Jasper County Democrat, Volume 4, Number 45, Rensselaer, Jasper County, 15 February 1902 — OFFICIAL LOOTS A BANK. [ARTICLE]

OFFICIAL LOOTS A BANK.

Vice President of Detroit Institution Canoes Its Ruin. The City Savings Bank of Detroit, with deposits of $3,300,000, is insolvent and in the hands of State Bank Commissioner George L. Malta, because its vicepresident, Frank C. Andrews, has overdrawn his account $914,000, owes the bank $214,000 more, and in addition has outstanding certified checks against the institution for $662,000. Mr. Andrews was arrested on a warrant charging him with "Willfully, fraudulently and knowingly” securing from the bank without security and without the knowledge of the other directors a sum exceeding sl,000,000. The most remarkable operations which resulted in the wrecking of the bank have all taken place within the last six weeks. Mr. Andrews is u man of 30, who made a million dollars by speculation in a few years, and who now has lost his fortune, ruined his reputation and caused great losses to hundreds of poor people by the same methods which gave him wealth before. Vice-President Andrews made use cf his influence over tho cashier, Henry O. Andrews, who is no relative of his, to carry out hi® plans. What he did was entirely outside of the knowledge of any of the other directors, and when they discovered the facts they at onee began the investigation which resulted in tbe eloiflng of the bank. Andrews was born on a farm in Macomb County, Michigan. When he was 19 he went to Detroit with a capital of $5, and of this he owed $3.75, so that all he cduld call hia own was $1.25. He became i? clerk in a real estate ofllce, and hia shrewdness and business ability soon attracted attention. Nobody seems to know where he got the capital for the first deal, but it was not long before he had put through some big deals on his own account nnd cleaned up a small fortune. He then became a partner of his employer, and In 1890 started a series ot bold real estate operations that gave ths firm big profits and Andrews a reputation of being the cleverest real estate man in Detroit. From real estate speculation to stock speculation was but a short step, and before long Andrews had startled Detroit with the fortune he was piling up. His plan was t® take quick returns, and also to buy when the public was selling, and then sell when the publie began to buy in much higher prices. He became a heavy investor in street railroad schemes two years ago nnd sold three interurban lines to the Everett-Moore syndicate. Immersion In salt water is said to ginkc wood harder aud more durable.