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RUN ON UP-STATE BANK. Foreigners Misunderstood Kilburn's Report-Institution Not Harmed. Schenectady, N. Y., Jan. 8.-Because of a misapprehension regarding the recently issued report of F. D. Kilburn, State Superintendent of Banks, there was a run to-day on the Schenectady Savings Bank, one of the oldest and most conservative banking institutions in the State. The demonstration was confined practically to foreign speaking persons. Efforts were made by fellow countrymen of the excited ones to persuade them of the groundlessness of their fears and to induce them to leave their money in the bank. These, with the publication this afternoon by the directors of a statement of the bank's sound financial condition. relieved the apprehension, and the officials are confident that the run will not be continued to-morrow. The result of the run has been to cause many persons to lose a considerable amount of interest on their deposits, as it is not payable until next week and is forfeited by withdrawal. While the excitement was at its height Jonathan Levi, a grocer. who is lying dangerously ill at his home. heard of it. and drew $10,000 from one of the other banks. depositing it in the savings bank. Other business men, as well as the other banks. offered to come to the rescue, but the savings bank had money on hand to pay five times the amount withdrawn, and had thousands of dollars in Albany that could have been obtained at an hour's notice, so that there never was any danger that all demands could not be met as soon as presented. Many who withdrew their deposits to-day say they will return them early to-morrow morning. The incident is one of the most peculiar in banking history. When the report of Superintendent Kilburn appeared, it was translated into the languages spoken by the various foreigners working in this city. the labor being performed by volunteer interpreters. The criticism of trust companies and recommendations regarding legislation affecting them, were not understood, and a fear gained ground that all was not well with the savings banks here. in which thousands of foreigners deposit their money every week. Yesterday afternoon the first evidences of this misapprehension appeared, when scores of the of foreigners drew out their modey. The report their action caused unrest throughout the city, and this morning, when the doors of the institution were opened for business at the usual hour. there was a large crowd of excited forwho demanded their deposits. These to them by the bank to New-York last evening, sent eigners, were given in officials, anticipation who of a run, for a supply of cash. At noon every one had received what was demanded. Hundreds of English speaking depositors, who were alarmed by the reports concerning the bank, went to the bank, but when they learned the real situation of affairs they laughed at the excited victims of their own ignorance, and went back to their work. This afternoon the president of the bank, D. Cady Smith, made a statement of the institution's financial condition. The statement includes the figures given to the State Banking Department on January 1, and shows that the resources are $3,842,690 65. It says that. after paying all depositors, the bank has a surplus of more than $190,000. Albany, Jan. 8.-When Superintendent KIIburn heard of the run on the Schenectady Savings Bank he said: The whole thing is an absurd though serious mistake. due to the fact that this bank is in the with the trust company and to the of the foreign of the strongest and I am told that of were made to same offers banks misapprehension This is building of in one the assistance State. speaking safest the all bank sorts savings people. by other strong institutions and people of Schenectady. but that they did not need help.
