The times. [volume] (Richmond, Va.) 1890-1903, 1893-08-01
THE FIyANCIAL CRISIS.
Confidence In the Banks Returns in New
York

|
York.
NEW YORK July 3l.-With this morn
ing the savings banks of this city. as a
rule, began 70 take advantage OF the
sixty-day time clause. That is, the bank
officials made use Of the prerOgative in
cases where large amounts were con-
cerned, or where such action was deemed
necessary, 20 check the withdrawal or
! money for boarding or IN senseless fright
| But while nearly all the banks claimed
| the privileges Of using the time clause,
| still, IN comparatively few Instances was
1t applied.
A visit to the principal savings BANKS
| OF the city this morning disclosed the fact
that about the usual amount Of business
was being done. Perhaps a trifie more
! than the average number Of depositors
were waiting their turns 70 draw money
but on the other hand, In most OF the
! banks. there were corresponding lines OF
persons anxious to deposit money Ihe
| general impression seemed TO be one OF
confidence In the banks There did not
seem to be anything like run any
where.
Prosldnet Demarest, Of the Irving saw
| ing Institution, said this morning that MS
bank was taking advantage OF the time
/ clause TO a certain extent-that in cases
where large amounts were concerned
/ He said his bank was doing so because
| 50 many other banks were doing the
same thing, and such action was heces-
! sary for self-defense. All demands dp 10
| 500 were met without question. The DanK
was doing its usual business this morn
| ing. with lines at the windows OF both
the paving and receiving teilers
At the Emigrants' Industrial Savings
Bank. No n Chambers street, President
Mcmahon said that the siXty-ddy rule
was enforced only i'm rare instances,
and where the amounts concerned were
large This morning his bank had taken
advantage OF the clause In the case OF
few depositors. President McMahon
said. however, that the bank did not mean
TO enforce the rule where II would mean
hardship for the deposition One deposi-
tor, who wished to close bargain was
permitted TO draw $500 this morning
"An we are trying TO do said Presi-
dent Mcmahon, lis to stem the tide Of
needless money boarding ana the trlght
Of the depOsitors."
President Mcmahon, however, was Of
the opinion that the time would come
when all the banks would be obliged =
inforce the rule TO avoid being forced
to fail back upon their securities, which
they. Of course, cannot afford 70 do II II
can be avoided. The bank was doing its
usual business this morning, both taking
I'm and paying out money.
At the East River Savings Bank, No.
Chambers street, the usual business Was
being transacted President Slocum said
the bank had not resorted 10 a use Of
the limit clause yet, but would do so If
circumstances should arise which, war
ranted It.
Secretary Hutchinson OF the Broadway
Savings Institution, No. Park place,
said that his bank was taking advantage
Of the time clause In cases whsre large |
amounts We're concerned. The bank |
paid out $4,000 Saturday
Run On savings Banks.
NEW YORK, July Si.-At all OF the |
savings banks here and in Brooklyn to- |
day an unusual number Of nervous de-
positors wanted their money. More than |
tbree-quarters Of these were women At |
the east side banks, where the depostors |
are mostly foreigners. the runs were the /
heaviest. They all declare that they are |
more than able to meet with their cash |
balances the demands that will now be |
made upon them They expect that the |
excitement among the depostOrs will sub
side by the end Of the week at least
Throughout New England savings banks
have announced their intention 70 enforce
time clause I'm their bylaws. varying from
one TO four months In different localities.
More Bank Failures.
AKRON, O., July 31.-'rhe Akron Saw
ings Bank suspended this morning. Its
suspension was caused by the closing OF
the Citizens Bank Saturday That Gre
ated a run Saturday night, resulting in
the withdrawal of over $1,000. To avoid
Mondays rush the bank put up it's shut
ters The total resources are given out
as sg73. .63L33 total liabilities SJ22. $50. VIII
liam Buchtel, president Of the institution,
has been appointed receiver.
UPPER SANDUSKY, o., July 3.-The
Wyar doite County Bank went into the
hands OF receivers to-day. The bank
officials claim the assets are sufficient TO
pay the deposltors three times over
Heavy runs last week among the farm
ers caused the suspension John X. Lay
ton and DR.. II. n. Mcconnell were APP
pointed as receivers. No detailed state
ment has been given out yet
HORNELLSYILLE, y. Y, July 3D.
The private banking house OF n. NJ. Crane
& Co. closed its doors this morning. Sus-
pension is attributed 10 the general strin-
gency prevailing I'm business circles and
the value OF assets are stated 10 equal the
liabilities, but cannot be realized on at
present.
AII.NVAIIK WIS. July 3f.-A spe-
]
First Natici al Bark Of this place failed
to open it's doors to-day. Other banks
lre experiencing runs a consequence Of
the First National failure
PORTLAND. ORE, July 31.-The First
Bank OF East Portland. failed
20 open its doors this morning A state
nent published July 18th the resources
II the bank to be 10000; deposits. $780,
0O
SPRINGFIELD. MO. July a.-The
Springfield Savings Bank, with capital
# s2j 600 and deposits Of about 100000
made an assignment this morning. The
,ank is solvent, and will pay in full.
DALEGO, ORE, July 3.-The First
National Bank closed It's doors this
morning The suspension is due 70 the
losing Of the Commercial National Bank,
II Portland.
PENDLETON, ORE, July 3.-The Pen
Ileton Savings Bank has temporarily ,
uspended i. r. Cox has been appointed ,
eceiver.
PORTLAND. ORE. July 3l.-The Com
nercial Bank. OF Cottage Grove, failed
his morning.
Amounted bv the President.