Morning journal and courier. [volume] (New Haven [Conn.]) 1848-1894, 1893-08-02
VERY LITTLE EXCITEMENT

WIKI
Upon the Savings Banks
Requ1rin. Legal NOtice-A Smah
Number Of Notices Given Yesterday
-Quiet Times and People but LlttIe
Alarmed.
There was no excitement In town yes
terday over the action of the savings
banks requiring notice from depositors IN
Gaze of intended withdrawal of deposits.
The matter furnished topic for CONVEX
sation, in addition to the usual unfalhng
.opio, the weather, as people met on the
streets or elsewhere. Some curiosity was
evinced to know if there had been any
runs or attempts at runs. Inquiries re-
vealed the following facts: Mr.. Brown,
treasurer of the New Haven bank, was
met on the street at about 3 o'clock
as he was returning to the bank.
Mr.. Brown was as usual urbane, courteous
and unruffled. Nothing had happened
more than was anticipated. About two
hundred people, Mr.. Brown said, had ap-
piled at the bank and given notice that
when the time limit expired. few writ
ten applications of the kind had also been
received. The bank had had no excite
ment. During the busiest part OF the day
there had been about forty people there at
one time waiting turn to give the notice.
The bank had paid out q little money in
small sums in cases that were urgent, such
as where persons needed money to pay
for coal or rent or groceries or other
pressing necessities. The total amount
which was thus paid out was not large
and the sums we're paid only where 1t was
apparent that the money was much
needed. From other sources twas learned
that vast majority of the depositors had
not troubled themselves about the matter,
evidently feeling perfectly well satisfied
that everything was all right. Those
having the most money in the bank were
the least worried.
One italian woman at the bank on leav-
ing the premises had small roll of bills
in her hands which she showed to a COM
panion who stood waiting outside.
As the latter glanced at the roll
he Immediately solicited the loan
of it. With look of ineffable
ecorn the woman rushed the money back
into her pocket bitterly exclaiming some
thing in Italian, which, after the pair had
gone, was quickly interpreted by another
Of the same race, who stood by, who said
the woman was sorry she took it out of
the bank as 1t was all right there after all,
and now she would have no end of trouble
to keep It,
At the Connecticut bank all was as quiet
at 8 o'clock as May morning after a
shower. Mr.. Morse said that about 200,
ali told, had signifed their intention of
withdrawing and their names were placed
on the books. The deposits will approx
al opooupt fo ohout e20 000 Tho
scare did not seem to effect the
National Savings bank. The total
number of notices filed at this bank
yesterday was but twelve, and Cashier
Zunder said 1t was one of the quietest days
at the bank for several weeks. One gen.
tlaman cana to the bank who has loan of
So, 900 from the bank, and told Mr.. Ives
that his So, 600 was already for the bank to
use If desired. A lady came yesterday and
paid 81 200 installment on her mortgage
in advance of time, thinking the bank
might want it.
Various of the depositors whose cases
were pressing were accommodated with
small sums.
Altogether though there was no excite
ment, nothing like when there were runs
on the bank. The clerks had busy day Of
it yesterday in answering the numerous
questions asked of them and in traneactine
the business, and no doubt to some wht
had counted on the money to make obliga
tory payments with the delay is trying.
None of the New Haven Savings bank
have asked the legal notice regarding with
drawals since 1878. The 1878 panic il
still well remembered in New Haven, anc
there are plenty of old citizens who recall
wildly the pantcs of '57, and some thai
of '37. Perhaps soms who recall the latter
can give the people some illustrations oil
how much more serious an affair that We;
than the present has so far PANIED out tt
be. It is said that hardly factory II
New Haven was running for weeks anc
months in the 1887 panic. The verdict o.
| the community is unqualifedly that tn
| banks have done wise and proper thipi
| aud taken step which was best for tn
| depositors and their money.
Treasurer Morse of the Connecticut ban]
said yesterday that in his opinion tn
worst of the scare was over, and that IN
| less new conditions should arise he saw NJ
| reason why the "notice rule" should no
| be withdrawn in about two weeks. "To
| day ia interest day with u.s." said Mr.
Morse, 'and seldom has interest been pait
more promptly.
yesterday we increased our reserve
| and will do go again soon, and so tn
amount that we can now pay each deposit
/ or is much larger than 1t was a day or tw
| ago.
Then again deposits are coming in good
| and we are also dispoeing of some of on
| securities, 30 therefore think we will b
| in position to meet all obligations il
| about two weeks.
deal of kindly feeling toward us, but VI
| did not need their help in any way. W
have great deal of money accumulatin
and say will want no better investmen
| than to pay off our debts, We don't wan
money in our vaults drawing interest fror
us. Ever moment I became more frml
convinced that yesterdays msve was
wise one and the only fair thing to do TO
both depositor and borrower.
When asked If the banks will refus
every demand for money to depositors o.
sight Mr.. Morse said:
| 'Of course we shall have to exercise on
| discretion. We might have gone through
| this demand for deposits without an,
| our depositors and our borrowers that W
should enforce the four month"; notice rule
We do not want to keep back the money o
| any depositor who really needs it, bu
We do not want to let deposi
| tors draw out money when they have n
| need of it, and when we know that the,
| are doing the bank harm in 30 doing. W
shall use our discretion, and in case of de
mands for money by persons who only hav
| small deposits, and whom we know ar
| really in need of money, we shall not keel
them waiting. do not think there is an,
| probability that we shall have to keel
| the depositors who have asked TO
their money waiting for four month";
We are paying all demands for interes
money now due and shall continue to d.
so. When these demands for interes
money have ceased we shall gradually be
gin to pay those who want their money
percentage of their deposits and in thi
way gradually meet all demands.
| SIT has only been the email depositor
who have been demanding their deposits
I should think that the deposits of les
than two hundred people who gave motto
| yesterday that they wanted their none.
! would average less than $500 each"
SAVINGS BANKS DO SO IN DANBURY.
DANBURY, Aug. 1.-The Danbury ant
| the Union Savings banks of this city poste'
| notices this morning to the effect that the,
would require ninety days notice from de
positors who wiah to withdraw their de
posits.
THE ANSONIA BANKS REQUIRE NOTICE ALSO