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Nicholas H. Dosker Peoples Bank Trust Company opened the year hopes for had million, 500 sand and 270 dollars money was due that the City unable tempobonds which had been relied the and the 1931 the the the Peoples and good Unfounded Start "It entitled the fullest was the entire community. clear founded rumors began about the Peoples Bank about other banks this community. result those rumors bank almost million dollars deposits the month 1932. The abated your bank almost 650 thousand dollars deposits that Then applied to the ReconstrucFinance Corporation million dollars, did believe wise secrifice securities what that temporary withdrawal deposits result vicious and unwarranted attacks bank. sought the thorities about the wisdom loan, about during this period through which we have been pass- March 1932 the attacks the deposits April attack resulted about 830 thoudollars. and were encouraging because losses smaller. Then the Hoarding Fever made sary, we money our assets meet the us, our fast the and because the the markets afford Of realize bank either pay its its and into By July the fever height and the country was full confidence was shattered ation local tacks telephone messages depositors from public call which could not traced, and the end month suffered deposits approx imately million. 625 thous. and largest any month. "Then called the United agents and the loss the fact showed The Publicity came January 1933. with cause the the Government Roosevelt for which country eagerly looked forward month began But ward the Congress United States political and further embarrass publication from the beginning and the would utterly the banks the United that the House, led Mr. The than because brought about but nevertheless for the safety deposits. not the and alike the greatest panic all times. The Series of Bank Holidays Good direct result the State Michigan holiday beginning Indiana, February Peoples Bank and February February States more March March March including therefore, Peoples Bank and Trust stayed have ther deposits January, February the first four days March, the extent million, 400 thousand dollars. "From the day of the merger, 1931, March 1933, regular the Governor New Jersey and the President the Untied States. the Peoples Bank Trust lost eight million dollars deposits. Some was natural result dissatisfaction the merger. Some for living expenses by people who actually needed money. Some the result of the "very depressed business conditions. But the greatest million solely because of and lack the attacks your bank. "These attacks can be divided three groups. First, viclous undercover attacks Innuendo and insinua and the senseless spreading of rumors by idle gos sipers. If They Hadn't Withdrawn these six million dollars deposit today this bank not dollar and would not merely but open unrestricted. under Altman stricted forced borrow the neighborhood five millions dollars pay off depositors their money. With aid and operation the Federal Reserve Bank New York the Reconstruction Finance who fully every adverse and hopeful development during the entire existence merged were keep fully open up the the general declared President. any time before this moratorium return public and return would have lieved bank's situation. closing this bank under conditions prevailing during the past would have fatal not only the the but to City Passaic and surrounding territory. had after March this bank this. but spite we are still on restricted basis Millions Paid on Loans During the entire period present effort many loans In the the peothe ability to pay collected dollars, considering the pression and Passaic and stock market ditions bad record. possible these tions but just the money and faced and now with the their paper giving pay most them want do-or of foreing them which would avail nothing merely crease the general in Pas "Most of the people who owe notes the bank honest and intend they Most are just you and from the effects this terrific depression through passing. Practically these loans made dur. period great prosperity, which began collapse the stock market break glad bank suffered practically loss loans while purchased have either been for profit held price higher Millions of Public Obligations "There are thousands of banks United States the frozen condition hold, about two mildollars direct, City City Clifton surrounding boroughs. of these obligations good but are frozen this time the ity the pay what they owe the City. "Charges Have been made petuate Such charges the other officers and directors and the thought mind. That open possible the best basis pos. the plan may be require the and will elect board and that board charged with the sibility officers petent, not only the bank. obtain and retain the and the the super. vising in Trenton and New York. "Liquidation Unthinkable" have had having the fullest measure helpful. sympathetic operation from officers Federal Reserve Bank of New York from Commissioner Banking State of New from officers the Finance Corpora. Whether. plan not know. very hopeful that some plan ceed. cannot defeat people not admit defeat. Such attitude of the rectors your and also the attitude of the : in have been patient and helpful throughout uation alternative liquidation. We know put this time bring only very small their would suicidal the best interests Success possible and their co-operation can be
