Audubon County Republican. [volume] (Audubon, Audubon Co., Iowa) 1885-1894, 1893-08-03
COULD GET NO MONEY
DEPOSiTORS IN NEW YORK
SAVINGS BANKS MUST WAIT.
Threats Made when the Disappointed
ge-workers Find the Banks WIN
Not Give Up Their Money Not "Ig-
norant Dcpositors" Who are Cisnoriug.

New YORK, Aug. Tho withdrawal
OF depC sits at many of tbs city
savings banks Yesterday was
quite heavy, and the presidents
pointed TO the lines waiting at the
windows as proof of the wisdom of the
action advised on Monday, because
while it brought the depositors there
the notice prevented excited runs
which would have followed uncon-
certed action. IL showed also that
all the banks will have to take advan-
tage of the legal allowance under the
sixty days notice provision
In Brooklyn the effect was some.
what different, and the notice caused
several runs" The greatest was on
the Brooklyn savings bank, When
the doors of the bank opened at 10
o'clock in the morning an enormous
crowd was waiting to draw its money.
Threats were made, but rs these were
OF no avail, the crowd went away in an
ugly mood. Slight runs " ere also made
on the South Brooklyn savings insti-
tuition and on the Dime savings bank
j. llarScn Rhoades chairman of the
executive committee of the savings
banks ~ the state of New York, said
that no knew that all the savings
banks were in good condition as 10 the
cash reserve, and that he thought no
more currency would be drawn from
the deposit banks for long time. lie
continues
j. la, sen Rhoades, chairman of the
exc tive committee of the savings
banks of the sta c of New York, said
that he knew that all the savings
banks were in good condition us to the
cash reserved, and that he thought no
more currency would be drawn from
the deposit banks for a long time. lie
continued:
You see that the drain we have
been experiencing for the last two or
three weeks is still in force, and'it
shows how timely and eNpedicnt was
our decision. Early in June | said
that the savings banks were in good
condition and would pr obahly soon he
able to return their large currency
holdings But from that time ON the
Withdrawals increased slowly, gradu-
! ally, from day to day. but hey were
| so steady and gained such volume that
the whole aspect Of things was
| changed The start was not sudden
and ii took its rise among the more in
! telligent dcpositors of large sums,
| That accounts for the gradual char
acter of the growth of the disquict.
| They read he papers and become more
| and u ore alarmed. liut at no time
| was there any indication OF a panicky
feeling. To-day the line is the longc
we have had aud you see how calm
! everybody is. There are more here
than on an iltercst-payinG day, but
| they do not communicate with one an
| other, and thus spread n alarm.
Mr.. Rhoades added that the action
| of FRIDAY was necessary by the diff
Guilty OF getting currency from the
| down town banks, lie said that the
| savings banks presidents had drawn
as little as possible on the strained
market But the drafts during the
| last week had reached $4,000 day
| at his bank, against an average of de-
| posts of $4,000 Seeing that this was
! hurting everybody and that it threat
ened to make the savings banks a con
slant drain in present conditions, the
! action was wise for all concerned.
! At one bank, where one of the lnrg-
! est groups of deposiiors was found,
| there was method shown in handling
them. In the first place, all the de.
| positors were brought inside Done
/
estimate tn lidty of the bank by
examining the bank building. Once
within they were subdiyided first as
20 the sex, then il little squads. There
was thus avoided any crowding at the
paving tellcr's window. They were
addressed in an undertone. The effect
! of this was t. hold the lines likewise
| in silence. Feeling this restraint as to
noise, the depositorS did not excite
one another's alarm by comparison of
notes. The number of women eX-
ceeded the number of men by fully
40J per cent.
| The Post says:
"The clearinghouse committee
yesterday authorized the issue of So
500, coo more in loan certificates, which
brings the total issue out tanding up
to scr ,975, O00. IL may be noted that
SIS, sos, 900 was the maximum issue of
1873, but this comparison is really less
impressive than il seems; for very
considerable part of this years New
York issue has in practical effect been
provision for Chicago. No banks APP
piled yesterday, so the dispatches stat,
for loan certificates in that city. A
secondary result of the local money
scarcity was an absolute want of bids
for sterling bills, exchange rates GO
! ing on some transact ns below the
years previous lowest record. The re-
suit of to-days curious situation in the
local sterling market is pulling TO
forecast, but 1t is noticeable that
enough sales have already been made
by the gold importers to just fy large
purchases and bids in the London
special market. which must find re,