Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-12-02
WANTED THEIR CASH.
Heavy Run Made on a Philadelphia
Bank by DepOsitOrS,
INCITED BY MANY FALSE REPORTS.
Demands Promptly Net and Over $S50, 900
Paid Out by officials.
OTHER BANKS LEND ASSISTANCE

rsrEcIAL TELEGRAM TO THE DIsPATcHl
PHILADELPHIA, Dec. 1-For weeks
rumors which could not be traced to any
source, but which were no less wicked and
mischievous on that account, have been
circulated regarding the solvency of various
banks and banking firms, with the result,
if not with the purpose, OF causing
a feeling of uneasiness among per-
sons not well informed of the actual
condition of affairs. On Saturday last
the gossips began to wag their tongues
about the keystone National Bank at
Chestnut and Juniper streets. These stories
were industriously circulated, and notwith-
standing the positive assurance of Bank Ex-
amlner Drew that all the Philadelphia Ma
tional Banks were perfectly sound, much
uneasiness was caused among the smaller
depositors of the keystone.
The banks reputation in the past has
been the best Its large depositors and its
directors number many of the most enter
prising and wealthy men of the city, but
in spite Of these well-known facts when the
hour arrived for opening the doors to-day
crowd of about 80 small depositors were
waiting on the outside. These at once
formed in line in front of the paying teller'S
window.
A RUN ON THE BANK.
The officers and directors had heard OF the
rUmors and had prepared for run, which
they knew 10 be inevitable from the lies
that had been circulated. As each depos-
itor presented his check at the window it
was paid without a question. About noon,
when the crowd had very much increased
and the excitement among the smaller de-
pcsltors was growing more intense, the policy
of paving them first was adopted, and all
holders OF checks for amounts Of 81 900 and
upwards were told to wait until 2 o'clock,
while the work of paying the smaller depos-
itors went steadily on.
As the time went by the crowd increased
in numbers. Inside the bank there was
long line Of people extending to the back
part of the building, all quietly waiting
their turn at the cashiers window. At 80
o'clock the line of depositors numbered fully
$50. They comprised mostly those who had
small amounts in the bank-small store
keepers and contractors. AT that time nearly
$500, 900 had been passed over the counter.
When the clock in the bank marked 2:35
the crowd had increased in humber and
scarcely an inch of vacant space was left in
the building. Not a check was presented
ior over s., 500 and very few for over 5000 or
$500, showing that the scare was confined
almost exclusively to the small depositors.
PLENTY OF MONEY IN SIGHT.
About 20 minutes of o'clock, two stall
wart messengers entered the bank, bearing
between them a huge satchel full of money.
A sigh of satisfaction went along the long
line Of depositors as this bag was carried in
side the partition separating the counters
from the bank offices proper, and the pay
ments went steadily on, though none of the
money brought in the big satchel was used,
because it was not needed.
At 3 o'clock, the great iron CRATES before
the bank were shut. A trusty guard WAS
placed in charge, with instructions to let
everybody out who desired TO go, but admit
no more. In the back part of the building
in little room was gathered the directors,
discussing the situation. The question be- |
fore them was "ShaIl we close the business |
at o'clock or shall all persons in the |
bank at that time be paid?' There was a
disposition among a good portion of the
board to pay everybody. The large de-
positors expressed every confidence in the
bank and many of them had been present
the greater part of the day, not only giving
counsel, but reassuring every one by their
actions in not only not drawing their money,
but making other deposits. One of the
largest depositOrs of the day was John
Wanamaker.
STICKING TO BUSINESS RULES.
The board finally decided not to violate
the business rules of the bank, and II min
utes after 3 o'clock word was sent to Cashier
Hayes to close the window. Mr.. Hayes
then announced that no more checks
would be cashed. He invited such
deposirorS as were present to leave
III nd I,o II
Ut, and whatever balance was due would be
paid in the morning. The announcement
was received without any demonstrations of
disapproval by the crowd. The large gates
were raised and everybody not having bust
ness with the directors went out without a
murmur.
President Marsh was in his Office during
the most o the day and was accessible to all
depositors who desired TO call upon him.
He said at the close OF business that the
bank had met all demands and was still
able to do so. When the bank closed over
$3.50 600 had been paid out. A few minutes
before the hour for closing came a number
of the large depositors entered the bank ami
went to the officers and signifed their inten-
zion of depositing larger sums in the morn
ing.
The other banks in the city were greatly
interested in the outcome OF the run. All
OF them appreciated the result of failure,
and nearly all placed themselves in readi-
ness to render assistance. 1t was declared
that all the banks would stand together and
not permit trouble to come, for the reason
that no one could prophecy where it would
end. In accordance with this sentiment, it
is understood that some OF the most reIlable
banks in the city advanced money to the
keystone during the day, without asking
any collateral for 1t whatever,