92f3701dAccommodated withdrawals, Books examined
Other: Directors explicitly resolved not to invoke the 60-day notice; large cash payments made over several days.
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Run on a Boston Savings Bank. BOSTON, March 15.-A run on the Five Cent Savings Bank here is in progress, and there is a rumor that the institution will enforce the sixty days' notice. It is one of the largest sa is ings banks in the state, and there is no reason at present to doubt its soundness.
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BANK TROUBLES. RUN ON BOSTON SAVINGS BANKS. A PANIC AMONG DEPOSITORS-THE FIVE CENT BANK pronounced SOLVENT-ONLY THREE BANKS PAYING ON DEMAND-ACTION OF THE STATE SENATE. BOSTON, March 15.-The run on the Boston Five Cent Savings Bank, which begun yesterday, has developed to a general panic among savings banks depositors. School-st., where the Five Cent Bank is situated, has been blockaded by a crowd to-day, and the excitement has been intense. The committee, which have been engaged in examining the securities of this bank for the past two weeks, say that after deducting all the depreciation which the assets, embracing stocks, bonds, etc., have suffered since the last statement of the bank was made. and allowing $167,000 with which to pay interest falling due on the 1st of April, the bank will still have a surplus of $429,000. The uneasiness has spread to the Franklin Bank on Boylston-st., one of the strongest savings institutions in the country, the managers of which have applied the brakes in season to prevent the calamity which has overtaken some other banks. The amount paid to dopositors on demand has been limited to $25, and sixty days' notice is required for all sums over that amount. This reduces the number of banks in Boston which are paying in full on demand, to three. An unusually large number of depositors in the Provident Institution for Savings, partaking of the general scare, applied for and obtained their money to-day, and the same is true of the Suffolk Bank; although these banks are, as far as is known, solvent to the last degree. The bill enlarging the powers of Savings Bank commissioners passed the Senate to day. It empowers commissioners, when the security of depositors requires limitation of payments, to direct any savings bank as to the time and amount of payments, and any person aggrieved by such Order shall have the right to uppeal within thirty days to the Supreme Judicial Court.
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RUN ON BOSTON SAVINGS BANKS, A General Panic Among Depositors-ApplyIng the Sixty Days' Rule. BOSTON, March 15.-The run on the Five Cent Savings Bank. which began yesterday. has developed into a general panic among savings bank depositors. School street, where the Five Cent Bank is located. has been blockaded by a crowd to- day, and the excitement has been intense. The committee which has been examining the securities of this bank for the past two weeks say that after deducting all the depreciation which the quick assets. embracing stocks. bonds, &c. have suffered since the last state. ment of the bank was made. and allowing $167. 000 with which to pay the interest falling due on the 1st of April, the bank will still have a surplus of upward of $429,000. The uneasiness has spread to the Franklin. in Boylston street. one of the strongest savings institutions in the country, the managers of which have applied the brakes in season to prevent the calamity which has overtaken some other banks. The amount paid to depositors on demand has been limited to $25. and sixty days' notice is required for all sums over that amount This redu es the number of the banks in Boston which are paying in full on demand to three. An unusually large number of depositors in the Provident Institution for Savings, partaking of the general panic, applied for and obtained their money to-day. and the same is true of the Suffolk. although these banks are, as far as is known. solvent to the last degree.
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Run on a Savings Bank. BOSTON, Mass., March 15.-The run now causeless is on the five cent savings bank; one of the largest savings banks in the State. The run on the Boston five cent saving bank begun yesterday, and has developed into a general panic. The whole street, where the bank is located has been blockaded by crowds and the excitement has been intense. The committee after examining the securities state that after deducting all depreciation which the assets, embracing stock bonds &c., have suffered and allowing $167,000 with which to pay the interest falling due on the first of April. The bank will still have a surplus of $349,000. Uneasiness has been spread to the Franklin bank at Boylestom, one of the strongest savings banks in the country. The managers of the Franklin have limited the amount paid to the depositors on demand to $25, and sixty days notice is required for all sums over that amount. This action reduces to three, the number of banks in Boston paying in full on demand. The large number of dep ositors in provident institutions for savings, partaking of the general scare, applied for and obtained their money to-day, and the same is true of Suffolk, although these banks are, as far as known, solvent to the last degree.
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IN A PANIC. Runs on Boston Savings Banks. BOSTON, March 15.-The run on the Five Cent Savings Bank, which commenced yesterday, has developed to a general panic among the depositors. School street, where the bank is located, has been blockaded by a crowd today, and the excitement is intense. A committee engaged in examining the securities of this bank the past two weeks, stat that after deducting all depreciation which the quick assets embracing the stock, bonds, etc., have suffered since the last statement of the bank, and allowing $167,000 with which to pay interest falling due April 1, the bank will still have a surplus of upward of $429,000. The uneasiness has spread to the Franklin Savings Bank, Boylston street, one of the strongest institutions in the bountry, and the managers have given notice that the amount paid to the depositors on demand has been limited to $25, and 60 days' notice are required for larger sums. This reduced the number of banks in Boston, which are paying in full on demand, to three. An unusually large number of depositors in the Provident Institution for savings partaking of general and foolish scare applied for and obtained their money today, and the same is true of the Suffolk, although these banks, as far as known, are solvent to the last degree.
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MASSACHUSETTS. The Bank Panic Continues. Boston, March 16.-The panic among the savings bank depositors continued to-day and the crowd in front of the five cent savings bank was even greater than yesterday. It paid to-day another $90,000. A small proportion of the depositors around the doors were of the laboring class, who were deaf to all statements of the safety of the institution. The directors have resolved not to take advantage of the sixty days notice provided for savings institutions. A considerable number of the persons present were women. The bank paid out yesterday about $80,000.
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MASSACHUSETTS. The Boston Savings Bank Panic. BOSTON, March 16.-The panic among the savings bank depositors continued today and the crowd in front of the Five Cent Savings Bank was even greater than yesterday. At this bank $90,000 was paid out yesterday and about as much today. It has about 72,000 depositors and a small proportion of this number around its doors are laboring classes and are deaf to all guarantees of the reliability of the institution. At the Provident Savings Institution there was a considerable number of persons, mostly ladies, waiting to withdraw with their funds. The bank paid out yesterday about $80,000 and will probably pay out an equal amount today. The officers say they think the run has been caused by the passage of a bill relating to the regulating of payments by savings banks by the commissioners, which it is feared will operate against depositors who may wish to withdraw. At the Suffolk there was no run but there was quite a number of withdrawals, evidently influenced by the prevailing feeling of uneasiness in the public mind. At a meeting of the trustees of the Franklin Savings Bank on Boylston street, held this morning, it was voted to approve the action of the officers on requiring 60 days notice. Everything was very quiet at this bank. A Bold Push for Liberty. BOSTON, March .-Daniel Dwyer and Wm. Haywood, each under 10 years sentence in state prison, broke from the guards while passing through the yard this morning, and running up to the third story of the workshop fastened the door behind them. Before the officers could reach them they ran a long plank out of the window (the inner end being fastened under the steam pipe and forming a spring board) and running out upon it, Haywood made a desperate leap clean over the wall under the fire of the two guards and alighted safely on the ground. Dwyer missed his footing and fell 30 feet to the ground, breaking his leg and receiving other injuries. Hot pursuit was made on horseback and Haywood was shortly after recaptured in Someraille and returned to his quarters. His running leap from the third story over the wall to the street beyoud without injury is one of the most remarkable in the list of prison escapes.
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TELECRAPHIC. EASTERN DISPATCHES Run on Boston Savings Banks. BOSTON, March 17. The panic among savings banks depositors continued Saturday, and the crowd in front of the Five Cent Savings Bank was even greater than Friday. It paid to day another $90,000. A small portion of depositors around the doors were ot the laboring class, deaf to all statements of Safety of the institution. The Directors resolved not to take advantage of sixty days' notice. At the Provident Savings Institution there was a considerable number of persons, mostly women. The bank paid out Saturday about $80,000, and probably an equal amount to-day. The officers say they think the run bas been caused by the passage ot a bill regu. lating payments by savings bluks by commissioners, which, It is apprehended, would operate against depositors who may wish to withdraw. Death of a Famous Naval Officer. Newburg, N. Y, March 17. Commodore Jonn Hodges Grabam, United States Navy, died of apoplexy last evening, aged 81. The Commodore Was one of the twelve officers who took part in the midnight expedition against the British stroughold opposite Black Rock. Nine officers were killed or severely wounded, Graham receiving a wound in the ankle, which caused an amputation of the imb/afterward. Socialist Demonstration at St. Louis. ST. LOUIS, March 17. The Socialistic workingmen held a large demonstration in Masonic Hall celebrating the 16th of March anni versary of the Paris Commune. The hall was thronged. Addresses were made in German, English and French. The colors of various nationalities were displayed, also the red flags of the So. cial Labor Union. Silver Certificates, WASHINGTON March 17. Designs for the back and face of the $10 and $20 silver certificates have been completed; and are now in the engraver's hands. The Bureau will be able to turn out the certificates of these denominations by Wednesday next. Other denominations will scon be ready. Orders from the Navy Department. WASHINGTON, arch 17. The Secretary of the Navy has ordered that steam launches and entters fur. nished uaval vessels will hereafter be employed principally for towing and other ship's purposes, and not for the exclusive use of officers. Another order provides that Assistant Surgeons shall not b, eximined hereafter for promotion until they have served two years on United States vessels. Purchase of Bullion by the Government. WASHINGTON, March 17. The Secretary of the Treasury the past week purchased enough silver bul!ion to run the Mints about five weeks. The price paid was not as great as was expected by bullion holders. Heavy Bank Robbery. Bosron, March 17. A heavy robbery was committed this afternoon at the Lachmere National
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THE PANIC AMONG THE BOSTON SAVINGS BANKS. The Excitement at the Five Cent Savings Bank. THE PROBABLE CAUSE OF THE UNEASINESS. BOSTON, March 16. The panic among Savings Bank depositors continued to-day, and the crowd in front of the Five Cent Savings Bank was even greater than yesterday. At this bank 90,000 was paid out yesterday, and about as much more today. It has about 72,000 depositors, and the small proportion of this number around its doors are of the laboring class, and deaf to all guarantees of the reliability of the institution. Atthe Provident Savings Institution there was a considerable number of persons, mostly ladies, waiting to withdraw their funds. The bank paid out yesterday about $80,000. and will probably pay out an equal amount to-day. The officers say that they think the run has been caused by the passage of the bill relating to the regulating of payments by Savings Banks by the Commissioners, which it is feared will operate against depositors who may wish to withdraw. At the Suffolk there was no run, but there was quite a number of withdrawals, evidently influenced by the prevailing feeling of uneasiness in the public mind. At a meeting of the trustees of the Franklin Savings Bank, on Boylston St., held this morning, it was voted to approve the action of the officers in requiring 60 days' notice. Everything was very quiet at this bank.
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BOSTON SAVINGS BANKS. THE RUN SUBSIDING-NO FURTHER TROUBLE ANTICIPATED. BOSTON, March 18, 1878. The run on the savings institutions here, which last Saturday looked as though it would be general, has dwindled down considerably. Not over one hundred people were at the doors of the Five Cent Savings Bank on School street during the day. It may be that the storm, which is very severe here, has something to do with it, and also it may be that the panic is subsiding. In fact a portion of both is true. Last Saturday the bank paid out $60,000. The officers do not anticipate that the run will last many days longer. They are determined to pay out as long as the run continues, 80 that all who are in any way doubtful about their money can have an opportunity of with. drawing 16. Commissioner Curry thinks they are able to do this, and has no appreheasion whatever in regard to the safety of the bank. At the Provident the run is over. It was totally uncalled for in the first place, and many who have withdrawn their money are already beginning to regret their hasty action. The other banks are preparing for any emergency that may arise, but the new law governing the action of savings banks will put a stop to all runs and panics, " the Bank Commissioners only exercise the extraordinary powers 16 conters ou them.