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It is a sad commentary on the residents of Harlem, N. Y., that they should for two days make a run on a bank that has so sound a record. and is so highly vouched for as the Harlem Savings Bank. It seems as If the land once in possession of the famous goats had now R. less intelligent population than when the goats predominated. Goats are never ranked either as very intelligent animals.
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It is a singular fact that bank runs are, almost without exception, started without cause. A few days ago, through the circulation of reports that were utterly without foundation, a run was started on the Harlem Savings bank. When the doors were opened in the morning, more than 250 depositors had gathered to draw out their money. The only explanation that could be found was that some person had maliciously started a story to the effect that the bank was unsafe. As a matter of fact, the bank is among the soundest in the United States, and was not embarrassed in the least to pay all depositors who called. Now the people have discovered that they had no ground for their fears and are taking back their cash. It so happened that the run was stated just before interest time, SO that all depositors who drew their money lost the interest. This aggegated a considerable sum, and the net result of the run is some inconvenience to the bank. and a cash loss to the depositors through their own folly.
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CAUSELESS RUN ON BANK. Harlem Savings Bank Depositors Draw Out $70,000. Some fool story that has not been traced to its source has caused in two days withdrawals of $170,000 from the Harlem savings bank at Third avenue and 124th street, and the loss to the depositors engaged in the run of some $3,000 in interest. They lose six months interest, mostly at 4 per cent a year, by taking their money out now. They took out $30,000 on Tuesday and $150,000 yesterday. The bank has nearly $800,000 surplus above its liabilities to depositors. Of actual cash on hand it had $650,000 in cash left after the second day's run and can get all it wants. It is not likely to invoke the sixty-days notice law just yet. As nearly as can be learned the cause of this sacrifice of New Year's d1vidends by some of the depositors was the merest gossip. About three weeks ago the withdrawals began to increase until they had become greater than the deposits, but there was nothing like a regular run until about 11 o'clock Tuesday morning. About that time a dozen or more women lined up in front of the paying teller's window, presented their bank books and drew out their