RUN ON CUBAN BANKS

Dominion, Volume 19, Issue 167, 12 April 1926, Page 7

RUN ON CUBAN BANKS

FRENZIED RIOTING AMONG DEPOSITORS \ MILLIONS OF CURRENCY RUSHED TO HAVANA (Rec. April 11, 11.5 p.m.) New York, April 10. Hurried calls from Cuban branches of the Royal Bank of Canada,, the National City Bank, and the National Reserve Banks that hundreds of their branches throughout the republic were being besieged, with the result that there had been frenzied rioting among the depositors, who demand the return of their savings, due to the spread of a rumour that a moratorium will be declared, caused the head offices of these institutions here to run millions of currency by gunboat and aeroplane. The moratorium canard, was due to the national depression arising from the poor conditions in the sugar trade, which it-was said had been heavily hit by the American tariff. The run upon the banks assumed amazing proportions, the Royal Bank’s sixty-six ’branches quickly emptying their vaults. The offices of the various banks kept their staffs busy on Saturday afternoon loading armoured cars with currency to ship to Cubfl, while Florida banks, only a few hours’ distant from the. island, are reported to be transporting available funds by fast launches.—Aus.N.Z. Cable Assn. Havana, April 10. President Machado in an effort to stem the tide and turmoil, appeared at the Royal Mail offices at Havana, depositing a hundred thousand dollars of his personal funds, and explaining to the crowd that he had not lost his reason. He stated the Treasury and the Cuban Government stood solidly behind the institutions.—Aus.-N.Z. Cable Assn.