Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-11-08
NEW SAVINGS BANK
The Proposed Liquidation Of the Ohio
National.
REASONS GIVEN FOR TIE CHANGE
What President White of the
Washington Clearing House Says.
LOAN SECURED

that bank, a meeting of the stockholders
of the bank will be held on the afternoon
CT December at the banking house corner
18th and G streets northwest, for the pur-
pose of considering and voting upon the
voluntary liquidation Of the bank. In ad-
dition to this formal notice, and in ccn-
nection Herewith. Mr.. Roome makes the
further announcement that it is the pur-
pose ito organize new bank under a saw
ings bank charter to succeed to the bus
mess of the Ohio National Bank, in the or
saDization of which the stockholders of the
present bank will be given the preference"
What Cashier Roome Says.
Mr.. Roome said this morning, in CONVEX
sation with Star reporter, that the sub
ject of the proposed change had been I'M
der consideration for some time, and that
the announcement was not the result of
hasty action. He said that it had received
the unanimous approval of nearly all the
stockholders.
1T is proposed said Mr.. Roome, "that
On the morning after the Ohio National
Bank ceases to exist a new bank under
savings bank charter will be open for
business. 1 am of the opinion that the
easiest manner of closing up the affairs of
the Ohio National is to have the
organization Duy up all the paper and
other assets Of the bank and assume its
deposits.
The new bank will be chartered under
the laws Of the state of West Virginia,
and will have authority to do general
banking business in all it's branches. In
all probability it will be called the Amer
lean Savings Bank. A majority CT the
present stockholders are of the opinion
that both the depositors and the bank
itself will be greatly benefited by the
change, as under the savings bank char
ter it will be possible for the bank to loan
money on real estate. which, under the
oh 49,
mttcd to touch. Many of the business
men who are depositors have asked that
the change be made and all have pledged
their hearty support to the new :nsttu-
tion.'
'Under the West Virginia charter the
tax will be less than is the case under the
national banking law. Reports will be SUBJ
mitted to the secretary of state of West
Virginia of the condition of the bank and,
of course, the bank will be subject to the
laws of that state
Views of the Vice President.
Mr.. ]. b. Taylor, who is the president of
the bank. is not in the city. He is at pres
ent in Ohio, where he is president of the
Guernsey National Bank, which is located
in Cambridge, Ohio. The vice president of
the bank, Colonel T H. Anderson, is, how
ever, here, and in talking with Star
porter today about the proposed change he
said: 1--WE have decided to take this step
money a savings bank than We can
under our charter national bank. We
believe that Washington offers special in
ducements for the organization of a first
class savings bank, such as we propose to
organize. In all the large cities of the
country savings banks exist in great num-
bers. and they doing a profitable busi-
ness and we see no reason why we
rot make pronounced success of similar
institution in the capital city.
In forming our plans" continued Col
Anderson. I'VE nave been in consultation
with the controller of the currency and he
approves heartily of what we propose to.
do. Our depositorS and stockholders favor
this step, and in talking with bankers in
this city they tell me We are pursuing the
Wisest possible course"
President of the Clearing House.
The proposed action on the part of the
Ohio National Bank was the subject of
more or less comment in financial circles
today. Among the officers and directors
of the national banks the subject was of
special interest. AS is well known, there is
clearing house in this city, the member
ship of which consists of all of the national
banks in this city, with the exception of
two. The president of the Washington
clearing house Is Mr.. George II. L. White,
VINO, in conversation with a Star reporter
this morning, expressed himself in regard
to the proposed liquidation of the Ohio
Bank as follows: The last report of the
Ohio National Bank showed that the busi-
ness done by that institution was not very
profitable. and it is natural that the stock
holders should desire to take their money
out of the present investment and place it
where it will bring better returns.
1.-The last report gave the undivided prof
it's of the bank as Sl;,,iG0, and as, according
to my best recollection, no dividend has been
paid on the stock during the six or seven
years the bank has been in existence, this
shows that the average yearly profit has
hoe a fs
and / suppose that a large proportion is
represented in the building occupied in part
by the bank at the northwest corner of
18th and G. streets, and which was erected
by the bank. This building put down
in the last report as valued at $l27,OOO. The
total deposits due to individuals and banks
given $26S,OOO. Under the law gov
erning the liquidation of national banks the
assets go to the stockholders after paying
the deposits and other liabilities.
As to the Republic Bank.
"The recent liquidation of the National
Bank of the Republic was considered by
some of our people as foregone conclu-
sion after the death of Mr.. George E. Lem
on, who held a majority of the stock of
that institution, and its retirement from
business will net. in my opinion, impair the
financial facilities that have been given to
the public heretofore Its deposits OF ABOUT
three-quart.rs of a million dollars have
been absorbed by the other banks of the
city. and these banks are abundantly able
to furnish all the accommodation to those
who were borrowers of that bank.
I'm all probability, the Lincoln National
Bank, having bought the building occupied
by the Bank of the Republic and removed
it's business to that locality, will reap a
large share of the patronage that fell to
that concern, as many persons are averse
to giving up an old institution or going
away from the place where they are ac-
customed to deal.
..The condition of the national banks of
the city, which will be twelve in number
after the Ohio National Bank goes out of
existence, is first-rate. 1 believe there is
not a single one that Is not making money
In spite of the increase during the past
few years in the number of national banks
in the city, the business of all of them is
good and shows a healthy condition of af-
fairs. While the banking institutions of
the city have grown in numbers, 1t should
be remembered that at the same time the
business Of the city has increased and II
may be said in a general way that the ex-
pansion of the banking facilities has onIv
kept pace with the business needs of the
city"
Loan Secured.
In this connection 1t is interesting to note