19668. Providence County Savings Bank (Pawtucket, RI)

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DON'T GET FRIGHTENED. Three of the Banks of This City Give the Ninety Days' Notice. ONLY PROTECTION FOR ALL IS INTENDED. No Run on the Banks Had Been MadeWhat the Officials Said Today. Cashier Charles P. Moles of the PawRepresentatives of the Pawtucket Institution for Savings, Providence County tucket Institution for Savings was seen Savings Bank and Franklin Savings Bank by a TRIBUNE man and he said his bank met last evening to decide what action it was as solid as a rock and could pay every depositor. would be necessary to take to prevent a "run" on the institutions by the deposiThere had been no run on the bank, but the amount withdrawn was above the tors. It was necessary to do something in order to protect the depositors against average. The people, he said, draw out themselves. their money and carry it home, hide it The action of New York, Boston and away somewhere under their beds or lock Providence banks made it imperative that it up and thus take so much money off of the market. There is no fear of the sosomething should be done. Gen. Olney Arnold was in Providence lidity of the banks. In requiring in the afternoon and while there he heard the notice they were only protecting that a meeting of reresentatives of the the depositors against themselves. Mr. Providence banks was to be called for Moies said he had seen men draw out last evening to take similar action, so thousands of dollars and lock the money when he came back and told the up in a safe deposit vault. directors of the banks here "It is foolish," he said, "for it takes the it was decided to proceed at once to bemoney out of the market and makes the come secure. situation worse." He said the trouble would not last long. Accordingly the meeting was held and George W. Newell of the Franklin Savthe situation thoroughly discussed. It ings Bank was seen. He said there had was unanimously decided to follow the action of nearly all the savings banks of been no run, nor any indication of it, but New England, and require 90 days notice the action was taken as a safeguard. All other banks had done so and it was from depositors of their intention to better to do it now than later. The bank withdraw any amount of money. was perfectly safe and would remain so. The following notice was drawn up and Gen. Olney Arnold was smiling when posted in the three banks this morning: called on. "There is no trouble," he said; Notice to Depositors. "it is only protection to us all. People In order to protect the property and secu. draw out their money and hide it. They rities of the Pawtucket Institution for Sav. don't need the money and it is far safer in ings, Providence County Savings Bank and Franklin Savings Bank, all of the city of the bank than in the danger of fire and Pawtucket, during the present monetary thieves. The banks are all right, as sound crisis, it is judged expedient to require the as ever and will get through this safe. depositors of the aforesaid banks to give 90 Some men, you know, who have five or days' notice, according to chapter 158, section 72, Public Statutes of Rhode Island, six thousand draw it out to invest in of the intention to withdraw th. ir deposits. The scarcity of currency and the action of stocks because the market is away down, New York, Boston and Providence banks but when they buy 100 shares of some make it necessary to take this step or otherwise their securities must be thrown on an stock at $80 when its par value is $100 they already demoralized market, which can not are foreing us to sell our securities and fail to result in severe loss. H. CONANT, this hurts some of the smaller depositors." President of the Pawtucket Institute for H. B. Metcalf said: "This will not last Savings. H. B. METCALF, long. We have said 90 days notice. This President Providence County Savings Bank. trouble will not last 90 days. The banks A. A. MANN, are all right." President Franklin Savings Bank.