The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-07-07
DIDN'T HEED GOV. FLOWER.
4 SPEECH IN TAIN TO EXCITED DE-
PoSI7oRs IN A BANK RUN

The Governor NOuchcs personally Tor the
sound Condition of the jefferson County
Savings Bank. and 10 stop the Pnnic
Finally Secures n Statement from Citizens
Guaranteeing Deporitors Against Los.
WATERFOWL. July GA run on the Jefferson
county Savings Bank. one OF tho oldest and
hast known institutions Of tho kind In tho
State, was begun to-day. Stories had been
circulated among the country people that the
bank was unsound. From 81 o'clock until 4
the bank was besieged by q crowd OF excited
depositors, most OF them being working peo-
MIA and those not familiar with banking az
fairs. business mon. clergymen. and others
mingled with the crowd. and tried
TO convince unreasoning ones that there
WINS no good reason to doubt the
soundness of the bank. Their words had
little effect. Gov. Flower came down town q
couple OF hours after the 51nk opened. and at
once saw tho necessity OF quieting the fears Of
tho depositors and incidentally saving them
the interest on their money for the next three
months. After talking on the situation to n
few OF those with whom he was acquainted. no
became convinced OF the folly OF the crowd.
and, mounting the steps OF the bank. made O
speech. In which he said:
Gentlemen. business men. dopositors. and
directors: have known Mr.. T. II. Camp. the
President, and others OF this bank for years.
There is not one Of them whom I would not
trust to invest money for me. They never
speculate and are prudent men. I have ex-
amined the assets OF the bank and find that
they have nearly 100000 in good bonds
and mortgages on improved property at one-
half it's value. The balance Of their invest
ments arc In Government bonds. State. county,
any When VIZ the State agent examined this bank
hnh I IN atIA nIt dcb IN inn I'm "a
posIters when Il is divided These are
sss H he sy H
for their money over that sum. after paving
whom Thought wise to divide it
Il know whereof | speak; and after having
say would advise. you not to withdraw one
dollar unless you actually need it In panicky
sa So SS Pour he
usual TO get this money the bank officials
have to refuse to loan money on mortgages,
and also refuse to loan It on Commercial, paper.
and therefore you restrict trade and thereby
ss!s SA's n,S s.ss sSsu s.es INF
bonds, or discounts a note for some merchant,
or takes mortgage on some farm. Afterward
the mortgages held By it The merchant is
compelled to pay his note or suspend business.
Thus tSRs as IN de
manding money which you do not want you
are forcing the foreclosures of mortgages and
driving men from their homes and the suspen-
you know that this bank is perfectly solld and
surplus Of s256.ooo do not believe that aI You
will desire to draw any more than you actually
need"
Tho Governors speech did not stop the run,
ana at his suggestion statement was drawn
up as follows:
SAVING. BANK ana uuhesitatingy assure all dcpostos
"a SQUAD and abs pay ssery dollar & ows. but
has , Srp n q II ;a5Goo9 over and
e1sitsnieni among few deposi,o 80 DO
aSa 81 ns Ssns s e al its this y
President sa.,ona ean i; ssa loan Co.
Cashier Waterfowl : Ss = If Bank.
Cashier National 4 !, T tnioh Bank.
Prs.,den. Jefferson County y ss Atom Bank
4 a.. h f F4s~s,i.
GronoK W. HIGGINS.
Anticipating run. tho savings bank was
fast as they could be attended to to-day. and |
Will continue to do SO tomorrow IL the run |
continues. Its loans on real estate are imostly |
nSt sfest the National banks in this city I and
with ready cash II needed. The offer to take
care OF dc!ositors will probably stop tho run
expecting another siege tomorrow. They do
not give tho amount Withdrawn to-day. but it
Is understood to be less than $50. 900. The OK
vas ss e09ned mostly to the small de-
the others in guaranteeing the depositors
against loss