The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1899-12-23
Run Not Expected to
Continue Today.
Bank officials Offered Millions
in Currency.

strongest Hnancisl iustitutlon3 In new
England, was the scene Of run" yes
terday which lasted up tot the closing
hour.
The cause for this run was rumor, In.
definite, unexplainsbls and absurd which
was put into circulation OH thursday. 1t
ttarted from sourc, which no one could
name, from a cause which no one knew
but sesm % to grow more definite and
more startling as 1t was handled about
from the lips Of one idle person to an
other. Men too Insignificant to notice on
ordinary occasions and who are passed by
with oontemptuous smile by the busy
world at other times attained , certain
dignity on Thursday when they busted
themselves In circulating the story that
Ga certain bank Ia In trouble" These
persons became ore bold In the assor-
lions they had to make as Thursday eve
ming wore on little and they were BY
this time more definite In thar stats
inents. The certain bank" was men
toned and the Portland Savings bank
was probably selected as tbs particular
bank with which to olothe the story be-
cause that institution 10 known rs one OF
the strongest and most conservative In
New England and this fact made their
tale all the more startling. 1t seems al
most ipcredible that such tale coming
from any source should be taken serious
y by any Intelligent psrson but that II
was credited by many is shown by what
followed.
Probably the resent failure Of Wood-
bury and Moulton In this city which &C.
CURED only few weeks ago made the
public at large more oredulous and
nervous than they would ordinarily have
been but at any rate when Friday morn
ing came and the bank was opened Tor
business the nervous ones were on hand
to get their deposits. Very little excite
ment attended the run" during the first
few hours. Deposltors In a steady stream
poured into the bank got their money
ana departed or stood abou. to see how
long the bank would continue to ''pay
up" About noon o crowd Of curious
persons gathered on Exchange street and
In the bank to see the run and two thirds
of this crowd had no special interest In
the matter anyway, but were attracted by
the novel sight which was presented
about the bank.
The bank officials were taken by sur
prise but the employees continued to do
their work without any furry or hitch.
Many of those who came and demanded
their money were small depositors and
these. as was most natural, were the most
excited by the tales they had heard. A
PRESS reporter interviewed some Of
those who were Withdrawing their money
from the bank as to why they feared q
b,nk failure at this particular institu-
ton. None OF them could say why they
feared this bank was In trouble but their
invariable reply was that the money they
had there was all they had in the world
and they had been told they had bstter
take 1t out. Many large depositors were
seen standing about the bank, but they
did not seem at all worried about their
money and not few of them made large
deposits while the run was In progress.
At nom the bank officials issued the
following statement:
Portland, Me, Dec. %, 1899
To the Depositors of the Portland Savings
Bank:
The directors of the Portland Savings
bank have decided it to be Tor the interest
Of this depositors to demand legal notice
on all sums over one hundred dollars.
The bank Was never SO strong as today.
1t has surplus of one and quarter mil
lion invested In government securities.
franklin r. Barrett, President; Charles
S. Fobes. james p. Baxter, Sidney
W. Thaxter, william II. Moulton,
Edward A. Noyes. Treasurer.
1t so happened that bank Examiner
Timberlake was in the city yesterday and
hearing of the run ON the Portland
Savings bank visited that institution and
did all in his power to allay the anxiety.
He was asked by woman If there was
any trouble with the bank and replied:
"Madsm, have only this to say. am
authorized by the state to look after the
depo.isors of the savings banks, mas
much as have been appointed bank ex-
aminer by the governor. II the people
who are withdra wing money from this
bank today should put their money in
my hands for keeping. l should immedi-
atsly redeposit IL In the Portland Savings
bank as the safest place that know Of
fer the deposits Of the poor people OF this
state"
In addition to the above statement the
bank examiner had the following to say
% reporter lats yesterday afternoon:
cat the time of the last exam inatlon o.
the Portland Savings bank which made