New-York tribune., 1910-03-11
HERRICK BANK RUN
PANIC IN CLEVEL1ND.
Foreign Depositors STAN peded,
Perhaps by There's.

Cleveland, March 1o-With thousands Of
panicstricken depositors clamoring at its
doors, the bank of the Society for Saw
ngs, of which Ex-Governor Myron T. Her
rick is president. faced this morning the
second day of run which apparently has
for its basis merely vague rumors. The
bank has deposits ot nearly $4,000, 600.
Ninety per cent of the frightened throng
that surrounded the building were women,
and nearly all were foreigners.
The scenes about the bank were extreme
ly picturesque. Outside, the long line OF
depositors. herded by hundred policemen,
chartered volubly in half q. dozen languages.
Every now and then an hysterical woman
would break from the line and make
dash for the bank entrance, only to be
led back weeping 10 her place by one of
the policemen The pavement around the
building had been hastily roped off BY the
city authorities. and no one was permit
ted inside the inclosurs save depositors.
Inside the bank the scene was of even
greater interest The cashiers. assisted by
a cta1 OF clerks, we're literally lading out
gold, silver and bills TO the excited men
and women who jostled one another around
the paying desks Conspicuously displayed
behind the clerks a table on which
was piled sl.50o.oO0 in currency Bags bulg-
! ing with coin and bundles Of bills were a
visible representation to the voluble mob
of wealth which they had realized only
in their dreams.
| BEYOND this visible wealth, statements
! printed I'm four languages were issued by
! the bank stating that s5.0o0,0o0 in currency
and government and other bonds 10 the
value of s3Oeo0,OOO were in their vaults. 1t
was also stated that the bonk holds real
100000. The officials also asserted that the
news of the run had brought offers of as
s's ance from the Bankers Trust Company
lad the American Exchange National Bank.
| IN New York. and financial institutions
elsewhere. and that 700 in bullion was
received to-day from the Eastern metrop-
| Oils
! There are So. 900 depositors in the bank,
/ largely drawn from the foreign element OF
the laboring classes. There has been, so
! far, no definite explanation given for the
:un, but it is known that a man has been
going from house to house in the mill dis
! trict warning the people that the bank was
unsafe and advising them to withdraw
! their money. One theory is that, like a
| run on a Chicago bank, il was started by
! thieves, who expected to reap a harvest In
the excited throng.
An announcement made by Ex-Governor
/ Herrick that the bank is fully prepared to
meet all demands eassured many of the
| waiting depositors and some of them left
the line.
THE bank has always been in me
shape" said Mr.. Herrick. but it was never
in better shape in all it's history than right
now. This bank had this sort of experience
years ago 1t weathered it then. will now
and always will"
The bank examined by the Ohio state
examiners and by committee of trustees
recently and everything was found in salts
( factory condition.
In an effort TO reassure the depositors.
President Herrick escorted a committee
representing the public at large through
the banks vaults tonight. The editors and
others who composed the committee found
that the SS0,0000O0 and more of face value
in securities represented actual value
hugely in excess of that amount.
AS no depOsitor is permitted TO deposit in
excess of 5000 in one account, it will take
two weeks of steady work TO pay out the
currency now on hand. President Herrich
announced tonight, however. that he be-
Eeved the panic to be practically over.