Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-11-18
RUN ON THE BANK
HAS BRIGHT SIDE
Offers Made Washington Loan
and Trust Company.
MANY TOKENS OF FAITH
Only About Six Hundred Depositors
Withdraw Money.
HOW THE RUMOR ORIGINATED
Dozen Different Versions-Statement
by President Edson-says Action
Was Absolutely Unwarranted.
MANY TOKENS OF FAITH
HOW THE RUMOR ORIGINATED

There never was ruin on any
bank that was so absolutely I'M
called for, or that was started by a
more ridiculous rumor," President
John Joy Edison of the Washington
Loan and Trust Company said last
night in speaking of the occurrence
yesterday at that institution, when
hundreds of persons crowded the
bank building to withdraw money
they had placed there on deposit.
Mr.. Edison also spoke again of the rumor
which was responsible for 1t all, and from
what he said and from statements coming
from other sources 1t was obvious that the
original tale as told by woman clerk In
the pension office about difficulties she
had experienced at the washington Loan
Company" or the washington Trust Com
pany." had been twisted into every con-
cevable shape as it passed from mouth to
mouth. At least a dozen different versions
were offered at their face value yesterday
afternoon and last evening, but as far as
could be learned the pension office officials
had not succeeded in getting down to the
original story nor was any one else able
to give a detailed and authentic account
of the starting of the rumor.
The concrete result, as shown at the
Washington Loan and Trust Company after
the paying tellers had turned in their to-
tails for the day, was that about 600 de-
positors out of total of 800, had drawn
their money out of the institution. An
other result, continuing through last night
and today. probably has been that many
q Washington home has been invaded by
inordinate fear of burglars because the
sudden return to the "tea-cup bank in the
kitchen cupboard or to the none too Sc
cure hiding place for the family riches be-
meath the bedroom pillow, gave to each
creaking board a sinister significance and
gave each banging shutter an opportunity
to inspire quaking attacks of NERVES"
In Possession of Savings.
AS matter of fact the headlong insis-
tence of many depositors at the Washing
ton Loan and Trust that they be given
their money. in the face of assurances of
the solvency of the institution from the
directors and officers of the company and
even such responsible source as the Office
of the controller of the treasury, left hun
dreds in the possession of their total saw
ings at an hour when all other banks in
the city were closed for the weekend and
when u re-deposit anywhere for safety S
sake could not possibly be made.
Several persons watched the rush at the
Institution at 9th and streets yester-
day in entirely disinterested way. and
others, who had deposits in the bank and
were satisfied to let them remain. united
in the efforts of Father Stafford, Bank
Examiner Reeves and others to restore
confidence. but all who watched the line of
rumor-smtten owners of savings accounts
could not fail TO see the amusing side, and
the tragic side, too. as anxious men and
women young and old, pressed forward
The windows where the paying tellers were
plainly represented the goal where all OF
life's ambition for the moment was GEN.
tered. and the fear that the golden stream
flowing through the brass-barred wickets
would be stopped before their turn came
was reflected upon many face.
Feelings of Doubt.
At times, as the waiting crowd listened
to assurances of the absolute solvency OF
the bank from men high in the financial
and religious life of the capital. feelings
of doubt were seen to replace the consum-
ing anxiety. Some dropped out of line
convinced that their first fears, inspired
by rumor were groundless. but the great
majority seemed glad of the additional gaps
thus afforded and continued until their
demands were paid in full. Many times
actual possession seemed to spell a sort
OF shame-faced return of confidence, but
the time for reconsidera ton was past
In discussing the affair last night, Pres!-
dent Edison showed deep feeling at the ap-
parent lack of confidence by even a portion
OF the public in the Washington Loan and
Trust Company, but he also said that the
incident had its bright side. too, for it
served to bring to the front numerous ex-
preSsions of an opposite character For
Instance" he said, 'one Washington man,
who is not a stakeholder in the company
and who had never had a deposit with us
called me UP on the telephone and offered
to let me have 5000 eco worth of his gilt
edge securities at once; another Washing
tonan. lawyer, came into my office and
said that he had sooOoO that We might use
at once. and not only one, but several
prominent business men. who have no!
done business with US directly have called
up and announced their intention of openins
substantial accounts on Monday" Furt hel
than this Mr.. Edison referred to the OFFERS
OF assistance coming from banks both In
and out Of the city. one of which was a
telegram from the National City Bank OF
New York and another, a long distance tele
phone message. from the National Park
Bank of New York. but he repeated hi.
statement of yesterday to the effect thai
the Washington Loan and Trust Compan,
greatly appreciated the spirit of the offers
but that the institution was not in need o.
financial aid.
Loss of Interest.
In addition TO the discomfort incident t,
guarding their money until banks open OF
Monday morning and it can again be de
posted the 600 men and women who with
drew their money from the Washington
Loan and Trust Company during the run
of yesterday, sustained one actual financial
loss. According to the system at that in
stitution interest of per cent declare
semi-annually. is paid upon all savings de
posits. The next half-yearly crediting o
interest occurs on January I, and thos
who took out their money yesterday los
. the accumulation between July / and No
( venSber IL. 1t was estimated that this los
I of interest would aggregate $1,000.
As before stated. In The Evening Star o
last night. officials OF the Treasury Depart
ment, directors and officers of the Wash
fngton Loan and Trust Company and banl