for the suspen-
sion of the City savings bank, State
Banking Commissioner Maltz said:
Frank c. Andrews, yice-president OF
the bank and commissioner OF police
is the reason. The bank had total
deposits of something over $4,000
900. and Andrews had more than
third of this money out on certified
checks and overdrafts. There are
S66o 900 out in certified checks and
$4,000 in overdrafts. Henry X. An
drcws. cashier of the bank, add
yanced this money To Frank {. An
drews without the knowledge of the
directors. They are entirely blame
less in this matter. When l learned
Of the banks condition closed it.
do not know" he said, in answer to
another question. whether any steps
will be taken by the directors toward
legal proceedings against the Messrs.
Andrews
The officers OF the bank. which was
organized in 1850, are: President,
Frank c. ringree; vice-presidcnt.
Frank c. Andrews; cashier. III. II. An
drews. assistant cashier. JOS a.
Schultz.
According to the statement Of the
banks condition. printed December
II. the bank had total deposits of 3d.
O62 .i0j.30.
Bank Commissioner Maltz said IL
did not look as though +. c. 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 Si0S.-
043 and sinking fund balance OF
S42.714.
County Clerk McGregor has $22 900
in the bank as register in chancery.
The entire fund of the board Of
education money is in the City saw
ings bank, Cashier III. X. Andrews, of
the bank. being treasurer Of the
board. 1t is estimated that this is
about $1,000. The public library
fund also is in the City savings bank,
and amounts to $4,000
Frank c. Andrews has filed a quit
claim deed to the City savings bank
on several pieces of valuable prop
erty.
The directors of the City savings
bank have issued the following state
ment: I'm Justice TO ourselves. our
depositors and stockholders. the un-
dersigned directors of the City saw
ings bank make the following state
ment: Early on Saturday morning
we learned, for the first time, that
Henry H. Andrews, cashier Of the
bank, had allowed Frank G. Andrews
to o,crdraw his account in the sum
of 5000, 900. and had. without eonsid-
Grafton certified said Frank c. An
checks are outstanding. The bank was
drews' check for over S10U,UuU all "a
Immediately put into the hands OF
tie banking commissioner and we set
about to get all the security we
could. Mr. Frank G. Andrews has
turned over to the bank a large
amount of securities from which we
hope to pay our depositors in full.
"The banking commissioners has
deemed il the wiscst policy to close
the bank for the present for the best
interest of all depositors. Outside Of
the Frank c. Andrews indebtedness
and checks the bank was never in q
better condition.
fSigned IF. G. lTNGREE.
"WAED l.. ANDRUS.
"HOMER M'GRAW.