New-York tribune., 1900-12-13
RANK NAY PROFIT BY RUN
FRIGHTENED DEPosIToRs LEAVE THE
HARLEM SAVINGS NEAR INTEREST
TuIE-TNsTITUTIoN PRO
NOUNCED SAFE

The run on the Harlem Savings Bank. at one
,,,-srs6- s6-and-twenty-fourth-st and Third-ave
r-,,cb began quietly several days ago, increased
- much yesterday that S150O0O was drawn out
bs+veen 10 a. m. and .. m, and several police
men had TO be detailed 10 keep the crowd OF
o,,ious depositors in order. This crowd num-
hs,ed between seven hundred and eight hundred
!, the afternoon. and blocked the sidewalk IN
.-ont az the building most OF the day. At the
,,ose OF banking hours there were several scores
- persons in the building who had not been
abe to reach the paying tellers. but they all got
tbeir money before they were turned out.
Malicious gossip or idle rumor seems 10 have
started this run. and those who have been in
euenced to draw out their deposits now are los
,,e their interest since last July The bank pays
4 per cent on sums up 10 $500. and 3l2 on sums
over that up 70 $4,000. The institution is saving
g lot Of money by this run. so that IL It
s-srted by an enemy his guile has only benefited
ana not hurt the bank
Mr. KILBURN THINKS THE BANK SAFE.
The State Superintendent OF Banking. Mr.. Kill
A,,rn visited the bank yesterday afternoon, and
after inQuirng into affairs. issued the following
statement:
The Harlem Savings Bank was examined on
May is last and was found TO have at that
time resources amounting to Slo, 4SO.9l4 40
with liabilities amounting 10 S9,692.6 I3 and
q surplus OF S797. 500 20. The income Of the
hank over and above interest paid and cred
90 ~ 6epositors for the YEAR previous was
$50 T54 66. Among the resources OF the bank
there were bonds and mortgages amounting 10
bonds amounting 10 81 6}6. 400. The balance Of
the resources was made up OF cash and the
bank building The bank, as stated by the
president, owns no real estate except us oank
building and I consider il one Of the safest and
soun6est savings banks IN the State.
There certainly is nothing in the condition OF
bon l1r "a N ~ q TanHS1TOT
his funds and a depositor Withdrawing al THIS
time will lose his interest from July last.
Charles B. Tooker. the president Of the bank,
at the same time made the following statement:
This bank was organized in 1868. and il never
has had run upon IL until THIS time, eAcept IN
1893 when there was a general financial depres-
sion cannot account for the run upon the
institution. There certainly is nothing IN the
condition of the hank which warrants il, be-
cause the bank was never in better conoitlon
than II is to-day. ~
amounted 10 SlO731 O77 so, including bones and
MORTGAGES on real estate with al least twice the
amount loaned thereoh' Sool9oll ~ on ,S
municipal county, town ana NiiiSEsc DO o0itIS ~.
amounting 10 S43SS,294. and cash Sfeo'ot5 O4:
The bank does not own dollars worth OF
real estate except its banking house, and has nor
owned anv for FIVE years. The bank has not
been obliged 10 fOreclose mortgage WITHIN sew
ers1 wears II never began more than twen-
rv-fve foreclosures in its existence, and we have
never lost a dollar upon a real estate loan, with
fhe exception Of about $500 OF interest on one
SHOWS
rninistration which the bank has always en-
JOyed.
The hank. according TO President Tooker, VIII
have about 100000 on hand this morning 10
meet to-day's run and has no intention as yet Of
resortng 70 its privilege Of compelling depositors
70 give sixty days notice Of their intention 10
withdraw.
ATTEMPTS TO DISCOUNT DEPOSITS
Circulating among the crowd outside the doors
yesterday were several shrewd looking men try
ing 10 buy I'D deposits from the anxious ones AT
20 cents on the dollar. Several other banks
onered 90 aTd Harlem Savings Bank Win
loans but the offers were courteously declined
as not needed. Not few deposits were offered
Yesterday but the bank officials were too busy
paying out money 10 have tine for taking money
in They asked depositors 10 wait until the
run had subsided little.
The run on this bank in 1898 did no harm, but
rather advertised the stability of the institution.
Nevertheless President ToOker says that II he
can discover the originatOrs Of these alarming
rumors he viii prosecute them. The recent fall
lIre Of David NJ Williams, a big drygoods mer-
chant Of Harlem. who was a trustee Of the bank,
may have furnished a basis for the rumor mon
Fr-r- -1e On