Evening star., 1901-09-24
DEPOSITORS GIVEN NOTICE
SAVINGS BANK SUSPENDS
PAYMENTS.
Declares Over Dis
count Caused Embarrassment-
Early Resumption Promised.

The American Savings Bank, located at
1907 street northwest. has suspended pay
ment.. The following notice has been sent
out to depositors:
by reason of large discounts made by
this bank and unexpected withdrawal
of deposits, the executive committee finds
itself compelled to exercise discretion
vested in it by section 3 of article 16
of the bylaws of this corporation, con-
tanned in each pass book and assented to
by each depositor, and hereby require that
sixty days notice in writing be given the
bank by every depostor before the pay
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 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 8. article 16 Rules and regula-
tions for depostors'' is as follows:
No depositor shall have the right to
Graw money from this corporation with
out the production of his or her pass
book, and all payments made to the per-
sor producing the pass book of a de-
positor shall be valid payment to dis
charge this corporation of all liability to
the depositor 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-
pressIy reserves the right to require sixty
days notice in writing from any depositor
before making payment of any check or
order drawn thereon by such depositOr.
Payment of checks of depoSitors will be
made ordinarily on demand unless it should
become necessary. in the discretion of the
executive committee, to exercise the right
herein expressly reserved as to the time
when such payment must be made
The bank was established and began bus
ness in November, 1898. It's officers, who
have served since then, are William Oscar
Roome. president; Edgar H. Stocking and
Charles N. Wake, vice presidents, and
Charles w. Powers, cashier.
President ROome's Statement.
In response to a Star reporters ques-
tions, President Roome said this morning
that he was confident the bank would short
ly resume payments. The depositors, he
stated, numbered about 400 or 5O0 and the
total sum of their deposits was 100000.
"Our assets are $317, ,OOO," he remarked.
What do they consist Off" inquired the
reporter.
Good paper; good notes." was the
ply. "As soon as collections can be made
upon these notes everything will be all
right
While Mr. Roome and the reporter were
talking the paying teller brought the for
mer a check. After scrutinizing it Mr..
Roome said:
Il think he left special deposit here
Yesterday to protect this check Ascertain
if such is the case, and If so pay 1t.
We have perfect right to do that
said Mr.. Roome in an explanatory tone to
the reporter.
Anxious DepOsitOrs.
There was a line of depositors before
the paying tellers window, mostly women,
and anxiety was written in unmistakable
lines on their faces From what the
porter overheard, few of them had received
the notice published above, and were in
formed by the paying teller that they were
sent out last night. Mr.. ROome told The
Star reporter they were sent out yesterday
morning. Some of the depositors had given
checks to merchants and others Saturday,
and the latter had, in the course of busi-
ness. sent these checks to the banks with
which they do business. Many such checks
were brought by bank runners to the en-
paid unless depositors had made special
deposits to meet 1t. Nearly every de-
positor who came while The Star reporter
was there gave notice under the article
above quoted of withdrawing deposits. and
1t was evident that many of the women
had all their ready money in the bank
and were very much embarrassed thereby.
All were assured that the bank would be
in position in a few days to meet all de-
lnands.