Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1913-11-22
Following Run on United
States Trust Co. He
Buys Institution.
GREAT EXCITEMENT
Run on One Of Washington's Largest
Trust Companies Commences Yes
ierday.

Word reached Alexandria late yes
tcrday that q run had been started
on the United States Trust Company
in Washington and that the fronts of
the buildings at Fifteenth street and
II streets and Tenth and Pennsyl-
vania avenue, and five branches were
thrungei with excited people who
we're clamoring and surging in at
tempts to force their way into the
places. AleXandrians who reached
home later gave thrilling accounts Of
the scenes in front of the conpany'S
buildings. At the outset certain per-
sons. who had become alarmed from
some cause, proceeded to the COM
pany's main offices and branches and
withdrew their deposits, and when it
became generally known people were
withdrawing their deposits. the bulk
of the ffty-odd thousand persons who
had money deposited with the COM
pany dropped everything and hur-
ried to the scene. Of course, in such
a jam it was impossible for the at
taches of the institution to wait upon
their patrons with any sort Of eN-
pcdition, and those who were unable
to reach the paying telers suffered
mental agony The windows we're
finally .eIosed at four o'clock. an hour
later than the usual time.
Thousands of persons who had
curing the year been placing small
sums on deposit for use during the
holiday season were especially anN-
ious. Whila not having large as
sets in the bank, such comprised
their al-money saved from spare
earnings during the SHOWS Of winter
ant the sultry dog days. Most of the
assemblages We're compelled to re-
trace their steps homeward with de-
pressed spirits, realizing, as they did
the sad fact that riches often take
unto themselves wings and fly away.
Late last night considerable relief
was experienced by all interested
when it was announced that the
Munsey Trust Company, of Wash
ington. ha:' purchased the controlling
interest in the United States Trust
Company.
This means that the $1,000 depos-
itors of the United States Trust
Company has the Munsey Trust Com
pany and it's president, Frank A
Munsey. back of every dollar they
have on deposit.
1t means that the s450,000 savings
of the prudent who have been paying
into the Christmas Savings Fund al
year will be ready for distribution
lust before the holidays to help ever!
merchant in Washington-it means
that there will be no waiting. no ad'
vantage taken of technicalsties but
rhat the depositorS' cash awaits Their
pleasure.
Officials and directors of the COM
NAMES have been in frequent confer
euce for the past three days, and las'
night they met at the shoreham Ho
tel. where the merger was effected
and papers signed. So soon as tn
deal had been consummated' Nr
Nbusey issued the following state
ment: =,
~ arrived in Washington at 4:@'
o'clock in the afternoon, after hsNin!
received reports from my fepreseh
tat;ves who have been at work nigh
and day for the past three days try
ing to be of service to the aeposltor
Of the United States Trust Comapn
and the Washington financial an
banking world.
AT 10 O'Clock at night we came
final. definite understanding ratrtle
both by the boards of the Munse
Trust Company Of Washington an
the United States Trust Company, b
which the MunSey Trust Compan
tskes over bodily and entire tn
United States Trust Company. I
other wor3s. the United States Trus
Company now becomes merely pal
cf tho Nunssy Trust Company. tn
Afunsey Trust Company suRranteein
the deposits.
HTSe MtlaseS Trust saxpsny hs
SA.s SAA I1niiaa cio., IT,,