The news-democrat. (Providence, R.I.) 1906-1909, 1907-10-26
NEW y0Rk'S
SAVINGS BANKS
CALL A HALT

New York. Oct 26.-The savings banks
OF Manhattan by unanimous agreement
of their presidents and with the approval
of Bank superintendent Clark Williams
decided yesterday afternoon 10 require
their depositors to give before withdraw
ing money the usual legal notice, 60 or W
days. according to the contract individ-
ual concerns have with their depositors.
At conferences held Thursday night and
yesterday afternoon the heads of the saw
ings institutions came to the conclusion
that the best way OF protecting the inter-
esls OF their depositors, stopping the drain
of cash and allaying excitement would be
to take advantage of the clause in the
banking laws provided for that very pur-
pose.
At a meeting at 1870 o'clock yesterday
afternoon in the Dry Dock savings In
stitution, at which Bank Superintendent
Williams was present, the savings bank
officers went over the whole situation ana
then authorized President Andrew Mills OF
the Dry Dock to issue the following state
ment:
At meeting OF the savings bank offi-
GERS held to consider the present existing
TO require the usual legal notice Tor the
withdrawal OF deposits. This action was
taken i'm the conviction that IL Will best
conserve the interests OF all depositors.
Notices of this effect were posted at
the opening of business this morning on
the doors of every savings bank In Man
haitian and number In Brooklyn. few
heads OF savings banks in Brooklyn at
tended the conference at the Dry Dock
yesterday afternoon. but were not bound
by its action. Ii was stated yesterday
though that other Brooklyn savings
banks will take the same steps today In
diyidually IL the necessity appears To re-
quire H.
OF course. as was explained yesterday
after the conference, the exacting of the
legal notice does not mean that no de-
positor can get his money until the end
OF the 60 or 20 days. The banks have dis
cretion In the matter of who shall be
paid In cases of need depostors will bo
allowed to withdraw moderate amounts.
STEADY CALL.
on Thursday afternoon the presidents
OF Manhattan banks had become convinc-
ed that IL was advisable to invoke the
time clause. With an exception or two
there had been no runs. but there had
been n steady tug" everywhere. The
experience of about every savings bank
was that the Withdrawals were FIVE times
the normal. while deposits were barely
half the ordinary. Most OF the savings
banks to be on the safe side. drew large
sums from the Clearing House banks,
money which the Clearing House banks
needed for their own uses. Cash which
people were pulling out OF banks and
trust companies was being taken to the
savings banks I'm lesser amounts A call
was sent around quietly Thursday after
noon for the presidents OF Manhattan
savings banks TO meet at the Greenwich,
Sixth avenue and Sixteenth street.
At 1880 o'clock yesterday afternoon when
the presidents met again on call at the
Dry Dock, President S.H.s said;
Gentlemen, there is but one issue bo-
/ fore MS. Shall we agree unanimously 70
, require legal notice from our depostors,
or shall we not7"
There was very little discussion. al
though the president OF Brooklyn saw
ings bank spoke against the proposed ac-
| ton. The Manhattan bank presidents
! Continued on Page TwoD