The labor world. [volume] (Duluth, Minn.) 1896-current, 1905-01-14
run On BANK CAUSED!
BY BIC DEPOSITS
New York House Invaded BY
Timid Foreigners Who Mis-
take Long Line of People Put
ting in Money For Start Of
Financial Crash.
Crowd Each Other Like Cattle
and Injure Three Police and
Two Women-Bank Easily
Meets D e m a n ds-Great
Loads of Silver Handed Out.

NEW YORK, Jan. 11.-Three police
men and two Hebrew women were in
1ured In a run on the State Bank of
Grand street, in the heart of the busi-
ness section of the east side today.
The run was attended by some sensa-
tiona1 incidents.
The 5000 persons crowded about the
bank became so insistent that they
broke down an iron railing around a
light well in front Of the building and
it was only by desperate clubbing on
the part of the police that the excited
and unruly mob was prevented from
forcing many of its number into the
well.
The policemen and women were hurt
at that point. The emergency police
detail of the Delaney street station
was finally called out and policemen
were stationed at intervals of five or
six feet for two blocks on either side
Of the bank
Run Follows Big Deposits.
The cause of the run was as extra
ordinary as the frenzied condition of
the crowd. Yesterday there was a rush
of depositors to get their money into
the bank in time to begin to draw in
terest at once and the long line of
waiting depOsitors convinced the ex-
citable Hebrews that something was
wrong with the institution. Five
hundred persons waited in front of the
building all last night and their num-
Der quickly swelled to 5000 when the
bank opened today, though not all OF
the number were depositors.
The bank which has deposits of $780,
5000 and a cash reserve of $4,000,O0O,
and which, Cashier A. A. Vorhis said,
earned PA per cent profits last year,
sent down street for money early today
and $250,000 was brought by the
wagonload, largely in specie.
Sight Of Money Excites Them.
At the sight of the money the people
waiting became only more impatient
to get at it. The bank officials paid
depositors off as fast as the operation
could be conducted. In all, the bank
paid out today $4,000, and received in
deposits $4,000
Remarkable scenes attended the pay
ing off within the bank. Immediately
upon getting their money into their
hands and becoming convinced that
the bank was able to pay them, the
frantic Hebrews became equally anx-
ious to get their money into the bank
again, and several of them created
scenes when the officers refused to &C.
cept it. The depositors were paid in
specie to prevent re-deposit as this
was the sixth run the bank had expe-
rienced from equally trivial causes.
Sixty Pounds Of Silver.
One of the aged depositors received
sixty pounds of silver and staggered
under the load when he carried it
away. Women swept their accumu-
lated savings into shawls, aprons and
their outer skirts held in the form of
aprons and got through the crowd as
best they could.
Payment of. depositors was made up
to o'clock tonight. Officers of the
bank declare 1t is absolutely sound
and can secure 100000 at an hours
noice. 1t received many offers Of
help today and declined most of them.
OF the five previous runs on this
bank one was started by a fire, an
other by fight, third by rumor
in the Bryan campaign that silver dol
lars were to be cut in half, a fourth
by the Spanish-American war and a
fifth by the failure of a bank in Ne
braska There was a small run also
on a branch Of the State bank in
Brooklyn today.