The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-04-27

Depositors Of the SlXpenny Who Favor
Postal Savings. 'l''A N. NJ.
THE RAILWAY SAVINGS BANK
Condition Of the Mechanics Bank, Of.
Providence, r. !.

The sxcitement concerning the Teutonia Savings
Bank has almost died out. hut its closing the
signal for heavy the Dry Dock Savings Bank,
which commenced Thursday morning The German
Inhabitants OF the nave deposited most
earned SWINGS In these institutions be-
came alarmed. and the consequences that heavy
swarm OF excited deposiiors attempted to draw out
their money from the Dry Dock Bank, and moro
than usual number gathered the German Savings
Bank. The iormcr institution. paid out 100000 on
Thursday and over 100000 yesterday. 8taaA
BANK. t9@tN
The president 5of this institution, Mr.. Andrew
Mills, had boon informed that run on his banK was
in contemplation. but not anticipating such great
rush. took prevent II and gave orders
tsat ~ho Tor their money should be promptly
paid. Al the oponing hour tsllers began paying
out 10 ali who demanded their deposits. There
In all about I'VE hundre. accounts closed out, the
great majority Of ths deposit0rs drawing all they
had, and the heaviest deposi.ors seeming TO be the
alarmed. Tue president, fearing that general
panic would ensue, then gavo orders that Inc
requiring sixty days. notice Tor Withdrawal OF de-
posits shoulU be enforced on all who called for sums
larger than 500. THIS was about Two o'clock IN the
afternoon, aud pay ments nsderabiy decreased
by TINS order To obtain greonbacks TO meet the pay
ments order was procured IRON another bank
which was indebted 10 them, on tho Sub-Treas-
ury and 500 600 Ia small bills logged In
the bapk vaults Monday evening. The cash on hand
nj present amounts 10 over $25000O. There wore
some few persons who Lad confidence enough
to come 10 the and deposit money the face OF
tho exciting rumors. Policemen were stationed in
the building keep order force each depositor
TO nis place tho long lines which were slowly
lling past the telcr's desk Ono hundred persons
VINO had deposits OF over 500 gave the required sixty
days notice. Some, found that the bank
paying freely, and who reflected that the run duo
10 momentsry excitement. aud that they would lose
their interest " they withdrew their money. came
and looked at tho crowd a few moments and won't
away without drawing anything out One woman,
VINO needed . little money, nnding there was such
rush AZ the concluded leave nor savings there
and draw what she nseaed from another bank In
waicn shs also nad An accounI astn. NasNsas,s s4
oFFickRs SAY.
The officials utioE ned mt tho idea OF
the bapK ling IN trouDio from the run II
taree runs before, one VI wn,ch, GU Black
casions had ,nsy enforced the sixty day rule
was deemed aav,saoic to enforce present. order
Mr Andrew Mils SAID toa HkRALp reporter thai In
case tho deDositors should Withdraw tueir accounts
the BANK buians aud All tns.r real real estate.
Tue total surplus - about sooo,ooo OF
which sSsc,sl 'hs vna: Of The ....s bank
81 0OO 900 worth Of government and New York Sixtc
a y bonds ~ as q % wosn Sss asy ass
notice. The presiuspt wished, howevsr.sto enforce
the sixty day rule IN order 10 negotiate their ooudS
ana mortgages, valued at 1000, 900. nrsL All VINO
drew oul money wouia lose he interest ON u,
aud all who gave tue sixty days notice would also
lose the inierssI provided they drew the money ~
| the ena OF that time. they were not. however,
| obliged TO draw ~ unless tney chose. II the run
| should continue 50 ~ 10 render ~ necessary 70
| dispose OF tho banks securities The bonds
and mortgages would be nrst mado avail
| abe. Many these mortgages are on property
In tue an vicinity, tenaned by many Of lne
depositors. Ii these should 90 Tor ccosed and tho
lsnaiords not have ready cash 20 take up mo mort
CAGES ths properly would have 10 W sold aud ths
ants dspos sessed AMI tba tncsr own ooiisn haste
| would he Tho VI mucn trouble 10 them. Mr.
Miis however, not tnnk That " wouId be noces
sary 10 proceed collect the bonds AMI morg saes,
a. ne believed the wouid DE out ia q lew days,
as several other I'd done before me following
/ table SHOWS the svauable funds vi the bang 10
about So 0vo o0o. wuicn would stand run oi iorly
| usys al Tue rate VI $3.50, 900 day.
' #sl ASSETS.