The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-08-01
PLENTY OF MONEY ON HAND.
SAYINGS BANKS FIND THAT THERE'S
NOT MUCH % n SCARE.

Neeu0u
The Poorest People Fiocked to Their
| Banks. which Are the Richest, and Drew
tho Limit-Pienty Who Cnme to Deposit.
Not to Drnw-Pnyments Chiefly In Gold.
| At second and third hand. In their clubs,
| churches and other meeting places. in the
| gossip OF tho Sunday holiday. the less-in-
| formed classes OF savings bank depositors
| had hoard that something other was UP at
| the savings banks whore their money was,
| and they took their bank books early yester-
| day morning and went around to sec about IL.
What was up. as the newspaper readers knew.
was that the banks proposed to check any ut.
tempt ut a run by posting the sixty day notice
rule. The rule was applied whenever circum-
stances made 1t advisable. IL is a most effec-
tive dscourager OF runs. and it did its work.
Only one OF the larger savings banks failed
to post the rule. That was the Bank for Saw
ings in Blocker street. There had been no
meeting OF the trustees. and as President
Trimble had plenty OF cash he did not act 1t
is possible that notice will DO posted there
to-day. Several Of the banks with deposits Of
less than ten millions did not post notices be-
cause the demand on them for money was not8o
great Their depositors areas rule. Of a class
that Is not ignorantly frightened. In Now York
CITY, with one exception. the biggest savings
| banks are those resorted to by the poorest
people. These banks OF the poor are the
Blocker Street, the Bowery. the Citizens. the
Emigrant Industrial. and the German. They
have moro OF tho -skys and --stelns than
| any others. and they naturally drew o crowd
| yesterday.
At the German bank. at the corner OF Four.
| teenth street and Fourth avenue. two hundred
| people were pushing and mauling each other
! for places nearest the door before the door
| opened. There was Just as big a crowd at the
| Bleecker Street Bank. At the Bowery. the
| Citizens. and the Emigrants the crowd was
| smaller, but was just as noisy or course.
| when the doors OF those banks were opened
there was wild rush to get first places In line
| for the paying tellers' windows. In q dozen
places on the walls Of the Emigrants' bank
| the following notice was posted:
As provided by Chapter XVII. article g. of tho laws
this bank will require thirty days notice OF the in
| tended withdrawal Of all sums exceeding $50 One
payment to that amount each week will be made on
demand. and no sum exceeding 500 will be paid In
| each calendar month until further notice.
| The half-dozen watchmen who assisted In
forming the crowd in line pointed out these
notices. Some OF those in the crowd who
| didn't want $50. put their books in their
| pockets and went home. Not more than one
| in hundred left notice that he wanted his
| money when the time was up. A great many
walled. because they were born walters.
Up to 2 o'clock tho Citizens bank had re-
celved only thirty notices Of withdrawal. The
notice there was that sums under 500 would
be paid on demand and that thirty days notice
would be required for tho withdrawal Of larger
accounts. Tho notice at the Bowery bank per-
mitted the withdrawal Of sums under $500 on
| demand and required sixty days notice ON
| larger amounts.
| The crowd at these banks remained until
o'clock. 1t did not increase. and depositors
got their money at the rate Of about four .
minute. At the Blocker Street Bank and the
German Bank the crowd extended out into the
street all day. Competitors for place jostled
each other so much that policemen were called
in. The pushing and fighting made the work
Of paying slow. and they probably didn't
average more than one in three minutes. The
| German Bank required sixty days notice ON
sums over 500.
| The banks paid mostly In gold. with little
| silver. small currency being scarce. The OFF,
| GERS Of all OF the banks mentioned united in
saying that as run the furry was a complete
failure. The President OF the Dry Dock Bank
said:
1T will surely be over in day or two. The
signs are that it is breaking already. There
isn't even the possibility that any Of the banks
| will use half OF the cash 1t has ready"
President Trimble OF tho Blocker Street
| Bank said:
| "All tho banks are in an excellent condition
| and can stand this sort of thing long while.
| The notice demanded by some OF the banks
operates for the protection OF the foolish de-
posltor. and he needs it People who OBJ
ject to this notice should remember
that 1t is not possible for the banks to
| take money and invest 1t in order to mako in
terest for them, and then to realize on the in.
vestment at moments notice. Money is put
into savings banks to be saved and to earn
have as s sn
There is this difference. that the money Of the
savings bank depStSr i i safe
AT the several banks where notice OF with.
drawal was required exceptions we're de1n
| the case OF depositorS who could prove that
pose. and would undergo a hardshlp 4 they
lR1f sn0s sha ssi3S! The %sa VIZ sSt ths
required for immediate use: They we're paid
BY check great deal OF money at Ta g,6 dSp1s.
WSs s tha ma efushns
the other set. One bank received $4,000 IN
the q
vi" The Greenwlch Savings Bank. Sixth avenue
and mose tho Who
draw the nor Tsnt q en-
when the bank closed there were hardly more
any afternoon. President J. Harsen Rhoadss
| said to reporter:
We are enforcing the sixty, day rule where
| ply for the purpose OF looking II up. Where
deposltors want to draw out 800 OF less we
larger sums wo use our discretion. have
just allowed two women to draw $500 each
| the money Up to noon to-day We paid out
| $4,000. We would think nothing OF paying
out $780, 900 in an afternoon II it were neees-
The New York Savings Bank At the corner
| of Eighth avenue and Fourteenth street and
| the Institution for tho Savings OF Merchants
Clerks at 20 Union square, have each q n ld.
against depostors who simply wanted to lock
their money up. In cases OF emergency de-
posltors were allowed to draw as much rs they
| needed. .,.
There were few Withdrawals at the Institn-
ton for the Savings Of MERCHANTS, Clerks me
same may he said of the North River Bank ar
| Dtal Wast Thirty- fourth street. the American