The New York herald., 1876-10-01
RUN ON THE SAVINGS BANKS.

Yesterday morning the excitement among the
smaller deposors IN the savings banks of the east
side which began to manifest itself on Thursday and
eliminated perfect panic on Friday, in degree
abated but in the afternoon there very percepti.
BILE decrease in tho number OF applicants for settle
mcnt of accounts. The cause Of this sudden with
drawal OF deposits lies in the suspension Of the New
Amsterdam and Bond street savings banks. When the
trustees of these establishments announced their
tention of giving business but found themselves
unable to 60 into voluntary liquidation, doubt of tho
security OF other kindred institutions became broad
cast The recollection or tho Third Avenue Banks
failure and the close OF the Mutual tho Gcrmana and
the Abingdon Square is yet green in the memory of
most dc cpositors, and thero consequently grand
rush TO the paying teiers' desks
The Dry Dock Bank, at corner Of Bowcry and Third
street. IL Tor more than fair share of this
large gathering had assembled before it at carly
hour aud alter dark the employees were still busy
handing money to mportunng depositors. II
seemed be generally taken Tor granted that the bank
was going to suspend payment and the only thought
reach the counters and withdraw such de-
posts as they had made. However. it
clear that one bad q definite notion
Of what they had to fenr, could any give any
idea OF what their doubts founded on. II was
stated by ono two, though wnat authority 1t
would bc difficult to determine That tho bank officials
unable pay the interest the mortgage which
they had been obliged TO take out IN order TO complete
the building. and that IL WAS consequently to be sold
account OF foreclosure suit. 1t claimed by
Others that the Dry Dock Bank bad large in.
vested IN those institutions which have recently
suspended and that 1t had It's finances
further crippled through that means. In
conversation with William v. Webster, the
secretary OF the bank, HERALD reporter learned that
the securities held by tho bank could be realized In
short tme and that II they sold the low
est market rate there would be left surplus OF
5000 He said that there no cause whatever
for apprehension among the depositors, but that II
they persisted their Intentions OF Withdrawing their
deposits the trustees fanced that, far from damaging
the banks interests, they would only be advancing
them. ssThs run' said Mr. Webster twill be OF
benefit TO US, becausc VIC Will not only escspc the OBJ
legation oi payine interest upon the sums withdrawn
but will be freed from the payment OF the ST ate
tax, and that of itself is matter worth considering
TIE excitement was not confined TO dcpositors OF the
Dry Dock Bank alone, but circulated among people
who had placed their savings in the Bowery Blocker
Street and METROPOLITAN Banks In thcso there were
fewer amounts drawn and the officers all cases OK
pressed themselves satisfied Of their institutions beng
able to weather tho run. However confident these
gentlemen may by Of their nrancal security there is
no doubt that wide feeling exists that in
this Crisis every bank whose finances a solid
basis will be sorcy pushed. The recent suspensions
have inspired a lack OF confidence, which many
such institutions may succumb II 1t be not speedily
removed