Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1914-02-14
T|M|D DEPOS|TORS
BRAVE BLIZZARD
TO REPLACE. CASH
Gold Coins Paid Out Yesterday
Clink MerriIy at Receiving
TeIlers' Windows.

Timid depositors of the Howard
Savings Institution who drew their
money out yesterday braved the biz
zard today to place their savings in
the same bank agin. At noon yester-
day the bank started paying off
claims in gold and this morning there
was a continuous click of the gold
coins on the glass shelves of the re-
ceiving tellers' booths.
That the uncalled for run on the
bank is over WIS evidenced by the lack
of work for the score of policemen in
the bank today. AT lines there were
more policemen in the bank than Gus
toners.
The blizzard kept a number of the
regular Sturday depositors away from
the bank, but the money tken IN was
far in excess of that Withdrawn to-
day, declared Treasurer Alexander 5.
Ward. The same officil stated that
on December Is last, regular bust
ness day, there were % per cent. more
Withdrawals than last Wednesday
when the run was it's height.
Many Return Deposits.
| He cited case of young woman
who had withdrawn 5000 from the
bank during the morning rush and a
/
again deposited it. He also stated
| that there was a large number of
similar cases. He further added that
| there was a marked increase in the
| deposits during the day and the
amount was a little short of the sum
received during the same day last
year. He also announced that not
withstanding the fact that all de-
positors were given their money the
amount paid out was considerably less
than the Withdrawals during Tues
i day and Wednesday.
| I'VE also adopted q new plan when
: the bank closed this afternoon at 4
! O'clock" declared Mr.. Ward when
| the doors we're closed on Tuesday and
Wednesday the paying tellers stopped
paying out any more money This
afternoon all those in the bank and
| those standing on the steps waiting
| to get into the building were allowed
| to enter and withdraw their money
In accord with the policy used since
| the rumor started, the bank officials
opened the bank doors at $3.50 o'clock
this morning, SO that the few deposi-
| tors standing outside could enjoy the
i warmth of the steam-heated building.
| 1t took some of the depositors long
| time to make up their minds that
they wanted to draw, and number OF
| them declared they just wanted to
make sure the run was over.
The police present were suspicious
| that several of those who entered
wanted to get warm more than they
| wanted their money. AT least ten of
the twenty admitted at $3.50 O'CLOCK
rushed to the steam radiators before
reaching for their bank books. They
were allowed to thaw out and nc
questions were asked.
Run Thing of the Past.
Mr.. Ward declared that the with
drawals of today were far below the
normal Withdrawals of other Satur-
days.
"The run is thing of the past, .
said bank official. Its as dead as
q doornail."
1 The indignation of bank officials in
/ Newark institutions has been aroused
by the foolish "run,' on the Howard
! Bank. 1t is understood that a new
| law is being drafted for enactment
that will empower State officials to
prosecute those who start run ru-
/ mors. The Legislature will have the
/ measure placed before il for consld-
Grafton within a week. according to
officials of the strongest banks in the
city.
! In April, 1907, the New Jersey Legis-
lature passed a law providing that
any person who wilfully or malicious
/ ly circulated a rumor that any bank
! ing institution was financially un-
sound or embarrassed in any way
was guilty of misdemeanor. The
penalty for the first oxensetis three
years in prison or $1,000 fine, or both.
The penalty for the second offense is
doubled.
Under that law the prosecution OF
| offenders rests with the bank about
which the rumor started Bankers
say that this is unfair. because any
institution, although perfectly sound.
might be in danger of run
through beginning criminal proceed
ings against the gossip mongers.
Those advocating change IN the
| law want the act amended SO that
any bank hearing rumors about itself
may complain to the commissioner Oh
banking and insurance. 1t is pro-
posed that the commissioner question
| the person spreading the rumor, and
| if the statements made be true tnaI
the bank be taken in charge oy the
State department; but If false, then
the scandal monger be prosecuted py
| the commissioner.