New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-01
NO RUNS AT SAVINGS BANKS.
FEARS OF TROUBLE ALLAYED.
DEPOSITORS TURN OUT IN NUMBERS. BUT
SHOW NO SIGNS OF PANIC.
THE TINE RULE PUT IN FORCE AT MANY m
sTITUTIoNs-wITHDRAwA OF SMALL
AMOUNTS ALLOwED-oNLY PRAISE
For TILE PRESIDENTS, ACTION.


FOR THE PRESIDENTS, ACTION.
There were more indications of uneasiness yeo.
terday among savings bank depositors than were
manifested on Saturday. but at none of the city
banks was there anything that could properly be
called run. Nearly everywhere large numbers
of depositors in line at the doors before the
hour of opening. in some the crowds being
Estimated at 800 or 400 persons. They weres
however, orderly, and showed no signs of excite.
ment. such as characterize panic. In many
cases they only make inquiries Of the ON.
cals To the safety of their money, and hundreds
went away satisfied with the replies they received
II was deemed advisable at several banks to en-
force the time notice clause, but care was taken
to apply it with discretion and in manner not
TO cause hardship to needy depositOrs NO applt-
can't was turned away without his money who
could show that he wanted it to meet legitimate
demands and not prompted to withdraw 1t
by scnseless fear that it was unsafe, while on
the other hand those who came with the evidens
intention of withdrawing their money to hoard 10
elsewhere were allowed to take only small
amounts on account.
Early in the day Wall Street seemed to fear
that trouble would grow out of the savings bank
situation. and in response TO that and other
bearisb- influences the stock market opened
weak and feverish A quick recovery followed
and no more was heard of any bad effect from
this cause Among bankers generally the con-
,.iction continued to grow that the savings bank
prpsidents had acted wisely at their meeting on
Friday. The fact that the depostors IN mo
various savings institutions were Withdrawing
| more than a normal amount of their money was
not looked upon as surprising under the circuh'-
stances The demand from that quarter has been
increasing daily for several weeks. large part
| of the money thus withdrawn has Of course gone
out of general circulation, and II the draln hao
bcen allowed to continue the results might soon
have become serious owing to the locking up OF
currency alone II is not doubted that now the
drain wiM be stopped and that before the limits
OF the time notices expire confidence VIII De 70
restored that depositors will have ceased to want
their money. In the mean time there Is propa-
blity that the managers of the savings banks NOS
teing in present need of the money they have
already accumulated, will feel FREQ to return
their surplus to the regular banks Of deposit. thus
| aTordinp great relief to fhe money market.
| Brayton Ives, president Of the Western NatlonsA
Bank summed up his views on the SUBJECT IN tnS
way-and they represent fairly the views OF the
| majority Of bankers:
Il think the savings bank presidents showed
| themselves 10 be masters of the situation In the
action they took on Friday. Their decision may
| have caused little momentary alarm among de-
positors, but that you see, has not been srea.'
and the after effects sure to be most oenencisA'
7, xi,, be for the best interest Of depositcrs -
we'll as the public at large. For depositors 70
withdraw their savings and hoard them would
surely result in loss to themselves and indirect
harm toe,everybody else. No one would derive
| .pv good from such action. On the other hano'
| 7 feel that better times surely coming ana
,hat II will not he long before all 'nXiety on tho
mart of savings bank depositors Will have passeo
away. II Congress will only repeal the pirchas-
| ing clause of the Sherman act-and thlhk T"
will-money will come back into Its customary
channels in volume that will surprise you ~
will come from domestic sources and from aoroao'
lust IA the gold export movement marked 'ne
| he0inning of the present hard times. so, thlnR'
the return flow that has now set in marks tho
beginning Of the end of the trouble
II was talking only the other day with the
prcsdent of an Ohio savings bank which found
IL necessary while ago to enforce the thlry-day
rulc. The dcpositors objected strenuousiy az
first and demanded their money. during ,ne
| thirty days local liquidation went on ana ao ."o
| end Of that time things In his town had quie.eH
dour Jbos, who had been most camorous for
| tber money seemed to have forgotten all apous
| tbeir uneasiness and there was no sign OF any
rnrnva, Of the run that had caused the applica-
tHa l., t,mc rule Now. that is just the way
- will he here. When the sixty days are up me
tromhe will probably be all over ana the oe
poso if they stop to think OF s a%e mSsidr nrssdents ts
II 'nd WI, the greatest wisdom at critical time
R"port sfynsS so1 had Sabes bsen oc
as ociuas nmono denositors before the managers
wsr" able TO act in accordance with the recon-
mendation of the Friday meeting. No serious ehs
trouble was anticipated however some G h.rl,s .Is
,nS.crdav went TO strengthen the reserves OF
sayncs institutions in New-York State and New
| England.