Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-02-06
PERPETUAL" BACK
TO NORMAL AS RUN
BREAKS SUDDENLY
Only rs Persons in Line, s to
Make Withdrawals, When
Doors Open Today.
$500, 900 SENT TO AID
RETURNED TO TREASURY
Distribution of 100 Copies of Star
by Deposition Credited With Large
Part in Calming Fears.

Conditions at the Perpetual Building
Association returned to normally today
following the short-lived run on the in
stitution, instigated by false rumors,
which ended late yesterday as abruptly
as it started Wednesday afternoon.
With public confidence apparently
fully restored. the association resumed
business this morning with the disturb
ing conditions that prevailed in the pre-
ceding % hours leaving only a memory
of new experience.
Solid as it is, the institution with
stood the sustained run without ex-
hausting its own cash reserve More
than 100000 in cash, placed at its
disposal by other Washington banks,
which united to support the association.
remained in the vaults, ready to be re-
turned.
Many Make New Deposits.
Instead of a line of worried deposit
tors, the association found, on opening
its doors at o'clock this morning, %
men and women waiting, only 8
to withdraw deposits. In the group,
too, were some who had Withdrawn
their savings in the early excitement,
and returned to redeposit it.
Ofhcials of the association were gen.
erouS in their praise for the cooper
alton of Washington's banks. news
papers and business leaders, which did
much to restore public confidence and
put an end to the run. In statement
issued to the press, Edward C. Baltz,
secretary, said:
"As q result of the unfaltering con-
fidence of the large majority of our
patrons in the essential and basic
soundness of the Perpetual Building
Association, coupled with the prompt
and generous cooperation Of the banks,
press and business interests of wash
ington, today we can report that we
have returned to normal business con-
ditionS.
This cooperation has been source
of constant inspiration to me and all
those connected with the association
during the past strenuous 4S hours we
have experienced. We are grateful and
appreciative. We want to thank all
who have helped.
UneasineSs Is AlIayed.
I'VE believe that the abnormal con-
ditions that prevailed during the last
two days and the quick and effective
return to normally have served not
only to strengthen the publicss conf
dence in our institution, but to allay
in financial circles in this community.
1T was not even necessary for the
Perpetual to avail itself of the financial
assistance so freely offered by WASH
ington banks through their clearing
house association. We expect to partici-
pate during the coming months, in the
gradual revival of business prosperity
IN this community which we believe will
soon become an assured fact"
Baltz made preparations this morning
to return to the Treasury approximately
100000 of the 100000 in cash deliv-
cred to the association late yesterday
to augment the cash reserve. The re-
naming S400, 900, together with the in
stitution's own cash reserve now on
hand and deposits from Washington's
banks, Baltz explained, will give it .
cash reserve in excess of the $1,800,000
1t had when the run started.
Board of Trade Aids.
At the head of the line when the Per-
petual opened today was Mrs. M. L.
Ridgeway OF 912 Tenth street SOUTH
east, who said she wanted to inquire
about the condition of her paSSbook.
One n1an-Carl w. Johnson of 49z
Fourth Street-Said he wanted to with
draw a small sum for three small chill
dren for whom he is the guardian.
Johnson said five members of his family
nave dCCOuIlJS III Tie perpetual ana nc
wished he had more money to deposit.
st don't know of any place in which
it would be safer" he said.
Among the new depositors today were
the Washington Board of Trade and
Joseph P. Tumulty, secretary to the late
President Wilson. The trade organiZa-
ton opened an account of $1,000.
Tumulty also made a substantial de-
poSit.
George Pitt, president of the trade
board, announced in opening the ac-
count, that his organization regrets the
most uncalled-for situation which arose
through the spreading of false rumorS
regarding the Perpetual Building Asso-
ciation."
Board Is Confident.
'The board from its surveys and from
its contacts" he said, has the utmost
confidence in the soundness and stabil-
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