The record-union., 1891-12-12
A EENSELESS SCARE.
1t Causes Temporary Run on a Saw
ings Bank.
Scores of Poor Depositors VIII Lose
Six Months Interest-The Bank
Loaded With Money.

1t is curious what little thing will
sometimes cause people to lose their wits
and create a panic. Yesterday noon an
excited individual employed at the rail-
road shops somehow conceived the idea
that the Sacramento Savings Bank was
short of funds and had closed, and so re-
ported.
The rumor spread like wildfire, and in
half an hour score of men were rushing
toward the bank with their books, where
they demanded their money.
When Cashier Hamilton returned from
bis lunch he was informed that several
persons had closed their accounts. This
he thought was a queer proceeding at
this time, just on the eve of the semi-an-
nual payment Of dividends. He was not
long in doubt as to the cause, however,
for the fact was soon forced upon him
that there was
a wELL-DEFINED RUN
Upon the bank. The news was soon
ali over the city, and men and women
Were seen rushing frantically to the bank
to withdraw their little stores of hard
earned money. Within an hour quite
crowd had collected about the bank,
while the space inside between the door
and the Cashiers window was packed
With deposirors waiting for opportunity
to get their coin.
Nobody knew Of any reason for the
scare, and-with the exception of few
more eXcltable epositors-thesaffair was
treated lightly. AS soon as the fact of
there being run became known TO the
officers of the other banks they visited
the institution and offered any assistance
that might be needed, knowing full we'll
that the bank was perfectly solvent
NO ASSISTANCE NEEDED.
B. =. Steinman, President of the
Farmers and Mechanics Bank, told the
Directors that they could have hundred
thousand dollars on moments notice, if
they needed it, and President Beekman
Of the Peoples Savings Bank made q
Similar offer.
The gentlemen were thanked for their
friendly offices, but the directors showed
tnem some 100000 in gold stored in the
hanks vaults, and laughingly remarked
that they guessed they could hold out for
while.
DIRECTOR DRAY TALKS.
Senator f. r. Dray, one of the directors
OF the bank, stood on the opposite side of
the street, and smiled as he noticed the
people crowding into the doorway.
Why" said he, to a RECORD UNION
reporter, those people are foolish, but
they are not altogether to blame for be-
coming excited. The truth of the mat
ter is, the bank never was in such an ex-
cellent condition to meet run. There
are thousands and thousands of dollars in
the vault right now, but / suppose if
these depositors saw it all they would still
demand their money.
1t is rather unfortunate for them, too,
for notice that the great majority of
those who appear to want their money
are either poor people or persons in ordi-
nary circumstances, who most need the
interest that would fall due on their de-
posits in couple of weeks. OF course
a run on bank is not desirable but it
will not hurt our institution. The ma
jority know when the bank was estab-
lished, and on what a solid footing it
stands"
LOADED WITH COIN.
Colonel +. r. Hamilton, Cashier of the
bank, sat at his desk and laughed at those
whom he knew among the crowd that
was clamoring for their money. He said
a better time could not have been Sc
lected for q run on the bank. 9Th e
vault" said he, ''is loaded with gold, and
We'll pay these people just as fast as they
want it. There is not the slightest cause
for fear. Over $3.50, 900 is stored away
right here in this vault, but there is no
use of my trying to persuade these people
Of that fact When they first started to
rush in here / had several of the trays
there was lots Of coin on hand, but it
seemed to have little or no effect. a
great many have come to me, however,
before demanding their money. and they
were entirely satisfied when | told them
there was not the slightest cause for all
this scare"
ACCOMMODATING DEPoSIToRS.
Instead of closing the bank at the usual
hour, 3 o'clock, it was generously kept
open until a late hour to accommodate
oepositorS.
In all. about one hundred and fifty de-
positors withdrew their accounts. amount
ing to $4,000. Several persons started in
to speculate little by buying up depos-
1tors' accounts, on which they will realize
SIX months interest a couple of weeks
hence.
WHAT A RIVAL BANKER SAYS.
President Beckman of the Peoples
Bank was seen last evening by RECORD
UNION reporter and asked what he
thought of the run and of the banks con-
dition.
well, you know Pm in the banking
business said he, ''and a competitor Of
the Sacramento Bank, and that wouldn't
be apt to boom the latter if | had any
doubt about its soundness. I've watched
that bank very closely ever since it was
started, and I've found its officers to be
the most careful and prudent of men.
on go there to borrow a dollar and
you will find out that you'll have to give
two dollars as security before you can
get it. / know something about their Sc
curities, and know that they amount to
double the sum they have loaned out.
President Rideout called on me to-day
and talked the matter over. Either of us
would be willing to take off the hands of
the Sacramento Bank every loan it has,
for we know its securities are gilt-edged.
''More than that" continued Mr.. Beck
man, ''all the banks throughout the Sac
ramento Valley are just now gorged with
money-they have more than they know
what TO do with, and run could not hit
one of them at better time"
Mr.. Beczman then told or a poor Irish
woman who went to him yesterday, with
tears streaming from her eyes, and asked
him what she should do. He told her
what ne should do if similarly situated
lot his deposit alone even II it were $780,
900.
But" said she, "O'ive but s., 200 in all
the wurruld, an phwat nd become of me
II Oh shud lose it?"
''Do you really want your money p"
asked Mr.. Beckman.
''Shure an l do,'' she replied.
He then told her that ii she would lust