The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-10-10
DAME RUMOR ON FINANCE.

AN ABoRTIvR ATTEMPT TO CREATE PANIC
AMONG THE SAVINGS BANKS.
The rumor committee was buster than usual yester-
day The failure Of large commercial house and
anticipated run on the city savings banks were tho
themes Neither had existence in tho fertile and
vicious imagination OF this active committee
Inquiries we're made at the Seamens Bank for Saw
ings, in Wall street. the Emgrant Industrial Savings
Institution in Chambers street; the Dime Savings
Bank, in Canal street, the Blocker Street Savings
German Savings, German Uptown Savings, Peoples,
and Franklin Savings and the Citizens Savings Bank
of Bowcry and Canal street. and in every place
the discovered to be without the slightest
basis of truth First the circulated that the
presidents OF the different savings banks held meet
ing on Friday evening, whereat they determined to
enforce at once in of the slightest evidence OF
run, the law which permits them refuse payments
except sixty days previous notice. provided in the
Banking law.
At the seamens Savings Bank the cashier said that
he paid attention to the idle stories in daily circua
about Wall street. but added that the bank
prepared the first show OF panic enforce the rule
They had not observed any indication OF run but If
any should be brought about which was not at all
likely they would point their deposors al once TO the
following
'The bank shall not be liable 10 pay any moneys to
depositors over the amount Of 500 each, except
sixty days previous notice 10 the officers at the bank
but moneys may be voluntarily paid by the bank daily,
and without such notice. and without thereby waving
the right Of the bank 70 such notice"
If all the banks acted in this way he said they would
not be driven a Nor should they; for banks
cannot afford TO sacrifice their securities An ordinary
bus done during the day, the receipts being
few thousand dollars than the amount paid out.
AT the Emgrant Industrial Savings Bank IN Cham
bers street. they had heard of the reported
preparations for run they had made unusual prep
aratons and would not enforce the rule unless they
should find il necessary in order to check long
tinued drain their funds. They believed the report
a pure fabrication
A visit was next made to the Union Dime Savings
Bank where the accounts had Just been made up and
the President Of the bank Ar ~ J. Haines gave the
following figures TO show the result Of the days bust
ness:-Receipts 81, SOS; payments, Sill, O54 So The
day he said the ghtest in drafts for month, and
the deposits always low in the middle of the month";
case Of sudden call for money by its depostors Mr.
Hanes said the bank would be ready TO pay out
ST. 800 900 without hours delay, and, he added in
reply to the reporters Inquiries, that the SIXTY days
rule would not be enforced.
The next place at which the reporter called the
Citizens Savings Bank, corner Of Bowery and Canal
street The secretary had heard Of any consuta-
among the officers Of the various banks and If any
action had taken place he knew he should have heard
OF IT, No expected, and II II were precipated
upon them they ready for IT.; they would not
force the sixty days rule. The other that
NAMED to be contradicted that concerning the
tleman familiar with the bill brokers assured the
porter that house Of any importance and certainly
none having any paper the street, had failed.
man named Herman In tho clothing business on White
street. had suspended for $l2 600 about three days
ago, but IL had no effect on the general market.