The sun. [volume] (New York [N.Y.]) 1833-1916, 1875-11-13
A RUN on ASAVINGS BANK.
THE t-NNEC ESSdRT ILARM or MANY
NEUIRK DEPOSTTORS.
Men and Women Clnmsrlna for their Money
The Bank Backed ny the Other city In-
stitutions-The Reasons for the Panic.

Men and Women Clnmsring for their Money
The Bank Backed by the Other city In
stitutiOns-The Reason for the Panic.
whcn Mr.. John McGregor President Of
the Dime Savings Bank OF Newark, n j., re-
turned from New Yor, At half past two yester-
day a throng Of men and women lined the
sidewalks Of Broad street. near that institute
tion, and talked earnestly in low tones
and with gesticulations. They soon nied
the bank buildlng a-les solidly from front
to roar and, passing in their bank books, de-
manded In percmptory tones their deuosts,
The cashier and clerks were dumbfounded. but
they dealt out the money as fast rs the credit
ora could push their way to the windows
The lam steadily increased, the strongest re-
lentlessiy orowdinV the weakest to the WALL
and MIR. McGregor was Obliged to call
In detachment Of the Newark police.
The President and other bank officers tried
again and again to explain to the mob that there
was no reason for the turbulent demonstration,
and that the bank was capable Of more tn N
meeting It's demands; but the people would
listen to 10 reasoning. and nothing would SATISFY
them hut their money. SO the thrOng steadily
grew II the afternoon. and after the bank bad
once been filed to it, utmost capacity. a wrang-
ling multitude thrungcd the sidewalk for more
tnan block. Most Oi the dcpositoIs were
workngmcn, and had trining amounts. But
their little deposits comprised their entire
means and they were so sJlicitOus Tor its safety
that the promptncss with which the bank uthcefs
met all their demands had no effect IN quetirg
their alarm.
The doors OF the bank are usually clcsed st4
o'clock. but to auell the apprehension ,hey were
kept open Yesterday rntil O'Clock. Then the
outlying crowd was pressed into the street but
the tired clerks stood at their desks until near
midnight, paying out money TO the rnns, ranks tnat NAV
still encifclcd the Offices. between SiOVD anu
$JOOOD. In small amounts. was distributed after
O'Clock. But few Of the deposits exceeded
| fl.0p0. and $4fOO was the utmost paid TO any
| IN Arthur q. Hpn0lpy. tho hoaNlpNt
| deposition. who has over $iOOOJ in the
bank, spoke to the multitude w the evening,
| setting forth his utmost confidence 10 the
| soundness OF the bank and advising the de-
postors to let their money alone. Ills words
| had no effect. As soon IA the news OF the run
| OF the Dime Bank was known in the city all the
| most influential banks volunteered hnanclal
assistance to any amount required. Two OF rhe
| banks sent 5000. but the ydlises in which the
| money was contained lly unopened on the
chairs IN the bank. AS the officers found no Lack
| OF funds Mr., McGregor said to the throng that
| the bank would not take adv ntage OF the %
days time allowance To which It, Is ny law en-
titled, but It wouldat once pay AL tue claims as
| fast AS they arc presented. The bank VIII be
opened at . o'clock this morning at which time
Sid Mr. j. u. orion. ihe Treasurer, lat night.
| "The Dime savings sank u one OF the stnnch-
est In the state but ~ Is useless To trN to talk TO
| the crowd and t. explain the situation. rhey
want their money. ana they shall have II. We
| shall see tho thing thrOugh II 1t takes until
| eternitv' We can't convince them that their
| fears are grOuuuless and the only thlnE 10 20 y,
| To nav them ns fast /, thry come. All the banks
| in The CITY will stand by us and though we do
not need their aid, they promise US more imam
Gil support than would be needed to meet a
cificuliy ten times more serious than the pres,
ent one. The bank Is over twelve years old, and
Its prospects were never brighter or more au-
spcious. The last statement TO the sec
retaty ~ State showed the deposits to be
over S2.JoOoOl, which Is distributed among 2i.Sl
persons. ine funds we Invested In state and
municipal bonds and mortgages on real estate.
The bank surplus l. about Sl1Vp over Sl,un,-
ON Of the deposits Is In available FUNDS. Inc
directors and officers are among tue veal h
lest and sOuudest men in the civ, aud there
has never been a suspicion 81 nnenclal rotten
ness against them. n there IA run TODAY VT
shall have In ready cash over s3OO,lO
to meet the emergency. The whole DIFF
nrulty was caused by the recent failure
! OF "A. NJ. REYNOLDS Co., pTivate banking arm
whose Indebtedness Is about fJlO,uvO, and OF
which they will be able to pay little or nothing
Mr. REYNOLDS Il man ger ~ the Dime wing
Bank. and from that fact probably originate,
! the panic thai hsl, resulted iu the run. Ar Key
| nnld- owes the bank not one cent, ana II - no
affected iu any way hy him. lie has been doinl
| busiucss ON nothing for several years. ana ia
had no financial standing; tut the single fac
that he VS. interested ~ tti- bank led tue de
positors 10 believe hat his failure would be FOL
| lowed ny that of the Dime Bank.
| All the merchants in Newark believe In th'
souudncss Of the Dime Bank, and are willing L
hack It for almost any amount Mr.. John Nor
ton, the oldest depositor, VINO has SN,pCO ~ TN
bank, said that as long ts Nr. MCGrcgur Is Fresi
dent he will have no tear.