The New York herald., 1877-10-24
THE UNION DIME.
Panic-Stricken DepOsitors Make a
"Run" on a Savings Bank.
A RIOT OF RUMORs.
The Sixty bays Rulc--Aa Examiner at
wOrk-What the Officers Say.

In Consequence Of the wild and, seme respects
uniounded, rumors concsrn,ng The condition OF tho
haAnces Of the Union Dime Savings Bank, formica-
BILE "run" WAS made on the institution yesterday
morning, and, In fact continued until three O'Clock,
when sss doors were closed Long before the hour
for opening the Institution had arrived large crowd
OF anxious dspostors had oongreEatod In the vicinity
OIL the bank and lined the sidewalk opposite, skirng
sAs tss garden park a the junction OF sixth avenue
and BreadwAy q Thirty street. Among the
crowd were large number Of ladies' maga,n0snty at
tired aad bsjswsllsd; workiugmen, both black and
whts-men and women, fact Of the saving grades.
The police. Who ware early on hand, succeeded IN
very short time IN establishing order. and line was
formed Though hundreds were paid on presentation
OF their books, the line seemed quite long AZ half
past Two ~ II did In the early forenoon The clerks
who had been working hard all day long were in no
mood when three o'clock arrived TO make out any
list Of the amounts paid, nor even 10 weary their
tired brains with making estimate for the press Of
The money paid out during the "run" Tho sixty
aay rule, which IL such = protection to banks whom
pressed AZ the Union Dime Bank is pressed now. was,
OF course claimed against all payments Tor larger
amount than 500. This rule requires thai deposor
wishing 70 draw his money must give The bank notice
sixty days previous 10 tho day on which he wishes to
abstract his funds. Mr. William j. Best who has been
for time past examining the condition Of The con-
Germ, issued the order limiting the amount OF money
TO pc drawn 70 $780, and the order wnicn read as io
lows, was conspcuousy posted all over the counting
UNION DIXIE SAVINGS BAsx. Oct. %. 1877.
The sum that may be drawn demand is hereby limited
Ny obscl IN ordering shis s possible 20 prevent
lhs report. regarding the bank started by mi.chis
vons tor speculative purposes aud should 30 dsre
seAdy ten to fourteen days Meantime doposo
win consus their owa ntsrests By returning 70 their
WILLIAM J. BEST Special Examiner.
Many parties doing business with the bank, and not
made by Mr. Best, we're, OF course, very mucn ncon-
vsnieaCed By thn order, and look occasion 70 SO ex
ing tor amounts larger tnan $780, and creditors ielt
The severity VI Tho rule MS kecniy ~ depositorA
CAUsKs OF THE RUN.
During the las. days Of tho week JUS. passed rumors
heard 'Change regarding the condition OF the
Union Dime savings Bank. The story that The new
certain additions. but as the building has been talked
OF 400 heavy 70 oarry' ever since the
sUaa0' vss a' pla pa' T.. 0u1 umO.s ' aseS aess
rumors OF last week. gained new strength on the street
The Stock ExcsanSs Inc story Was oru.tsa about mat
q receiver had boen appointed; that Mr. Best had
made an uniavorabe report on the condition OF IN.
concern; that had Lost very heavily BY the sale OF
It's properly The corner Canal aud laignt streets.
These rumors were repeated for what they were worth
In the morning papers, and, consequences, caused
the .'run." 10 trace these rumors their source
OF course an utter imposslbIlity, bat that they
exists .s % anywhess re RSoss . who are iamar
with al the inside workings Of the bank think that
os ss 81
credit OF the institution In support Of This theory
they say that IL IS known that The parties 10 question
speculased on such result as was witSesset in the
bank and vicinity yesterday, and further, that the
bank book OF Of the parties accused OF starting
son,ed al the bank yesterday morning. o. course
the accused parties dony that thev have been
guilty OF any such conduct as imputed
IN nd cl QcCt
motives been stated IN order 10 weaken the effect
OF their action Us rustees The following gentlemen
compose the Board OF Trustees -Nnp0leon j. Haines
William 5. Whitiock, Gardner q. Chapln. John Creigh
ton. silas b. Dulciler, William $. Fogg, MaItby @
Orvis, James Beveridge, Garrett 4. Wlnans John
Mack, Alfred b Daring. John d Y. Arnold William
Lcss N;osas psar q Green rromas FoyaJns
Clinton h. Brush, Edward y. Poor, J. ID. johnston,
William Livingston, henry Reeve, Charles A COPY
William c. Miller, Joseph Smith, Edward G: Moran,
william Ross, Joseph Kenworthy, Frederick Jacobson
and James Mucdonough.
Now II is claimed by majority Of the thirty-lour
gentlemen named above that two OF the Board, who
had aspirations Tor higher ofco than trustess, aud
trouS,a H"ssrs J. .. orvis and jour mack are said
70 have sought ONCE, anc failing to obtain II began
the salk which resulted, yesterdays 'run" on the
bank. The s.rua' the bank Was not u direct re-
sut Of the alleged conduct Of these gsntsmcn; us
nrst result was tho appointment three weeks ago OF
Mr. W. J. Best to ex4miu0 the c0ndtton oil the bank.
Mr.. sxsr's EXAMINATION. 81
when Mr., Best WHO 10 connected receiver With
more than one broken savings iusttution, Was men
stoned IN connection with tne Cnlon Dime an infer-
very uuavorable 70 The INSTITUTION was drawn ana
this may account for the run made yesterday Nothing
a derogatory nature relating TO the bank was puo-
lished but the name OF Mr. Best. who regarded As
An expert and honorable receiver, Was sort OF
bugah0o to tho dcposors Tor they thought tue instr
tuition had gone, or was going into hY hands 10 ro-
assure many who made inquiry At the bank yesterday
how Mr.. Best became connected with AZ anAirs
the following telegram from the Acting superintendent
OF Banks at Albany was exhiDted:-
ALBANY, N. ", Oct. %. 1877
Savings BanA directed William j. Best four weeks
said thoroughly to ascertain It's true
condition. Ihe work has been going ON all the time Two
weeks viii complete ~ now nope. 30 .ar ths oank
entirely solvent with heavy reduction IN It's re-
ported surplus Anvhing which may excite aud alarm de-
postors will apparently only iujure them
liENnY L. LAMB, Acting superintendent
REPORTED CONDITION LAST JANUARY.
In the absence Of any later OF an Official char
actor the following semi.annual report OF assets ana
liabilities up 10 January 1877, may be OF INTEREST,"
ASsets
over sI2 600, 900 $4 s4s. 400 70
iaiersn ............. I5,6D0 10
United states bonds reg istered. 2,0y5,44 SO
New York city and county seven per
cent bonds, registered. l,9l0,lo0 %
Brooklyp CITY seven per cent bonds.. 80. $4,000 00
Jersey Cay seven por cent oonds ...... 20S 000 90
Rochester city seven per cent bonds... 81, 100 w
Banking house. a. cost. o4o,soS 30
Otner real estate. l3g. 020 10
Cash in banks ana vault.............. 10l0,0id 55
Accrued interest on invesIments..,... 129, ,49l 43
Total. ,064. $50 so
Lsabtiitses.
Amount due deposltors:-
SIX montns interos, TO January l,