The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-01-05
SHAKING UP A BANK.
The Run On the Third Avenue Savings Bank
Increasing Slight Evidences Of Alarm on
the Part Of the Cficials-The Bank
sbl Paying Dollar for Dollar.

The aspect OF affairs around the Third Avenue
Savings Bank was yesterday anything but cheering
to the trustees who declare that they have carefully
protected the interest Of depOstors and labOred
necessarily to make II worthy OF the confidence OF
the public When the doors were thrown open yes.
terday at ten A. NJ. there were present fully seven
hundred persons, for the most part composed
Of wel-dressed business men-wno 1t Is
safe 10 say were large depostors--wh
at last had become alarmed at the
prospect. The Onlce Of the institution was quickly
1ed to It's utmost capacity, and the work OF paying
out commenced, the police, who were well drilled
In their duties by Captain Cameron, letting in new
applicants as fast those who secured their cash
went ont. During the early part OF the day the
teller paid at the rate OF per minute; but in the
afternoon he relaxed his energy and paid at the
rate OF one every two minutes.
About two O'Clock Mr.. Coal, one OF the trustees,
who had been absent in Connecticut, arrived, and,
after q consultation with Messrs. Harrison and
more until those inside had been paid or, the trus
tees remarkng that having paid out the dav before
three and half hours more than the law called
oer '0ss OUT t there beng
within the bank and 203 without by actual count.
The teller paid out slowly until three o'clock when
ments were suspended for the day, much to the
disgust OF the depositors, who Complained at the
Sation That It the funds were giving out Mr.. HarrI
son assigned very different reasOn-vZ., that the
paying teer was WORKED T beyond ms mental ana
TO say that the dcpOsitOrs were anxious Is a mild
term. They were panic stricken; AMI when they
remarked, ''Tna Is The end or It," ''rhe bank will
not open Tomorrow" my moneys gone sure.v
AMI say mat they have more money on hand rhat
they VIII open nc ton o'clock this morning, as usual;
wlll not give up until forced to do So They had it
is reported cash ON the first day OF the run
about s2ooo.oOO, and secured yesterday $3.50; ono,
making total cash 81 LOT, 600. They have paid out
probably million and three-q quarters leaving half
million slill on hand. At the rate tney paid out
yesterday this will last to-day ana part OF to-mor-
row, and President Lyons hopes to raise million
more today. Still, as the deposits were when the
are grave Tears that II tho demand or money for the
next Two or three days Is as great as IL was yester
day the Institution may DO compelled to suspend
for u few days to realize on It's securities.
Mcssrs. Lyons, Green, Bates, Harrison, owen and
Coal have been very active In arranging for the
but yesterday they were not 80 saryuine as be-
fore OF their ability 10 Withstand the shaking up
the depostors are giving them. One of them ie
Cared that while they could obtain an abundance
o. money by making sacrifices OF securities held oy
them as trustees Of the savings Of the poor, they
ruinous rates, and would lake advantage Of the
thirty days grace II the exgences OF 'he case tie
manded 1t.
not more than fifty per hour are paid, and there
but five banking hours, Is safe TO say that not
more than $50 VIII DO paid during the day. Conse-
queltly 1t Will be very unlikely That any VINO arrive
AFTER eight half-past eight A. NJ. ma have failed
TO get near the head OF the line can reach the pay
ing eller's desk before the hour for closing.
As yet no other banks have rendered assistance,
ana 1t was reported on Wall street yesterday
that the bank had suspended. To-day will Likely tie.
monsrate whether the. Institution can Withstand
the storm. II II be true that the bank has no bad
debis and that its assets exceed the deposits by
nearly eighty thousand dollars, 1t Is TO he re-
GREETED mat any person claiming responsibility
should strive TO create distrnst OF II. II such 0
course Is 10 he encouraged there Is not Il savings
bank In the city sale.