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IN FEAR FOR THEIR SAVINGS. FRIGHT AMONG DEPOSITORS IN SMALL EAST SIDE BANKS-WHAT SAVINGS BANKS PRESIDENTS SAY. The war with Spain has had one peculiar effect on the people who live in the more crowded tenemen: sections of the lower East Side. Many of these people have become alarmed at the war and for their little savings. Many of their small hoards have them taken had deposited fright do business in some on of the hundreds of private banks that the East Side. The Italians and Polish Hebrews are particularly Inclined to this disposition of their savings. Some of them deemed It safer to take their savings from these banks and secrete them at home. In consequence of this there has been some excitement about these small banks. A little time will doubtless reassure these people and convince them that no bank will become any less safe because of the war. The most important bank effected by the war scare is the State Bank. at No. 368 Grand-st. This. however. is not a savings bank. but it has a foreign department in which it takes deposits on which it allows interest. Fifty or sixty people were lined up in front of this bank awaiting its opening yester. day morning. Four policemen were on hand to preserve order. Just before the opening a carriage drove up and four large bags of silver dollars were taken into the bank The persons who wanted to draw their money from the bank were sent into the 1a. basement one by one. They appeared to be horers or proprietors of small street stands and pushcarts At the same time there were nearly as many people going into the bank to make deposits, to and they laughed at the fears of those wishing draw their money The bank's officials said that they were prepared to meet all emergencies. and referred to the fact that they were not even demanding the legal thirty or sixty days' notice of withdrawal The war excitement has not caused any anxiety among the officials of the large savings banks. as will be seen from the following interviews with the presidents of some of the largest savings institutions in the country John Harsen Rhoades, president of the Greenwich Savings Bank, No. 248 Sixth-ave., was seen No. last night by a Tribune reporter at his home. 355 Madison-ave. about the feelings of savings banks depositors. He deplore the fact that some the people should withdraw their savings from banks on account of the war scare. because they rot only lose their interest, but often make unfortunate Investments with their idle capital Continuing. Mr. Rhoades said: 'There is no run upon the savings banke, but been the withdrawals during the last thirty days have the spasmodic and heavier than usual, owing 10 alarm which always follows an ex elted condition ignorant especially among the timid and the weak. through a war scare, classes. of tal balance the The public. losing are apt their safe to think men- from that their homes and property are not n. withand these. especially the won that invasion. savings, not knowing why. except the afraid. To a limited extent, in a they are the present time. The banks are case with ample reserves or strong draw at their position. taken and such plenty place is of No commercial panic has exist to cash. take place. for the conditions do not or less. will a crisis. A few millions. more create such banks before be withdrawn from the savings will may be ends. The moneys so called for then promptly the scare paid. the fright will die out. is all and there is the in will be returned, and that such money the whole situation. The pity of It is cannot that be depositors as do withdraw their money in the are made banks are to understand absolutely the safe: best that in that their the the country, savings securities and hell that war. of by all the places banks to savings put money bank for safety So far during as my a own bank the best is concerned. is a while deposits are accounts not so large daily opened as withdrawals. is about the the number same of as new those closed. and sometimes P. Townsend, exceeds them. president of the Bowery of Sav- the John one of the largest institutions Tribune ings Bank. the world. when seen yesterday by a the war kind in talked willingly of the effect he said: of on reporter. savings banks. In substance the there is any extraordinary excitement savings in Whenever people's affairs it always affects more the or less People in these times draw or banks the savings banks and send it away money from in their stockings There has been there nothing may keep it with us in this bank. although usual in unusual have been a few more But drafts who can drawn say than what caused the last few days. asked the people who drew drafts it? We have not We have paid many of the drafts why they did so. the joke of the thing. Talking in gold rather for who can tell whether the from war excitement seriously. however. is causing withdrawals of deposits moneys in this The people who have this the banks? the other large savings banks has in bank and are mostly working people. Now. inon many large city vicinity work been stopped schoolhouses. contracts, street not East River Bridge. of this cluding the etc.? Has not the stoppage and In improvements. deprived many people of employment. should draw work it is but natural that they banks until they go to on consequence savings savings work banks. again. the have money in the All these people Mills. president of the Dry Dock Savings been Andrew No. 343 Bowery. said that there had bank DO Bank, excitement at among the depositors in his
