13860. East River Savings Institution (New York, NY)

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A Run on the North River and Franklin Savings Banks. Other Institutions Slightly Affected. Interesting Opinions of Bank Presidents. THE SUSPENDED INSTITUTIONS. During the whole of yesterday there were rumors that heavy onslaught was being made on savings banks in this city, Williamsburg, Brooklyn and Jersey City. In fact, the reports made it appear that worse panichad overtaken the banks than the most disas trons ever before experienced. It was found, however, by inquiries the various offices that no serious trouble either existed or was anticipated. There were only Swo institutions in New York discovered in which the number of depositors present gave ndication of any alarm. These were the North River and West Side savings banks. At both these there were congregated a large number of people anxious to take their money into their own keeping. Both, however, are consid. ered to be perfectly sound institutions. and from their last published statements. show good line of securi ties and capacity to fully meet all demands. The weaker banks, which are considered by the Bank Superintendent to be on the eve of suspension, were not thronged by their creditors, and the total amounts withdrawn from them were but little in excess of the usual daily outgoings while many new accounts were opened. There was, however, an mistakable un. easiness manifested in regard to all savings banks. The sums withdrawn from the several institutions. however were found to only aggregate from 2,000 to $5,000 over the general daily average. That there IS among the banks an apprehension of possible panic cannot be denied. But the universal opinion appears to be that it would be better for the sound banks as well as for the public that the weak banks, which have not enough deposits to do paying business, should now be closed and leave only sound institutions, The number of savings banks is greatly in excess of the demand. By their weeding out public confidence will, it is contended, be restored. The State bank examiners, under the direction of the Superintendent, have been making thorough investigations during the past two months, and the results are daily looked for in applica. Lions to the courts for the appointment of receivers. BANKS SIDE THE EAST were visited individually yesterday. and generally but little excitement was noticed among them. In no single instance was there found any crowd of depositors seeking their money although there were noticed in many instances slight excess over the number of applicants usually found BANK BOWERY THE SAVINGS gave no indication of any uneasy feeling among its de. positors. The President, Mr. Samuel T. Brown, stated that they had experienced no run and did not anticipate any. There had, however occurred several instances where depositors had withdrawn their balances. owing, doubtless, the uneasy feeling which generally prevailed He was of the opinion that the weaker. smaller banks would have succumb and would be better that they should do tree the Their His the be he public. bank. benefit would closing said. had ailed itself of the sixty days clause and did not intend do so. BANK BOND THE There scene in regard to this bank The President stated that there been during the day between and 000. The usual daily outgoing about $1,500 2,000. Many new deposits were made. This bank in its last January statement had an excess of assets over liabilities of STREET BANK officially called, 'The Bank Savings in the City New the faintest signs of trouble. This the oldest bank the city, has a surplus of more than $2,000,000 over and above all liabilities. The Broadway Savings Institution. the Dry Dock Savings Institution the Citizens' the Emigrant Indus trial Savings Bank were all visited, but nothing of the ordinary business done. There was who wished to said, only draw out his balance, which was prom paid over In many cases these were hour two afterward deposited. They had none of them availed themselv es rule. day of the sixty The East River Savings Institution had. said the offi cers, experienced run and did not expect any The Eleventh Ward Savings Bank and the Savings Bank had experienced no run. neither had the Harlem, the Institution for the Savings of Clerks or the Manhattan fact. for the most part the offices of the east side banks appeared to be almost deserted and where there were any withdrawals it was done quietly and with but little show. THE BANK, which suspended on Saturday last, still remains closed and considerable doubt exists whether will ever be resuscitated. There were no new developments yesterday. AVENUE THIRD THE BANK Mr. Carman the present still remains in possession. The order for his removal had not been served him up to tive o'clock yesterday afternoon One fact curious yesterday ascertained which may some difficulty and possible to the depositors. This is that the bond for $115,000. given to the trustees : make up the effciency after the last 1872. bank run viding that should not be claimed from the bond.i 1883 The trustees on this until said, has always been promptly paid over. The represent Bention assistants and the enof tailing cost about $50 day, which has to come out of the depositors funds THE BANK A meeting of the directors the Security Bank was fheld last night the bank building, corner Thirty. fourth street and Third was determine take any action with regard to the closing or of the bank until the wishes of the bulk of the largest depositors had been consulted This will ac once done BANK THE PEOPLE'S remained closed all vesterday, and apparently without even the janitor in the offices. for no admission could of the ctual conditions affairs obtainable. but the reports lated in this regard esterday tend the belief that the dividend likely be realized by the depositors will small unless the trustees decide pay over much larger sum than their bond calls NORTH BANK On Saturday morning the on the North River corner Thirty fourth Eighth the o'clock again bank the soon o'clock. nine six Thirty from Saturday out dollars and that It be extent ten morning there dozen to kept others. paying three the At day. and inside all noon the their quested in the opened last paying night applicants fast came. did them, to The manner. orderly along President, Mr. John Hooper. 174 Thirty fifth street President Mr William B. Stafford, West James Bennett, East during Bennett. immediately profit The had Saturday the $200. about in available cash. and had paid out about $80,000. meeting was held at President Hooper house business was over consider what