Rock Island daily Argus. (Rock Island, Ill.) 1886-1893, 1893-08-01
TIME RULE POSTED
New York Has Trouble With
Savings Despositors.
NO PANIC, BUT MUCH NERVOUSNESS

Crowds of People a, Nearly All the Saving.
Banks Wanting Their Money, the Maori
ty Being Women and of Foreign Nation
ality-Germans Give One Concern Much
Trouble, and Poles and Russians Worry
Anotter-Officials Confident.
NV York; Aug. 1.-At all of the saw
lngs banks here an unusual number of
nervous depositors wanted their money.
More than three-quarters of these were
women. At the East Side banks, where the
depositors were mostly foreigners, the run
was heaviest. There was no alarm among
the savings banks officials, who declared
that they were more than able to meet
with their cash balances the demands that
may be made upon them. They expect
that the excitement among the ignorant
depositors will soon subside. Still where
it was evident that panic might be
started, or that the depositors were then
selves panic struck, the time rule was en-
forced.
Few Large Depositors Give Notice.
The most encouraging sign was that
very few large depositors gave notice that
they would withdraw their deposits in
thirty or sixty days. So far as is known
all the savings banks in the city except
two or three put the time clause into eff
feet before the day closed and the others
probably will do SO today There were
strange scenes around the banks during
the day. At the Emigrant Industrial saw
lngs bank in Chambers street there was
a crowd of from 200 to 400 depositors all
day. The great majority of them were
poor women, and very large percentage
of the men were Italians
Germans Were Very Anxious.
The bank that had the most trouble was
the German Savings bank at Fourth ave
nue. and Fourteenth street. There were
hundreds of women and many men around
Its doors all day. Notice of sixty days
was required for Withdrawals of more
than 500. The bank was kept open until
sp. m. as is customary on Monday. but
not one-half of the depositors who wanted
money could get it owing to rush. The time
rule was in force at the Dime Savings on
Broadway and Thirty-second streets, at
the Franklin on Eighth avenue, the Irving
and the East River.
Poles and Russians Didn't Understand.
A Jewish paper printed statement that
the "Neb." state bank had failed, mean
ing the Nebraska State bank. This
caused q run on the state bank at 37S
Grand street, which was kept up all day.
Tie Polish and Russian Jews, who are the
depositors in the Grand Street State bank,
did not know what "Neb." meant. They
came to the conclusion that it was typo
graphical error and that the bank referred
TO was their bank, and when it was opened
there was rush of depositors to draw out
their money. 1t was impossible to reas-
sure them, so the officers simply paid out
every account that was called for and pre- |
pared to stand a run.
Brooklyn Adopts the Time Rule.
All the savings banks in BROOKLYN !
adopted the ninety, sixty and thirty day /
rule for the withdrawal of deposits. The !
Dime of Brooklyn, the Brooklyn, the !
South Brooklyn, the WILLIAMSBURG. the ;
Kings County, the German and the Ger I
mania Savings banks posted ninety day |
notices. The other banks are about even /
ly divided on the sixty and thirty day /
rules.