The Columbia herald. [volume] (Columbia, Tenn.) 18??-1935, 1902-02-14


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 commits
sioner."
Asked the reason for the suspen-
sion of the City savings bank, State
Banking Commissioner MaItz said:
Frank c. Andrews, vice-president of
the bank and commissioner of police
is the reason. The bank had total
deposits of something over $3,OOO,-
600, and Andrews had more than a
third OF this money out on certified
checks and overdrafts. There are
$662,oo0 out in certified checks and
| $914,000 in overdraits. Henry r. An
drews, cashier of the bank, ad-
vanced this money to Frank C. 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. l will issue a statement |
this afternoon on the banks condi- |
ton.
The clearinghouse is now in ses-
sion discussing the suspension.
The officers of the bank, which was
organized in 1889, are: President.
Frank c. Pingree; vice-president,
Frank C. Andrews; cashier II. Il. An
drews, assistant cashier, Jos A.
Schultz.
According to the statement of the
banks condition, printed December
II, the bank had total deposits of 49,
062 ,405.30.
Bank Commissioner sMaltz said it
did not look as though F. 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 $108,-
043 and a sinking fund balance of
$42,714.
County Clerk McGregor has 1922 900
in the bank as register in chancery.
The entire fund of the board Of
money is in the City saw
ngs bank, Cashier II. r. Andrews, of
The bank, being treasurer of the
BOARD. 1t is estimated that this is
lbout $467 900, 900. The public library
und also is in the City savings bank, =
md amounts to 10000.
Frank c. Andrews has filed a quit
lain deed to the City savings baHk
IN several pieces of valuable prop
rty.
The directors of the City savings
'anll have issued the following state
nent: "In justice to ourselves, our
epositors and stockholders. the I'M
ersigned directors of the City saw
1gs bank make the following state
lent: Early on Saturday morning
,e learned, for the first time, that
[enry r. Andrews, cashier of the
ank, had allowed Frank c. Andrews
D oyerdraw his account in the sum
f $500, 600. and had, without consid
ration certified said Frank c. An
lecks are outstanding. The bank was
rews' check fot over $70O,UUU all ot
Immediately put into the hands of
ne banking commissioner and we set
bout to get all the security we
)uld Mr. Frank c. Andrews has
lrned over to the bank a large
mount of securities from which we
ope TO pay our depositors in full.
1.-The banking commissioner has
,emed it the wisest policy to close
lie bank for the present for the best
terest of all depostors. Outside of
e Frank C. Andrews Indebtedness
I'd checks the bank was never in a
tier condition.
Signed 'F. c. ITNGREE. {
"WARD l.. ANDRUS.
"HC MEB M'GRAW. ,
"JOS. SCHULTZ.