Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-11-17

you have in Washington. According to
the laws of the District of Columbia, 1t is
not required. as a trust company. to main
tain a reserve, but If you consult it's last
financial statement, issued on November IL,
you will see that 1t maintains reserve Of
5000, 900 in addition to more than SO 600 Of
undivided profits"
Measuring Statements.
Statements to the same general effect
were made by Father Stafford, by B. H.
Warner and Others
When seen in his Office President Edison
was obviously deeply affected by the ap-
parent lack of confidence in the institution,
and he repeated the story Of the rumor as
the only reason for the panic
AT our last meeting a proposition was
made that an extra dividend be declared"
one OF the trust company directors said this
morning (and this was corroborated by
President Edson), but Mr. Edson's ambi-
ton has been to increase the reserve to
81 100000 before there is any increase in the
distribution of profits"
All Applicants Satisfied.
When the bank doors were closed at the
end OF the regular Saturday business at
noon there remained about 200 persons in
line. All Of their accounts were settled in
full and the statement was made that any
others who desired to get their money could
do SO on Monday.
Utmost Surprise Expressed.
Among bankers. and in fact among all
classes who have any knowledge of the
condition of financial institutions in this
city. the utmost surprise is expressed that
anything in the nature Of a run could have
occurred in the case Of any institution
here receiving deposits. It was difficult
for men who have an Intelligent apprecia-
IN raQ1 vii Nf
the kind could take place
1t Is curious circumstance that what
has been perhaps the most rigorous exami-
nation Of the financial institutions of the
city that has ever been made by the con-
troller OF the currency has Just been COM
pleted.
This examination into the affairs of banks
was made by one Of the most competent
men in the force Of treasury bank experts,
and the results were highly creditable to
the management as well as to the condition
OF the various institutions.
Management Conservative.
The Washington Loan and Trust Com
pany has the reputation Of being managed
in the most conservative manner, and it's
cash reserves are looked upon as most am
pie. AS an Illustration Of the confidence
which is entertained in the stability of this
institution, 1t is said that the president Of
one Of the leading banks telephoned this
department stores in the city notifying him
that II any checks Of the Washington Loan
and Trust were presented during the day
ne would be responsible personally Il
make that offer good up to 100000.
Unnecessary and senseless.
T. P. Kane, acting controller of the cur
rency, in an interview with Star reporter
this afternoon made the announcement
re- o~fx,o
Loan and Trust Company was "unneces-
sary and senseless.'' Mr.. Kane did not con-
slider 1t necessary, he said, to make a for
NAL statement, as he could not conceive 1t
possible that so strong an institution as
the Washington Loan and Trust Company
should he suspected Of being in weak
condition.
las a matter of fact" Mr.. Kane said
.'our examiner made an examination of the
institution about one month ago, and RED
ported that the concern was never in better
condition. The statement Of the bank In
answer to our call for report a few DAYS
ago shows the same thing. In fact, the
statement is considered the best ever made
by the Washington Loan and Trust Com
pany.
Il have done all 1 could. last night and
today, to allay the uneasiness that seems to
have existed, and 1 think that by Monday
ever doubted the bank. All last night and
throughout today people have called me up
on the telephone, and with their voices
showing great uneasfness, inquired about
the bank. / have unhesitatingly told them
that ] consider the trust company one of
the most solid financial institutions in the
United States.
Denial Of Weakness
IT understand today that the whole
thing arose from a statement that an in
stitution with somewhat similar name
was preparing to wind up its affairs. Some
body confiicted the name with that of the
Washington Loan and Trust Company and
in a few hours people were talking about
the condition of that company. The
rumor started yesterday, but few people
had any idea that they would amount to
anything. am surprised that depositors
in the institution are not better informed
as to it's affairs. II they were they could
not possibly have any fear
As stated by Mr.. Kane, he was kept busy
today answering calls as to the condition
of the bank, and each time there was great
relief when he gave unequivocal denial to
the stories of the institutions weakness
Many OF the inquiries were from persons
In the government departments. num-
Der Of persons in the bureau Of engraving
and printing were recently hit pretty hard
by the failure of a savings bank here, and
there was something like a small panic
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