RUN ON BANKS.

Timaru Herald, Volume CXXIII, 12 April 1926, Page 9

RUN ON BANKS.

FRENZIED DEMANDS IN CERA. HELP FROM NEW YORK. Cable—Press Association—£opyrigh» Australian and N.Z. Cable Association, (Received April 11, 11.5 p.m.) NEW YORK, April 10. Hurried calls from the 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, resulting in frenzier rioting of de positors who demand a 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. national depression arising from the poor conditions of the sugar trade, which is said to have been heavily hit by the American tariff. The run upon the banks assumed amazing proportions, the sixty-six (munches of the Royal bank quickly emptying their vaults. APPEAL TO- REASON. PRESIDENT’S PERSONAL DEPOSITS. By Cable— Press Association—Copyright. Australian and N.Z. Cable Association. (Received April 11, 11.30 p.) HAVANA, April 10, Thrown into a turmoil, President Machada of Cuba, made an effort to stem the tide. He appeared at the Royal Mail offices at Havana, and deposited 100,000 dollars of his personal funds, explaining to the crowd not to lose their reason. He stated that the Treasury of the Cuban Government stood solidly behind the institutions. RIG SHIPMENTS OF CURRENCY.

NEAV YORK AND FLORIDA ASSISTING. By Cable —Press Association —Copyright. Australian and Cable Association. (Received April 11, 11.30 p.m.) . NEW YORK, April 10. Offices of the various hanks kept their staffs busy on Saturday afternoon, loading armoured cars with currency to ship to Cuba, while the Florida banks, only a few hours distant from the islund reported that they were transporting all available funds by fast launches.