Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1914-02-11
ABSURD RUMOR
CAUSES FURRY
At LOCAL BANK
Foreigners Become Scary and
Withdraw Deposits from the
Howard Savings Institution.
BANK ONE OF BEST
IN THE COUNTRY
Has Assets That Can Be
Turned Into $25. .ooo, ,00o-
Statement by President

For the purpose Of withdrawing
their accounts, several hundred de-
positors, mostly foreigners. went 70
the Howard Savings Institution az
776-77S Broad street today. They had
heard absurd reports concerning the
bank and had become alarmed un-
necessarily
The bank did not concern itself to
any great extent about the unusual
demand from depostors. except TO
make Special arrangements to care
Tor all who might care to withdraw
their money.
It was evident that the so-caIIed
run" on the concern did not appeal
TO all the depositors, for there was q
string of persons, mostly women.
standing at the receiving telIers win~
dow and making deposits. None OF
them seemed bit bothered over the
crowd OF persons in the other aisle
who were waiting to take out their
funds
Sitting at his desk this forenoon.
Samuel s. Dennis. the president N
the Howard Savings Institution. re-
marked to an Evening Star reporter.
Without moving from this chair
can get $5,000,000 cash. There is
more than 81, ,000. 900 cash in our
vaults. Our assets stand to realize
us. not less than s25oo0,0o0 market
value"
Mr.. Denniss statements were COR
roborated by Alexander S. Ward, the
treasurer, who was in the room Of
the president at the time
Bank Oflcers Not Worried.
Mr.. Dennis, in speaking about tfe
bank. said he could offer no explana<
tion of how the rurlors concerning
the institution were started He drst
heard about them through the news
papers. he said but paid little atfen<
( ton until the inquiries from depos~
itors became frequent yesterday
Then he Immediately arranged with
the other officers TO care for all who
applied. Today he ordered that three
paying teller windows should be
opened
4 Other clerks were stationed in the
aisles TO assist the foreigners and
otf ers who desired to make with
drawals. Every effort was made 70
handle the accounts as quickly as
possible. Ia
During the morning the ap4ifeantx
we're fairly numerous. nfif at no tine
vas there more than 100 persons in
the corridors. There was no disorder
/ whatever.
The Withdrawals continued this
afternoon. The number of appiicR-
! tions averaged about the same as
during the morning hours Nearly all
/ of the persons who asked for their
money were foreigners. mostly wom
en-. II was evident, judging from
their Inquiries, that they were hanif-
I capped because Of inability to speak
4 English, and therefore failed to com
! prehend the real situation All seemed
/ to be animated with the idea that
4 they should not take any chances.
( There were many curious persons
| in the neighborhood of the bank. For
a time some of them stood near the
big stone pillars al the entrance. In
order to prevent lounging three po-
/ lieemen were sent to the bank from
the First precinct station. They
quickly cleared the steps and side
walk.
! Depositors Acting Foolishly.
President Dennis, after giancing az
! the line of applicants for funds today.
said;
4 am sorry for the deposifors who
are taking out their accounts. They
are foolish
Some of them are sure to lose large
] percentage OF their money after
taking il away from here. They win
probably secrete their savings in their
/ homes. There it is apt to be stolen,
or to suffer by some inishap.
1.-THE depositors also will lose the
interest on their accounts. This will
amount to a considerable aggregate.
OF course the bank will be gamer in
this one respect
The Howard Savings Institution is
Continued ON Page 10. CoIumn 81