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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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RUN ON SAVINGS BANKS. BOSTON, Mass., March 15, 1878. The run on the Boston Five Cent Savings Bank, which commenced yesterday, has developed to a general panic among savings bank depositors. School street, where the Five Cent Bank is located, bas 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, state that the bank, after making all proper deductions, will still have a surplus of $429,000. The uneasiness has spread to the Franklin Bank 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. 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 tar as known, 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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Massachusetis. THE SAVINGS BANK PANIC IN BOSTON. BOSTON, March 16.-The panic among the savings bank depositors continued today. The crowd in:front of the Five-Cent Savings Bank was even greater than yesterday-$90,000 being paid out yesterday and as much to-day. The Provident Savings Institution paid out about $80,000 yesterday, and an equal amount to-day. There is no run on the Suffolk.
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Banksand Bankers. MONTREAL, CAN., March 18.-In asuit against the ex-directors of the Metropolitan Bank to recover damages for their mismanagement, it is alleged in the proceedings that the statements of the bank, from four to six years ago, were false; that the directors borrowed over a half a million dollars, and need the money for stock speculations. BOSTON, March 18-Bank Examiner Needham states that the actual loss to the Leichmere Bank, at East Cambridge, by robbery last Saturday, amounts to $3,038, leaving a surplus of $113,000. The balance of the loss falls upon the President and outside parties. The run on the Savings Banks to day continues, but the excitement is greatly diminished, and the crowd in the Five Cent Savings Bank did not number over one hundred. At the Provident and Soffolk Savings Banks there were few if any depositors calling for their money. REQUIRES THE BIXTY DAY NOTICE. The Hyde Park Savings bank requires sixty days notice before paying sums over twenly. five dollars.
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Massacusetts. THE ROBBERY OF THE LECHMERE BANK, &C. BOSTON, March 18.-Bank Examiner Needham states that the actual loss to the Lechmere Bank at East Cambridge by the robbery last Saturday is $3,033, leaving a surplus of $113,000. The balance of the loss falls upon the president and outside parties. The run on the Boston Savings banks continues to-day, but the excitement is greatly diminished. There is a crowd at the Five-Cent Savings Bank of about one hundred. At the Providence Savings Bank and Suffolk Savings Bank few depositors are calling for their money. The Hyde-Park Savings Bank is enforcing the sixty-days rule for sums over twenty-five dollars.
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THE decline in United States bonds abroad and the pressure to sell has developed a market here, and has had a bad effect upon savings banks. Cincinnati has ordered a quarter of a million in New York this week, and Chicago and St. Louis even more. Boston bought a million in New York, and the result of large withdrawals from savings banks to buy United States bonds at SO slight a fraction above par has started a run upon the strongest institutions in Boston. All day yesterday the Five Cent Savings Bank was besieged, although it has an honorable record for a generation, and a surplus by examination the past week of over half a million. Even the Provident, with deposits of fifteen millions and a charter half a century old, has had a steady run of depositors asking for their money. The Five Cents sent a protest to Washington against the passage of the Silver bill, but its trustees never feared that disaster would come in this shape.North American, March 16.
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BOSTON SAVINGS BANKS. A Run on One of these Institutions, and Uneasiness in Regard to Another. BORTON, March 15 -The ren on the Boston Five Cent Savings Bank, which commenced Tuesday, has developed into a general panic among savings bank depositors. School street, where the Five Cent Bank is located, hus been blockaded by a crowd to day, and the excitement has been intense. A committee which has been engaged in examiuing the securities of this bank the past two weeks, state that after deducting all depreciation 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 surplue of $429,000. The uneasiness spread to the Franklin bank, 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 other banks. The amount paid depositors on demand has been limited to $25, and sixty days notice is required for all sums over that amount.
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e Boston Five Cent Savings Bank ecided to require sixty days' notice withdrawals of deposits. This has done to prevent a run. The bank 10,000,000 deposits and over 70,000 liters, and its statement claims HH) surplus assets.
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Twenty-one bankruptcies were recorded in Chicago last Saturday, and five in St. Louis,and on the same day the tive cent. savings bank of Boston, Mass., with 70,000 depositors, claiming $10,000,000, stopped a heavy run by giving sixty days notice. The pressure does not seem to have let up very much yet, Mr. Sherman.