The Washington times., 1906-11-18
BANKS To ADOPT
PROTECTING RULE
Refuse to Accept Deposits
Withdrawn From Other
Banks During Run.
w. L. AND T. READY TO PAY
All Obligations So Far Have Been
Met and No Trouble
Expected.
W. L. AND T. READY TO PAY

Oat Of the unreasonable and spas
modic run on the Washington Loan and
Trust Company. which began Friday
afternoon as r. result of a woman's mis-
take and eliminated in the forenoon
yesterday. there vii! come. it is said, a
rule which viii protect The banks more
than IS now the case. The suggestion
was made i'm several quarters that IL
would bc well to teach depoaitors "a les
son. by al the banks in Washington re-
fuslug 70 accept from persons deposits
Withdrawn during run.
A5 n matter of fact. several banks
YESTERDAY refused 20 grant individual re-
quests that they should transfer ac-
counts from the Washington Loan and
Trust Comp3ny.
Frederic G Stevens. president OF the
Commercial National Bank. said last
night:
I'VE refused today TO take an account
which Il person wanted transferred from
the Washington Loan and Trust COM
many 10 MS. While we are looking Tor
an the new business possible. 1t does
not seem right for the banks of this city
To encourage people in a run on any one
bank. and to accept these transfers ol
accounts would be an encouragement 10
them"
1t was seriously proposed last even
ing hat the Washington banks shoulu
make an agreement which would resuII
in such a condition OF affairs that. II
a persou drew his money from bahK N
the course of a run on the institution
ne would have To carry 1t around on
his person or lock il up in safe IN ms
own house Such an agreement ~ " a. -
said would utterly discourage people ~
the needless rush 10 get money Out OF
"a bank when there was no proVocauon
Surh an Arrangement between the
banks. il was pointed out, coulu o5 Ilade .l
bv the officers OF the banks getting To-
gether and making the necessary agree
meutS.
Able to Meet Obligations.
Omoers Of the washington Loan and
Trust Company felt confident last night
that their institution viii be able tc
meet all demands tomorrow. They dc
not expect continuance of the run,
but they think they would be able u
meet IL If il materialized.
Additional offers of assistance camC
last evening 20 President Edison. of the
Washington Loan and Trust Company
from Washington and New York banks
These Institutions assured Mr. EdsoI
that they would be glad 10 have MIN cal
upon them for assistance in the unlike
Is event of his needing any assistance,
Bankers EXPRESSED surprise that I'M
run could have come out of such sm3l
thing as IL did. Runs on banks art
often hysteTiCal, but they generally
come from q more serious cause thar
the bare fact of a woman COnfOundine
The institution with some other company
in the statement that IL could not NEE
its obligations.
1t was stated last night that most o
the accounts withdrawn yesterday were
comparatively small. A story was told
of one young woman who seemed par
ucularlV anxious IL developed later
that her account amounted 10 a tota
Of S25.
3. H. Warner, who was the founde
of the Washington Loan and Trus
Company, for some years its president
and a member Of it's executive commit
tee since its commenced business, said:
The run which started yesterda,
was absolutely without Foundation
This company's loans are all secured
are hrst-class in every respect, anu cal
be turned into cash so as to Hquidat
within a month, if necessary.
Its business will 20 on as usual
Its officers and directors regret yer,
much 10 have its progress InterfeTtj
with.