New-York tribune., 1912-02-17
RUN ON EAST SIDE BANK
Adolf MandeI Thinks Crooks
Caused Demand for Cash.
SAYS He HAS AMPLE FUNDS
Children of Neighborhood Be.
come Alarmed and Want Money
Left with School Principal.

A run on the bank Of Adolf Mandel, at
No 155 Rivington street, which began yes
,er0ay morning and lasted ell day. was at
,ributed by the banker to revenge on the
mart Of thieves and crooks who are mem
nArs of East Side gangs which he has tried
10 break up. He also said he thought pick
rockets wanted to set the depositors to
withdraw their money so that they might
be robbed after leaving the bank
All Thursday night hundreds Of excited
deposltors, most Of them foreigners. waited
IN front Of Mandels bank, and when the
doors opened yesterday morning the head
Of the line rushed in to the cashiers win
dow. All day long the depositors fought
and scrambled for better places In the line,
and BY p. m. $4,000 had been taken out
Mande declared he had plenty Of money
and that offers OF financial assistance had
been declined.
He was naturally worried, but said that
when the run was over he would fight the
thieves harder than ever. Late in the
afternoon he hung out notice in big red
Tiddish letters. Translated, 1t read as fol-
lows;
In order to satisfy the depositors in this
bank, we will keep open one hour later
than usual this evening Tomorrow we
win open, at the usual hour in order 70 al
low all depositors who wish to to draw
their money. Have patience, your money
is as good as gold.
But there was not much Of a cheer when
the notice went up. The depositors kept
on going in with their passbooks and com
ing out with their money. Police reserves
from the Delaney street station and
squad Of detectives under Captain Foye
were scattered through the crowds and
watched for pickpockets and quieted the
more excited Of the depositors. In the af-
ternoon the line reached one block to Clin-
ton street and then half way down to De-
lancey street.
Many deposits were made in the bank
and some of Manders friends offered him
money, but he refused. Later he announced
that he had drawn $4,000 in cash from the
Jefferson Bank, Corn Exchange Bank and
the Lawyers Title Insurance and Trust
Company. This money was taken to the
bank in taxicabs and police had 10 make
a lane through the crowds to give the
chauffeurs room. Heaps of gold, silver and
paper money were placed in the windows,
but the police would not let the depostors
get near enough to the glass to smash It.
According TO Mandel, there are about ten
thousand depositors, with small accounts.
zone being more than $3.50
Mandel, who lives at No. 66 East S7th
street, has been a private banker on the
East Side since 1855 and has large inter-
ests in financial institutions there. He is
also a large owner Of Bronx real estate.
He has an excellent reputation, HIS neigh
bors say. He says he has $4,000 or $4,000
Of his own money in the bank--plenty 10
meet the run.
When he found that shopkeepers in the
neighborhood were buying depositors' ac-
counts at profit he informed the deposit
tors and shopkeerers through detectives
that the transactions would not be recog-
nized at the bank.
One odd feature of the run was due 10
the children Of Public School 100 oppo-
site the bank. at Rivington and Suffolk
streets. Many children who had mingled
in the crowd-some Of them children OF de-
postors-rushed 10 Or. Fiemming. principal
OF the school, who some time ago started a
bank for pupils and put the funds in the
Bank for Savings. at 22d street and Fourth
avenue The children wanted their money
and DR.. Fleming paid what he could at the
time and made arrangements TO get the
balance from the bank. but later in the af-
ternoon fifty children who had taken out
their money went to Or. Flemming and
their accounts we're re-established.
Some OF the depositors in Mandefs bank
put their money back in the afternoon, but
they lost their interest. which will not be-
gin again until July.
II was decided late in the day TO close
the doors Of the AIandel bank an hour
after dusk, which was an hour after the
beginning Of the Hebrew Sabbath. Depos-
itors were notified that the bank would not
open again until S o'clock this afternoon.