Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1902-08-21
BREAKER
GOES To PEN
IS YEARS
MULTI-MILLI0NAIRE BANKER
ANDREWS IS GIVEN Fifteen
YEARS SENTENCE IN THE
PENTTENTIARY.

TENi EN iHllls
DETROIT. Aug. IS.-Judge Murphy. in
recorders court. today sentenced FRANK
C Andrews. who was found guilty sat
urdav OF misapplying and misappropriat-
fnrr funds OF the wrecked City Savings
bank, TO fifteen years at hard labor IN
jackson prison
He had previously refused to grant An
dreus BAH pending the settlement OF the
bin OF exceptions that his attorneys VIII
frank c. Andrews. a napoleon OF finance
IN Detroit. had engineered many daring
schemes before his arrest February ~ on
a charge OF violating the Michigan Dahk-
ing laws. The violation consisted OF tax
ing from the City Savings Bank. or when .
he was vice president. nearly N,NO.Vo Ior
which he gave absolutely no security. IN
addition 10 this he caused the bank cash
fer to certify TO checks 10 the amount OF
$4,000. These are held by five local con-
Germs. protected in a measure by securities
deposited by Andrews.
Empties the Bank Of Cash.
Andrews for four weeks had literally
Quilted the bank day by day OF Its casn:
Whenever he needed money he would
draw a check for the amount and have
Il certified by Cashier H r Andrews. de
would present this certified check 70 the
person with whom he was doing business
and ask him TO hold IL out for that day.
as the hank was not in funds TO meet IL
Perhaps he would thus hold a check out
for two or three days, and eventually,
when there was money enough in the
bank TO meet the check, he would go IN
and take Il out.
There would be only a slip OF paper in
the drawer and the withdrawal would be
nut down as a cash item. With this
money he would in person pay the certi-
ned check and tear It up. This was done
time and again.
Where this enormous amount OF money
went no one can state definitely. Every
one knows the general direction-he fed
the speculative market as he bled IL be-
fore his luck turned Thirty years old.
he has the nerve OF a man who has
fought the tape and ticker for a lifetime.
He made no secret Of his methods or his
mania He preached the gospel OF taking
chances and laughed at the plodder who
saved. He scoffed at SAFE investments and
lauded the possibilities Of the quick re-
turn
Andrews left the farm a few years ago
with $ in his pocket. His liabilities were
as 50 he had a cash capital Of N-5.
Just how he got enough to make his hrst
plunge is not known. but soon he was in
the maelstrom OF the market
Successful From the Start.
Andrews when he came TO Detroit at
the age OF IS secured employment as a
clerk In the real estate ONCE OF Homer
Warren. His shrewdness and foresight in
handling the business Of his employer
became 50 marked that in few years he
was taken into partnership. In lssO
he BEGAN a series OF operations In subur-
ban real estate which Melted him and his
employer large profits and gave Andrews
the reputation OF being one OF the clever
est handlers OF subdivision property in
Detroit
From real estate he went into stock
speculation. ana in ISIS and 1883 cleared
fortune by buying during period Of ex-
cited selling and closing out later at ex-
traordinary profits. He had IN the mean
time also become interested in interurban
railroads. and built three electric roads
which he disposed Of two years ago to the
Everett-M0ore syndicate.
Interested in Several Banks.
lie reorganized the Preston national
hank OF Detroit. Of which he became a d.
rector and he also was a stakeholder in
the First National and Commercial Ma
tional banks OF Detroit He had an ONCE
in Wall street. New York. under the firm
name OF Warren. Andrews & Co, and
held stock in the Park National bank and
IN the Guarantee Trust company, OF New
York
The Romeo CsIich.) Savings bank and
the Rochester CAIich.) Savings bank were
organized by him He also was interest
ed In other financial institutions, in zinc
mines in Missouri. silver mines in Mexico,
copper mines in Montana and two years
ago secured a one-third interest in the
Detroit Journal
Andrews became police commissioner
two years ago. and Is said to have given
his annual salary OF $500 10 charity.
Money came rolling in so fast that in a
single year the young plunger was able to
invest about 500, 600 in real estate. Among
hmNN huw hrn he
company block. worth $4,000: the vacant
Winder lots on Woodward avenue. worth
$4,000 and tl-e Inglis block. worth $780,
coo. not TO mention his own home. He al
50 has costly apartment building under
construction Looking over the situation
last August he found himself worth 81
oo0oo0. and he contemplated retiring from
active business TO devote his time TO his
duties as police commissioner and to his
political ambitions.
PIunger Makes Mistake.
But the pIunger made a mistake: he did
not know when he had enough. He could
not break the habit OF speculation so east
~. He thought ne saw a chance TO make
one more killing in Amalgamated Cop
per stock. and Re plunged as usual He is
said 10 have held 1000 TO 1900 shares
and TO have bought some OF IL as high as
III IL went on about 60 points. which
might account for loss OF $4,000 to
&taNsells Jul ne HNA1AAAAAEQ MS LOSSES ug
buying on the scale down. His fortune
melted away Ike snow in July sun. He
became desperate. He tried to recoup in
other stocks and lost He borrowed S772.-
COO Of the First National bank, SlO0.0
OF the Preston National. s7o.0o0 OF the De-
troit Trust. SSloo0 OF the State Savings,
and $4,000 OF the Detroit National.
About January 18th. President Pingree
OF the City Savings bank went east and
during the next - days Vice President
Andrews overdrcw his account at that
hank BY $4,000. forbidding Cashier An
drCws 10 notify the directors. Then he per
suaded the cashier 10 certify 20 worthless
checks FOR S751.a0n. With which the pIung-
er IS said TO have paid on his Indebtedness
at the other banks. receiving his securi-
ties hack
The hanks failure and Andrews arrest
ana trinl followed.