8bd96a1cAccommodated withdrawals, Public signal of financial health
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A RUN ON THE STATE BANK IN GRAND-ST. Since Saturday there has been a run on the State Bank at No. 378 Grand-st. The trouble was caused by the reading of a newspaper by the Polish Jews, who are the principal depositors in the bank. On Saturday morning a Jewish paper published an item stating that the Nebraska State Bank had closed its doors. In the story the word Nebraska was abbreviated to "Neb," and the ignorant hundreds who do business at the bank mistook this for
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one in 100 has turned up at the banks scare" in his or her eye. and not one in has withdrawn his or her money. At three of the banks was there a crowd. were the Emigrant Industrial in Chamstreet. the Bank for Savings in Bleecker and the German bank at Fourth avenue Fourteenth street. At the Emigrant bank esident McMahon said: The run. if it can be dignified by calling it 18 over. There is n pretty fair crowd DOW. but not all of them are after money. of them want their interest. which is due, and a good many of them are desitors. A crowd the size of the one we have may continue for several days. but It is significant. There is not a particle of danthat this bank or any other bank will run of cash. or that any depositor in need of will suffer for the want of it." President Quintard of the Citizens' Savings and President Wood of the Bowery Bank said the flurry had ended. The German vings Bank has a small banking room. That he reason whv the crowd there stretched out the street on Monday and again yesterAll told not more than $30,000 was out of the bank yesterday. and half as was deposited. Not more than fifteen were at the Greenwich Savings Bank one time. while at the Union Dime Bank room was absolutely empty when the recalled. 'here was about half as big H crowd as on uday at the Bleocker street bank. In the the officers posted a notice that no hdrawals exceeding $50 could be made beOct. 16. Oct. 16 1s one of the four days the by-laws specify as pay days. Persons deposit in the bank sign an agreement to effect that they will not ask for money exon these four days The run on the State Bank at 378 Grand is practically over. The depositors have been convinced that the Nebraska State is not the State Bank in Grand street. hadn't reasoned it out, but they have convinced by the arrival of cab loads of dollars destined for their pockets. They want silver dollars. he head man or adviser of some east side had an idea early yesterday and set a press at work turning out blank conwhich he proceeded to fill up for his How many he sold is a question. but Presidents of the big savings banks are pared to swear that his presses must have red hot running to supply the demand. every man who wanted to raise the limit the banks yesterday brought a contract him. These papers were all the same. the word contract printed on the outside inch long. There were contracts to purgroceries. to purchase lots. horses. cows. houses. saloons. butcher shops. dry stores. rubber goods stores. restauhotels. bath houses. millinery stores. nishing goods. clothing. fancy goods, sportgoods. and every other kind of stores. summer cottages. and what not. Every called for the payment of anywhere $75 to $1,000, according to the size of the deposit of the holder. and all these paywere to be made on Aug. 1 at noon. a dozen or so of these devices may have the bearers to draw out all their from the savings banks for "actual but by the time that many had been upon. and the line of waiters still nbered forty or fifty. the bank Presidents tired. and wondered if the whole town had tracted to sell itself. After that contracts go. Most of them were in one hand-
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to Wall Street Begins Take Heart. PLENTY OF GOLD COMING. All Is an Easier Feeling Around And There in the Financial World. Special to THE MORNING CALL. Wall street NEW YORK, Aug. rates 11.-0n of sterling 87 near exthe posted to $4 82 and $4 weaker to-day change dropped the market was were fully close. and actual rates highest the ever. The yesterday's The fact than cents below drop. gold four phenomenal on currency and for practically figures-it that the premium Arrangements accounts are has demoralization. gold from Paris. to$1,000,000 completed the having to import been engaged there precautions day. The Bank of Germany stock of took gold intact per cent. by to-day to keep its of discount Bank to 5 of Engraising the rate from the shipment to were offerings land The United withdrawals to-day States. £220,000, The delivery for this morning of spot It the for immediate but trades declined. morning were gold 1/2 per cent, that by Monday the stock count at 3 to 4. $5,000,000 is estimated will Money be added on call to was abundant here. first time loans at 6. in weeks there Mercau- cur- was For the time for some business in The demand money-brokers rile paper is so quiet. brisk, and business. The cash rency is a not falling off out in as the little actual easier. report are paying is somewhat quotaThere were no 3 asked. from as banks possible. Silver sales and the only Liverpool, arrived in tion The is steamship 73 this Normannia, morning. She brought been com£906,967 Long gold. Island Railway payment has of employes of The suspend the to get currency small pelled to of inability The meu refused of the checks. The has taken possession and $1,000,000. Electric susCompany. Equitable It has the capital methods of of is very the bitof Bank State with with pended especially as to its and its relations Peter ter, Treasurer Democratic Danforth machine. is a partner that it was the State one of the receivers, It is now believed Edward Meyer, Croker. efforts of Hill. Murphy. Croker in the bank. Stokes. Richard through an intimate and the other friend machine that of leaders, large a director money to-day that amount and of State learned himself with- $50.bank. It was of the amounting to the the directors deposit. did, namely, drew of his own way Danforth next morning also 000. in the the same -house, director the State through the failure. to withdraw directors might the advised after Danforth so the liability to money that of way. their personal they having given relieved money, deposit. State for the cover the Secretaries personal WASHINGTON bond Cariisie to Aug. and Bissell Deer 11. Park, left Wash- Maryafternoon for till Monday. conthis will he had a land. ington Greshaw, where Secretary they Carlisle remain Secretaries left Hamlin AssistBefore Assistant Morgan and the was ference with Treasurer in regard to deant and Curtis, Treasurer of Meline currency. means and it at the putting discided great dearth to exhaust treasury every to assist in currency vosal of in the circulation.irty-two and offered thousand to All the Six hundred of silver 731/2 were to 76 cents. to-day $0.7515 response to ounces treasury was declined and at 11.-In corporation. Lendered. CompBUFFALO, Aug. local opinion that questions by a has given checks AD as currency is troller certified scheme bearer. and not the use contrary certified of to checks to law. be used for The $5 in and payment men $10. here paymake business of measure able to Bankers Bankbring a large to the Associated action wages. it will Advices similar relief at to the effect employers and being Hartford. Vernon Press believe are arranged once. by that Conn. banks (Tex.) at Aug. has Cattle is CHICAGO, Danbury District and 11.-The Court Land appointed and of land special receiver for the owns Espula 60,000 It acres an English inCompany. head It of cattle the company Over is concern. solvent, Winvolved. and 35.000 It is claimed to mismanagement. Beach Chicago recently $1,000,000 is Aug. 11.- The H. Walker. failed, the Hotel, CHICAGO in merchantockholder. which James who went notel into dry-sonsominent sto to-day. The cause was bands a of a receive cost AS inability The of the its bonds. of $300,000. The run on and the furnishings is stated company admits the sell indebtedness Aug. Bank 11. continued to-day, checks amount Fourth bank check There was NASH National the officers Any decided over to that pay no of only but for $100. certified checks. but general feeling The excitemented is paid in to-day. the Tex., community. -Aug. 11. The suspended. liabilities $86,000. Waxannchie asse:s are $ 206,000 tringency Bank and is has the the cause. CAN Money KEEP LIQUOR.
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TALKED BACK TO THE UMPIRE. Baseballist Duffy Can't Agree with Justice Schuchman at All. A motion of M. E. Duffy, formerly a professional ball player, appointed in 1894 to take charge of the assets of Israel Pike and Clara Schulhof under a judgment obtained by the State Bank, to be discharged from the receivership and have his bond cancelled, came up before Justice Schuchman of the City Court yesterday. Counsel for the bank opposed his discharge on the ground that he had not accounted for $25.06 which he had received from the Louisville Trust Company belonging to the defendants. A receipt for the money bearing the name of Duffy was shown to the Court. " Is that your receipt 8" asked Justice Schuchman. It looks like my signature, but I did not receive it." said Mr. Duffy. "Well, unless you pay it," said the Judge, "I will deny your motion and tax you $10 motion costs." Mr. Duffy said the Court was exceeding its authority, to which the Judge rejoined: "I'll assume I have jurisdiction and you'll do as I order." Mr. Duffy again remonstrated with the Judge in a heated tone, and the Judge said: Take your seat. sir." No, I won returned the receiver. "I'll get out of here.
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How Bank Runs Start. From the New York Sun. "We have put out no statement of any kind," said President Oscar L. Richard of the State Bank. "Our experience is that it is worse than useless. Tell these people anything and it only arouses their suspicion the more. The only thing that talks to them is money. "The most trifling cause is sufficient to start a run here. In 1895 a man fell in an epileptic fit on the frontstoop. Of course, a crowd gathered. The sight of the crowd sprung the idea in somebody's mind that the bank was in trouble, and in no time we had a run on our hands. It kept up for days. "In 1893 a Yiddish newspaper that circulates here printed one day the headline 'Neb. State Bank Fails, and below it an account of the failure of the Nebraska State Bank. Now, in Yiddish there is a word nebbig. It means poor. The readers of the Yiddish newspaper interpreted 'Neb.' in the headline as an abbreviation of nebbig, and they read it 'Poor State Bank Fails.' That was enough. They came down on us like a deluge, and we had a run that lasted two weeks. "On another occasion a boy in front of the bank shouted 'Fire!' A crowd gathered, and again we had a run on our hands. "So in this case we have issued no statement, and will issue none, because it is of no earthly use."