New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-11-21
DEPOSITOR.S MAD WITH FEAR.
CONTINUING THE RUN ON THE CITIZENS
SAVINGS BANK.
POOR POLES AND ITALIANS ToRTURING THEN
SELVES NEEDLESSLY - PAwNBROKERS
REAPING HARVEST BY DIS

SELVES NEEDLESSLY - PAwNBRoKERs
REAPING HARVEST BY DIS
COUNTING DEPOSITS.
The rlr OH the Citizens Savings Bank, at Canal ST.
and the Bowery. continued all through yesterday.
When the back closed for the day 10000 had been
paid out to 215 people. This was in sums ranging
from $5 to 5000 A few depositors who wished 10
show their faith in the bank came forward with new
deposits sggegatng $4,000. The clerks were on
hand at 8 rs yesterday morning. The bank steps
cad the street in front of the building were crowded
at that hour. Many miserable and panic-stricRen
creatures crowded the steps throughout the night
holding their positions near the door in order TO be
the first attended to in the morning. Most OF these
were italians and Polish Hebrews Of the lowest
classes. About half OF them were women. Al
$50 a. H. Captain McCullagh from
the Elizabeth-st station with thirty men and en-
deavoreL to subdue the crowd. Edward A Quntaru'
president of the bank, said he would open the doors
for business at If the people could be formed In
line and kept under control 1t was difficult under
taking 10 form them into line. The crowd In the
street kept crushing its way toward the door, and for
a long time refused to form into line captain NC
Cullagh said IL the worst crowd he ever handled
At last the crowd placed in some sort OF order
The line extended from the bank door In the Bowery
around into Canalst and down the latter street for
block and half The struggle to obtain good places
in the line was terrific. The police had to he con-
stantly on the watch prevent bury fellows from
pushing their way In betwesn tho women and children
Scme of the women so old that II seemed won
derfu how they able to live at all In the crush
When the bank opened It's doors the people were ad-
mitted in patches of twenty These twenty-five
always made rush and struggled with each other Tor
the first place at the paying teer's window. Great
precauton had TO be exercised to be certain that the
person drawing the money the real owner OF the
book. Many who tried 10 draw money on books be-
longing to their friends were turned away. Rumors
were continually being circulated among the crowd
that the bank bad stopped payment altogether, and
the effect Of every such rumor TO make the mutt
ude almost panic-stricken. As the day wore on
numerous attempts made by people in tho Grove
to obtain admission 70 tho bank by subterfuge.
From the occurrences Of Wednesday the bank peo
pie had expected a continuance OF the run yesterday
and prepared meet It, President Quintard drew
from the City Bank, with checks the Farmers
Loan and Trust Company. lie also drew deposits oil
$35 900 from the Lincoln National Bank and $4,000
in gold and silver from the Bowery Bank. In addition
TO this the bank obtained $4,000 in new bills from
the SUD Treasury. There was, therefore, ample money
on hand to meet all demands.
During the day a number OF persons owing money tC
tho bank came forward and settled their accounts
The bank held call note against Coffin Stanton fol
ST. 5OOC and the firm forward and paid 1t without
being called on to do so. Jonas We'll paid 1928 which
was not yet due az interest a mortgage
The last batch Of people was admitted TO The banl
at one minute to D. 1t half past before the last
of the crowd inside paid of. AbOut thirty extrs
policemen came the bank Just before the closing hour
as it was feared that there would be trouble wher
the doors closed. The sidewalk In front o
the bank was partially cleared the police driving th'
people into the street. Many Of those who failed tC
get into the bank took advantage OF the offers
pawnbrokes and others IN the neighbOihood made, OF
signs displayed outside their shop windows, to casl
accounts OF the bank at from go to 95 cents on TIN
dollar These people reaped "a harvest, a. by holdn.
fine hooks until January they will draw six months
interest besides making the amount Of the discoun
| they demand far cashing the accounts.
The crowd was pretty well scattered by O'Clock
1t was cold and many of them were hungry and rai'
clad There is little doubt however, that the vii
continue to-day.
President ouintard said ave do not know how
| the rumor about financial instability started
| The report is entirely grOundless. At the time o
the issuing of orr last statement, on July /, 1880
cur assets exceeded liabilities by 81 356o91 81
a safe business, investing In none but hrstciass 81
curtes." ,, ann hit. ,s ~,
fourth it has sustained inc hIst was ;n "a
Before the present run began the bank haa accou,t
with $4,000 persons. II receives on deposit sniount
from 81 upward, but does not allow interest on sum
| over 5000 President Quintard says he VIII nc
| receive back the deposits Of people who have draw
| their accounts during the run. According 10 "
contract of the bank with its customers, has rgh
insist on ninety DAYS eisse has been waive
altogether in the present stuatioi &c snm S,'a
refused to receive the money brought 70 them ir"'
the Citizens Bank