The New York herald., 1868-04-15
THE THIRD AVENUE SAVINGS BANK.

Wlthdra wal OF Deposits-Sceues and Incl.
The usually quiet neghbOrhood OF Twenty sixth
street and Third has terribly excited In
nnancial sense during the past few days. The
cause Of all this hubbub and turmoil owes its origin
to paragraph that appeared IN the papers OF Satur
day last wherein 1t was stated that the Third Ave.
nue. Savings Bank had become involved by the sud.
den decline In the stock OF Atlantic Mail to the
amount OF nearly quarter OF a million OF dollars.
As can readily be imagined, panic Immediately
seized all those persons who were depositors In this
Institution, and run on the bank followed as q
natural consequence. Ever since then large and ex.
cited groups OF men and women OF all classes OF the
community, from the hard working laborer and
poor washerwoman TO the thriving green
grocer and avarIcious landlord, have besieged the
doors OF the spacious building In which many of
them thought 1t unsafe to trust their hard earned
savings any longer, and vainly endeavored In their
frenzy TO force heir way into the bank through the
Gordon OF police, who were stationed the steps for
the purpose Of preserving order. Many were drawn
thther through mere idle curiosity, doubtless ex.
pecing every minute to see the bank "bulst" or its
directors 60 "up in baoon;" but as yet this de-
ghtful sensation has been denied them and their
delectable curiosity remains ungrathed. Solitary
individuals occasionally sauntered down the Third
avenue for the distance OF half block, when they
would pause In their onward movement, place their
hands In their uowsers pockets, as n in search OF
something That they could not nnd or did not possess
look listessy about them, march deliberately up to
the large show windows Of Of the retail stores
where hey very probably contemplated their chances
OF again being able TO purchase any OF the good
things therein displayed should the bank fail, and
in their m"ds wod anS rs s%ag
back 10 the scene OF their distress, and after strug
CLING hard 10 wedge into the crowd IN front OF the
DOORS would quietly abide their time TO be admitted
into the building. The police received instructions
to admit no person who could not show bank book
gaining admission. Those who had no special bust
ness with the bank were forced TO withdraw IN order
depost or take ont helr money and tb,s i anne No
extent tended 10 facilitate business.
On Saturday there were but very few deposors
who drew their money out OF the c0ncern; but after
thinking upon the subject during the whole Of sun.
day many OF them came TO the conclusion that their
money was In danger, and that The only chance they
bad OF saving II was TO draw II out ana close their
account with the apparently threatened institutions;
hence the great run on Monday. From the regular
morning hour Of opening the bank the clerks were
kept constantly engaged In settling up individual
accounts until after midnight. Instead OF closing
the doors and refusing TO transact any further busi
ness after the regular hour had arrived for doing
the bank was kept open for two hours afer the
all those who desired 10 do so to take
out their money. IL was after twelve O'Clock
WITH WITH their their Sraaeus duties and yeserasy
morning they were again on hand bright and early
smiling complacenty upon their Troublesome pa.
irons and Jas ready as they were tue day previous
certainly deserving OF w Ich commentator for
keeping the bank open long after hours 10 meet
the demapd OF their depostors, who could not, n
the directors wer, so disposed, withdraw their
money from the bank without FIRST giving thirty
dars' notice 10 mat eject. This clause s explicitly
staiet In the charter OF the Third Avenue Savings
Bank and sach, IN fact ts the general law governing
all similar Institutions and II rebounds " their credit
for having acted so Dosra!ly.
The very tact OF having exhibited willingness TO
meet all demands made upon them has apparently |
ahayed the excitement and bego,teu cor. |
responding amount OF confidence among Ger. |
tain class or Their largest dcpOsitOrs. As yet |
the excitement has been CCnnned principally 70 those
who had but small amounts at stake and II IS said
that even many OF these have already brought their
interest that may have been accruing SINCE the frst
OF January. Most OF the heavier depositors have |
expressed not only willingness but also desire |
TO have their money remain IN the bank, and II Is |
confidently expected hy The ocers OF the Institution
In question that the excitement Will terminate to.
day. They declare themselves ready and capable OF |
meeting all the demands OF their creditors; but |
adj that " they are pushed too hlrd, they may pro-
badly he compelled 10 place some OF their sccuri. |
ties IN the market but this alternative they /
hope to AVOID. The Third Avenue savings Bank 4
mas large amount OF money invested iD bonds
and mortgages, which can he fallen back upon IN |
case Of nccess ~, besides million and three.quar
ters IN government aDd state securities, all Of winch
can readily be converted INTO ready money at very
short notice The BANK has dcpusilors' account Of
So 100000 Of which sum something less iau 1900 600
has been drawn ou since The run upon IT nfst com.
menced up 10 the present time.
Yesterday there were lever persons drawing out
their money than on the day previous, and nearly
one half Of these were TO al appearance hari work
Ing women. Ihcy cyinced great deal OF anxiety,
bat, taking ibcir places IN The e, quietly awaited
tbeir turn TO he served. AbVut seventy persons