Click image to open full size in new tab
Article Text
NEW YORK July 31. With this morning the savings banks of this city, as a rule, began to take advantage of the sixty-day time clause. That is, the bank officials made use of the prerogative in cases where large amounts were concerned, or where such action was deemed necessary, to check the withdrawal of money for hoarding or in senseless fright. But while nearly all the banks claimed the privileges of using the time clause, still, in comparatively few instances was it applied. visit to the principal savings banks of the city this morning disclosed the fact that about the usual amount of business was being done. Perhaps a trifle more than the average number of depositors were waiting their turns to draw money, but on the other hand, in most of the banks, there were corresponding lines of persons anxious to deposit money. The general impression seemed to be one of confidence in the banks. There did not seem to be anything like a "run" anywhere. Presidnet Demarest, of the Irving Saving Institution, said this morning that his bank was taking advantage of the time clause to a certain extent-that in cases where large amounts were concerned He said his bank was doing so because so many other banks were doing the same thing, and such action was necessary for self-defense. All demands up to $100 were met without question. The bank was doing its usual business this morning, with lines at the windows of both the paying and receiving tellers. At the Emigrants' Industrial Savings Bank, No. 51 Chambers street, President rule McMahon said that the sixty-d was enforced only in rare instances, and where the amounts concerned were large. This morning his bank had taken advantage of the clause in the case of a few depositors. President McMahon said, however, that the bank did not mean to enforce the rule where it would mean hardship for the depositor. One depositor, who wished to close a bargain, was permitted to draw $1,500 this morning "All we are trying to do," said Prestdent McMahon, "is to stem the tide of needless money hoarding and the fright of the depositors. President McMahon, however, was of the opinion that the time would come when all the banks would be obliged to inforce the rule to avoid being forced to fall back upon their securities, which they, of course, cannot afford to do if it can be avoided. The bank was doing its usual business this morning, both taking in and paying out money. At the East River Savings Bank, No. 3 Chambers street, the usual business was being transacted. President Slocum said the bank had not resorted to a use of the limit clause yet, but would do so if circumstances should arise which warranted it. Secretary Hutchinson, of the Broadway Savings Institution, No. 4 Park place, said that his bank was taking advantage of the time clause in cases where large bank amounts were concerned. The paid out $40,000 Saturday Run on Savings Banks. NEW YORK, July 31.-At all of the savings banks here and in Brooklyn today an unusual number of nervous depositors wanted their money. More than three-quarters of these were women. A the east side banks, where the depositors are mostly foreigners, the runs were the heaviest. They all declare that they are more than able to meet with their cash balances the demands that will now be made upon them. They expect that the excitement among the depositors will subside by the end of the week at least. Throughout New England savings banks e announced their intention to enforce time clause in their by-laws, varying from one to four months in different localities. More Bank Failures. AKRON, O., July -The Akron Savings Bank suspended this morning. Its suspension was caused by the closing of the Citizens' Bank Saturday That created a run Saturday night, resulting in the withdrawal of over $15,000. To avoid Monday's rush the bank put up its shut ters. The total resources are given out as $973,634.33; total liabilities, $522,460. William Buchtel, president of the institution, has been appointed receiver UPPER SANDUSKY, O., July 31. The Wyardotte County Bank went into the hands of receivers to-day. The bank officials claim the assets are sufficient to pay the depositors three times over. Heavy runs last week among the farmers caused the suspension. John Layton and Dr. R. N. McCornell were appointed as receivers. No detailed statement has been given out yet. HORNELLSVILLE, N. Y., July 31 The private banking house of N. M. Crane & Co. closed its doors this morning. Suspension is attributed to the general stringency prevailing in business circles and the value of assets are stated to equal the liabilities, but cannot be realized on at present. MILWAUKEE WIS., July 31.-A special to the Wisconsin from Ashland says: First Natier al Bark of this place failed to open its doors to-day. Other banks of re experiencing runs 1 consequence the First National failure PORTLAND, ORE., July 31.-The First 1 National Bank of East Portland, failed to open its doors this morning. state. 1 ment published July 12th the resources of the bank to be $300,000; deposits, $150.1 s 00. SPRINGFIELD. MO., July 31.-The a Springfield Savings Bank, with a capital of $25,000 and deposits of about $100,000, The made an assignment this morning. bank is solvent, and will pay in full DALEGO, ORE., July 31.--The First I Bank closed its doors this t morning. National The suspension is due to the S closing of the Commercial National Bank, o of Portland. t ORE., July Pena PENDLETON, Savings Bank has temporarily o suspended. lleton P.T. Cox has been appointed 1 à receiver. PORTLAND, ORE., July 31 The failed Commercial I Bank, of Cottage Grove, his morning. Appointed by the President.
