The Washington times., 1901-09-24
DEPOSITORS MUST WAIT.
American Savings Bank Demands
Sixty Days Notice.
Institution's Doors Not Closed and
officers Say That 1t Is Solvent
Large Discounts and Heavy With
drnvnIs Cause the Suspension.

The American Savings Bank yesterday
suspended payment. notice was sent
to all depositors stating that by reason
of large discounts made by the bank and
an unexpectedly large withdrawal of de
posits during the past few days. it had
been found necessary to resort to the ex-
pedient of requiring sixty days notice on
all further Withdrawals, step which 's
allowed by the bylaws of the institution.
The bank did not cluse its doors yester-
day. and the statement is made by its Of
ficers that there is no intention of doing
So 1t is said by them that the order
suspending payment will be Withdrawn
as soon as possible and that there is ev-
cry reason TO hope that this will be In
the near future.
The bank is stated to be solvent, with
good excess of assets over liabilities. Ac-
cording to it's officers II has been doing
profitable business and its difficulties
| extend no further than an embarrassment
for ready cash at the moment. The de-
posits of the bank at the close of busi-
ness Saturday night were s2e9,0do.
| The bank made no payments yesterday,
| its order going into effect at the opening
of business. The following is the notice
to depositors which was sent out imme-
diately:
by reason of large discounts made by
| this bank and an unexpected withdrawal
Of deposits, the Executive Committee finds
| itself compelled to exercise discretion
vested in it by section of article 16
! of the bylaws of this corporation, con-
tanned in each pass book and assented to
by each depostor. and hereby require that
sixty days notice in writing be given the
ha N hN hafn hn
ment by the bank of any check or order
drawn hereon by such depositor.
This bank will consider the presenta-
tion of all such orders or checks as such
notice as to such orders or checks and the
| same will be duly paid within sixty days
from the day of presentation
The section of the bylaws referred to
section 3, article l6, Rules and regu-
No depositor shall have the right to
draw money from this corporation with
| out the production of his or her pass
book. and all payments made to the per-
| son producing the pass book of a de-
| positor shall be valid payment to dis
charge this corporation of all liability to
| the cepositor whose pass book has thus
| been produced for the amount so paid.
| The check or order of the depositor or
person duly authorized to draw the same
| by power of attorney duly executed. will
be required. This corporation hereby eX-
| pressly reserves the right to require sixty
| days notice in writing from any de-
| positor before making payment of any
| check or order drawn thereon by such
| depositor. Payment of checks of de-
positors will be made ordinarily on de-
mand unless it should become necessary,
| in the discretion of the Executive Com
mittee. to exercise the right herein ex-
| pressly reserved as to the time when such
| payment must be made"
| President William Oscar Roome was
seen yesterday afternoon regarding the
| step taken by the bank. He said: THE
| notice sent out to depositors states the
matter fully and there is very little 10
add to 1t. / am unable to account for the
large Withdrawals of deposits recently.
| You may state positively that the bank
| is solvent and that it intends to continue
| sixty days notice to depositors In a few
| days.
Il am very much gratified to announce
| that at least $500 600 of the 1858. 600 depos-
| its of the bank are in the hands of the
| people who are most friendly to US. This
nane ,earnea ust i1aay iroln perSDhai a. as, ae
| all, of our large depositors have been SO
| kind as to come to the bank today with
| such assurance. A great many of these
| depositors have made additional deposits
| also as further evidence of their conf
| dence.
There was an unusually large number OF
| depositors in the bank yesterday at times
| owing to the notice sent out. but little ex-
| citement was shown by them. ..F
| The American Savings Bank has been
| established nearly three years. having
| begun business in November. 1898 The
| present management has been in charge
| of its affairs from the beginning. Its Off
| GERS are: William Oscar Roome, Presi-
| dent; Edgar B. Stocking. Vice President;
| Charles n. Wake, Vice President, and
| Charles w. Powers. Cashier. The bank is
/ located n llpl @ Street northwest.