Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1914-02-11
BANK FURRY IS
CAUSED BY RUMOR


great financial, charitable and phil
anthropic organization. We have
more than $4,000 accounts, and every
one that we have Is absolutely safe.
Our accounts are not large indi-
vidually. The average amount FOR
our depositors Is about $3.50.
I'VE average about ono account for
every family in Newark. We are
backed by the best of assets. Our
securities are practically as good as
any In the United States.
1.-THE Howard Savings Institution ia
under the most conservative and safe
management. It's officers and direc-
tors represent the oldest and best
known families of the city and nearly
all have been identified with leading
Newark financial institutions for long
periods.
Zone Of the best-known bankers OF
New York called to see me yesterday.
He is president of great savings
institution. He looked over our books
and then said: Mr.. Dennis, relatively
and proportionately there Is nothing
better In all New York city than the
Howard Savings Institution. "
Securities All Gilt Edged.
"This man." Mr.. Dennis continued,
represents concerns that have assets
valued at s100, 100000"
Mr.. Dennis offered to the repre-
sentative of The star the statement of
the Howard bank dated January 1,
1914.
This shows that the bank has as
sets that include s1,112,5 in United
States bonds. These bonds draw 4
per cent
Bonds and mortgages on the list of
assets represent an investment of
SO, 456, 200. These are all gilt-edge.
A third tower of strength Is the
county bonds, all representing in
vestments in Essex county and other
New Jersey county securities. They
total $2,643,70S37.
New Jersey municipal bonds, a
large percentage OF which represents
Newark securities, are listed on the
assets at $3,540462 43.
Railroad bonds in the possession of
the bank are listed at $500, 211.2b. OF
this amount there is an investment of
IS ,000, 900 in bonds of tho Morris and
Essex railroad, one of the very best
investments in the country. These
bonds are guaranteed by the Della
ware, Lackawanna and Western rail-
road.
The balance Of the railroad bonds
III the POSSESSION Oh IHG IlOWaTQA fSHnk
are those of the United Railroads of
New Jersey, the pioneer line OF the
Pennsylvania railroad, and an even
better investment than the Morris and
Essex bonds.
The remainder Of the assets are els
follows:
Interest accrued, ss1s.soo; real
estate, s436, 249; cash and deposits in
bank, $3.50, 1896.
The real estate mentioned Is the
present bank building and adjoining
This property in all is
assessed by the city at $780, IT is
believed that this sum would be far
exceeded IL the property was ever
sold, because il is one of the most
desirable in Newark.
S24, s59s Deposits.
The bank statement shows that the
total number of depositors was 73.47l
at the first of the present year. There
was on deposit $24. 1885,, 5es.s2. The ac-
crued interest was $74,016.05. The in
come tax collected was S2.6S.
Tho surplus was 81, 719, 1876.
Separate and individual estimates
are made by three persons in fixing
the value of, the securities of the
Howard bank The estimates are all
The Howard Savings Institution is
rated as one of the best in the coun-
try, and there appears to be not the
slightest doubt of its financial sta
bility.
1t would seem that the run" on
the bank is similar to the one several
weeks ago In New York on the Bank
for Savings. A false rumor started
and Immediately number of for
eigners who had deposits flocked to
the building. They were quickly ac-
commodated with their money. In a
few days the majority of the persons
who had withdrawn their accounts
had put back their money again.
An Old Rumor.
No attention was paid in this city
to the rumors concerning the Howard
bank until yesterday. 1t was current
several weeks ago. The Star office
was frequently asked by depositors
who had heard the rumors, but all
were assured there was about one
chance in a million apparently of any
danger. No trace of the persons who
started the idle talk concerning the
Howard could be found. 1t was
seemingly the same sort of loose
talk that started about a local de-
par LI1ititi Sloho previous W tu6 HUH
days and which had no basis in fact.
Several of the New York newspa,
pers this morning printed stories of
the rumor concerning the Howard.
One of the stories carried head
line that mentioned the word mys-
terry. This probably had something
to do with causing alarm ,.mong for
eigners who had deposits.
President Dennis has been connect
ed with the Howard Savings Institu-
ton for more than thirty years. Mr..
Ward, the treasurer, has been con-
nected with II for thirty-three years.
The secretary. Robert T. Mead, has
been in its employ for thirty-eight
years.
William T. Carter. the vice-presi-
dent. Is an officer of the Prudential
Insurance Company. John o. H. Pit
ney is the banks counsel. He is one
of the best known lawyers In New
Jersey, a member OF the firm of Pit
ney, Hardin & Skinner. He is a
brother of Mahlon H. Pitney, mem
Der of the Supreme Court of the
United States
Beach Vanderpool was--the first
president of the Howard, He was
succeeded in 1884 at his death by
Joseph N. futile. Frederick F-reling
huysen was elected president after
the death of Mr.. futile In 1886. Mr..