The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-11-15
RUMORS SCARE DEPOSITORS.
RUN on THE NEW BRCNsW rex
SAVINGS INSTITUTION.
Bank Keeps Open TIL q p, VI. to Pay Panic.
stricken. Who VIII LJse six Months
Interest Rush OF Capita lists TO sup
port the Institution, which IL Sol I'd.

interest Rush OF Capt. aIists 10 sup
port the Institution, which IL Sol I'd,
NEW BRUNSWICK. n. j., Nov. IA
man who formerly kept a dive in Burnett
street went TO the New Brunswick Savings
Institution several days ago with "a pass
book belonging to his sister and asked
for the balance in her name. According
TO custom the bank declined TO give il.
That angered the man and il is alleged
he went about circulating false reports
about the bank. These caused a run to-day
on the institution, which has 5000 de-
positors. deposits of $4,000. 900 and a surplus
OF S39O, 900.
Many depositors scoffed at the rmors
and went about their work without with
drawing their funds. Others, mostly
foreigners. and in many cases women,
began 10 withdraw their money about 10
o'clock this morning so that at 2 this after
noon the bank was busy paying out money
and checking up the passbooks. The
bank managers voted 10 keep open till
a P. NJ. The usual hour of closing is l..
Depositors crowded the bank and over
flowed on the sidewalk.
Congressman Benjamin F. Howell, presi-
dent Of the Peoples National Bank and
vice-president of the savings institution.
said: There is absolutely no reason for
uneasiness about the savings institution .
Only a few days ago John Waldron and /.
in the regular course OF our duties. went over
every security in the bank and found them
intact. ! can give my assurance that the
bank il perfectly sound.
The Rev. J. A. Dewald, pastor of the
German Lutheran Church, went among
the Germans in the crowd of depositors
advising them TO leave their money in
the bank.
V. NJ. W. Suydam, president of the Ma
! tional Bank of New Jersey, said that the
run on the savings institution was a sense
less thing. II would iniure only the de-
positors who drew out their savings. He
said he would be willing to cash all the
books that came TO him, provided the
! holders would give him the W months
interest which they would lose by drawing
their accounts. His bank, he said. was
willing to loan the aving institution all
the money needed to satisfy the demands
of its depositorS.
Nicholas G.. Rutgers, president of the
institution, was much mystified by the atti
tude of the timid depositors, but imme-
diately planned to pay everybody who
came. He went to the National Bank of
New Jersey this afternoon and drew money
TO meet the immediate demands upon the
aving Institution. He walked up Church
street with every pocket bullying with
money. When he forced his way into the
bank he took rolls of bi Is from every pocket
and threw them upon the table.
President RUTGERS said: There is not
the slightest reason in the world for anv
run. Tho bank is sound and in better con.
dition than ever in it's history. Its securi-
ties are in excellent shape, and il ueople
withdraw their money | am sorry for them,
because they will simply lose the six months
| interest which is declared January l."
About 2:30 this afternoon. Willard F.
Ross, a director of the New Brunswick
| Trust Company. entered the savings bank
with DR.. Frank VI. Donohue. Mr.. floss
mounted a settee,and said: Il wish to saw
that | believe this bank to be as sound an
Institution AZ there is in the country. And,
Furthermore. ] stand ready 10 deposit s25. 900
with ii if necessary, and DR.. Donohue tells
me he will deposit a similar amount. The
New Brunswick Trust Company stands
ready and able to loan this bank half a
million if necessary.
Many citizens forced their way TO the
teller's window and made large deposits
10 show their faith in the bank.
H. G.. Parker, cashier of the National