19827. Woonsocket Institution For Savings (Woonsocket, RI)

Article Text

Eloquent and earnest pleas for confidence in the banking Institutions of the city and state were heard in many of the churches in Providence and vicinity yesterday. In Pawtucket, Central Falls and Woonsocket a statement was read at the masses from the pulpits of all the Catholic churches. This was done in Pawtucket and Central Falls in accordance with an agreement reached by the clergy under the auspices of Bishop Harkins on Saturday. The announcement follows: "In view of the present financial crisis the pastors of the various Catholic churches of Pawtucket and Central Falls have conjointly agreed to advise their congregations not to be too foolishly worried over the situation. They deem the banks of Pawtucket to be in a sound financial condition. and any run on them just now they consider would be ill-timed and inadvisable. All our church funds are deposited with them, and we feel so sure that they will pay dollar for dollar that we are continuing to intrust them with all our surplus funds. 'Be patient in the present unsettled state of affairs and everything will be righted in the course of a short while. The communication was read by Catholic pastors as follows: In Pawtucket-By Rev. J. C. Tennian at St. Mary's church: Rev. J. C. Bessette, Church of Our Lady of Consolation: Rev. Louis Deady, Church of the Sacred Heart; Rev. Edward Carrigan, St. Edward's church; Rev. A1phonse Graton, Church of St. Jean Baptiste: Rev. D. M. Lowney, St. Joseph's church. In Central Falls-By Rev. Patrick Farrelly Holy Trinity church: Rev. J. Alfred Laliberte, St. Matthew's chapel; Rev. Joseph H. Beland. Church of Our Lady of the Sacred Heart. Rev. Asaph S. Wicks, rector of the Church of the Good Shepherd, on Broadway, Pawtucket, at the 10:30 service advised the members of his flock not to worry, but to remain firm in their belief that the banks would be able to cope with the situation. Rev. Edward M. Barney of the High Street Universalist church, discussing "The Present Financial Situation and the Remedy for It." said that loss of confidence was responsible for runs on banks that were perfectly solvent and honestly administered and that as currency was withdrawn from circulation by frightened depositors, these institutions must reduce their loans to legitimate business enterprises, thus causing curtailment of production and throwing many out of employment. "The Pawtucket banks are strong and deserve the entire confidence of their depositors. No man or woman should draw a dollar unless he or she absolutely needs it to use immediately. There is no danger. Keep cool. Help to allay the nervous hysteria. "Honesty, integrity, righteousness, must prevail, else there can be no confidence and little business. For their own strengthening and protection. the business interests of the country should foster and encourage all institutions which make for righteousness.' IN WOONSOCKET. The soundness of the banks of Rhode Island in general and of the banking institutions of Woonsocket in particular was proclaimed at all the masses in six Catholic churches in Woonsocket, and priests earnestly besought large congregations to aid in calming whatever uneasiness there may be among bank depositors by refraining from drawing money from the banks and by advising others to keep away from the institutions with requests for withdrawals of deposits. In some instances specific praise was given the action of the Industrial Trust company in enforcing the 90 days rule in its Woonsocket branch and to the foolishness of people who had desired to draw money from that institution or from the Woonsocket Institution for Savings. Rev. Thomas J. Loughran gave such advice to his parishioners at the Sacred Heart church and Rev. Thomas Morys at the Polish Catholic church, while priests at all the masses at the four French Catholic churches did likewise. These four churches are: Precious Blood. Rev. Charles Dauray, pastor; St. Ann's Rev. Nepoleon Leclerc, pastor; St. Louis, Rev. Mederic Roberge, pastor, and Holy Family, Rev. Joseph Fortin, pastor. Rev. Eugene Lesserd. pastor of St. James church, Manville, also spoke in similar strain. IN THIS CITY. Dr. George W. Kent in his pulpit in the Westminster Unitarian church of this city said: "The coward saith: "There is a lion without. I shall be slain in the streets. Proverbs (adapted). Such times as these, that try men's soul's, attest the power and the use of self-control. If our religion has bred anything of fortitude and unselfishness in us now is the time to put the example and the inspiration of these virtues into play. "They are the forces that can master the present situation and wrest a profit from the possibilities of direful 111. There will come such crises, and then the men and women of courage and good-will may save a nation from disaster. Let me try to show you the brave and urgent duty of the hour. "Panic creates the very disaster that It dreads. In the crowded theatre, at the scent of fire, It is panic that destroys the steady and ordered exit in which safety lies. It is panic that jame the doorways and flings the people headlong. in the shipwreck It is panic that sweeps discipline aside and rushes to the very death It would escape. Panic is the frenzied fear that throws everything aside by the brute instinct of escape. It is the stark, senseless. soulless assertion of the lowest self. And the deadliest thing in panic is the infection of it. "Here is a. mighty nation, with an energy, industry and skill unequalled richest