RUN ON BANK

Evening Star, Issue 20314, 24 October 1929, Page 11

RUN ON BANK

DRUNK HAN’S ACTION

PEOPLE CLAMOUR FOR MONEY BACK.

NEW YORK, October 10. False rumours spread by a man who had been refused a loan caused an ex traordinary run on the bank in Brooklyn. When the bank opened some 2.000 depositors, both men and women, lined up outside and angrily demanded tlieir money. Deaf to appeals by tho bank officials and repeated assurances by the State Banking Department. tb<frantic depositors clamoured for their money, and the run continued for several hours until the arrival of currency to the amount of over £2,000,000 convinced the crowd of the falsity ol tho reports. Many of tho people th-;n put back the money they had bora so anxious to withdraw. It appears that the man responsible for the run went, to the bank and asked for a mortgage of £3,500 on a £2,000 house, and when his application was refused he sought solace in a local “ speakeasy.” After a few. drinks of Prohibition liquor ho began to circulate the story of tho bank’s insolvency, which spread like wildfire in the district. The- police ace now looking for the man, who, under the penal code of New York State, is liable to a fine of £2OO and one year’s imprisonment.