The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1907-12-08

u
| one in front of the bank.
/ one of the runs of the period that has
| just gone into history. that on the
/ Dollar Savings Bank, in The Bronx
| had just such a haphazard start. It's
banking house was next TO the Bronx
/ branch of the Knickerbocker Trust
When that closed its doors the rumoI
spread that the savings bank was in
! trouble Propinquity. in this case
caused the Dollar Bank people no end
Of trouble for five days. but they
weathered the storm nobly.
| This run, with the aid of a careless
caption writer on morning newspaper,
caused a vigorous run on the Harlem
Savings Bank, one of the oldest and
stanchest institutions above 1oOth
street The newspaper, in describing a
photograph of run on the Dollar
Bank, in The Bronx. said that deposit
ors were raiding Harlem savings
bank That was enough for the for
efgn born element among the deposit
ors, and they swooped down for their
savings.
Foreign born depositors predominant
at both these banks, and the runs be-
came lines of all nations. They were
more picturesque than those of the
trust company depositors. They jab-
bered their troubles to the housetops.
The women cried or laughed alternate
ly in a money fear hysteria. One and
all besought policemen and reporters
to slip them into the bank ahead of
the rest. Many of this foreign crowd
We're so excited that they would accept
nothing but gold in return for their
Gyzn r,aSchpn1-c
went so far as to test each piece by
biting 1t. The sad part OF it is that all
who withdrew lost four months inter-
est, and for no reason in the world, for
at no time were the savings banks
in danger.
The overnight runners who kept a
long vigil in front of the Lincoln, the
Colonial and the Trust Company of
America several nights had various
ways of passing the time. Some brought
campstooIs and all laid in supply of
provisions. A drenching rain came
down on them to add to their woe.
But almost simultaneous with the
storm there drifted into view of the
Zine a vender of second hand UNI
brellas. The bank runners bought him
out.
GREEN REPORTERS GUYED.
The Wall Street rumor factory work.
ed overtime, particularly with the big
figures of the financial district. Ger
tain newspapers poured reporters into
the district in much the same gem
erous fashion that Secretary Cortelyou
of the Treasury Department poured in
gold from washington. The mora re-
porters there were the more rumors.
Many of the emergency men, hurried
from ship news or police court assign
ments, did not know bull from bear,
and at least one of the green ones
thought the Clearing House was a sort
of free news bureau. He tried to use
it accordingly, much to the amaze
ment of the sorely tried bankers on
whose shoulders rested the burden of
saving the financial situation. The
regular Wall Street men of the various
bureaus had no end of fun
with the green men in the frequent
Iulls in the battle for news.
Every one Fho followed the Arm
strong insurance investigation remem-
bers the seriousness with which George
w. Perkins, of J. P. Morgan & CO.,
took the letter of instruction and adj
vice which his father had written him
when he first went into the insurance
business.
On the worst day of the panic week
Mr. Perkins was like shuttle be-
tween the Morgan banking house and
the Treasury. There were groups
of reporters about both entrances.
Once on returning to the banking
house one of the regular Wall Street
men got Mr.. Perkins at the door and
they talked earnestly for a minute.
The young banker was dispelling a sill
~ rumor.
What did he say?" clamored the
crowd of reporters, waiting at the foot
Of the steps.
''He said he had just had a letter
from father, and the banking situation
will clear up Immediately" answered
the wag.
Nine out of the ten reporters knew
Of Fathers letter. and saw the joke, |
but the tenth, a man new to New
York, as we'll as to the Street, asked |
solemnly:
Did he give you the exact words of
the letter? They're important"
The wag shook his head and went his |
way.
The next time Mr. Perkins emerged,
The new reporter cornered him.
"Oh, Mr.. Perkins, won't you give me |
he exact wording of your fathers let
.er on the banking situation?' he t
asked.
Whats that? What's that?' growl- |
ID the surprised fnancier.
Your fathers letter." stammered /
he surprised reporter.
The fnancier's eyes flashed angrily,
out there was innocence written all t
,ver the eager young face peering up
1t him.
"Some one has been joking YOU Mr..
Perkins jerked out. Got no letter .
rom father. Not a word"
Yes, there was a lighter side to the
banking furry, and all will be able to
zee it when the Knickerbocker has paid
90 cents on the dollar and business
gets back into it's regular channels.
-R.@- /
Bourke Cochran was about to make
political speech. Mr.. Chairman"
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