The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-06-21
RUNNING ON ASTRONG BANK
ONE BAsELEss AND MIsCHIEvOUS
RUMOR SET At X EST.

why some Frigbtened Depositors Began 10
Draw their Money from the Great Instt-
tuition mt Third street and the Bowerv.
The Dry Dock Savings Bank has been
experiencing a run for the past two days. Mr..
Andrew Mills, who has been its President for
nearly a quarter OF a century, says that on Sat
urday last 1t was rumored that the bank had
crippled itself so seriously by loans to and In.
dorsements for the Mechanics and Traders
Savings bank, as well as by the s75000O paid for
the new edHce at 343 Bowery, that 1t was actually
insolvent. Despite the Banks reputation for
conservativelma naeement and safe Investment,
the rumor grew to an assertion that the bank
would close on Monday, and the assertion
gained some oredance in the Eleventh Ward.
1t lie the tradition Of the Dry Dock region that
every man or woman resident thereabouts is a
depositor in the Dry Dock SAVINGS Bank. De-
spite endeavors to keep their proceedings Sc
oret, It leaked out that the Jewish depositors
met in their various trades and lodge rooms on
Sunday. and took measures to be among the
first TO present their books for balancing and
the Withdrawal Of their accounts, and with the
opening OF the bank on Monday, considerable
number OF depositOrs demanded their money.
The officers saw that distrust was the motive
that prompted the action, but they did not think
VI good policy to ask what ground the deposit
tors thought they had for distrust. Tue prompt
ness with which every demand was paid, how
ever, was SuUlClent IN lteeII trhnQulllZe many
of the depositors, and before noon many entered
the bank to continue or Increase their deposits
Those who chose TO inquire what was the condi-
ton OF the bank were easily satisfied OF Its en-
tire solvency. Toward the closing hour on Mon
day, however, the gathering of depositors In.
creased, so that when business closed $1,000
b I'D been drawn out, although nearly as much
had been deposited.
Yesterday morning the doors OF the bank
were besieRed by alarmed depositors some time
before the opening hour, and after the opening
the clerks we're Kept busy with balancing the
books and paying out the cash. Again more
came alarmed and went away tranquized til an
actually withdrew their deposits, The former
were generally the English speaking classes.
The Europeans generally chose to be on the safe
side, and took their money home. Yesterdays
business footed up at over $4,000 deposits paid
out.
Mr. Mills s,ys that the bank is beyond all pos
sibility OF danger. as Its resources foot up at
nearly fll,0OUp. and are composed OF Govern
ment bonds. t2SO,U0O; city bonds, t4450,000: (:
bonds and mortgages, t2,$00,0OO. These are
available at an hours notice. The other securl-
ties are bonds OF railroads and cities In New
York that are quoted ut eitber par or above par.
The real estate owned by the bank 10 not esti-
at the date OF the last report. SO that II the
bank were to go into liquidation at once, tue
securities could be realized fast enough to pay
the t9,244S7o deposits as fast az the books can
be presented. The bank his 10000 In green
backs In las vaults. Mr.. Mills further says that
the bank never lent eny money to the Mechan-
les and Traders nor to any other institution,
never endorsed for them, and 10 not now liable
for any claims except Its deposits.