The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1902-02-11

much to cover the amount he has
drawh from the bank.
The officers CT the bank. which was
organized in 1889, are: President. frank
{. Pingree; vice president, Fraan c.
Andrews; cashier H. r. Andrews; as
sistant cashier. Joseph A. Schultz.
According TO the statement Of he
banks condition printed Dec. Il, the
bank had total deposits of IS. 962 $3.50
The county auditors have in he City
savings bank one fund Of $10S,94S and
a sinking fund balance % S42.5t4 The
( county clerk McGregor, has $23. 600 in
the bank as register in chaleery
The entire fund Of the board of edu-
cation money * in the City Savings
bank, Cashier F r. Andrews Of the
bank being treasurer of the boar1. t
IS estimated this is about S4s7 900. The
public library fund is also in the City
savings bank. amounting to s39 600.
Frank c Andrews has filed a quit
claim deed TO the City Savings bank on
several pieces of valuable property.
Directors Issue Statement.
The directors Of the City Savings
bank have published the following
statement:
In justice to ourselves, our deposit-
ors and stockholders the undersigned.
directors of the City Savings bank.
make the following statement: Early
on Saturday morning we learned for
( the first time that Henry r. Andrews.
cashier of the bank. had allowed Frank
{. Andrews to Overdraw his account in
the sum of over $500. 900. and had also.
without consideration, certified Frank
{. Andrews checks for over
100000, all of which checks were
M st,
IN the hands Of the banking
commissioner, and set about to get all
the security we could. Frank c. An
drews has turned over to the bank a
large amount of securities. from which
we hope TO pay our depositors in full.
The banking commissioner has
deemed it the Wisest policy 20 close the
bank for the present for the best inter
est Of all depositors. Outside of the
Frank c. Andrews Indebtedness and
checks the bank was never in a better
condition.
His Own Detectives.
The City Savings bank was the de-
pository for the funds of the county
auditors, there balance there being
more than S150000, and F. c. Andrews
was arrested this afternoon on a COM
plant sworn out by Auditor Christian,
after a long conference between the
auditors and Prosecutor Hunt. The
warrant was served on Andrews. who
is commissioner of police. by two of
his detectives, in the office OF the De-
troit Trust company, where he had
been in consultation with officers OF
the banks holding mis- certified checks.
The City Savings bank was also the
depository for the board of education.
which had a total of S467. 600 on deposit.
other local banks viii temporarily ad-
vance funds to the board of education
for salaries and running expenses.
At a meeting of the Clearing House
association this afternoon. the follow
ing statement On the Suspension was
issued.
Tie disaster which has TODAY be-
fallen the City Savings bank is the
result Of criminal irregula rites. con-
fined entirely to that institution. and
caused by the rash speculation OF its
vice president. who controlled the man
agement and betrayed his trust The
bank has been expelled from the asso-
CATION The officers of this associa-
ton desire TO state TO the public that
there is no need of apprehension re-
garding any other bank in the city.
The present condition of the banks. as
shown by the weekly statements fur
nished the clearing house. reveals an
unusually strong showing in reserve
and cash resources. and the fair name
and good repu tatiOn of the banks Of
Detroit VIII not suffer by this trou-
BILE
There was nothing like a panic at
any OF the other banks in this city. and