Sunday morning globe., 1901-11-17

/ ton, and to pledge the securities and
other properties Of the bank as he
might deem advisable. On the day
| preceding the adoption of the resohi-
tion, the balance to Roomes credit was
S245.26 and on that day he drew out
| S2.013.60, overdrawing his apparent
balance $1,76S.34.
From that time he continued TO in
crease this oyerdraft by drawing out
the depositors money as follows: Aug
ust T. $500; August 49,, S2,150; Aug
ust 26 $1,000; August 2S, $1,000: Aug
ust 20, $1,000 September 6, 1000
and September II, $4,000, ali aggre-
eating $3.50.
During the entire period Of these
overdrafts,' continues the petitioner
tine said Roome well knew that said
amount due the depositors in said
/ bank was insolvent and without funds
or real assets with which to pay the
bank"
Right here The Globe would gently
observe that this is charging William
Oscar Roome with a penitentiary Of
fense. We know. you know, for we
have been acquainted with bankers"
in stripes for this very particular
thing. Again we proceed
Shortly after the American say.
ings Bank had suspended payment
on September 23 last, certain Of
fcers Of the Union Surety and
Guaranty Company on notice from
| its Washington attorney, who was
also the attorney for the defendant
bank, came at once to Washington
and demanded of William Oscar Roome
/ that the balance due the surety COM
pany should be turned over to them or
| that the disappearance Of the said bal
ance be satisfactorily accounted for to
/ them.
The result Of the pressure brought
| to bear upon the said William Oscar
| koome as president Of the said bank
| and as vicepresident and attorney.
| in part, of the surety company, was the
| surrender by Roome to his fellow Off
| GERS Of the surety company Of practi-
| cally the sole remaining assets of the
bank, consisting Of notes aggregating
| S15,50LO6"
What? The entire assets in one fell
swoop? Great Scott, But hearken ye
depositors to this:
"Atthe time the said notes were hand.
ed over to the said officers of the de-
fendant surety company certain of
,-.e accounts of the latter showed an
overdraft in one case of $4,000; in an
otner of $2O25 and in a third Of
,.sI71"
And here is the bargain Roome
then made with his adjunct" the
Union Surety Company, Of which he
was vice-president:
After the delivery of the notes by
Roome, purporting to act as president
of the Americai Savings Bank he exc
cuted a certain written agreement, in
which the notes Of the bank were
to be taken in payment by the Union
surety Company to the extent only to
which they might prove finally collect
able, and in the event that they should
not, the surety company should pre-
serve all the right which it should
nave for the collection and enforce
ment of its debt against the American
savings Bank"
William Oscar was evidently deter
mined to see that tht Union Surety
Company, Of which he is the vice-presi-
dent did not suffer whatever might be-
come Of the too confding depositors Of
the American Savings Bank Here is
the charge reiterated which If estab.
lished by testimony in a court of jus
tice will make it very interesting for
William Oscar ct al.
ut is further stated that at the time
OF its organization the American Say
ings Bank was insolvent and that
Hoome, as chairman Of the board of
directors, and as president Of the bank
was at all times fully aware Of the in
solvency and that the Union Surety
and Guaranty Company was also aware
of the insolvent condition OF the
american Saving Bank"
And finally the court is asked to
restrain the Union Surety and Guar.
anyt Association, it's attorneys Off
GERS and trutees during the pendency
of these proceedings, from selling, as
signing, transferring, or in anywise
disposing of the promissory notes and
due bills received from w. Oscar
Roome on September % last, except to
the makers or endOrsers, upon payment
of the full amount due. The proceed
ings were instituted by Charles Francis
Carusi. Alexander Wolfe. and Tracy l..
JeUOIubs reviewers OF lue american
Savings Bank, against the Union Sur
ETY. and Guaranty Company and W.
Oscar Roome defendants.
Sic Gloria Mundi
The Globe might have saved some, |
at least, of the depositors of the Ameri- F.
can Savings Bang by an earlier publi- T.
cation of the facts I'm our possession, |
but that we did not care TO accept |
the responsi bility Of a run" on that
institution, and because we hoped that |
things were not as bad as reported |
Banks are delicate enterprises to sub |
iect to Unnecessary publicity, and hence |
both in the case Of the American Saw |
ings bank which busted so badly, and |
touching some information about the
Central National Bank recently given,
We prefer silence until publicity be-
comes peremptorely necessary.
Resigned to Enter Business.