The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1903-11-28
RUN ON new MILFORD BANK
CAUSED By CARELESS REMARK
OF A MERCHANT.


draw Deposit 20 Make . Purchase
Statement Construed Into Warning
and Quickly sprszd-AII Demands
decentralization Sound.
New Milford, Conn, Nov. 2.-A run,
which started early in the week on the
New Milford Savings bank reached
considerable proportions to-day when
people from several of the nearby towns
came in to withdraw their money.
Claims were paid over the counter of
the bank as fast as the books were pre-
sented and certified. Citizens Of promi-
nenee in New Milford and the bank Of
ficers gave depositors assurances that
the institution is perfectly sound and
during the last business hour some of
the money which had been withdrawn
had been re-deposited. 1t is not be-
lieved that the run will continue. Two
men of the town, ]. B. Merwin and
Turney Soule, have offered to cash all
bank books presented to them at face
value.
President Isaac B. Bristol and Treas
urer H. Leroy Randall are not in
town, the latter being i'll and the for
mer being on a trip to the west to at
tend to some personal business. To-
night Assistant Treasurer e. ]. En-
mons made the following statement to
the Associated Press: ~Es.
THE run on the bank was of little
consequence and will have no effect
whatever upon the finances of the bank.
The cash on hand was sufficient to meet
the demands OF all who wished to with
draw their deposits. 1t was not and
will not be necessary to call for assist
ance. The rumor that the bank was in
poor condition was entirely false. and
already many of those, who earlier in
the day drew their money, have re-
placed it. We anticipate no further
trouble =. v..,
The trouble to the bank is said to
have been caused by reports that west
ern investments by the bank were not
turning out as good as was expected.
To this. Assistant Treasurer Emmons
that the laws Of this state
do not permit Of a savings bank
making western loans, so that there
was no ground for any report of this
nature. In the town itself the run on
the bank is attributed to a remark
made by an employer to an employe
during the early part of the week. This
employee wished to buy a gasoline en-
gine and did not have quite enough
money in hand to complete the pur-
chase. His employer told him to draw
his money out of the bank. The en-
ploye mistook this for a warning that
his money was not safe and he imlne-
liataly circulated a report among his
friends. To-day when the bank opened
quite a number Of these friends were
on hand to get their money. The re-
port had spread widely, however, and
until late in the day there was stream
of callers at the bank.
The return of the bank according to
the state manual showed that the
amount of deposits on January /, last,
was $1,546.02665 and that the surplus
was $105, 900.
The statement Of the bank issued
April 1, 1903. showed total resources and
liabilities of s1,737,S46.S5. The resources
include loans on Connecticut real es-
tate of $794,7Ss; town and city bonds,
$35S,100; railroad bonds, s217, 900; town,
city and school district notes, $50, 600;
loans ON stocks and bonds, s30,538;
loans on personal securities, $50, ,231.67;
bank stocks of Connecticut, $7,2SZ17;
premium account, s45,S99.95; real estate
by foreclosure, $31, ,s9S.4o; cash in hand,
$34, ,60S.77.
The liabilities are: Due depositors,
81, sos 015.12; surplus, Sf05,000; balance
interest account, s19,sO2.9o; sundry ac-
count, s9,92s.1S.