Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-09-27
RUN BEGINS AGAIN
ON BOSTON BANK
fremont Trust Company In
vokes Ninety-Day Notice
to Protect Deposits.

BOSTON. September 81 (by the As
ISOLATED Press).-Several hundred
persons gathered outside the offices
of the fremont Trust Company here
today when the doors were opened at
8:45 am, fifteen minutes before the
usual hour. and lines quickly formed
before the several paying tellers' WIN
dows After Withdrawals had oeeh
going on steadily for nearly an hour'
with the crowds constantly increas-
ing the bank officials announced tnat
the law permitting a bank to require
ninety days notice for withdrawais
from the savings departments "ould
be invoked forthwith for the pro
lection of the depositors' The regu-
lation would be withdrawn as soon
as the public Gained itself. II was
announced.
1--WE have plenty Of money to pay
everybody" officials said. @and we re
prepared to do so this morning. out
the crowd became so large that it was
inpossibIe to handle them. and we in
yoked the law for the protection OF
the depositors, not for our own pro-
lection.
Notice Served on Depositors.
Upon opening for business today me
Fidelity Trust Company served no
tice on depositors that it Woulo take
advantage OF the law permitting IL
to require ninety days notice OF win
drawaIs from the savings department
IT was stated at the bank that this
was done upon the direction OF Jo-
seph C. Allen, state bank commas
tioneer At his office it was SAID that
the taking of this action was optional
with the banks.
of ready caSn
piled high within the tellers' cages as
provision against n repetition of the
runs which developed Saturday out OF
the closing of the Cosmopolitan Trust
Company.
No Other Banks Involved.
Bank officials in several instances
announced by statement or advertise
ment that there was no connection
between the Cosmopolitan, which was
the fifth bank to be closed here
within two months. and their banks.
and Bank Commissioner Allen de-
clared that no other banking institu-
ton was involved in the Cosmopoli-
tan's troubles.
Nevertheless. a recurrence of the
runs in some degree was anticipated,
depositors having become alarmed.
and. in the case of the fremont Trust
Company having made constant
withdrawal from early morning to
agement extending the closing hour
from noon to accommodate them.
The feeling Of uncertainty over the
banking situation was the schedule
of discussion by Gov. Coolidge and
bankers yesterday. but without an
nounced decision of any contemplated
action.
Mccall Ordered Dropped.
AS result of the close scrutiny of
affairs of local banks which Com
missioner Allen has been making.
was an order from him to the man
agement of the Old South Trust Com
pany to drop from it's pay roll former
Gov. Samuel W. Mccall and four
other officials. including two vice
presidents. AS chairman of the board
of directors of the company. Mr.. Nc
Call, who was appointed recently, is
drawing a salary of $4,000 a year.
The object of the order is to reduce
the banks expenses. it being the
opinion of the bank commissioner
that the men he asked to have drop
ped are holding merely nominal posi-
tons. In each instance, they may
continue to Nye in their present
capacity without salary. according
to the order from the bank commits