City Savings Bank (Detroit, MI)

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BUSINESS FAILURES.

Jan. 10—Cleveland, O., Euclid Trust & Savings Co.; $1,500,000. 11—Painesville, O., People's bank; $173,000. 14—Chicago, Geo. H. Phillips, "corn king," fails for second time in 7 months. 17—Albany, Ga., Commercial bank; $123,000. 28—Bellwood, Neb., Platte Valley state bank. Feb. 10—Detroit, Mich., City savings bank, on account of shortage of Vice President Frank C. Andrews. 25.—Belmont (O.) national bank. 26—Burnett, Tex., private bank of W. H. Westfall & Co. Mar. 3—Elkhart, Ill., State bank. 15—Wanatah, Ind., Julius Conitz, banker. 20—Americus, Ga., People's bank; $30,000. Apr. 4—St. Paul, U. S. Saving & Loan Co.; $800,000. 24—Algonac (Mich.) Banking Co.'s bank; $32,000. Jun. 3—Chicago, John A. & Alexander Davidson, marble contractors; $1,391,838. 13—Charleston (S. C.) Exposition Co., placed in receivers' hands; $450,000. 30—Murdock, Neb., German state bank; $37,000. Jul. 3—New York city, M. P. Anderson, real estate operator; $1,535,212. 29—Brooklyn, N. Y., Malcolm Brewing Co.; $800,000. Aug. 16—Elgin, Ill., Obadiah Sands Butter corporation, $445,000. 20—Cleveland, O., Forward Reduction Co., booming Texas oil; $500,000. 24—Elnora (Ind.) bank; $10,000. Sep. 2—New York, American bicycle trust. Oct. 7—Oto, Ia., bank of F. H. Cutting & J. T. Willett; $20,000. 16—New York, Gillman, Son & Co's banking house; $200,000. Nov. 5—Richmond, Va., Leon L. Strause, leaf tobacco; $300,500. 13—Boston, Central national bank. Dec. 8—Omaha, W. H. Bennett Co.'s department store.

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OFFICIAL WRECKS BANK

SPECULATION BRINGS ABOUT GREAT RASH IN DETROIT. NICEPRESIDENT F. C. ANDREWS ARRESTED HAS DRAWN MORE THAN THIRD OF $3,000,000 OF SAVINGS DEPOSITS Feb. 10 Vice-President Frank C. Detroit of the City Savings Bank, which has Andrews in the hands of State Banking Commisbeen George L. Maltz since this morning. was arrested stoner late this afternoon and arraigned at o'clock to-night, on the charge of "wil9:30 fraudulently and knowingly'" securing fully, the bank without security and without from knowledge of the other directors, a sum exthe ceeding $1,000,000. He was released on $10,000 his examination was set for February Henry C. Andrews, 21. ball. The and cashier, through whom F. C. Andrews is said to have secured money by means of overdrafts and certified the checks. is seriously ill at his home, with nervous prostration. addition to a total indebtedness to the City Savings In Bank of $1,158,000. to secure which Mr. Andrews has signed over to the institution all real estate holdings and stocks, bonds and his securities, which, it is estimated, will other total about $1,000,000. four local banks and a company hold his checks, certified to by trust cashier. Andrews, to the amount of $662, the A considerable number of these checks are 000. protected by securities deposited with them by Mr. Andrews soon as Commissioner Maltz took charge of the As institution he immediately began an exambooks. It was found that the permitted F. C. Andrews to overination cashier had of its liabilities his account $914,000. Other draw C. Andrews's total indebtedness to to $1,158,000. In addition to this brought the bank F. up for F. C. the cashier had certified to checks which he had deposited in other banks, of $662,000. At the of his Andrews to the amount close issued examination Commissioner Maltz to-night the follow statement of the bank's condition at the close of business on February 8: Resources-Total loans and discounts. bonds. and securities, $2,363,093 over in real estate, other asserts, banks. drafts, mortgages $288,697 $913,852 $10,899: $18,922. and undivided cash Liabilities Stock, surplus profits, $225,212; deposits, $3,370,251 RECORD OF THE TRANSACTIONS. The examination showed that the record of F. C. Andrews's transactions was not kept in the regular way, but in a memorandum book. The first record of a transaction between the cashier and F. C. Andrews is January 11, but the examiners estimate that the transactions have been going on for about six weeks. President F. C. Pingree explained the manner in which the certified checks were obtained as follows: "F.C. Andrews would draw a check for the amount he wanted, and have it certified by the cashier, Henry R. Andrews. He would present this certified check to the persons he was doing business with. and ask them to hold it out for the day. as the bank was not in funds to meet it. Perhaps he would thus hold it 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 it out. There would be only a slip of paper in the drawer. and the withdrawal would be put down as a cash item. With this money he would in person pay the certified check and tear it up. This was done time and again." Unfortunate speculations, especially heavy purchases of Amalgamated Copper stock, are believed to be responsible for Mr. Andrews's ruin. F. C. Pingree. president of the City Savings Bank. says that Andrews told him that he lost $400,000 in Amalgamated Copper. CLEARING HOUSE EXPELS BANK. The City Savings Bank was the depository for the funds of the county auditors, their balance there being more than $150,000. and F. C. Andrews was arrested this afternoon on a complaint sworn out by Auditor Christian, after a long conference between the auditors and Prosecutor Hunt. The warrant was served on Andrewe who is Commissioner of Police, by two of his detectives, in the office of the Detroit Trust Company, where he had been in consultation with officers of the banks holding his certified checks. The City Savings Bank was also the depository for the Board of Education, which had a total of $467,000 on deposit. Other local banks will temporarily advance funds to the Board of Education for salaries and running expenses At a meeting of the Clearing House Associa- on tion. this afternoon. the following statement the suspension was issued: The disaster which has to-day befallen criminal the ir Bank is the result of City regularities Savings confined entirely to that of institution its viceand caused by the rash management. and president who controlled the been exThe hetrayed his trust The bank officers has of this pelled from the desire association. to state to the public that any there is association no need of apprehension regarding other bank in the city James K Andrews of the firm of Warren. An drews & Co. when seen last night at his home No. 32 West Twenty -fifth-st. said Frank C. Andrews was member of our firm until the first of this month, when he retired the We are in no way related to one another; game is merely a coincidence. His reasons for leaving the firm and our business relations do not feel at liberty to discuss now." F. B Schenk and James v. Lott, president and cashier respectively of the Mercantile after Na Bank. of New-York, said yesterday tional noon that the failure of the City Savings Bank of was a complete surprise to them. The Detroit, Mercantile National Bank had been since corre- 1894 spondent for the Detroit institution and had always had the utmost confidence in the and integrity of the suspended bank prudence These men stated that the City National Savings Bank owed nothing to the Mercantile Mr. Bank had a large balance to its credit. and the former president of the City a Lott said Bank, that George R. Angel, died about year Savings and. although Mr. Lott would not say the ago, intimated that the death of president might directly he have had something to do with the present suspension. It was said at the Fourth National Bank of that it have the City Savings Bank Detroit used as to correspondent, but that the arrangement was a terminated some time ago. CIRCULAR TO M. S. R. HOLDERS.

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Astounding Bank Revela= tion at Detroit Irregular Book = Keeping Makes act Possible Believed that Most Creditors are Protected Detroit, Feb. President Frank C. Andrews of the City Savings bank, which has been in the hands of State Banking Commissioner Maltz since yesterday morning, was arrested yesterday afternoon and arraigned last night on the charge of "wilfully, fraudulently and knowingly" securing from the bank without security and without knowledge of the other creditors a sum exceeding $1,000,000. He was released on $10,000 bail and his examination is set for February 21. Cashier Henry C. Andrews, through whom F. C. Andrews is said to have secured the money by means of overdrafts and certified checks, is seriously ill with nervous prostration. In addition to the total indebtedness to the City Savings bank of $1,158,000, to secure which Andrews signed over to that institution all of his real estate and securities, which it is estimated will total $1,000,000, four local banks and a trust company hold his checks, certified to by Cashier Andrews, to the amount of $662,000. A considerable number of these checks are protected by securities deposited with them by Andrews. Commissioner Maltz found that Cashier Andrews had permitted -F. C. Andrews to overdraw the account by $914,000. Other liabilities brought F. C. Andrews' total indebtedness up to $1,158,000. In addition to this Cashier Andrews had certified to checks for F. C. Andrews which he had deposited in other banks to the amount of $662,000. At the close of the examination Maltz last night issued the following statement of the bank's condition Feb. 8: Resources-Total loans, discounts, bonds, mortgage securities, $2,363,093; overdrafts, $913,852; real estate, $10,899: cash, $268,697; other assets, $18,922. Liabilities-Stock surplus, undivided profits, $225,212; deposits, $3,370,251. Examination showed the records of F. C. Andrews' transactions had not been kept in a regular way, but in a memorandum book. The first record of transaction between Cashier Andrews and F. C. Andrews is Jan. 11, but examiners estimate the transactions have been going on for about six weeks. The bank was a depository for the funds of the county auditors, their balance there being more than $150,000, and F. C. Andrews was arrested yesterday afternoon on complaint sworn out by Auditor Christian. Warrant was served on Andrews, who is commissioner of police, by two of his detectives. The bank was also the depository for the board of education which had $467,000 on deposit. Other local banks will temporarily advance funds to the board of education for salaries and running expenses. At a meeting of the clearing house association a statement was issued saying the disaster was the result of criminal irregularities, and that the bank was expelled from the association and assuring the public there was no cause of apprehension. There was nothing like a panic in any of the other banks and comparatively few deposits were withdrawn. At the Gratiot avenue branch of the City Savings bank, which drew its deposits largely from laboring people, there were many pathetic scenes as the depositors learned that the bank had suspended.

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IF TOOK A MILLION BANK or FICER BETRAYS TRUST. ce President Andrews of Detroit Savings Bank Overdraws His Account With Connivance of the Cashier. Detroit, Feb. 11.-Vice President Frank C. Andrews of the City Savings has been in State Commissioner L. bank, Banking which the George hands arrested of this morning, was late and tothe charge of and knowingly" night Maltz this on since afternoon, "wilfully, securing arraigned fraud- from without security out of the ulently the bank, the knowledge other and direc- withsum exceeding was on $10,000 was set for tors, released a $1,000,000. February bail, and 21st. his He C. Andrews, Andrews is examination whom Cashier F. Henry C. said through to have secured the money by means of overdrafts and certified checks, is seriously ill at his home, with nervous prostration. In addition to a total indebtedness to bank to which F. C. over to that the secure City Savings institution Andrews of $1,158,000, all has his and and securities, which, estireal signed other estate holdings stocks, it is bonds four will total about $1,000,000, local and a trust his certified to by mated, checks, banks company Cashier hold Anto the amount of number of drews, considerable these $662,000. deposited checks A are protected by securities with them by Mr. Andrews. At the close of his examination ComMalt to-night statement of the missioner following issued bank's Febru- con- the ition at the close of business ry 8th: Resources-Tota loans and discounts, and securities, $2,escash in 363,093; tate, onds, $10,889; mortgages overdrafts, $913,852; bank, $288,697; real other assets, $18,022. Liabilities-Stock, surplus and undivided profits, $225,212; deposits, $3,370,251. The examination showed that the record of F. C. Andrews transactions was not kept in the regular way, but in a memorandum book. The first rec. ord of a transaction between Cashier Andrews and F. C. Andrews is January 11, but the examiners estimate that the transactions have been going on for about six weeks. President F. C. Pingree explained the manner in which the certified checks were obtained as follows: "F.C. Andrews would draw a check for the amount he wanted, and have it the He would present Andrews. certified by cashier, with Henry this whom certi- C. to the he was business and to hold for that day, as fied check doing it out person ask the him bank was not in funds to meet it. Perhaps he would thus hold it out for two or three and eventually when there was enough in the he would go in it check, money days, the bank and to take meet would be of in the drawer drawal be put as a paper out. There would down only and the the slip with- cash With this money the certified tear person em. pay check he would and time in it up. This was done time and again." The City Savings bank was the defor the funds their balance auditors, pository of there the county being more than $150,000 and F. C. Andrews this on comsworn out by plaint as arrested afternoon Auditor between Christian, a the after a long conference auditors and Prosecutor Hunt. The was served on Andrews, who is of of Trust warrant commissioner the Detroit police, Company, in the where office he had been in consultation with officers of the banks holding his certified checks. The City Savings bank was for which had a also education, the depository local total the banks board of $467.- will of 000 Other advance the education temporarily board on deposit. of for funds salaries to and running expenses. The other banks of the city are in good condition and there is no panic. Gratlot Avenue the At the Savings bank, which branch drew its of City defrom peo were scenes as ple, posits the there depositors largely many learned the pathetic that laboring the bank had were to any vicinity suspended. quell Policemen disorder, but in their the services were not necessary at any time. It is expected that F. C. Andrews will issue a statement later. While walking up and down the hallway outside the trust company's office to-day he said: "Young men can point to me as an example of the result of speculation mania."

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A HE TOOK MILLION BANK OFFICER BETRAYS TRUST. Vice President Andrews of Detroit Savings Bank Overdraws His Account With Connivance of the Cashier. Detroit. Feb. 11.-Vice President Frank C. Andrews of the City Savings bank, which has been in the hands of State Banking Commissioner George L. Maltz since this morning, was arrested late this afternoon, and arraigned tonight on the charge of "wilfully, fraudulently and knowingly" securing from the bank, without security and without the knowledge of the other directors, a sum exceeding $1,000,000. He was released on $10,000 bail, and his examination was set for February 21st. Cashier Henry C. Andrews. through whom F. C. Andrews is said to have secured the money by means of overdrafts and certified checks, is seriously ill at his home, with nervous prostration. In addition to a total indebtedness to the City Savings bank of $1,158,000, to secure which F. C. Andrews has signed over to that institution all his real estate holdings and stocks, bonds and other securities, which, it is estlmated, will total about $1,000,000. four local banks and a trust company hold his checks, certified to by Cashier Andrews, to the amount of $662,000. A considerable number of these checks are protected by securities deposited with them by Mr. Andrews. At the close of his examination Commissioner Malt to-night issued the following statement of the bank's condition at the close of business February 8th: Resources-Total loans and discounts, bonds, mortgages and securities. $2.363,093; overdrafts, $913,852; real estate, $10,889; cash in bank, $288,697; other assets, $18,022. Liabilities-Stock surplus and undivided profits, $225,212; deposits, $3. 370,251. The examination showed that the record of F. C. Andrews' transactions was not kept in the regular way, but in a memorandum book. The first record of a transaction between Cashier Andrews and F. C. Andrews is January 11, but the examiners estimate that the transactions have been going on for about six weeks. President F. C. Pingree explained the manner in which the certified checks were obtained as follows: "F. C. Andrews would draw a check for the amount he wanted. and have it certified by the cashier, Henry C. Andrews. He would present this certified check to the person with whom he was doing business and ask him to hold it out for that day. as the bank was not in funds to meet it. Perhaps he would thus hold it 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 it out. There would be only the slip of paper in the drawer and the withdrawal would be put down as a cash item. With this money he would in person pay the certified check and tear it up. This was done time and time again." The City Savings bank was the de. pository for the funds of the county auditors, their balance there being more than $150,000 and F. C. Andrews was arrested this afternoon on a complaint 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, in the office of the Detroit Trust Company. where he had been in consultation with otlicers of the banks holding his certified checks. The City Savings bank was also the depository for the board of e education, which had a total of $467.000 on deposit. Other local banks will temporarily advance funds to the board of education for salaries and running expenses. : The other banks of the city are in 1 good condition and there is no panic. At the Gratiot Avenue branch of the f City Savings bank. which drew its deposits largely from the laboring peo ple, there were many pathetic scenes as the depositors learned that the bank

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HE TOOK A MILLION BANK OFFICER BETRAYS TRUST. Vice President Andrews of Detroit AcSavings Bank Overdraws His count With Connivance of the Cashier. Detroit, Feb. 11.-Vice President C. Andrews of the City Savings of Frank which has been in the hands L. bank, Banking Commissioner George arrested State since this morning, was Maltz this afternoon, and arraigned fraud- tolate on the charge of "wilfully, from night and knowingly" securing withulently bank, without security and directhe the knowledge of the other He out a sum exceeding $1,000,000. and his tors, released on $10,000 bail, 21st. examination was was set for February Cashier Henry C. Andrews, through have F. C. Andrews is said of to oversecured whom the money by means seriously and certified checks, is ill drafts at his home, with nervous prostration. addition to a total indebtedness In City Savings bank of $1,158,000, has to the which F. C. Andrews all his to secure to that institution holdings and real securities, which, and signed other estate over $1,000,000, stocks, it is bonds four estimated, will total about hold banks and a trust company Cashier Anlocal checks, certified to by A his to the amount of $662,000. checks drews, number of these considerable protected by securities deposited are with them by Mr. Andrews. close of his examination Com- the At the Malt to-night issued bank's conmissioner statement of the Februdition following at the close of business ary Resources-Tota 8th: loans and discounts, $2,mortgages and securities, real esbonds, overdrafts, $913,852; 363,093; tate, $10,889; cash in bank, $288,697; other assets, $18,022. Liabilities-Stock surplus and undi- $3, vided profits, $225,212; deposits, 370,251. examination showed that the The of F. C. Andrews' transactions but record not kept in the regular way, first recwas memorandum book. The Cashier in a transaction between Janord of a and F. C. Andrews estimate is Andrews but the examiners going uary 11, transactions have been F. that the about six weeks. President manifer in on for Pingree explained the obtainC. which the certified checks were ed follows: as Andrews would draw and a check have F.C. amount he wanted, C. for certified the by the cashier, Henry this certiit He would present whom he Andrews. check to the person with ask him to fied doing business and the bank was out for that day, as Perhaps hold it in funds to meet it. two or was not thus hold It out for there he would and eventually when meet three days, enough in the bank and to take it was check, money he would go in slip of the There would be only the the without. in the drawer and a cash paper would be put down as would in drawal With this money he and tear item. the certified check and time person it up. pay This was done time again." City Savings bank was the county de The for the funds of the being pository their balance there Andrews auditors, than $150,000 and F. C. a commore arrested this afternoon on Christian. was sworn out by Auditor between the after plaint a long conference Hunt. The auditors was and served Prosecutor on Andrews, the office who warrant commissioner of police, in where is Detroit Trust Company, with offiof the been in consultation certified he had the banks holding his was cers of The City Savings bank board of checks. the depository for the of $467. also which had a total banks will education, deposit. Other local to the 000 on advance funds salaries and board temporarily of education for running other expenses. banks of the city panic. are in The condition and there is no of which good At the Gratiot Avenue branch drew its the defrom the laboring were many the City posits there Savings largely bank, pathetic that scenes bank peo the ple, depositors learned were in as the Pollcemen their had suspended. quell any disorder, but services vicinity to were not necessary at any time. expected that F. C. Andrews While It is issue a statement later. outwill and down the hallway to-day side walking the up trust company's office he said: men can point to me as an example "Young of the result of speculation mania.'

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WANT HIS COLLATERAL.

Suit to Secure the Return of Certain Collateral Held by the Detroit Savings Bank Wrecker.

Detroit, Mich., Feb. 13. Sidney A. Witherbee has began suit in the cir- cuit court against F. C. Andrews, former vice-president of the City sav- ings bank, whose overdrafts and overcertified cheeks caused the bank's suspension, to compel the re- turn of certain securities, including a concession for a railroad in Mexi- co. Witherbee alleges that, last September, Andrews promised to loan him $60,000, but when he drew on him from Mexico for that amount the draft was not honored. Later he se- cured $50,000, but has since, so he al- leges, been unable to secure the other $10,000 or collateral for it. 11 charges that Andrews intends to turn over this collateral of Wither- bee's to his own creditors.

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BANK MUST PAY

Detroit, Mich., Feb. 13 - Bank Commisioner Maltz was not able on Wednesday to make a definite statement as to the condition of the wrecked City savings bank. The directors assert that they will be able to pay 75 per cent to depositors and if not held responsible for the $662,000 of certified checks used by vice president Andrews will pay dollar for dollar. No statement can be obtrained from Andrews as to what he did with the $1,000,000 drawn from the bank last week, and the banks will not say whether they hold any of his securitis. Andrews insists that if he were let alone he could yet pull himself and the bank out of the hole. One of the assets which he has turned over to the city bank is a railroad concession in Mexico, carrying with it valuable land grants. This alone. he says, will pay all the bank's liabilities. A warrant has been sworn out for the arrest of Cashier Harry R. Andrews, who is not related to the vicepresident, but it will not be served until he recovers from the serious illness that now confines him to his home. A policeman is on guard at his residence day and night SO that he is practicaly under arrest.

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Shaughnessey a Bankrupt

In the United States court at Salt Lake Monday, Colonel Michael Shaughnessey, a mining promoter, filed a petition that he be adjudged bankrupt. He gives his liabilities as $187,000 and his assets $25,000. In his petition he attributes his failure partly to the suspension of the City Savings Bank of Detroit which was interested in several deals with which he was connected. Shaughnessy was formerly United States marshal of Utah Territory and 18 well known throughout the country.

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A third warrant was issued, on the 21st, for Frank C. Andrews, vice-president of the City savings bank of Detroit, Mich., which is in the hands of a receiver, on a complaint charging him with making a false report on the bank's condition to the state banking commissioner on February 20, 1901. Mr. Andrews was sent to jail in default of $50,000 bail.

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drews, of the Detroit City Savings Bank, of which he was vice president, and which was obliged to suspend business when it was discovered that his indebtedness to the institution exceeded $1,000,000.

When Andrews landed in Detroit twelve years ago he

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BUSINESS FAILVRES

Jan. 10-Cleveland. O., Euelid Trust & Savings Co.: $1 1,500,000. II-Painesville, O. People's bank: $173,000 Chirago, Geo. H. Phillips, "corn king, falls for second time in 7 months. 17-Albany, Ga., Commercial bank: $123,000 2-Bellwood. Neb., Platte Valley state bank Feb. 10-Detroit, Mich. City savings bank. on account of shortage of Vice President Frank c. Andrews Il-Belment (0) national bank Burnett Tex., private bank of W. R. Westfall & Co. Mar. 1-Elkhart, III., State bank. II-Wanatah Ind., Julhia Center banker. Americus, Ga., People's bank: $30,000. Apr 4-BL Paul, U. S. Saving & Loan Co.: $800,000. N-Algonaç (Mich.) Banking Co.'s bank; $32,000 Jun. 3-Chicago, John A. & Alexander Davideen. marble contractors $1,891,888. II-Charlesten (S. C.) Exposition Co., placed in receivers' hands: $450,000. as Murdeck, Neb., German state bank: $37,000 Jul. -New York city, M. P. Anderson, real estate operator; $1,580,242 20-Brooklyn. N. X4 Malcolm Brewing Co.: $800.000. Allg 16-Elgin, IIL. Obadlah Bands Butfor corporation, $445,000. 20-Clayeland, O., Forward Reduction Co., beening Texas all: $500.000. 24 Kloora (Ind) bank $10.000. step -New York American bioycle trust. -Treaton. N. In National Balt Ca sell $800,000.

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BUSINESS FAILURES.

Jan. 10—Cleveland, O., Euclid Trust & Savings Co.; $1,500,000. 13—Painesville, O., People's bank; $173,000. 22—Chicago, Geo. H. Phillips, "corn king," fails for second time in 7 months. 27—Albany, Ga., Commercial bank; $123,000. 28—Bellwood, Neb., Platte Valley state bank.

Feb. 10—Detroit, Mich., City savings bank, on account of shortage of Vice President Frank C. Andrews. 21—Belmont (O.) national bank. 25—Burnett, Tex., private bank of W. H. Westfall & Co.

Mar. 3—Elkhart, Ill., State bank. 15—Wanatah, Ind., Julius Conitz, banker. 22—Americus, Ga., People's bank; $30,000.

Apr. 4—St. Paul, U. S. Saving & Loan Co.; $800,000. 22—Algonac (Mich.) Banking Co.'s bank; $32,000.

Jun. 3—Chicago, John A. & Alexander Davidson, marble contractors; $1,391,838. 12—Charleston (S. C.) Exposition Co., placed in receivers' hands; $450,000. 18—Murdock, Neb., German state bank; $37,000.

Jul. 3—New York city, M. P. Anderson, real estate operator; $1,535,212. 23—Brooklyn, N. Y., Malcolm Brewing Co.; $800,000.

Aug. 16—Elgin, Ill., Obadiah Sands Butter corporation, $445,000. 22—Cleveland, O., Forward Reduction Co., booming Texas oil; $500,000. 28—Elnora (Ind.) bank; $10,000.

Sep. 2—New York, American bicycle trust. 29—Trenton, N. J., National Salt Co. ("salt trust"); $300,000.

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BUSINESS FAILURES.

Jan. 10—Cleveland, O., Euclid Trust & Savings Co.; $1,500,000. 11—Painesville, O., People's bank; $173,000. 14—Chicago, Geo. H. Phillips, "corn king," fails for second time in 7 months. 17—Albany, Ga., Commercial bank; $123,000. 28—Bellwood, Neb., Platte Valley state bank. Feb. 10—Detroit, Mich., City savings bank, on account of shortage of Vice President Frank C. Andrews. 25.—Belmont (O.) national bank. 26—Burnett, Tex., private bank of W. H. Westfall & Co. Mar. 3—Elkhart, Ill., State bank. 15—Wanatah, Ind., Julius Conitz, banker. 20—Americus, Ga., People's bank; $30,000. Apr. 4—St. Paul, U. S. Saving & Loan Co.; $800,000. 24—Algonac (Mich.) Banking Co.'s bank; $32,000. Jun. 3—Chicago, John A. & Alexander Davidson, marble contractors; $1,391,838. 13—Charleston (S. C.) Exposition Co., placed in receivers' hands; $450,000. 30—Murdock, Neb., German state bank; $37,000. Jul. 3—New York city, M. P. Anderson, real estate operator; $1,535,212. 29—Brooklyn, N. Y., Malcolm Brewing Co.; $800,000. Aug. 16—Elgin, Ill., Obadiah Sands Butter corporation, $445,000. 20—Cleveland, O., Forward Reduction Co., booming Texas oil; $500,000. 24—Elnora (Ind.) bank; $10,000. Sep. 2—New York, American bicycle trust. Oct. 7—Oto, Ia., bank of F. H. Cutting & J. T. Willett; $20,000. 16—New York, Gillman, Son & Co's banking house; $200,000. Nov. 5—Richmond, Va., Leon L. Strause, leaf tobacco; $300,500. 13—Boston, Central national bank. Dec. 8—Omaha, W. H. Bennett Co.'s department store.

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BUSINESS FAILURES.

Jan. 10—Cleveland, O., Euclid Trust & Savings Co.; $1,500,000. 11—Painesville, O., People's bank; $173,000. 14—Chicago, Geo. H. Phillips, "corn king," fails for second time in 7 months. 17—Albany, Ga., Commercial bank; $123,000. 28—Bellwood, Neb., Platte Valley state bank. Feb. 10—Detroit, Mich., City savings bank, on account of shortage of Vice President Frank C. Andrews. 25.—Belmont (O.) national bank. 26—Burnett, Tex., private bank of W. H. Westfall & Co. Mar. 3—Elkhart, Ill., State bank. 15—Wanatah, Ind., Julius Conitz, banker. 20—Americus, Ga., People's bank; $30,000. Apr. 4—St. Paul, U. S. Saving & Loan Co.; $800,000. 24—Algonac (Mich.) Banking Co.'s bank; $32,000. Jun. 3—Chicago, John A. & Alexander Davidson, marble contractors; $1,391,838. 13—Charleston (S. C.) Exposition Co., placed in receivers' hands; $450,000. 30—Murdock, Neb., German state bank; $37,000. Jul. 3—New York city, M. P. Anderson, real estate operator; $1,535,212. 29—Brooklyn, N. Y., Malcolm Brewing Co.; $800,000. Aug. 16—Elgin, Ill., Obadiah Sands Butter corporation, $445,000. 20—Cleveland, O., Forward Reduction Co., booming Texas oil; $500,000. 24—Elnora (Ind.) bank; $10,000. Sep. 2—New York, American bicycle trust. Oct. 7—Oto, Ia., bank of F. H. Cutting & J. T. Willett; $20,000. 16—New York, Gillman, Son & Co's banking house; $200,000. Nov. 5—Richmond, Va., Leon L. Strause, leaf tobacco; $300,500. 13—Boston, Central national bank. Dec. 8—Omaha, W. H. Bennett Co.'s department store.

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BUSINESS FAILURES.

Jan. 10—Cleveland, O., Euclid Trust & Savings Co.; $1,500,000. 11—Painesville, O., People's bank; $173,000. 14—Chicago, Geo. H. Phillips, "corn king," fails for second time in 7 months. 17—Albany, Ga., Commercial bank; $123,000. 28—Bellwood, Neb., Platte Valley state bank. Feb. 10—Detroit, Mich., City savings bank, on account of shortage of Vice President Frank C. Andrews. 25.—Belmont (O.) national bank. 26—Burnett, Tex., private bank of W. H. Westfall & Co. Mar. 3—Elkhart, Ill., State bank. 15—Wanatah, Ind., Julius Conitz, banker. 20—Americus, Ga., People's bank; $30,000. Apr. 4—St. Paul, U. S. Saving & Loan Co.; $800,000. 24—Algonac (Mich.) Banking Co.'s bank; $32,000. Jun. 3—Chicago, John A. & Alexander Davidson, marble contractors; $1,391,838. 13—Charleston (S. C.) Exposition Co., placed in receivers' hands; $450,000. 30—Murdock, Neb., German state bank; $37,000. Jul. 3—New York city, M. P. Anderson, real estate operator; $1,535,212. 29—Brooklyn, N. Y., Malcolm Brewing Co.; $800,000. Aug. 16—Elgin, Ill., Obadiah Sands Butter corporation, $445,000. 20—Cleveland, O., Forward Reduction Co., booming Texas oil; $500,000. 24—Elnora (Ind.) bank; $10,000. Sep. 2—New York, American bicycle trust. 30—Trenton, N. J., National Salt Co. ("salt trust"); $300,000.

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FAILS BECAUSE A SURETY.

Director of a Suspended Bank Files a Petition in Bankruptcy.

DETROIT, Mich., Feb. 25.-Homer McGraw, one of the directors of the wrecked City Savings bank, of this city, today filed a petition in bankruptcy. His liabilities are $806,000 and his assets $6,028. Mr. McGraw's bankruptcy was contributed to largely by the recent decision of the circuit court holding the sureties of Cashier Andrews, of the bank, who was also treasurer of the school board, liable for $444,731 of school funds that were on deposit at the bank when it suspended. Mr. McGraw was one of the sureties.

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FROM ALL OVER MICHIGAN

Andrews' Checks Are Good,

In an opinion filed Tuesday the supreme court held that the runds of the Detroit board of education, amounting to $464,000, and those of the library commission, amounting to $38,551 60, on deposit in the City Savings bank when it failed, cannot be considered special trust funds to be paid from any assets of the bank. The order of the circuit judge denying the petition of the school board and library commission, was affirmed.

The supreme court also rendered a decision in the famous case of the Union Trust Co., receiver of the City Savings bank of Detroit, against the Preston national bank. The plaintiff brought suit to recover a balance owing by the Preston National. The latter endeavored to offset its indebtedness by a check of Frank C. Andrews for $100,000, certified by the City Savings bank and accepted by the Preston National.

It was held in the court below that the check was invalid in the hands of a bona fide holder, but the supreme court reverses this decision and orders a new trial. The opinion is by Judge Carpenter, and is signed by other justices save Judge Grant, who did not sit.

DETROIT GETS THE FAIR.

IZ Buildings Are Not Rendy on Time Will Be Held at Pontine.

Detroit gets the state fair. This was the unanimous decision of the location commission at the meeting held after lunch Wednesday. Only one ballot was taken on reassembling. It was agreed that in case Detroit could not get the buildings ready this season Pontine should keep the fair for the present year.

A Mother's Grief.

The badly decomposed body of little Georgie Neal, the 7-year-old son of Mr. and Mrs. M. F. Neal, who was drowned in the Battle Creek stream Saturday, March 5, was recovered Saturday evening about one-half mile from the point where he was drowned, near the old Abbey tavern in two feet of water at the end of a sandbar. A searching party composed of business men and citizens generally was to have started out to-morrow morning in search of the body. The mother of the child is nearly crazy with grief and all attempts to pacify her have been in vain.

MICHIGAN NEWS NOTES.

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not in any way involved by any of Mr. Hance's financial difficulties. They also deny that the affairs of the failed City Savings Bank, for which the Union Trust Company is receiver, are entangled because of Mr. Hance's management.

Mr. Hance was at his office yesterday as usual, and after supper last night spent the early evening at cards with his family. The suicide came on the eve of a two or three months' vacation with salary which the officers of the company were planning to give him. Close friends say that Mr. Hance's personal financial affairs had been badly entangled for some time and that he had been undergoing a tremendous mental strain as a result. About four weeks ago the Union Trust Company was in a measure reorganized, and Frank W. Blair, auditor of the People's State Savings Bank, was elected president, which office had been vacant for about a year following the death of William C. McMillan.

While it is intimated by some that disappointment over the elevation of an outside man over him in the Union Trust Company contributed largely to Mr. Hance's depression. Henry Russell director and legal counsel, says that Mr. Hance had been told long before the election that he could not be made head of the institution.

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A DETROIT TRAGEDY.

Ellwood T. Hance, Former Postmaster, Shoots Himself.

Ellwood T. Hance, aged 56, first vice president of the Union Trust company and former postmaster of Detroit, Mich., shot and killed himself early Friday. Friends say worry over financial affairs and ill health caused the deed.

Officials of the Union Trust company deny emphatically that the affairs of the Union Trust company are in any way involved by any of Hance's financial difficulties. They also deny the affairs of the failed City Savings bank, for which the Union Trust company is receiver, are entangled because of Hance's management.

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A DETROIT TRAGEDY.

Ellwood T. Hance, Former Postmaster, Shoots Himself.

Ellwood T. Hance, aged 56, first vice president of the Union Trust company and former postmaster of Detroit, Mich., shot and killed himself early Friday. Friends say worry over financial affairs and ill health caused the deed.

Officials of the Union Trust company deny emphatically that the affairs of the Union Trust company are in any way involved by any of Hance's financial difficulties. They also deny the affairs of the failed City Savings bank, for which the Union Trust company is receiver, are entangled because of Hance's management,

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A DETROIT TRAGEDY.

Ellwood T. Hance, Former Postmaster, Shoots Himself.

Ellwood T. Hance, aged 56, first vice president of the Union Trust company and former postmaster of Detroit, Mich., shot and killed himself early Friday. Friends say worry over financial affairs and ill health caused the deed.

Officials of the Union Trust company deny emphatically that the affairs of the Union Trust company are in any way involved by any of Hance's financial difficulties. They also deny the affairs of the failed City Savings bank, for which the Union Trust company is receiver, are entangled because of Hance's management.

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LIVELY BIDDING FOR

CITY BANK REALTY

Bidding was lively at the auction sale of City Savings bank real estate held at the county building, Friday afternoon. The sale was conducted by the Union Trust Co., receiver for the defunct bank. The property offered was the last of the bank's realty holdings, and was part of the property on which the bank made a loan to Frank D. Andrus. Mr. Andrus bid in 48 lots on Fourteenth and Wabash-aves., for $15,500. Fred C. Shipman took one lot on the north side of the boulevard, between Second and Third-aves., for $1,825.