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RUMORS SCARE DEPOSITORS. RUN ON THE NEW BRUNSWICK SAVINGS INSTITUTION. Bank Keeps Open Till 6P. M. to Pay Panicstricken. Who WIII Lose Six Months Interest-Rush of Capitalists to Sapport the Institution, Which Is Sol d NEW BRUNSWICK. N. J., Nov. 14.-A man who formerly kept a dive in Burnet street went to the New Brunswick Savings Institution several days ago with a passbook belonging to his sister and asked for the balance in her name. According to custom the bank declined to give it. That angered the man and it is alleged he went about circulating false reports about the bank. These caused a run to-day on the institution, which has 8,000 depositors, deposits of $3,000,000 and a surplus of $330,000. Many depositors scoffed at the rumors and went about their work without withdrawing their funds. Others, mostly foreigners, and in many cases women, began to withdraw their money about 10 o'clock this morning, so that at 2 this afternoon the bank was busy paying out money and checking up the passbooks. The bank managers voted to keep open till 6 P. M. The usual hour of closing is 4. Depositors crowded the bank and overflowed on the sidewalk Congressman Benjamin F. Howell, president of the People's 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 I. in the regular course of our duties. went over every security in the bank and found them intact. I can give my assurance that the bank is 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. M. W. Suydam. president of the National Bank of New Jersey, said that the run on the savings institution was a senseless thing. It would injure only the depositors 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 five months interest which they would lose by drawing their accounts. His bank. he said, was willing to loan the savings 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 immediately 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 Savings Institution. He walked up Church street with every pocket bulging 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 any run. The bank is sound and in better condition than ever in its history. Its securities are in excellent shape, and if people withdraw their money I am sorry for them. because they will simply lose the six months interest which is declared January 1. Ahout 2:30 this afternoon. Millard F. Ross, a director of the New Brunswick Trust Company. entered the savings bank with Dr. Frank M. Donohue. Mr. Ross mounted a settee and said: "I wish to say that I believe this bank to be as sound an institution as there is in the country. And, furthermore, I stand ready to deposit $25,000 with it 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 to show their faith in the bank. H. G. Parker. cashier of the National
