New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-09-20

Fitch 81 Co., and w. T.. Conner were all houses IN
GOOD standing but of no special distinction.
RUN ON THE UNION TRUST COMPANY.
ALI. DEMANDS OF pEPosIroRs PROMPTLY MET-MR.
scHErL's STATEMENT IN THE EVENING
4 large crowd collected yesterday in front Of the
Union Trust Company's building at Rector-st and
Broadway as early as a. As soon as the doors
were thrown open the crowd poured in unanimously,
and in a few moments the long passage-way outside
the desks of the employees and leading TO the di-
rectors room was filled. As fast as the cheeks OF the
various depositOrs were received, the pre-
senters were given the amount in small
bills, OF if the called for was
a large one a check on the Bank of the Manhattan
Company, which acts as the agent for the Trust
Company in the Clearing house. Later notice
was posted up that payments would be made until
D.. H. This had an excellent effect on the crowd of
depositors who before had seemed so clamorous for
their money. Another thing seemed to have an ex-
ceent effect No petty devices were made use OF to
gain time and delay payments. Each check as 1t
was presented for payment was scrutnlzed by the
tellet and at paid either in cash or by check
Information of what was happening had reached
the station-house in Church-st., and Capt. Lowery
sent detachment of police to the spot Two were
posted at the outer door, who inquired of each
person who came What is your businessp If he
stated that he had check for payment he was adj
mitted if he wished merely to crafty his curiosity
be was denied admission. The crowd within was
formed in double line, extending from the outer
door the entire length of the long room and doub-
ling back to the teller's windows. All crowding
and unseemly conduct were prevented. Each de-
pOsitor as he entered took his place In line and pa
tiently awaited bis turn. In many instances
ii furn mr.
three hours About 1890 p. n. a rumor was circu-
lated on the street that the Trust Company had
failed. This caused much excitement and led to
considerable accession to the numbers within and
without the building A large number collected on
the walk in front of the building drawn thlther by
the same curiosity that induced crowds to collect
in front of Jay Cooke g. Co.'s and Fisk 81 Hatchs
places of business when their failures were an
nounced. About this time also another rumor was
started that the Manhattan Company had refused
to honor the checks of the Trust Company Both
rumors were found to be false, and the excitement
gradually subsidized.
The officers tot the Manhattan Company when
questioned relative TO the standing of the Trust
Company gave it as their opinion that the institu
ton was sound and denied that they had contem-
plated refusing TO pay its checks They said that
the balances of the Trust Company were kept up,
and they had no to doubt that they would be-
They deprecated all groundess as merely
tending TO increase the general uneasiness and
element.
Meanwhile payments were continued By the Trust
Company without cessation the telers being
Heved by other employees long enough to enable
them to obtain some refreshment. The atmosphere
within the room was almost sitting, owing to the
dense crowd assembled and the employees gradually
Invested themselves of their outer clothing, but
worked away with unab ated zeal Meantime the oli-
GERS of the institution had not beenid Seeing that
the run would be serious one, they had taken the
precaution to realize on a large amount of their
available securities and other banking institutions
came to the aid of the Trust Company. 1t was felt
that if this institution allowed to go down it
would only be the beginning of a run on all the
banks in the city, and a general panic woud be the
result ]. II. rockingham, President of the Trust
Company, is in Europe, but there present the
Hon Augustus Schell and Henry X. Bogert, Vice
Presidents G.. T. Carlton. Secretary; +. Is. Wesley
JAS NJ Mclean, and other trustees. All expressed
themselves as satisfied that the Company would
successfully weather the Storm if il lasted for
several days.
As the day wore on, the feeling became easier
There were occasional ebullitOns of feeling on the
part of those the end Of the line at being COM
PEELED to wait so long, but i'll the main twas good
natured crowd, and the feeling of nervousness and
fear lest a suspension of the Company should be
suddenly announced had worn away. At 4p. M,
when payments were stopped for the day. there
were about so persons waiting i'll line. Some of
these grumbed at the prospect Of being probably
compelled 10 take their places at the end of a
long line this morning, but no serious
manifestations of dispeasure were observed
Several who had waited until the close
declared that they would not withdraw their bal
ances to-day, they were satisfied that a concern
which had shown such willingness to accommo-
date their depositOrs by keeping open hour later
than usual, was not likely TO suspend. One gentle
man. who said he had deposit of 1880, declared
that he would not withdraw it for the reason that
he was satisfied that it safe. The Secretary of
the Company in conversation with friends after the
hour OF closing said that he had fears for to-day
They had received large accession to their availa-
BILE funds and were in much better condition to
stand run to-day than they were yesterday.
AUGUSTUS sCHEIL CONFIDENT.
The Hon. Augustus Schell, in conversation with a
reporter of The TRIBUNE, said that he entertained
no fear as to his institution withstandng the run.
The Trust Company has a capital of Sl,O00,00O, and
surplus of Sl,0O00OO. Its securities of such
kind as to be readily convertible into cash. The
Company had no special connection with any of the
firms of bankers or brokers who have suspended, or
with any OF the railroads whose credit has been i'm
paired. He knew of reason for the present run
except the general excitement and feeling
OF insecurity caused by the failures
which have taken place. Every depositor would he
paid as fast az his check presented. He could
not say how long the run would probably continue.
but believed it would be only temporary. 1t would
depend. of course, on the public mind. II confidence
should be restored and the panic the Stock Ex-
change should give place to feeling Of security