The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1893-07-29
NO PANIC HERE,
Jersey City's Savings Banks
Will Not Require Notice
of Withdrawals.
NOT At THE NEW YORK MEETING.
The Institutions Are Receiving
as Many Deposits as
Last Year.
NOT At THE NEW YORK MEETING.
NO INCREASE In DRAFTS.
The officers Regard the Metropoli-
tan Action as Unwise and
Alarmist.

The scene about the Provid ent Savings
Bank this morning plainly demonstrated
tho falsity OF a sensational story pub
llshed in one of the New York papers to
such heavy runs upon the savings insti-
tutions of Jersey City, Brooklyn and
New YORK that the presidents
of the various banks of the
three cities had met and
resolved to enforce the rule requiring
depositors to give sixty days notice OF an
intention to draw out sums over $500, and
thirty days. notice for sums of less than
that amount.
The newspaper made other statements
which were calculated to create feeling
of uneasness among The people who had
all their little savings in The banks. and
convey the impression that the institu-
tions were in precarious condition.
When called at the Bee Hive bank to
ascertain from President Kingsl and
whether the statement would apply to
Jersey Cit banks found the counting
room crowded with men and W omen.
The clerks behind the counters W ere busy
rushing 60 and fro, turning yer the
leaves of huge ledgers and making
entries in the pass books of the deposit
ors AS soon as an individual had trans
acted his business and left the bank, his
place was taken by others aud the crowd
Kept increasing in numbers. Que might
easily imagine that a run was in progress,
but after Watching the proceeding for
while it was plain to be seen that such
was not the case.
STILL DEPosITING MONEY.
Many OF those present deposited money
while only very few were seen to draw
any out. An official of the bank said
that the majority of the crowd had come
TO have their semi-annual dividends cred
tied upon their pass books.
Mr.. Kinasland, In speaking of the
statement of the morning newspaper,
csrned there was not word of truth in
the article The directors had
not taken any action in re-
gard to the thirty aud sixty day
rules or either of them, nor did they
contemplate any such action. In snort
there was no necessity for it, for what
ever financial depression there might be
there had been nothing In the business Of
the Provident Institution to indicate that
such n state OF affairs existed.
There had been no unusual increase In
the number of drafts or any falling off in
the number of deposits. The bank was
holding its own aud was doing a salts
factory business for this time of the year.
AS an Indication of the truth of his state
ments MIR. Kingsland called atten-
ton TO the crowd in the counting
room and said that II there
was any financial strinRency or panic or
fear for the stability of the bank those peo-
pie would not be there deposttlng money
and having their interest credited upon
their books. On the contrary they would
all be clamoring for their money.
HUDSON CITY BANK ALL RIGHT.
1 called on Garret D. Van Reipen,
President of the Hudson City Savings
Bank, on Newark avenue near the Five
Corners. this morning, and asked MIN If
New York. Brooklyn and Jersey
City Savings Bank Presidents yes
;erday. He replied that he had.
Il have not called meeting OF the
directors of this bank" he continued.
1--WE have not begun to enforce the sixty
day rule and 1t never las been enforced
by this bank in lwenty-one years ex-
perience. l do not know that suce rule
will be adopted because this sub ject has
not bes u discussed at alI.o
"How do your deposits compare with
those of last in ly?" enquired.
s.They have been greater tnIs year."
'.And the drafts on the bankr'
"They have been in about the same
proportion to the deposits. We have
been doing q good basiness aud WITHIN
the last six months have invested
500, ,000"
"What will be the result in this State
of the conference OF the New York bank
presidents yesterdayW
II don't know. / do not know that such
conference took place; 1t Is not proper
TO discuss newspaper rumors. | can not
say whether the action of the New York
banks will effect the banks ia this State
or county or not. There has been no
meeting of the bank presidents of this
am informed there has been no occasion
for one. AT any rate. the directors of
this bank have had no meeting, and we
continue business the same as ever.'
"Wili the sixty day rule be enforced
after whileW
II caunot say for there has been no
occasion yet to discuss this question"
Cashier James Earle stood beside Presi-
dent Van Reipen during the conversation.
and he curroDorated what his superior
said.
PROSPEROUS HoBoKEN BANK.
President Charles 5. Scnnltz of the
Hoboken Bank for Savings wus asked by
this morning concerning the meetings of
presidents Of savings, banks III New York
yesterday, especially with reference to
the enfo. cement OF the law emitting such
banks 10 sixty days notice from depos-
itors of intended withdrawal Of money.
He suld:-
$50 far as the management Of this
bank is concerned we will do nothing of
the sorr. We nave nothing TO do with
New York. l know the New Jersey
savings bank presidents. were noe IN
vlted TO attend that meeting, and none
OF Them did attend Ii the
savings banks OF this State
are disposed 20 follow them
precedent Of the New York banks This
bank will do the same, but not unti
tlen. nhis bank il aple to pay any
| natural demands made upon it. Here is
onr last statement made January 1, 1898.
We make but one statement u year. Bat
we have added SlS0,00O more securities
EAT1ERS or FACT.