The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-01-10
ARE SAVINGS SAFE

64aG EAvEAsQN En1 q
The Unprecedented Run Oh the
Third Avenue Savings Bank.
>o>o~oo>~o~oo~>~~~~.~
How It Withstandg the shock-Heartless spscu-
lation at the Expense Of the Poor-sidswalk
Brokers Buying Up Books at a Discount
The run on the Third Avenue Savings Bank, 10.
Gated corner OF Third avenue and Twenty-sixih
street, has lasted seven DAYS ana still II stub
bornly refuses to close its doors. Occurring under
circumstances OF peculiarly aggravatlng charac-
ter, 1t was believed, and the result has shown,
that the sympathy OF all otner institutions
OF q similar character was at first with
the trustees In their difficulties. These gentlemen
nave worked necessarily to restore the confidence
OF the people in its solvclcy and on Thursday last
when they were rapidly paying all who presented
their books, they were entering upon ''tne be-
ginning OF the end OF the rum and the prospect
was that, with two days more of rapid payments.
the pressure upon their Golfers would have abated
very materially, If not entirely subsidized. But
USwIsE COUNsELs PREVAILED,
and IN Friday they adopted the alternative OF slow
payments, rather than taking the advantage OF the
Thirty days grace or converting their securities
into cash. They doubtless felt that In taking this
course they were acting Tor The best interests OF
depositors; bus from tho Inauguration or the
pIocrastna,lng policy the dcposito:s' faith
In the stability OF the Institution began
TO waver and 1t has been falling ever since. The
mass OF those who have money In the bank cannot
understand that it lakes time 10 convert bonds and
mortgages into cash, aud that
TIE BANK is GAUGlNG ITS PAYMENTS
by its conversion OF securities. The consequence IS
that they are greatly alarmed, ana, believing that
the trustees are determined TO tire them out, they
perinaclously cling to the doors day after day.
since the publication OF Examiner Keyes' card
they are more alarmed than ever. But the distrust
Of the institution dld not reach Its ultima thule
until yesterday, when the singular movements OF
certain persons attracted tue notlce OF the crowd
who closely watched them.
Before ten O'Clock Seventy-four persons who had
received Tickets on Monday afternoon, entered by
lhc side door and TOOK precedence IN the line. The
oil whom had been on the watch since ten O'Clock the
night beore-wer admitted and payments began.
AT tins time there were about the BANK several nun.
dred anxious people. Immediately
EMIsSARIEs CIRCULATED AMONG THE CROWD,
running down It's credit ana ability TO pay, and the
poor females especially were alarmed at the reports
poured mo their too willing ears About the same
time three or four heartlcss spectators appeared
about the lines. and eXpatiatlng upon the solvency
oil the institution, offered to
PURCHASE BOOKS AT NINETY AND TWENTY-FIVE FER
CENT
on the dollar. A number of the now frightened de-
positors we're wnecdied into selling out at loss
lest the concern would burst before the morrow
Seeing the despicable means resorted to by the
brokers to deceive the poor deposl0rs and profit at
their expense, Sergeant Randall, Detective McVay
ana Onlcers MastersOn and Lnebeck chatted with
the people aud by qnietlng their fears induced
many to disregard the alluring oilers OF
THE sHARrERs, WHO WOULD FLEECE THEM.
For protesting against the proceedings and de.
nounclng this dodge as a skin" game upon lie
al rVa
against Sergeant Randall ana breaking him. Had
K Saa eeen on the ne would
Prominent among these brokers was Mr.. Daniel
Merritt, clerk Of the Bulls Head Bank, VINO clrcu.
bank, aud prchased books at Discount. lie
seemed to have the eree 10 the bank at all times,
and 10 be IN confidential
RELATIONS WITH ONE OF THE CLERKS
Alter buying books ne would enter The bank
the brokerage business. These deposits are being
approached The HERALD reporter showed him
seven bank books he mad bought on Monday
He took delight IN boasilng Of his
success IN this line, and expressed his regret that
wien the run commenced he mad not rented an
once opposite the bank and, putting out sign,
'BooKs BOUGHT AT TWENTY-FIVE CENTS ON THE
DOLLAR"
done regular business lie was especially elated
at the manner In which lie made $50 ont OF a conn.
tryman, who took nm TO the Putnam County House
TO bind the bargain aud receive HIS cash. A little
lame fellow, whose name could not be obtained
by the detectives, was very active as sidewalk
broker; another young fellow. VITA q brown over
coat love OF a mustachc and whiskers and faultless
starcned bosom, walked alongside OF OF the
trustees towards the corner AMI IN the presence OF
the trustee opened negotiations for the purchase OF
books from party OF six, but was Unsuccessful.
Mr.. Alfred Lavski, of East SiXty-sixlh street, re.
ports that this fellow urged him to sell out his book
covering some three thousand dollars, at
sESESTY.FIvE CENTS ON THE DOLLAR;
but he refused TO sell, believing that, as no was
near the door, the book was worth rs much to him
One OF these SPECTATORS went up to Detective
McVay and asked him If he had customer for him,
and the despicablc traflc was carried on 80 openly
that several o the dep0slt0rS expressed the opinion
that
THE MONEY WAS FURNISHED BY THE BANK
for the purchase or the DOCKS and that It was for
this reason that payments were so long delayed.
For the credit e the institution 1t IS to ne hoped
first endeavorel TO do equal justice 10 ALL and who
was absent YESTERDAY, Will disav0w any sympathy
with TINS brokerage business, and hereafter pre-
With such scandaous proceedings as character.
tied the run Yesterday II Is no wonder that
TIE CREDIT or THE BANK is AT A DISCOUNT,
and they are oaly referred to here that the proper
remedy may be applied, and tue poor depostors.
Golfers, may be on tnelr guard.
The payments Yesterday were remarkably slow -
sumed IN single payments. or the seventy. four adj
mIled at ten A. NJ on tickets the last was paid at
five minutes before three. Three or the fOrty.lCur
admitted by the front door paid and fort y-one
tickets were issued to the Others that in the live
hours
BUT sEvENTy.sEvEN PERSONS WE'RE PAID,
Q few OF whom had two or three books. Actuary
Tuthl, at three O'Clock, mounted a toX, and al.
dressing those inside told them that all who had
tickets would be admitted at the side door at half.
past nine A. N. today, and all who came after ten
would lose their places IN the line. AS the trustees
with the exception OF Messrs. Harrison and Lyons,
carefully stunned the reporters yesterday, the
amount PAID out and received could not he ascer.
tanned. MIR. Harrison, however reported nearly
one hundred thousand dollars received on call loans.
The usual sign-'rncre are as many inside the
bank as can be paid before three O'Clock. The Dank
VIII De open tomorrow At ten A. M"-was hung
out about half-past ten, and many hundreds went
home. The people seemed determined that
THEY WILL NOT De TIRED OFT,
by the procrasunaton OF The paying teller and
many took their places In front OF the fence as
cary as ten O'Clock the night oe ore, so as to bc In
at The opening the following morning. The trus-
tees sllll Withhold their statement Of assets and
labnties-the only thing that will cause q supsid.
ence OF the excitement and prevent III time nearly