Irving Savings Institution (New York, NY)

Article Text

TIME ALLOWANCE

The Detroit Savings Banks Were Readily Held Up. DETROIT, June 13.-Fourteen savings banks of this city, in view of the tendency among depositors to withdraw their money, have issued a circular saying they will hereafter require the notice provided for according to law. A run of extensive proportions began on the Omaha Savings Bank at the opening this morning, and all morning the bank was besieged by depositors. Senator Henderson and Vice-President Kimball of the Union Pacific, directors of the bank, made speeches to the crowd guaranteeing them their money. but the run continued. One or two runs began at the opening, but business men began to make heavy deposits, and the State Bank Examiner assured depositors that the banks were all in first-class condition, when the excitement 8000 subsided. NEW YORK, June 13. - It has been rumored on the street that the National Lead Company would not declare a dividend on common stock this quarter, but the officers say a dividend will be paid and it will probably be declared before the end of the week. The sales by the company for the month of May are reported to be the largest in its history. Defalcations aggregating $70,800 were discovered in the Irving Savings Institution at 96 Warren street to-day. The shortage was discovered by the State Bank Examiners, who are still at work on the books. The officers implicated are Clarence D. Heaton of Brooklyn, president, who has overdrawn his account $27,100, ex-Secretary W. H. Burton of this city and Paying Teller D. D. Tompkins. After the discovery of the defalcation the resignation of the three officers named were received and accepted, and the facts reported to the District Attorney. Counsel for the institution to-night gave out a statement saying that the deficiency was caused partly by the overdrafts of Clarence D. Heaton and William H. Buxton and the abstraction of funds by D. D. Tompkins. The $25,000 overdraft made by Buxton was at once made good by him by the payment of that much cash and about $1,200 was paid over by President Heaton. The bank is said to have a clear surplus of $675,000. MOBERLY, Mo., June 13.-The Exchange Bank of Moberly made an assignment today for the benefit of creditors. There is no statement yet, but it is believed that payment will be made in full. OMAHA, June 13.-The American National Bank was closed this morning by order of the Comptroller of the Currency. No statement of the American Bank has yet been made, but the Clearing-house has refused to assist it. It is understood its affairs are entangled with those of the MeGague Savings Bank, which closed yesterday afternoon. The Clearing-house, at a meeting last

Article Text

MORE SAVINGS BANKS RUNS

Detroit Officials Put on the BrakesTrouble at Omaha. CHICAGO, June 14.- The savings bank run seems epidemic. At Detroit a run was threatened and the officers of all the banks met and agreed to require the time limit of all depositors. The run was started, but every depositor was required to give the legal notice, and confidence was partly restored. At Omaha there was a run on every savings bank in the city caused by the failure of the McCague bank and American National. McCague says he will pay every depositor. All the banks met the run with cash, and the run was greatly abated by night. The Nashville Savings company has made an assignment with liabilities of $282,000 and assets of $125,000. The Irving Savings institution at New York is short $70,000, due to the rascality of its president, secretary, and paying teller.

Article Text

Run on the Trying

NEW YORK, June 14. A run was started on the Irving savings institution this morning almost as soon as the doors of the place were opened. Treas urer Latimer said that the bank had in band a million dollars and could get that much more if necessary at a moment's notice. This is the bank in which was discovered a deficiency of $70,800. Three of the back's officials, the president, secretary and paying teller, are held responsible for the shortage.

Article Text

SMALL DEPOSITORS ANXIOUS

They Are Willing to Surrender the Interest Due in Order to Get Their Money. NEW YORK, June 15.-The run on the Irving Savings Institution was renewed this morning when the doors were thrown open. Over a hundred and fifty depositors made a rush for the paying teller's window. The police were obliged to use some force in forming them into line, 60 impatient were they. The majority of them were women whose faces plainly showed their anxiety. The publication of the fact of the bank's solvency did not seem to restore confidence among the out of town depositors. None of the large depositors were present Many of them assured Mr. Fanchere 1 hat they would not withdraw their money.

Article Text

THURSDAY, JUNE 15, 1893.

FOURTEEN PAGES.

THE NEWS THIS MORNING.

Foreign. The House of Commons took up clause 4 of section 1 of the Home Rule bill; one amendment proposed by the Opposition was withdrawn and the other was rejected. Count Kalnoky, in a speech, eulogized the Triple Alliance and reaffirmed the kindly feeling of Russia for Austria. Prince Bismarck is in favor of increasing the defensive strength of the German Empire, but not in the way provided in the Army bill. The Servia ran down and sank the American ship A. McCallum on June 7; all except one of the ship's crew were rescued. There have been 155 deaths from cholera at Mecca since Friday.

Domestic. The Infanta Eulalie left Chicago for Niagara Falls. The Baackes Wire Nail Company, of Cleveland, assigned; a number of small banks in the West were forced to suspend. Commencement exercises were held at Princeton, Vassar, Miami University and other institutions. The Borden murder trial went on at New-Bedford, evidence for the prosecution being continued. Ex-President Harrison was among the visitors at the World's Fair. Chief Justice Bingham, of the District Supreme Court, refused the mandamus asked for by Colonel Ainsworth, and declared the proceedings before the deputy coroner in the Ford's Theatre case illegal.

City and Suburban. The Clearing House Committee is to ask the association for authority to issue certificates. There was a mild run on the Irving Savings Institution; depositors were paid in full, and further demands were provided for. The yacht Navahoe was reported to have been in collision with a New-Jersey pilotboat. New-York defeated Chicago at baseball, by 15 to 11; Brooklyn won from Cleveland by 4 to 2. Commencement exercises of Columbia were held. The body of a little girl who was probably murdered was found in a cellar. Rapid Transit Commissioners anxious to meet again. Winners at Morris Park-Sirocco, Reckon, St. Julien, Prince George, Don Alonzo, Old Dominion and Ellen. Stocks irregular, but not specially active; Atchison was extremely weak and the exceptional advances were in Louisville and Nashville and a few specialities. Money ruled at 6 per cent until late in the day when the rate advanced to 10 per cent.

The Weather. Forecast for to-day: Increasing cloudiness and probably showers in the afternoon or evening. Temperature yesterday: Highest, 83; lowest, 66; average, 73 1-8.

Article Text

MANY GO DOWN

Eastern Banks and Mercantile Concerns Yield to Pressure. NEW YORK, June 15.-C. Cottier & Son, diamond-dealers, assigned to-day. The liabilities exceed $100,000. The cause is poor business and heavy losses by recent failures. The assets are equal to the liabilities. The run on the Irving Savings Institution was stopped this afternoon. All the depositors were paid promptly and in full. ARKANSAS CITY, Kans., June 15. - The First National Bank of this city, one of tho oldest, and generally believed to be the strongest financial institution in the Southwest, failed to open its doors this morning. The deposits are reported to be $600,000. ANDERSON, Ind., June 15.-The Farm-

Article Text

RUNS ON BANKS ENDED

The Omaha Savings and Irvings savings, of New York, Stand Solid. OMAHA, June 15.-The run on the Omaha banks is practically over, the Omaha Savings bank, which caught it the hardest, having passed through a two days' siege apparently without inconvenience, and today there was no indication at any of the banks of the strain of the past fortyeight hours. NEW YORK, June 15.-A run on the Irv. ing Savings institution, which started yesterday, continued until this afternoon, and all the depositors were paid promptly and in full. The run eased off this afternoon, and is believed to be ended.

Article Text

IRVING BANK RUN ENDS

NEW YORK, June 16, 1893. - The Irving Savings Institute was opened at half past nine o'clock this morning and at that hour there were but a dozen persons waising to withdraw their deposits. The run is believed to be entirely over, and the bank has a large amount of cash on band in redeposits. During the two days's run on the bank $179,000 were withdrawn. The institute secured this money by carefully distributed drafts on banks with which they hod accounts. Now that the run is over the whole forca of clerks wili go to work to find the exact condition of the bank's affairs.

Article Text

A Second Run on a Bank. NEW YORK, June 15.-A run on the Irving Savings institution was started his afternoon. All depositors were paid promptly and in full. The run eased off later in the afternoon and it is believed to be ended.

Article Text

Secretary Latimer and His Bag.

NEW YORK, June 15.—The run on the Irving Savings institution was resumed this morning. As soon as the doors were thrown open, two hundred depositors made a rush for the paying teller's window. At 9:20 Secretary Latimer, followed by a body-guard in the person of bank detectives, forced his way through the crowd, clutching an alligator skin bag containing $40,000 in small bills. Over twenty accounts were closed in the first hour, during which time $15,000 was withdrawn. None of the large depositors were present, and many of them have assured the bank that they will not draw their money.

Article Text

End or the Irving Savings Bank Run. The run on the Irving Savings Institution at 98 Warren street ended yesterday. Several shamefaced depositors who drew their money out on Thursday opened new accounts with the bank yesterday. I

Article Text

CRIPPLED FINANCIALLY

Run on the Irving Savings Institution Has Ceased. NEW YORK, June 16.-The run on the Irving institution ceased vesterday afternoon, since which time there has been no demand by depositors for the withdrawal of their deposits. During the three days which the run continued $394,000 was withdrawn. The withdrawals were made chiefly by small depositors, and no effect has been felt by the bank. which had about $700,000 in reserve funds. BOSTON, June 16.-Hon. Moody Merritt, the missing business man and trustee, was today formally declared to be an insolvent debtor. Os WEGO, June 16.-Angell, Matthewson & Co. filed at Oswego this evening a deed of assignment of all their property. The liabilities are $100,000; assets not yet known. BROWNWOOD, Tex,, June 16.-The -