New-York tribune., 1903-01-09
RUN ON CPST47,E BANK.
Fore lgme's Misunderstood KiLbam's s
Rep0rt-InStitution Not Harmed.

Schenectady, n. Y, Jan. S-Because of a mis-
apprehension regarding the recently issued re-
port of F. d. Kilburn. State Superintendent of
Banks, there to-day on the Schenec-
tady Savings Bank, one of the Oldest and most
conservative banking institutions in the State
The demonstration confined practically
foreign speaking persons. Efforts made by
fellow countrymen Of the excited ones to per-
suade them of the groundessness of their fears
and TO induce them TO leave their money in the
bank These. with the publication this after
noon by the directors of statement of the
banks sound financial condition, relieved the
apprehension. and the officials confident
that the run will not be continued TO morrow.
The result OF the run has been to cause many
persons TO lose a considerable amount of interest
on their deposits, If is not payable until next
week and is forfeited by withdrawal While
the excitement was at its height Jonathan Levi,
a grocer who is lying dangerously i'll at his
home. heard of it. and drew $4,000 from of
the other banks. depositing II in the savings
bank Other business men, well as the other
banks. offered TO come to the rescue, but the
savings bank had money hand 10 pay five
times the amount withdrawn, and had thou
sands of dollars in Albany that could have been
obtained at an hours notice. that there never
was any danger tnat all demands could not be
met soon presented Many who withdrew
early tomorrow morning.
The incident is one of the most peculiar in
banking history When the report Of Superin-
tendent Kiburn appeared, it was translated
into the languages spoken by the various for
eigners working in this city. the labor being per
formed by volunteer interpreters The crfu-
cism of trust companies and recommendations
regarding legislation affecting them, were not
understood, and a fear gained ground that all
ba11lyS her In
which thousands Of foreigners deposit their
money every week.
Yesterday afternoon the first evidences of this
misapprehenson appeared when scores Of the
foreigners Drew out their mAey. The report of
their action caused unrest throughout the city,
and this morning. when the doors Of the inst-
tuition were opened for business at the usual
hour. there a. large crowd of excited for
eigners. who demanded their deposits. These
were given to them by the bank officials who
sent 10 New-York last evening, in anticipation
of a run. for a supply OF cash Al noon every
one had received what demanded.
Hundreds of English speaking depositors. who
alarmed by the reports concerning the
bank went to the bank but when they learned
the real situation of affairs they laughed at the
excited victims of their own ignorance. ana
went back to their work.
This afternoon the president of the bank. ..
Cady Smith, made statement of the 1nstltu-
tion's financial condition. The statement in
cludes the figures given to the State Banking
Department on January l, and shows that the
resources are S5S4ZOto % II says IileAt' d. ISl
paying all depositors, the bank has a surplus OF
more than $4,000.
Albany. Jan S.-Wheu superintendent XII
burn heard of the run on the schenectady Saw
ings Bank he said
The whole thing is an absurd though serious
mistake. fact that this bank is in the
same building with the trust company and to the
nisapprehension of the foreign speaking people
This is one of the strongest and safest savings
banks in the state, 7 told that all sorts of
offers of assistance made to the bank by
other strong institutions and people of Science
taiy but that they did not need help