The Washington times., 1906-11-17

side OF the building there was a similar
crowd. "One class of patrons are put
ting their money IN" said Mr. Edison,
while the other is drawing it out"
About II o'clock the crowd began 10
swell and at noon people hlled the
banking office Many women were
present and were more or less excited.
While the crowd was at its greatest the
Rev. d. J. Stafford, of ST. Patrick
Church, appeared on the scene he
went among the crowd, assuring them
they were safe. and that II was useless
10 draw out their money. As the crowd
swelled Father STAFFORD stood upon
chair and addressed the people.
I have a large personal deposit here,
he told them. ALSO l have al the
churchs funds in this bank. Many OF
my parishioners have their money here
also. and / have advised them to let il
remain here. Eor I know the bank TO be
safe and sound" Father Stamord's re-
marks had a great eject. The crowd
thinned rapidly and many came up TO
the priest and shook him by the hand.
Edison Makes Statement.
President Edison made statement
that the bank was in excellent condi-
ton and that he was extremely sorry
such n condition should exist. These
are the resources OF the bank" said
he; Loans, S5,126.5Sl. 79; overdrafts,
SS9622; stocks. securities, etc, S227, 734.l7;
and safe. S622, 735. 20; other real estate.
$4o,6S432; available cash. 81 .S5S. 60.
Liabilities, capital stock paid in, 81 ,000.
OeO.O0: surplus fund. S600 000.OO; undivided
profits, &s6,04S41; dividends unpaid. s.
1895: TAX reserve fund. s. 500 90
THE books and everything connected
with the institution were thoroughly ex-
amined not three weeks ago and found
TO be in a good, healty condition. Had
1t not been for a woman confounding
this bank with another institution OF
similar name the run would never have
occurred.
1T happened in this way. Yesterday
a woman employed at the Pension Bu-
reau spread "a rumOr that she could not
draw her money from loan company
which was known as the Washington
something. People Immediately Jump
ed TO the conclusion that our bank was
The one IN question. Consequently there
We're few people who drew out their
money yesterday. But the major num-
ber has focked here this morning. The
run yesterday was only normal. Today
It has been abnormal.
when the TumOr got about town !
started in 20 make an investigation.
] requested Chief Clerk Bailey of the
Pension Bureau TO make an inVestiga-
tion. lie did and found out who the
woman was. She had merely gotten the
Two Institutions mixed.
AA1piC oupiy OF NdSn kcaQy.
The coolest people about the institu-
zion We're President Edison and the other
officers. Many people called at MIR
Edsons private office to express their
confidence in the Institution. and many
'depositors came 10 mention by way of
encouragement that they had made de-
posts. The usual course of business
was not interfered with, the clerks in
ha -
were doing the usual business, while
three paying teners We're paying out
money as fast as checks were presented.
The trust company could give notice
and take time 10 meet deposit accounts
but there is no thought OF doing such
a thing. On the other hand. with near
~ s., 3,UOO,UOO of available cash when the
run began, the Institution received as
surances from all quarters today that
II could turn its securities into cash
Just as fast as there could possibly be
demand Tor II. President Edison spoke
with great satisfaction of the assur-
ances he had received from bankers in
the city, and said he presumed there
would be conference later in the day
at which arrangements would be made
10 provide cash as long as the demand
should continue. He was confident,
however. that before Monday the feel
ing of security would be restored, and
that there would be no resumption of
the run next week.
The Institution has 30oJe depositors,
and It's securities are of the particular
sort most easily liquidated. Everything
is secured by gilt-edged collateral All
loans are thus represented. ana the pa
per can be realized upon without delay,
first mort cages on real estate. or in
stantly marketable stocks and bonds
constituting the assets. 1t was cSti-
mated AT noon that perhaps 800 depOsi-
tors had been paid.
Several New y Ork bankers have wired
President Edison that he may draw on
their institutions in any emergency. The
local banks have also signified their
intention Of giving aid IL Is found
necessary.
The bank closed its doors promptly at
noon, in accordance with the Saturday
custom.