Article Text
RUN ON PEOPLES BANK Baseless Rumor Scares Many Depositors Who Draw Their Money Run On Peoples Bank On Wednesday night a rumor became current on the street that the Peoples Bank of Penns Grove was in financial difficulty. The report had evidently spread over a wide territory for on Thursday morning there was a long line of scared depositors standing in line waiting for the doors to open in order to withdraw their money. Fortunately the officials of the bank had been apprised of the rumor and immediately made preparations to meet any emergency. The entire bank force remained on duty throughout the day paying all claims until the bank closed. Penns Grove's business men came forward with extra deposits during the day instead of taking their money out. President Mitchell hurried to Philadelphia early yesterday morning and soon returned with all the funds needed to tide them over until confidence is restored and the false rumor traced to its source. Yesterday a warrant was issued for a man who is alleged to have started the story. He was given a hearing and placed under $1,000 bail by 'Squire McAdams. Pending further investigation his name is withheld. There were a number on hand this morning waiting for the bank to open, but there was no excitement or disorder. President Mitchell and Cashier Parker have issued a statement over their signatures to the effect that the rumor of the bank's insolvency has no foundation whatever, and refer to the bank's statement, which is published today in the Record to verify their statement. It is possible that the possessors of the nest eggs laid aside for a rainy day, which were drawn out of bank yesterday through a baseless rumor will wake up some morning in the near future and find them missing. Putting money in a stocking and hiding it in the bureau is not as safe as a bank. There are plenty of lightfingered gentry in the community who will take particular pleasure in hunting out these little treasures and confiscating them. Better take a second thought and put your little wad back in the bank where the thieves cannot get it.
