The Van Buren press., 1902-02-15
MOI OPEN FOR BUSINESS 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 TO
BE the Advancing of the Banks
Funds, without the Knowledge
of the Directors, by Cashier Hem
ry Il. Andrews of the Bank.

ry Il. Andrews of the Bank.
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 Maltz said;
Frank C. Andrews, vice-president of
the bank and commissioner of police
is the reason. The bank had total
d rosits of something over $1,000
o. and Andrews had more than
ill., d of this money out on certified
CT, cl<s and overdrafts. There are
So 1000 out in certified checks and
1914 600 in oyerdrafts. Henry X. An
drews, cashier of the bank, ad-
yanced this money to Frank c. An
drews without the knowledge Of the
directors. They are entirely blame
less in this matter, When ! learned
of the banks condition ] closed it. l
do not know" he said, in answer to
another question, whether any steps
will be taken by the directors toward
'egal proceedings against the Messrs'
Andrews. | will issue statement
.his afternoon on the banks condl-
ton.
The clearingh is now in scs-
sion discussing the suspension.
The officers of the bank, which was
organized in 1889, are; President,
Frank c. Pingree; president,
Frank c. Andrews; cashier, II. r. 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 ,4Oj.30
Bank Commissioner Maltz 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 Sl0S,-
Oi3 and sinking fund balance Of
SOFIA
County Clerk McGregor has S22 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 II. X, Andrews, of
the bank, being treasurer of the
board. II is estimated that this is
about $l67 ,oOo,o 900. The public library
fund also is in the City savings bank,
and amounts to $4,000,
Frank c. Andrews has filed q quit
claim deed to the City savings bank
IN several pieces of valuable prop
crty,
The directors Of the City savings
bank have issued the following state
ment. "ln Justice to ourselves, our
depositors and stockholders, the UNI
dersigned directors Of the City saw
ings bank make the following state
ment: Early on Saturday morning
wa learned, for the first time, that
Henry Il. Andrews, cashier OF the
bank, had allowed Frank c. Andrews
to oyerdraw his account in the sum
| Of 5000, 900, and had, without consid-
Grafton certified said Frank c. An
checks are outstanding. The bankwas
drews' check for over $70O,OOO all o.
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 to pay our depositors in fun.
"Ihe banking commissioner has
deemed it the wiscst policy to close
the bank for the present for the best
interest of all depositors, Outside OF
the Frank c. Andrews indebtedness
aud checks the bank was never In a
better condition
lSignedl ~ c. TNGREE.
"WARD l.. ANDRUS.
"IOMER MGRAW.
CLOS. SCHULTZ.